Cheap ways to send money overseas | $0 fee transfers | Finder HK

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How to send money overseas cheaply

What's the most affordable way to send money overseas from Hong Kong? Find out with this guide.


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A good way to send money overseas for less is by using a dedicated money transfer service that has lower fees, more options and better exchange rates than what regular bank services offer. The table below lists some of the best services you can use to transfer money overseas.

Compare ways to send money overseas below

Name Product Minimum Transfer Transfer Time Transfer Fee
HKD 10
1 - 2 days
以透明的匯率,低收費及低最低金額的網上服務作匯款。 TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
1 - 2 days
HKD 25
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
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.
HKD 60
1 day
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.
1 day
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.
HKD 50
1 day
快捷又簡單的國際匯款服務,大部分匯款收取固定的0.5%手續費。部分貨幣更不設保證金率。 InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
1 day
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.
Within an hour
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.
HKD 15
1 day
HKD 15
非Finder客戶將獲得較昂貴的匯率。 Better exchange rates for Finder customers.
可用45種貨幣匯款。 OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
HKD 5000
1 - 2 days
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.
HKD 2000
1 day
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.

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Watch our video to learn how money transfers work

Definition: Best* way to send money overseas

There is no single best way to send money overseas, and the best way 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 prioritise the exchange rate, while someone else may prioritise the payment method. You should consider a range of products when deciding which provider is best suited to your personal money transfer needs.

The following information will help you choose the best* money transfer service for your needs

  • How can you transfer money overseas?
  • What’s the cheapest way to send money overseas?
  • How do I send money from my bank?
  • More useful questions about sending money overseas answered

Beware of the traps and pitfalls

You’ve probably noticed that the exchange rate you see reported in the media (known as the wholesale or mid-market rate) isn’t the same rate you get when you make a transaction. Financial services providers make their profit on the margin added to this wholesale exchange rate.

With all this in mind, it pays to compare the products available to make sure you find the best overseas money transfer solution for you.

How can you transfer money overseas?

International money transfers let you send money quickly and securely to countries around the globe using different currencies. There are several ways you can transfer money overseas:

Online money transfer companies

These companies offer the quickest and cheapest way to transfer funds overseas, and they let you set up an online account to send your money electronically. It’s a quick way to get your money where you need it to be, but you will need to be comfortable making financial transactions online.

Examples of online money transfer companies include OFX, WorldFirst and CurrencyFair and the industry continues to grow. Once you’ve created an account, these companies transfer these funds to your nominated account.

Some providers have a minimum transfer amount, while other companies have no minimum. Other fees involved can include a transfer fee and transaction charges when the money is deposited at the other end.

Online money transfer with OFX (formerly Ozforex)

Send money overseas

Ben wants to transfer money overseas through OFX. He’ll need to send at least USD$1000 to use the service, but OFX will charge wholesale foreign exchange rates and a smaller margin, as low as 0.3%, compared to the average bank rate of 4%. OFX charges its fees in the currency Ben is selling, in this case Hong Kong dollars, and will waive the fee completely if he transfers over a certain amount. If Ben is transferring less than HKD$50,000, the fee is $15.

Ben knows the online money transfer market is growing all the time and becoming increasingly competitive, so he shops around for the best possible deal.

Electronic funds transfer

You can transfer money to an overseas bank account straight from your own account. This method is also known as an international money transfer, a telegraphic transfer (TT), a wire transfer or a SWIFT transfer. While this option is convenient and secure, it does have downfalls.

It may take several days for the money to go through and there are also a number of fees to consider. Your bank and the bank at the other end of the transaction could charge “sending” and “receiving” fees, while the exchange rate offered can have a huge effect on how much the transaction ends up costing you. Most banks in Hong Kong will waive a fee if its transfers within the same bank, however a fee may be required for transfers that occurs between banks.

Cash transfer

Money transfer companies can send your money abroad using cash or EPS. These companies will have a storefront or a third-party convenience store counter and your recipient will be able to collect the funds from the money transfer office in their country. While this cash transfer option is usually extremely quick, it can be expensive.

Companies such as Western Union, Xpress Money and MoneyGram offer this service. Once you’ve set up an account, depending on the company, you may also be able to transfer money online, over the phone or using a bank card.

MoneyGram has more than 320,000 agent locations worldwide. The fees involved in transferring money overseas can vary depending on a range of factors, including how much money you’re sending and where you’re sending it. As an example, MoneyGram’s cost estimator calculates that transferring $6,000 (MoneyGram HKD to USD maximum limit. The amount varies between countries!) from Hong Kong to the United States will incur a fee of USD $250.

International money order

Safer than sending a personal cheque overseas, an international money order (IMO) is when you give your money to a bank or post office and get an international guaranteed cheque. Think of it as the international equivalent of a bank cheque.

Once you’ve posted the cheque to the recipient, they can cash it at their local bank and deposit the money into their own account. While this transfer method is secure, posting a cheque will take longer than an electronic transaction and can cost more. You’ll have to pay to purchase the IMO and there may be transaction costs when the money is deposited into the overseas account.

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What’s the cheapest* way to send money overseas?

Take advantage of offers such as “first transfer free”

You’d be surprised at the length that new money transfer companies are willing to go for your business. Some may give you your first money transfer for free when signing up. Standard fees will apply thereafter for transactions that fall below their fee thresholds.

Lock in a forward exchange contract

If you don’t have enough funds available but want to secure a certain rate now, you can enter into a forward contract. This ensures that you get the lowest rate and the ability to purchase or sell your currency now, at the prevailing rate.

Settlement for the transaction happens on a pre-determined date in the future, depending on the conditions of the contract. Typically, you’ll need to provide a deposit, which is usually a certain percentage, to be held as security to finalise the transaction. When the contract is implemented, you’ll be required to send the remaining balance on the date stated in your forward exchange contract.

A forward exchange contract is similar to an “agree now, pay later” situation where you can lock in an exchange rate even if you don’t have the money available. If rates go down, you won’t be affected, but you may lose the deposit that you put in depending on the conditions of your contract. However, if rates improve and go beyond what you locked in, you may not be able to change your contract.

Use a service that is fit for the amount you’re sending

A lot of transfer companies waive their fees if you transfer over a certain amount. If you’re transferring large amounts, around the HKD$50,000 mark, it may be best to use a transfer company. For smaller amounts (running into the hundreds), you may want to use a bank transfer or similar, such as PayPal or a Citibank Plus transaction account, which doesn’t charge foreign transaction fees.

Definition: Cheapest*

There is no one way to send money overseas that is guaranteed to be the cheapest. You may be able to find the cheapest transfer fee, but the exchange rate may not be as competitive, or vice versa. You may need to send money within 24 hours, while other people may have no time limit. You should always consider a range of products when deciding which provider is best suited to your personal money transfer needs.

Are free international money transfers real?

It’s unrealistic to expect truly free international money transfers. Even though international money transfer companies are cheaper than the banks, they still have margins and fees. While international money transfer companies stand to make money from your international transfer, they still make less profits than the banks. International money transfer companies usually charge a margin on top of the market rate and may charge fees for smaller transfers. Keep in mind that when a transfer service says they have no fees, there is likely to be a small fee weaved into the exchange rate offered.

In some cases, to get a truly free transfer, you’ll need to transfer large amounts above the $10,000 mark. This is because international money transfers actually save money when you transfer big amounts due to economies of scale.

How do I send money from my bank?

Please note that the process is different for every provider. The example (HSBC) below shows just one of the ways you can initiate a transfer.

1. Log in to your account and choose the “Pay or Transfer” option.

2. Choose which country you’d like to send the funds to. You will also need to know your recipient’s IBAN/ account number and account name.

3. In most cases, you will also need to provide the recipient’s residential address and phone number. Choose which transaction account that you’d like the funds to come from.

Wait, I still need more help!

Choosing the best option to send money overseas can seem a little daunting at first, but if you do your research and shop around, you can transfer your funds quickly and efficiently – and save money along the way.

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