An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
The first place many people go when they need to send an international money transfer is to their bank. While banks can certainly send money overseas for you, their fees are often higher compared to companies that specialise in international money transfers.
Instead of sending funds through your bank, why not consider the services of a money transfer company? These providers, such as OFX, offer fast, easy and affordable transfers across international borders. With lower fees and better exchange rates than banks, they can ensure that you get a better deal from a financial point of view.
How to compare transfer companies when transferring money to Hong Kong
Exchange rates. Check to see which company offers the best exchange rate, but remember that companies with higher exchange rates may also charge higher transfer fees.
Fees. Make sure you’re aware of all the fees that you will incur with different providers when you send money to Hong Kong.
Transfer methods. While some companies are online only, others will also allow you to place transfers from your smartphone, over the telephone or by visiting a branch.
Transfer options. Check to see if you can place limit orders, lock in a good exchange rate with a forward contract or enjoy the convenience of setting up a regular payment.
Turnaround time. Will your funds be available to your recipient in minutes, or will they need to wait for two or more days for the transaction to be processed?
Minimum amount. Check to see whether each company imposes a minimum transfer limit, as this can be restricting if you only need to transfer small sums of cash.
Pickup methods. While some companies only offer bank account transfers, others offer cash pick-up from an agent location, mobile wallet transfers and even home delivery.
Customer service. If anything goes wrong with a transaction, will phone, email and live chat support be available? During which hours?
Bank transfers. Many Hong Kong banks will allow you to send Hong Kong dollars from your account to your recipient’s bank account.
Online money transfer providers. A range of specialist online providers offer a cheaper transfer method than the big banks.
Money transfer companies with cash pick-up options. Consider sending funds through Western Union or MoneyGram so that your recipient can pick up cash from an agent location.
Cheques. International guaranteed cheques are a secure way to send money overseas.
Register with the provider and supply your address, contact details, date of birth and proof of ID.
Provide your recipient’s name, address and contact details. Depending on the transfer method you may also have to supply their bank account information.
Enter the amount you want to send, complete your transaction and save your tracking or receipt number to follow up on the progress of your transfer.
Emergency cash transfers in Hong Kong
If you need to transfer money to Hong Kong urgently, you may be charged a higher fee and have to settle for a lower exchange rate. Sometimes this sacrifice is necessary when you need to send an emergency cash transfer, but just make sure to carefully review all the details of a transaction before you commit to it.
DBS Bank – Des Voeux Road Central Address: B/F, G/F, 1/F,39-41 Des Voeux Road Central,Central Hours: 9:00 AM – 5:00 PM Phone: +852-3668 2080
DBS Bank – United Centre Address: Shops 1015-1018 on 1/F & Shops 2032-2034 on 2/F,United Centre, 95 Queensway,Admiralty Hours: 9:00 AM – 5:00 PM Phone: +852-3668 2100
DBS Bank – Hennessy Road Address: 427-429 Hennessy Road,Causeway Bay Hours: 9:00 AM – 5:00 PM Phone: +852-3668 2160
Moneygram
UAE Exchange – Yuen Long Address: Shop 29 Healey Building #211-223 Castle Peak Road # 2 & 6-10 Kik Yeung Road Hours: 9:30 AM – 6:450 PM Phone: +852-2475 0814
BCA Finance Limited – #HK0 – CENTRAL Address: Unit 4707 The Center 99 East Central Hours: 9:00 AM – 4:00 PM Phone: +852-2847 4388
BDO Remit Limited Address: Shop 231-234 & 237 Worldwide House 19 Des Veoux Road Central Hours: 9:30 AM – 6:00 PM Phone: +852-2525 5629
Western Union
Wyndham Street Post Office Address: G F Hoseinee House 69 Wyndham Street Central Hours: 9:30 AM – 4:30 PM Phone: +852-2525 5945
Mega Wealth Asia Pacific Limited Address: Shop B,cockloft,g/f,good Times Building, 230-236 Queens Road West, Sai Ying Pun, Sai Ying Pun Hours: 8:00 AM – 11:59 PM Phone: +852-2877 7831
Sai Ying Pun Post Office Address: 27 Pok Fu Lam Road Hours: 9:30 AM – 5:00 PM Phone: +852-2546 2396
DBS Bank – Mongkok Address: G/F, 728-730 Nathan Road,Mongkok, Kowloon Hours: 9:00 AM – 5:00 PM Phone: +852-3668 2550
DBS Bank – Tak Man Street Address: G/F, On Fu Building,16 Tak Man Street,Hunghom, Kowloon Hours: 9:00 AM – 5:00 PM Phone: +852-3668 2630
Moneygram
Easypass Corporation Limited Address: Shop B G/F Cheerful Comm Building 116-118 Ma Tau Wai Road Kowloon Hours: 9:00 AM – 7:00 PM Phone: +852-2334 4757
First International Resources Limited Address: Shop Kow 89 Paid Concourse Yau Tsim Mong Hours: 7:00 AM – 11:00 PM Phone: +852-2730 3313
BCA Finance Limited – #HK7 – HUNG HOM Address: Shop 50 Ground Floor 108 Shopping Arcade 19-23 Man Tai Street Yau Tsim Mong Hours: 9:00 AM – 5:00 PM Phone: +852-2356 2227
Western Union
Orient Exchange Limited Kowloon City Address: Shop B1 And B2 Ground Floor 67 Carpenter Road Kowloon City, Kowloon Hours: 8:00 AM – 7:00 PM Phone: +852-2717 0014
Concorde Road Post Office Address: G F Trade And Industry Tower 3 Concorde Road Kai Tak Kowloon, Kowloon Hours: 9:30 AM – 5:00 PM Phone: +852-2321 3611
Park Worldwide Company Address: Shop 3, G/f, Pearl House, 368-374 Prince Edward West Road Kowloon City, Kowloon Hours: 8:00 AM – 7:00 PM Phone: +852-3482 2214
Worldremit
DBS Bank – Tsuen Wan Address: G/F, 23 Chung On Street, Tsuen Wan, New Territories Hours: 9:00AM – 5:00 PM Phone: +852-3668 2750
DBS Bank – Kwai Chung Address: G/F, 1001 Kwai Chung Road, Kwai Chung, New Territories Hours: 9:00 AM – 5:00 PM Phone: +852-3668 2780
DBS Bank – Mei Foo Address: Shops N26A & N26B, Stage V, Mei Foo Sun Chuen,10 & 12 Nassau Street Hours: 8:30 AM – 5:00 PM Phone: +852-3668 2600
Moneygram
Cebubali – CB-TW Address: Castle Park Road 2/F Shop Plaza 201 Tsuen Wan Hours: 8:00 AM – 8:00 PM Phone: +852-2498 0982
BCA Finance Limited – #HK5 – TSUEN WAN Address: Shop 136 Lik Sang Plaza 269 Castle Peak Road Sham Tseng Tsuen Wan Hours: 9:00 AM – 5:00 PM Phone: +852-2402 1933
King on International Trading Limited Address: 168 Wo Yi Hop Road Kwai Chung Hours: 9:00 AM – 7:00 PM Phone: +852-2357 0001
Western Union
Orient Exchange Company Limited Address: Shop 5b Lik Seng Plaza Wun Tung Street Tsuen Wan, New Territories Hours: 8:30 AM – 7:00 PM Phone: +852-2492 0014
Sikatz’s Company Address: Shop 123, 1/f, Lik Sang Plaza 269 Castle Peak Road, Tsuen Wan, New Territories Hours: 8:00 AM – 7:00 PM Phone: +852-2402 2422
Hong Kong Post Address: 1 F Tsuen Wan Govemment Offices 38 Sai Lau Kok Road Tsuen Wan, New Territories Hours: 9:00 AM – 5:00 PM Phone: +852-2117 9088
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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