Compare international money transfer providers to find the most affordable and convenient way to send money to Hong Kong.
Canada and Hong Kong share strong commercial and personal links. Around 300,000 Canadians are based in Hong Kong, while hundreds of Canadian companies do business with companies in Hong Kong and the surrounding areas. Furthermore, Hong Kong has a massive tourism industry, with thousands of Canadians heading there every year to dine on the delicious food and explore the unique culture.
This means there are plenty of situations where you might need to send money to Hong Kong from Canada. Before you head straight to your bank, take the time to compare a range of specialist money transfer providers to find the best possible deal.
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Banks versus money transfer companies/services
As the Hong Kong Dollar is a widely used currency, many major Canadian banks allow you to transfer Hong Kong dollars overseas. However, banks generally offer poor exchange rates and charge relatively high fees for international money transfers.
Instead of sending funds through your bank, why not consider the services of a specialist money transfer company? These providers, such as WorldRemit and TransferWise, offer fast, easy and affordable transfers across international borders. With lower fees and better exchange rates than the banks, they can ensure that you get a better deal from a financial point of view.
Case study: Leon sends money to Hong Kong
Leon’s younger brother Kevin is travelling through Hong Kong and has run out of money. Rather than ask his parents for another loan, Kevin asks his brother to send him $1,000 Canadian dollars to help him book a flight home. Leon thinks about sending the money through his bank, but when he sees that it is offering a poor exchange rate, he decides to see whether he’d be better off using a specialist online money transfer company. The results of his comparison are shown below.
|Bank||Money transfer company|
|Exchange rate||$1 CAD = 6.15 HKD||$1 CAD = 6.26 HKD|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||Three to five days||Two business days|
|Amount received (in Hong Kong Dollars)||HKD6,100.50|
As you can see, Leon can send an extra HKD159 to his brother by using the online money transfer provider, as well as save CAD$21 on transfer fees.
How to compare service companies when transferring money to Hong Kong
- Exchange rates. Check to see which company offers the best exchange rates, but remember that companies with higher exchange rates may also charge higher transfer fees.
- Fees. Make sure you’re aware of all of the fees that you will incur with different providers when you send money to Hong Kong. Some companies will waive their fees if you send over a certain amount of money.
- Transfer methods. While some companies are online only, others will also allow you to place transfers from your smartphone, over the telephone or by visiting a branch. Some companies even have mobile apps you can use to send money overseas.
- Transfer options. Check to see if you can place limit orders, lock in a good exchange rate with a forward contract or enjoy the convenience of setting up a regular payment.
- Turnaround time. Will your funds be available to your recipient in minutes, or will they need to wait for two or more days for the transaction to be processed? Keep in mind higher fees are generally charged for quicker turnaround times.
- Minimum amount. Check to see whether each company imposes a minimum transfer limit as this can be restricting if you only need to transfer small amounts of cash.
- Pick-up methods. While some companies only offer bank account transfers, others offer cash pick-up from an agent location and mobile wallet transfers.
- Customer service. If anything goes wrong with a transaction, will phone, email and live chat support be provided? Check to see that the hours of operation work with your schedule.
How to send money to Hong Kong from Canada
- Bank transfers. Many Canadian banks will allow you to send Hong Kong Dollars from your Canadian account to your recipient’s Hong Kong bank account.
- Online money transfer providers. A range of specialist online providers, like TransferWise and WorldRemit, offer a cheaper transfer method than banks.
- Money transfer companies with cash pickup options. Consider sending funds through Western Union or MoneyGram so that your recipient can pick up cash from an agent location.
- Cheques. International guaranteed cheques are a secure way to send money overseas. However, this is the slowest way to send money overseas.
Emergency cash transfers in Hong Kong
If you need to transfer money to Hong Kong urgently, you may be charged a higher fee and have to settle for a lower exchange rate. Sometimes this sacrifice is necessary when you need to send an emergency cash transfer, but just make sure to carefully review all of the details of a transaction before you commit to it.
Cash pick-up locations in Hong Kong/Western Union/MoneyGram branches in Hong Kong
Western Union and MoneyGram both allow you to send money from Canada that can be picked up from an agent location in Hong Kong within minutes. Just make sure to provide your recipient with the transaction reference number and also make sure that they take photo ID with them when they go to pick up the cash. If you’re sending a large amount of money, tell them to phone ahead to check whether the agent will have sufficient funds available to complete the transaction.
Shop B1 & B2, Ground Floor
67 Carpenter Road
Kowloon City, Kowloon
Open 8:30am to 6:30pm seven days
Concorde Road Post Office
G/f Trade And Industry Tower
3 Concorde Road, Kai Tak
Kowloon, Hong Kong
Open 9:30am to 6pm Monday to Friday, 9:30am to 8pm Saturday
Mega Wealth Asia Pacific Limited
No C, G/f, Fu Wing Court,
10-12 Cross Street,
Wan Chai, Hk
Open 8am to 10pm seven days
Wan Chai Post Office
2/f , Wu Chung House
197-213 Queen’s Road East
Wanchai, Hong Kong
Open 9:30am to 6pm Monday to Friday, 9:30am to 8pm Saturday
Easypass Corporation Limited
Shop B G/F Cheerful Comm Building
116-118 Ma Tau Wai Rd
Open 9am to 7pm Monday to Friday, 9am to 3pm Saturday
BCA Finance Limited
Shop 50 Ground Floor 108 Shopping Arcade
19-23 Man Tai Street
Yau Tsim Mong,
Open 9am to 5pm Friday to Wednesday
Peoples Money Exchange
18 Russell St
Open 10am to 11:30pm seven days
Brilliance Forex Exchange
3 G F Jia Yang Building
271 Lockhart Road
Wan Chai, 0
Open 9am to 9pm seven days
Tips for picking up cash in Hong Kong
Although the Government of Canada classifies Hong Kong as a safe country to visit, this doesn’t mean you shouldn’t take care when picking up cash in Hong Kong. The following tips can help ensure your safety and the security of your money:
- Take a friend along to feel safer
- Keep your cash hidden and don’t flash it around
- Avoid any high-crime areas
- Keep an eye on your wallet or bag at all times
- Deposit the funds into your bank account or a safe place as soon as possible
How to send money to Hong Kong
There are plenty of options to choose from when you need to send money to Hong Kong, and whichever option you choose you will usually need to sign up for an account before sending your transfer. The exact registration process differs between companies, but you’ll generally need to provide the following:
- Your full name
- Your address and contact details
- Your date of birth
- Proof of identity
- In some cases, you will need to provide bank account or credit card information
Before you choose an international money transfer provider, compare the fees and benefits of a range of money transfer companies. Doing an in-depth comparison will ensure that you get value for money when you send funds to Hong Kong.