Canada and Hong Kong are two nations with a strong global relationship and a long history of international ties. We’re good friends and Canada is a favourite holiday destination and second home for many Hong Kongers.
Because of this, many people find themselves needing to send money from Hong Kong to Canada for one reason or another. It’s quite quick and easy to send money to Canada, but it is important that you shop around for the best and most affordable transfer method.
Send money to Canada with TransferWise
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Fair service fees and mid-market rates – a major market differentiator
Get more value for money by comparing options in the table below
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Pay lower fees and get a better rate with a dedicated transfer company
Due to the strong ties between our two countries and because the Canadian Dollar is commonly traded on global markets, the vast majority of Hong Kong financial institutions will be able to take care of your international money transfer.
However, banks regularly offer quite poor exchange rates and high fees on international money transfers, which can end up costing you quite a lot of money. In many cases you’ll be much better off if you utilise the services of a specialist online money transfer company. These providers are experts at transferring funds abroad and offer better exchange rates and lower fees than banks.
For an idea of just how much you can save using a specialist provider, check out the case study below.
Robyn Sends Money to Canada
Robyn is living in Hong Kong on a working Visa and she wants to send $10,000 of the money she has earned back home to her parents in Canada. Always on the lookout for a bargain, Robyn is concerned that her bank doesn’t offer a great deal on international money transfers and decides to compare the features of a dedicated money transfer company.
Money Transfer Company
1 CAD = 6.0403HKD
1 CAD = 6.0045 HKD
HKD$65 per transfer
Online, in branch
Amount received for HKD$10,000
CAD $1,644.79 (incl. fees)
As you can see, Robyn does not save substantially when using a money transfer company, but she does save on transfer fee and transfer time, allowing her to send more at a faster speed each time.
Get a better deal when sending money to Canada with these tips
Exchange rates. An exchange rate just a couple of cents higher can make a substantial difference to the final amount of money you transfer. Look for the highest rates available but keep in mind that some companies’ rates might be slightly lower because they don’t charge any fees.
Fees. Most of the time, you’ll have to pay a fee when transferring money overseas. However, some providers will waive their fees when you send more than a certain amount.
Transfer within the same bank. Some banks with branches in multiple countries, such as Citibank and HSBC, allow you to send international money transfers within the same bank. This makes the process quicker, easier and more affordable.
Transfer methods. Check to see which options are available for lodging a transfer: online, over the phone or by visiting an agent.
Transfer options. Some providers will offer flexible options to help make it easier and more cost-effective to lodge a transfer. These include forward contracts, market orders, and the ability to schedule regular payments.
Transfer time. If you need funds sent urgently, you may wish to use a service that allows your cash to be picked up within minutes.
Minimum transfer amounts. Keep an eye out for the fact that some companies have minimum transfer amounts which you must exceed. This can be inconvenient if you only wish to send a small amount of money.
Pickup options. Does the cash go direct to your recipient’s bank account or can they pick up money in person from an agent?
Customer service. Finally, consider the customer service options offered by each company. If you need help with a transfer, will your chosen provider offer phone, email and live chat support?
There are certain situations where you may have to send money to Canada as quickly as possible, such as if you need to transfer funds to a relative who is in desperate need of cash. Whenever you need to lodge a transfer as quickly as possible, don’t forget to double check the exchange rate and fees that will be charged by your chosen provider. Although time may be crucial, taking a few extra steps to ensure you’re fully aware of what sort of deal you’re signing up for will prevent you getting any nasty surprises down the track.
Unlike many other parts of the world, Canada is listed as a safe country by the Hong Kong Government, with travellers advised to ‘exercise normal safety precautions’. So while crime is considered to be less of a problem than in other countries, you’ll still need to be careful when picking up a cash transfer. Take a friend with you for extra security and make sure to keep your cash concealed from strangers. If possible, head straight to a bank to deposit the cash into your account.
Lorria Sahmet is a writer for Finder, specialising in money transfers.
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