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Times have changed, and you have more options than ever available to you when deciding how to send money abroad from Hong Kong. And more money transfer services means having more details to sift through.
Your transfer’s total cost is one important factor, but only the tip of the iceberg in getting the lowest price. Benefit from our 14+ years of money transfer experience with these key tips.
While your ideal option depends on how much you send, how you pay for the transfer and where you send funds to, some industry-wide key tips include:
Most banks in Hong Kong allow you to send money abroad, but high fees and poor exchange rates are good reasons to look elsewhere.
To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates and is current as of 3 Jan, 2022.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||65.00 HKD + additional correspondent bank fees||8.00 HKD||44.05 HKD|
|Exchange rate||1.00 HKD = 0.112268 EUR||1.00 HKD = 0.111979 EUR||1.00 HKD = 0.113012 EUR|
|Transfer speed||2-5 days||Within minutes||Same day|
|Amount received||1,115.388 EUR||1,118.89 EUR||1,125.14 EUR|
The bank option is the slowest and transfers the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with more than what they would have had from the bank. However, if speed is what’s most important, the cash transfer can’t be beaten for nearly instant transfers.
Fees vary widely depending on the provider you choose for the transfer. Overall, money transfer providers in Hong Kong make money on your transfer in two ways: by marking up the exchange rate and by charging you a transfer fee.
Because nearly everyone’s sending circumstances are different, the best way to send money internationally varies. Overall, using a digital money transfer provider to complete your transfer is one of the cheapest ways to send money because the company you’re sending through has fewer overhead costs.
We’ve curated a list based on common sending circumstances, so read up on our top money transfer picks for cash transfers, strong exchange rates and more.
Yes. Even though most methods used to send money abroad require that you either have access to a bank account, a debit card, a credit card or cash, you have options.
It doesn’t have to be expensive to send money abroad from Hong Kong, and fees differ depending on what country you send to. Countries where online money transfers are more common tend to have lower fees, while other countries may be more expensive. If possible, plan in advance to secure the best rates for your transfer.
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