XE Money Transfers
- Send money to 130+ countries
- Competitive exchange rates that are often better than banks
- XE doesn’t charge any transaction fees, commissions or ongoing fees
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Online money transfer companies usually offer the lowest fees and the most competitive exchange rates, often beating your local bank by a long shot when you want to send money to Hong Kong. You’ll need to send cash if your recipient doesn’t have an account with a supported bank, so compare options to find the best deal for your situation.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Hong Kong. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Companies like WorldRemit specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Hong Kong bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Hong Kong – often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
The Hong Kong dollar is a relatively popular currency, so your local bank should be able to exchange it. If it does support the Hong Kong dollar, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Hong Kong.
Let’s say you need to send £2,000 to family in Hong Kong. Here’s what you might face as far as fees and exchange rates as of 24 October 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||£0||£3.99||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 10.057 HKD||1 GBP = 9.886 HKD||1 GBP = 9.884 HKD|
|Transfer speed||1-2 days||Minutes||2-5 days|
|Amount received||HKD 20,115||HKD 19,772||HKD 19,571|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Hong Kong. If you go with the cash transfer service, your recipient ends up with HKD 979 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Hong Kong in as little as 15 minutes, just make sure there is a cash pickup location near your recipient before sending.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Hong Kong to best meet your needs:
When urgency trumps cost to get your money to Hong Kong quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
If you don’t have a bank account, you can still use cash transfer services to send money to Hong Kong. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Hong Kong’s exchange rate is flexible compared to the pound sterling, and the GBP-HKD relationship fluctuates often. Factors that may influence the exchange rate include interest rates, economic stability and inflation.
Track how the Hong Kong dollar trades against the pound sterling in our historical rate chart.
To send money to Hong Kong from the UK, you’ll need government-issued ID and other documents, while documents needed to pick up money in Hong Kong may differ by company.
To send money from the UK to Hong Kong, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
It shouldn’t cost a fortune for you to send money to Hong Kong. Compare money transfer companies that specialise in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
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