How to send money to Hong Kong
Sending money within Hong Kong doesn't have to be expensive.
When you need to get money to friends of family in Hong Kong, the last thing you want to deal with is navigating a complicated and expensive process.
From bank transfers and online transactions, to options that allow recipients to collect your funds within minutes.
Compare options for sending money within Hong Kong
How do international money transfers work?
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.Back to top
Banks versus money transfer companies/services
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.Back to top
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?
How to send money within Hong Kong
- 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.
Steps to send money to Hong Kong
- Choose a provider who sends money to Hong Kong.
- 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.Back to top
Tips for picking up cash in Hong Kong
- Take a friend along to deter thieves.
- Keep your cash hidden and don’t promote your wealth.
- Avoid any high-crime areas.
- Keep an eye on your wallet/bag at all times.
- Deposit the funds into your bank account as soon as possible.
Cash pick-up locations in Hong Kong
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