Compare International Money Transfer Services

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.

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Name	Product	Minimum Transfer	Transfer Time	Transfer Fee
Wise (TransferWise)		HKD 10	1 - 2 days	Varies	以透明的匯率，低收費及低最低金額的網上服務作匯款。 Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site More Info		loading Fetching your data...
CurrencyFair		HKD 5	1 - 2 days	HKD 25	特別優惠：新客戶首三個月匯款可享免手續費而無限次。條款及條件適用。Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply. 可用15+種貨幣匯款，享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site More Info		loading Fetching your data...
Skrill		HKD 60	1 day	HKD 0	Skrill能令你輕鬆匯款至多個熱門目的地，可是要留意其加上的手續費。 Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site More Info		loading Fetching your data...
SingX		HKD 1	1 day	Varies	你首兩次港幣$15,000或以下的匯款，手續費全免。Pay no fees on your first two transfers, up to HK$15,000. 象徵式收費以及中間價匯率，可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site More Info		loading Fetching your data...
InstaReM		HKD 50	1 day	Varies	獨家優惠：使用代碼FINDER10，你的頭一次匯款即能享有$10美元折扣。Use code FINDER10 to receive US$10 off your first transaction. InstaReM 提供簡單的匯款服務，大部分的匯款劃一收取0.5%的手續費。InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.	Go to site More Info		loading Fetching your data...
WorldFirst		HKD 1	1 day	HKD 0	非Finder客戶將獲得較昂貴的匯率。 Better exchange rates for Finder customers. 可用超過130種貨幣匯款。 WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.	Go to site More Info		loading Fetching your data...
WorldRemit		HKD 1	Within an hour	Varies	提供現金提取、銀行戶口之間轉賬與及Airtime匯款選擇的網上匯款服務，。 WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site More Info		loading Fetching your data...
CurrencyTransfer		HKD 5000	1 - 2 days	HKD 0	可匯款至20+個國家，無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.	Go to site More Info		loading Fetching your data...
TorFX		HKD 2000	1 day	HKD 0	TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate. 以30種貨幣匯款到全球。登記後，將會有一個客戶經理提供支持和引導。 TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site More Info		loading Fetching your data...

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We only list services that are overseen by a government regulator.

Every service we compare has been assessed and reviewed by our editorial team.

What is an international money transfer?

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.

How can I pay for my money transfer?

Not all money transfer services in Hong Kong accept the same payment methods, but you may be able to pay by the following:

• Debit card
• Credit card
• Bank transfer (requires your account number)
• Cash

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.

How can my recipient receive the money?

Again, receiving options vary between transfer services, but your recipient may be able to receive funds the following ways:

• Bank account
• Mobile wallet
• Cash pick-up at a bank or money transfer location
• Airtime top-up

What are the benefits of using an online money transfer service?

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:

• Security. Similar to banks, online transfer services usually follow industry-standard security practices to protect your money and personal information. This often includes encrypted data transfer, SSL certificates, two-factor authentication, security questions/answers and personal identity verification.
• Regulation. Money transfers are regulated by the Hong Kong Monetary Authority.
• Cost savings. Online transfer services often translate to lower fees and stronger exchange rates
• Fast. Online money transfer companies often use the latest financial technology to get your money where it needs to go fast.
• Easy. Mobile apps and convenient online platforms make it easy to send money anytime from anywhere. Additionally, many money transfer services offer features that let you set up recurring transfers, making it easy to pay bills, send regular remittances, manage international business payments and more.

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How do I make an international money transfer?

There are multiple options to consider when sending money overseas:

How to send money using an online money transfer service

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:

1. Compare services, and select one that suits your needs.
2. Create an account by entering personal details like your name, email, address and phone number.
3. You may need to submit a scanned copy of your personal ID (i.e. passport photo page or driver’s license) to qualify for higher transfer limits.
4. Link your bank account, debit card or credit card to your newly-created account, so you can pay for transfers. Alternatively, you may need to transfer funds from your bank account.

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.

How to send money through a bank

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:

1. Login to your online banking portal.
2. Navigate to the international money transfers section of your account. It’s usually a good idea to check your bank’s exchange rates before sending money.
3. Typically, you need the address and SWIFT code of your recipient’s bank and their account information. SWIFT codes are used internationally to identify banks.

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.

What do I need to send and receive money abroad?

Make sure you have the following on hand when sending an international money transfer in Hong Kong.

• Your personal details. Name, phone number, and government-issued identification like a driver’s license or passport. Additional details may be required for security purposes, particularly for very large transfers.
• Your recipient’s personal details. Name, phone number and residential address.
• Your recipient’s bank information. Bank name, address, routing number, SWIFT code and your recipient’s account number.
• Payment. Check beforehand what types of payment methods are acceptable. For example, not all money transfer services accept credit cards.

What documents do I need to send money abroad?

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.

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How much does it cost to transfer money internationally?

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:

1. Transfer fee. This is typically a flat fee or a percentage of the transfer amount.
2. Exchange rate margin. Most banks and money transfer services make a profit by taking a fee worth a small percentage of the mid-market rate (the “true” exchange rate between two currencies). This fee is called a “markup.” To save money, look for services that have as small a markup as possible.

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.

• Glossary of money transfer terms

  Account number. A unique string of numbers used to identify a single bank account. Usually 8-12 digits long.

  Bank Code. A 3-digit unique number used to identify each bank in Hong Kong.

  “Buy” rate. The amount of currency a bank or financial institution pays to get (or “buy”) a foreign currency. For example, if you’re exchanging HKD for USD and the rate is 1.28, then the bank will pay 1.28 US dollars to buy each HK dollar you have.

  Currency. A government-recognised form of money used for buying and selling. Can be digital or physical in the form of bank notes and coins.

  Currency pair. Any 2 currencies paired for the purpose of comparing how much each currency is worth relative to the other.

  Domestic money transfer. Money transferred within your country of residence.

  Exchange rate. The value of one currency when exchanged for another currency. For example, if 1 HKD = 0.87 EUR, then the HKD to EUR exchange rate is 0.87.

  Fees. Money paid for services. In the context of money transfers, this could include transfer fees, currency conversion fees, service fees, wire transfer fees and more. Not all money transfer services charge the same fees, and some may even waive specific fees under certain circumstances.

  Forex. Short for “foreign exchange.”

  IBAN. Short for “International Bank Account Number.” An IBAN—which can be up to 34 alphanumeric characters, but is usually between 8 and 11 characters—identifies a specific bank account for international money transfers. Countries may have different standards on what an IBAN should look like.

  Intermediary bank. A “middleman” bank through which money passes when transferring between 2 financial institutions. Intermediary banks may take a small fee from the funds being transferred. The fee charged by the bank or money transfer service you use to send funds does not include intermediary bank fees.

  International money transfer. Money transferred from the country in which you live to another country.

  Margin (on exchange rates). The exchange rate offered by banks and money transfer services is lower than the mid-market rate by a small percentage. This is known as a “margin” on the exchange rate. When converting your funds, banks and money transfer services pocket this percentage as a fee to make a profit.

  Mid-market rate. The “true” exchange rate between two currencies, or the mid-point between the buy and sell rates for a currency (relative to another currency). The mid-market rate updates every 60 seconds during trading hours and is not available to customers.

  Mobile transfer. A money transfer conducted on a smartphone using a mobile app owned by a bank or money transfer service.

  Mobile wallet. Also known as a digital wallet or e-wallet, a mobile wallet is a digital application that lets users store and exchange currency electronically. Popular mobile wallets include Google Pay, Apple Pay, Venmo, Samsung Pay, Cash App and PayPal.

  Recipient. The person receiving funds via money transfer, or the person to whom money is sent.

  “Sell” rate. The amount of foreign currency a bank or financial institution asks for to give (or “sell”) another currency. For example, if you’re exchanging HKD for USD and the rate is 1.22, the bank will sell you 1 USD for every 1.22 HK dollars you have.

  Sender. The person initiating a money transfer, or the person who is transferring money to someone else.

  SWIFT code (BIC code). Short for “Society for Worldwide Interbank Financial Telecommunication.” Also known as a bank identifier code (BIC). A SWIFT code is a string of 8-11 alphanumeric characters used to identify a specific bank for international money transfers.

  Wire transfer. A type of electronic funds transfer offered by major banks in which money is sent around the world through electronic networks operated by various banks and money transfer agencies. No physical cash is exchanged. Transfers can take up to several business days to settle.

Tips to save money on your international transfer

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:

• Use a service that offers zero markup the exchange rate. The mid-market rate is the “true” exchange rate between two currencies. While most transfer services add a margin on the mid-market rate to make money, some don’t. Instead, these services prefer to make money through transfer fees and possibly other charges. Depending on the type of transfer, it may work in your favour to use such a service.
• Send larger transfers. Some services offer discounted or waived transfer fees if you send at, or above, a minimum amount.
• Use forward contracts and limit orders. A forward contract lets you lock in a favourable exchange rate for future transfers. This means you’ll avoid unpredictable movements in exchange rates. A limit order allows you to wait until a favourable exchange rate is found before locking in your transfer.
• Watch out for scams. With the number of scams increasing each year, it’s important to keep an eye out for the most common money transfer scams. It’s usually best to avoid sending money to anyone you don’t know personally.
• Pay attention to taxes and regulations. Every country regulates money transfers differently. Make sure your recipient is aware of any tax or reporting obligations that apply to your transfer.

Best international money transfer apps

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Frequently asked questions

• What's the cheapest way to send money abroad?

  Usually, online money transfers directly to a bank account are less expensive than sending funds for cash pickup. However, fees and options vary between service providers, so the cheapest option depends on which service you choose and the type of transfer you want to send.

• How long does an international money transfer take?

  It depends on the service provider and transfer method you choose. In general, if you pay with a credit or debit card, your money will arrive fast — often within the day. Paying by bank transfer is a lot slower in Hong Kong and could take up to 2-5 days to process. Check out our guide on factors that can affect your transfer to learn more.

• Can I transfer money internationally instantly?

  It's possible to send money within seconds up to an hour if you use services like WorldRemit, Western Union, or MoneyGram. Funds transferred electronically typically pass through a national clearinghouse and other intermediary financial networks before being released to your recipient. If you opt to send an international money transfer with an instant cash transfer, then this could be available for collection as cash within as little as 20 seconds.

• Are there minimum and maximum sending limits for international money transfers?

  Most transfer services impose minimum and maximum transfer amounts, but the exact amounts can vary. Check with your service provider to find out what limits apply to your transfer. Note that some services may raise your maximum transfer amount if you provide additional documents to verify your identity and employment.

• Are international money transfers taxed?

  That depends on the tax laws in the country in which your recipient lives. In Hong Kong, income and assets from overseas are not liable to be taxed.

• Are there free international money transfers?

  Ultimately, no. Banks and money transfer services must make a profit to continue providing international money transfer services. Some services offer zero transfer fees but charge a margin on the exchange rate. Others don't add a margin to the exchange rate, but you'll have to pay a transfer fee.

  You may be able to find special promotions designed to attract new customers like zero fees on your first transfer. Learn more in our guide to free money transfers.

• Can I track my international money transfer?

  Yes. Money transfer services typically provide a tracking number once payment is received. You can use this number to check the status of your transfer online, by phone or by mobile app (options vary between services).

• Is an international money transfer the same as a bank wire transfer?

  International money transfers and wire transfers are both types of electronic funds transfers. But international money transfers are typically handled by companies that offer money transfer services exclusively, while wire transfers are offered by banks. Additionally, wire transfer must usually be submitted in person at a bank branch, while money transfer services can be sent online.

• Why do international transfer fees vary?

  Money transfer services have different strategies for making a profit, which results in different fee structures. Some may choose to cater specifically to a certain target audience like businesses or those who send recurring transfers. Fees are set up to carve out a market niche and appeal to different customers with different needs.

• When is the best time to transfer money?

  It's best to transfer money on regular business days. Try not to send money on, or just before, holidays and weekends to avoid delays. Note that you may be able to submit transfers online outside of regular business hours, but funds may not be processed and received until financial institutions reopen.

• How to make sure my international money transfer is safe?

  Many money transfer services implement industry-standard measures for protecting your personal data and money, similar to banks. This can include data encryption, SSL certificates, multi-factor authentication and regular monitoring to detect and prevent fraudulent activity.

• Can I send money to any country in the world?

  You can send an international money transfer to almost any country in the world. Certain countries may be restricted due to government sanctions that have been put in place because of political instability, extreme social turmoil, economic instability or other reasons.

Sending money to a specific country? Learn more

• India

• China

• Mexico

• The Philippines

• Canada

• Pakistan

• United States

• Bangladesh

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