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An international money transfer makes it possible for you to send money around the globe, but providers can differ in terms of speed, fees, and exchange rates. By comparing banks, money transfer apps, and services that send cash, you can save money and time when sending your international money transfer from Hong Kong.
We’ve scoured the market to find the best international money transfer services based on low fees, strong exchange rates, fast delivery and flexible options. Here’s what you need to know.
An international money transfer is a process of sending money between people or financial accounts in different countries. Every day, trillions of dollars are transferred between people and businesses all over the world — Hong Kong included.
Typically, you need to give a bank or money transfer service your recipient’s details and the money you want to send. The bank or transfer service then converts your funds to the currency in which it will be received and electronically sends the payment to your recipient.
Depending on the money transfer service, you may be able to send funds online, via mobile app, over the phone or in person.
Not all money transfer services in Hong Kong accept the same payment methods, but you may be able to pay by the following:
If you want to pay in cash, you’ll need to visit a bank branch or money transfer agent in person. If you transfer funds online or via mobile app, you can only pay electronically by card or bank transfer.
Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:
While it might be easy to assume that big banks in Hong Kong are the best way to go when sending an international money transfer, there are many reasons why making an online international money transfer might be just as good if not better:
There are multiple options to consider when sending money overseas:
|Online money transfer service||Electronic funds transfer through an online money transfer service.|
|In-person money transfer service||Cash or electronic transfer by visiting a money transfer service location in person.|
|Bank||Wire transfer or international money transfer through a bank.|
(Note: All major banks support wire transfers, but not all offer additional in-house money transfer services.)
|Cheque||Write a cheque and mail it to your recipient.|
|Money order||Get a certified money order printed and mail it to your recipient.|
Online money transfer services in Hong Kong are increasingly competitive with big banks, in many cases offering more flexible options and lower fees. Sending an international money transfer through an online service is simple:
Most of time, you can access your account immediately after submitting all the required information. For some services (particularly transfer services for businesses), there may be a delay while your information is reviewed and a transfer specialist is assigned to your account.
Bank transfers have long been regarded as reliable and safe in Hong Kong. The steps for sending an international money transfer through your bank are generally as follows:
To send a bank wire transfer or money order, you need to visit your bank in person. You may also be able to get money orders at other financial institutions like post offices, credit unions, retailers and even some convenience stores and fuel stations.
Make sure you have the following on hand when sending an international money transfer in Hong Kong.
When sending money abroad you will need to provide a driver’s license, passport or other government-issued ID.
It’s worth knowing that in Hong Kong, income and assets from overseas are not liable to be taxed.
The cost of sending an international money transfer varies between service providers. In Hong Kong, factors like the type of transfer, destination country and amount being sent can affect your total cost.
Generally, banks and money transfers services make money from international transfers in two ways:
Transfer for cash pickup can cost more than transfers to a bank account. Some companies charge higher fees for large transfers, while others will actually slash fees for large transfers.
Companies that offer fee-free transfers may make up for it with a poor exchange rate. This is why it’s important to look at the total cost of your transfer, not just the transfer fee or exchange rate.
Looking for low fees and strong exchange rates isn’t the only way to save on your next international money transfer besides. The following tips can also help keep your costs down when making an international money transfer from Hong Kong:
Learn about how TransferMate’s personal product works and what it can do for you.
Find out how WeChat Pay works, including its safety and limitations for users in Hong Kong.
Check out our comprehensive review of CurrencyFair international money transfers, including fees, exchange rates, security and transfer times.
If you’re a borderless company, it’s worth taking a look at Wise’s new product for businesses.
Our review of CurrencyTransfer as an option for your oversease money transfers.
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