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The value you receive from an international money transfer mostly relies on the exchange rates and fees. If you use specialist international money transfer services, you’re likely already getting the best possible exchange rate. However, if you’re still using your bank, then you may be getting ripped off.
There is no single best exchange rate, and the best exchange rate for you may not be the best for someone else. There are other factors besides the exchange rate to consider when sending an international money transfer, including the transfer fees, the payment method, the speed of delivery and the level of customer service. One person may need to transfer money within 24 hours, while others may have no time frame, which may affect the exchange rate.
Exchange rates are also affected by wider economic factors. Previous performance isn’t an indication of future performance. You should consider a range of products when deciding which provider is best suited to your personal money transfer needs.
Here are some tips to ensure you get the best deal on fees and exchange rates when transferring money:
|Kin Shing Money Exchange||7.820||9.420||10.660|
*Rates recorded on 6 January 2018. Please source quotes for current rates.
If you’re travelling to a country and looking for tips on receiving the best exchange rate, here are some things to consider:
An exchange rate is a way of showing the value of one currency compared to another.
Exchange rates are affected by the supply and demand of a currency, a country’s inflation, the trade between two countries and more, so rates can fluctuate throughout the course of a day. Indirectly, exchange rates dictate the costs of many day-to-day items you buy that are purchased from overseas or made using materials that come from foreign countries. Directly, you’ll come across exchange rates when travelling overseas, purchasing goods from overseas or sending funds overseas.
This guide will explain how to get the best exchange rate available when sending money overseas.
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The answer to this question depends on the reason for your exchange. If you’re looking to convert money to send it overseas, some of these providers won’t be the best option for you.
Below is a comparison of the advertised rates for three different money transfer companies. Whenever you carry out a comparison, be sure to get an accurate quote from the provider rather than using the advertised rates as the two may be different.
|Fee to sender||HKD$55||HKD$0||HK $97|
*The above rates and fees are correct on 6 January, 2018 . Always source a quote for accurate, current day rates.
This comparison doesn’t take into account transfer speed, which may be an issue for you. It also doesn’t take into account transfer methods, for example sending money to be picked up in cash by your recipient.
You can check sites such as XE or Oanda to find up-to-date exchange rates. Also remember that banks and money transfer companies will publish their own exchange rates.
Yes, you will need to report all foreign income as Hong Kong dollars when filing your tax return.
Money transfer companies specialise in foreign currency transactions and deal in large amounts, giving them savings that they can in turn pass on to consumers.
These services will profit from your transaction in two ways. One is through adding a margin to your exchange rate, and the other is by charging you a transfer fee. Some services will do both.
*This article discusses how to get the best exchange rates when sending money overseas. The use of the term “best” does not refer to product ratings and are subject to our disclaimer. Exchange rates mentioned in this article are valid at the time of publishing and may vary with time.
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