Looking for the best way to send money from the United States to family, friends or businesses in Hong Kong (or even to your own overseas bank account)?
Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better HKD exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more Hong Kong dollars.
Of the companies we've compared, Remitly is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise (TransferWise) can get money to your recipient in Hong Kong within minutes.
Bank transfers are typically the cheapest way to get your money to Hong Kong. Remitly and Instarem have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money to Hong Kong, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Hong Kong dollars your recipient will end up with.
Many online providers can offer transfers to Hong Kong within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Hong Kong:
Actual transfer times from the United States to Hong Kong can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Hong Kong is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States and Hong Kong.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Hong Kong, consider using a provider such as OFX or Xe to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Hong Kong, you'll need the necessary documentation, your recipient's details and a way to pay.
Chloe is working in the United States as a film producer and she stays in regular contact with her elderly parents back home in Hong Kong. Her parents need some funds to help pay off a mortgage, so Chloe plans to send them $2,000 from the United States.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
|Bank||Money transfer company|
|Exchange rate||1 USD = 7.67 HKD||1 USD = 7.77 HKD|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||15,258.63 HKD||15,518.90 HKD|
The money transfer company enables Chloe to send an extra $260.27, which is transferred straight to her parents' HSBC account.
When choosing a money transfer provider to send money from the United States to Hong Kong, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the US dollar is a little weaker against the Hong Kong dollar. Currently $5,000 is equivalent to $39,041.00, whereas a month ago, $5,000 was equivalent to $39,072.50. That's a decrease of 0.08% over the past month.
But compared to a year ago, the US dollar is a little stronger against the Hong Kong dollar. A year ago, $5,000 was equivalent to $38,922.50. That's an increase of 0.3% over 12 months.
What's more important, however, is where the strength of the US dollar against the Hong Kong dollar goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Hong Kong dollars for your US dollars and can help you get the best out of any market conditions.
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