GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to send money overseas cheaply

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

Promoted

Wise (TransferWise)

Wise (TransferWise) logo
  • Fair service fees and mid-market rates – a major market differentiator
  • Next-day delivery for most currencies
  • Easy-to-use app
Go to site

While banks do offer secure wire transfers around the world, they also tend to have weaker exchange rates, higher fees and fewer options to send and receive cash when compared with a money transfer service. Unlike banks, they specialise in one thing: transferring money to countries worldwide.

Looking for a cheap way to send money overseas?

There are lots of factors to consider when sending an international money transfer in addition to the fees, including the exchange rate, the payment method, the speed of delivery and the level of customer service. Keep in mind that we don’t compare every product in the market, but we hope that our tools and information will allow you to compare your options and find the best service for your needs.

Compare money transfer services to help you send money overseas

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 10 1 - 2 days HKD 90.00 0.109 EUR
1,077
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 Show details
USD 10 1 - 2 days HKD 25.00 0.108 EUR
1,073
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.
Go to site Show details
USD 60 1 day HKD 0.00 0.108 EUR
1,083
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 Show details
SGD 1 1 day HKD 48.00 0.109 EUR
1,082
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 Show details
USD 50 1 day HKD 35.00 0.109 EUR
1,083
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 Show details
USD 1 Within an hour HKD 20.00 0.108 EUR
1,080
使用優惠代碼FREE,你的首次匯款即可享免手續費。條款及條件適用。Use promo code FREE to send your first transfer with no fee. T&Cs apply.
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 Show details
GBP 5,000 1 - 2 days HKD 0.00 0.107 EUR
1,071
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 Show details
USD 2,000 1 day HKD 0.00 0.107 EUR
1,071
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 Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How can I transfer money overseas with an online specialist?

Although the process differs by company, to send money overseas you’ll generally need to do the following:

  1. Register for a free account. You’ll provide your full name, contact info and date of birth. Most providers also require ID and proof of address.
  2. Provide your recipient’s information. Specify who’s receiving the funds by providing their name and contact information. If you’re sending money to a bank account, you’ll need to include the bank name, SWIFT code and your recipient’s account number.
  3. Add the details of your transaction. Enter how much money you’re sending and in which currency it’ll be received.
  4. Review and confirm. For most providers, you’ll see a summary of your transfer showing the amount you’re sending, the exchange rate, any fee you’ll pay and the total your beneficiary will receive.
  5. Pay for your transfer. Payment methods vary by company but could include credit or debit card, bank account, cash or mobile wallet.
  6. Track your transaction. You should receive confirmation that includes a tracking number or receipt for monitoring the progress of your transfer online or with a company branch.

You may also receive an email or text when your recipient has received your funds and the transaction is completed.

What are the ways I can send money overseas?

With so many specialised money transfer companies to choose from, it’s no surprise that you have options when it comes to how your recipient receives your funds.

How you send your money and how it’s received will ultimately affect delivery speed and how much you’re paying in fees. In general, your options include the following:

  • Bank transfers. Many major Hong Kong banks can safely transfer your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide and it’ll often be called a telegraphic transfer. However, two downsides are the high fees and the weaker exchange rates you’ll often receive in comparison to other options.
  • Online money transfer services. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card.
  • Services with cash pick-up. Services like Western Union and MoneyGram offer the key advantage of giving your recipient fast access to the cash you send – sometimes within minutes. You can pay online or at one of the thousands of agent locations worldwide. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
  • PayPal transfers. Not just for online purchases, PayPal offers transfers to more than 100 countries and supports multiple currencies. Its exchange rates are often better than those you’ll get from a bank but not quite as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending – meaning it’s often better for sending smaller amounts of money.
  • Cheques and money orders. Although not a quick option, you could send an international cheque overseas, obtained from your bank. It costs a little more – you’ll have to purchase the cheque and your recipient may be charged a fee by their own bank when cashed.

Let’s crunch the numbers: Sending 10,000 HKD to Europe.

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 7 March, 2021.

Bank transferCash transferMoney transfer service
Fee65.00 HKD + additional correspondent bank fees8.00 HKD49.19 HKD
Exchange rate1.00 HKD = 0.107289 EUR1.00 HKD = 0.1070 EUR1.00 HKD = 0.108033 EUR
Transfer speed2-5 daysWithin minutesSame day
Amount received1,065.92 EUR1,069.24 EUR1,075.02 EUR
Overall
  • Slowest and most expensive
  • Fastest
  • Best value

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 almost 10 EUR more than they would from the bank. However, if speed is what’s most important, the cash transfer can’t be beaten for nearly instant transfers.

|

How can I minimise costs when making a money transfer?

  • Compare exchange rates. Use your currency’s mid-market rate as a baseline to compare against the rates you’re offered. You want a provider whose rate is closest to the mid-market rate.
  • Send more money per transfer. Many providers discount transfer fees or waive them altogether when you send larger amounts.
  • Look for hidden fees. Avoid surprises by reading the fine print for fees that could apply to your transfer, including charges your recipient will need to pay.
  • Sniff out special offers. Keep an eye on promotions that offer, for example, no fees on your first transfer. While ideal for limited transfer needs, you could also end up with a new preferred service.
  • Shop around. The best way to save is by comparing rates, fees and transfer speeds of each provider, closely looking at their benefits and drawbacks.

Tools to help you save more on international transfers

There’s a lot riding on a competitive exchange rate and low fee. But depending on how much you’re sending, how soon your recipient needs it and rates at the time of transfer, you could save even more with the following tools.

  • Forward contracts. With this tool, you lock in a favourable exchange rate for a future transfer, avoiding unpredictable movements in the rate.
  • Limit orders. A limit order allows you to request a transfer that’s executed only when a specific rate is reached, at which point your provider locks it in.
  • Regular, automated transfers. You may be able to shave a few pennies off an exchange rate or pay lower transfer fees by setting up a plan to automate more regular payments overseas.

What to be aware of

Exchange rates

You’ve probably noticed that the exchange rate you see online or reported in the media (known as the wholesale or mid-market rate) isn’t the same rate you get when you make a transaction. Banks and most money transfer services make their profit on the margin added to this wholesale exchange rate, but it can vary from 0.1% to 10%.

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

Fee-free transfers

Unfortunately, fee-free transfers are never really free. Even though international money transfer companies are cheaper than the banks, they still have margins and fees. While there might not be a fee included, the company is still making money by adding a margin to the mid-market rate.

How to get the best exchange rate

How do I send money from my bank?

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

|

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site