Instances of people from different countries wanting to send money to Hong Kong are fairly common. While several people from Hong Kong who live out of the country send money back home, money flows into the country in other ways too. For example, a number of students who travel to Hong Kong to study end up receiving money from their parents who live in different parts of the world.
No matter what the reason, if you want to transfer money to Hong Kong it is important that you use the services of a suitable service provider.
Transfer Money to Hong Kong
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Hong Kong dollar (HKD) is the official currency of Hong Kong. It is also widely accepted in Macau. One Hong Kong dollar is divided into 100 cents. The Hong Kong Monetary Authority (HKMA) has authorized three banks to issue their own banknotes, and the banks include the Bank of China, HSBC, and Standard Chartered. In April 2016, the Hong Kong dollar was the 13th most traded currency in the world.
Information you need when carrying out a money transfer to a bank account in Hong Kong includes the bank’s SWIFT code. Here are SWIFT codes of some popular banks in Hong Kong.
|Bank of China||Hong Kong||BKCHHKHHXXX|
|Standard Chartered||Hong Kong||SCBLHKHHXXX|
|Hang Seng Bank||Hong Kong||HASEHKHHXXX|
Popular Currency Corridors
While a considerable sum of money makes its way of Hong Kong each year, money flows into the country as well. In 2016, close to U.S. $400 million was sent as remittances to Hong Kong from other countries. In the same year, more than U.S. $16 billion was sent from Hong Kong to other countries as remittances.
Check the corresponding tables to get an idea of how much money was sent to and from Hong Kong across its popular currency corridors in 2016. The numbers are in U.S. dollars.
How Do I Compare Companies When Sending Money to Hong Kong?
When you want to send money to Hong Kong there is a good chance you will get to choose from different service providers no matter where you live. Selecting one that suits you best requires that you consider these aspects.
- Cost effectiveness. Companies that let you transfer money to Hong Kong tend to provide different exchange rates and charge different fees. If you are looking for the most cost effective way to transfer money to Hong Kong, simply compare how much money will get to the recipient through different service providers.
- Processing time. Money transfers to cash pickup centers in Hong Kong tend to process almost straight away. Transfers to bank accounts, on the other hand, may take up to five working days. In this case, the turnaround time depends on the country of the transfer’s origin, the service provider processing the transfer, as well as the receiving bank.
- Modes of payment. You may pay for your money transfer to Hong Kong through your bank account no matter which company you select. While not all companies accept debit and credit card payments, some even let you pay through different region-specific methods such as POLi, ACH, SOFORT, and iDEAL.
- Customer support. Customer service levels require your attention because you never know when you might need some kind of assistance. If you need over the phone support, look for a company accordingly. Most companies provide online support, either through chat or email, or both. You may find out how your list of shortlisted companies fares in the real world by turning to websites such as Trustpilot and Feefo.
How to Transfer Money to Hong Kong?
There are different ways of beginning the process of sending money to Hong Kong.
- Online. Your bank may let you send money to Hong Kong online. However, comparing it with leading overseas money transfer companies might work well for you.
- Over the phone. Some of the leading overseas money transfer companies give their customers the option of sending money to Hong Kong by speaking with currency dealers over the phone. With some, you even get access to dedicated currency brokers.
- In-person. Walking into your bank’s local branch might be an option, although it might be worth your while to compare its services with specialist money transfer companies that operate out of brick-and-mortar locations.
Chan got an opportunity to move from Hong Kong to the U.S. because of work. However, his aging parents who were financially dependent on him did not want to relocate and decided to stay back in Hong Kong. This meant Chan would have to keep sending them money regularly.
Chan used a popular American bank for the first few months. Then, upon the suggestion of a friend, he compared it with a prominent overseas money transfer company. The results of his comparison are listed in the corresponding table.
|Bank||Money Transfer Service|
|Exchange rate||U.S. $1 = HK $7.6131||U.S. $1 = HK $7.7790|
|Transfer fee||U.S. $25||U.S. $0|
|Amount received for U.S. $2,000||HK $15,035.87||HK $15,558.00|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||HK $522.13|
Turning to the money transfer company instead of the bank ensured that Chan’s parents received a little extra money each month, and it also got to them sooner. Besides, Chan then started scheduling his transfers for six months at a time, and this was a functionality that the bank did not provide.
Cash Pickup Locations in Hong Kong
If you want to transfer money to Hong Kong in a hurry, or in case the recipient does not have a bank account, you may consider transferring funds to a cash pickup center. Some of the popular companies that have agent networks in Hong Kong include Western Union, MoneyGram, Ria, and Azimo.
|Western Union in Hong Kong|
|City Foreign Exchange Ltd Shop 224, 2nd Floor, Worldwide House 19 Des Voeux Road Hong Kong||Cheung Sha Wan Post Office G F 650 Cheung Sha Wan Road Cheung Sha Wan, Kowloon Hong Kong|
|City Foreign Exchange Ltd Shop 9, G F Chungking Mansion 36 Nathan Road Tsim Sha Tsui, Kowloon Hong Kong||City Foreign Exchange Ltd Flat Rm 3b, G F Full Cheung House 73 Yeun Long On Ning Road Hong Kong|
|MoneyGram in Hong Kong|
|MoneyGram 92 93-94 33 Hop Choi St Yuen Long Hong Kong||MoneyGram 18 Russell St Causeway Bay Hong Kong|
|MoneyGram World Wide House 19 Des Voeux Rd Central, Hong Kong||MoneyGram Dragon Rise, Shop A1 1 Floor 9-11 Pennington St Causeway Bay, Hong Kong|
Safety Tips for Picking Up Cash in Hong Kong
Hong Kong has typically low levels of crime. However, there are instances of petty crimes such as bag snatching and pickpocketing that tend to take place around busy shopping areas, in crowded streets, on public transportation, and even at the airport. Do not leave your bags unattended or there is a good chance someone will steal them.
Some thefts targeting foreigners have been reported from the entertainment and shopping districts in the Shenzhen Special Economic Zone. If you plan to visit Shenzhen, do so with a friend or in a group, and remain vigilant at all times.
Do not leave your drink unattended and do not accept drinks from strangers, because instances of drinks being spiked and victims being robbed are not uncommon.
What Information Do I Need to Transfer Money to Hong Kong?
The information you need to provide when sending money to Hong Kong depends on the transfer method you select.
- Bank account. You will need the recipient’s complete name and bank account number along with the receiving bank’s name and SWIFT code.
- Cash pickup center. Along with the recipient’s complete name, keep the address of the desired cash pickup center close at hand. The recipient may collect the transferred funds by providing a reference number and an acceptable form of identification document.
Regulations When Transferring Money To and From Hong Kong
The Hong Kong dollar is a free floating fully convertible currency so you may transfer money in or out of Hong Kong easily. The Hong Kong Monetary Authority (HKMA) is responsible for overseeing the country’s financial and payment systems. It also monitors the country’s foreign exchange reserves as well as the activity of all financial institutions in the country. There are no restrictions on how much money you may transfer in or out of the country.
Now that you know of the different ways to send money to Hong Kong, take some time to compare your options well. If you find ongoing promotional offers, you may save some more money.
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