Send Money to Hong Kong Dollar

Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Hong Kong Dollar

Hong Kong

The Hong Kong dollar (HKD) is a freely-convertible currency and there are no controls on money transfers to Hong Kong or from Hong Kong. Since 1983, the HKD has been pegged to the US dollar (USD), a factor which has increased the HKD’s profile as a safe currency for regional investors looking to avoid political, economic and regulatory volatility, particularly in Russia or China. The exchange rate is permitted to fluctuate along a narrow spectrum between HK$7.75 and HK$7.85 per US$1.

You have several options to transfer money to and from Hong Kong:

Provided the recipient has a bank account in Hong Kong a bank transfer will be the easiest method of sending cash to Hong Kong. There are over 200 authorised banking institutions in Hong Kong including a number of global names. Given the number of banks available, the costs involved can differ greatly, so the confusion comes in working out the best option in terms of price. Using a high street bank might be very convenient, with most banks helping you to set up a transfer with just one phone call or in-branch visit. It may be worth phoning around a number of banks for a quotation in order to check not only the exchange rate but also any per-transfer fees that may be charged by the bank for moving money. Alternatively, you can send a personal cheque or check to or from Hong Kong. The recipient can cash it in at a bank abroad. If speed is of the essence however you will need to take into consideration that it might take several weeks until the cheque/check is cleared.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and they allow you to transfer money to Hong Kong to be picked up at a convenient location. With this option however you will need to pay a significant commission on the transfer, some as high as 10-15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to Hong Kong. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing.
The usual downside however is that with most brokers there are minimum levels involved so they may be only suitable for businesses or individuals moving more significant sums of money. Given Hong Kong is now a major financial centre alongside London or New York the service is more widely available than to less developed countries and is worth investigating.

Bank note system
The Hong Kong dollar is issued by the HKMA. Banknotes are printed in denominations of $10, $20, $50, $100 and $1,000. Coins are issued with values of $10, $5, $2, $1, as well as 10, 20 and 50 cents.

© 2017 : All Rights Reserved
Send Money Home 83 Ducie Street, Manchester M1 2JQ. +44 (0) 844 357 4755 - Email Us