New customers are often confused about how to transfer money from Hong Kong to India. They don’t know the best way to transfer money from Hong Kong to India.
If you are one of them, this guide will help you to enlighten everything about transferring money from Hong Kong.
Hong Kong and India economic relationship
From trading relationships set up in the middle of the 19th century, nowadays Hong Kong and India relations have been expanded in different sectors such as investment finance, trade, education, maritime, shipping, logistics…
Discover the best way to transfer money from Hong Kong to India
There has been a significant increase in the commercial ties between Hong Kong and India. Hong Kong firms also have been seeking for India as a reliable destination of investment. Various Hong Kong firms have been available in India.
Also, Hong Kong is host to many Indian professionals in banking. Various global financial majors, investment institutions and fund managers operating in India have their headquarters in Hong Kong.
Hong Kong is a key sourcing center for Indian firms. In 2021, India became Hong Kong’s 4th biggest export market destination. The total exports of goods from Hong Kong to India increased by 36.6% over a year earlier to $17.1 billion.
India was Hong Kong’s 11th biggest import market destination. The total imports of goods from India to Hong Kong reached 41.9 % over a year earlier to $10.4 billion.
In 2021, India was the 8th biggest trading partner of Hong Kong. By time, a number of Indian professionals are landing into Hong Kong, working in banking, finance, IT, shipping and the service industries.
Typically, Macau is famous for its gambling industry and tourism. Macau has become a main tourist area for Indians. The total trade between Macau and India reached US$ 46.0 million in 2021, wherein India’s exports to Macau reached $ 38.4 million and Macau’s exports to India were $ 7.6 million.
As you see, there is a huge demand for international money from Hong Kong to India and vice versa. Accordingly, many service transactions are available to adapt to the constant need.
The Hong Kong dollar (HKD) is the legal tender in Hong Kong, introduced in 1863.
The Indian rupee (INR) is the official currency of India, issued by the Reserve Bank of India.
Here are some typical solutions for you to seek for the best way to transfer money from Hong Kong to India.
How to transfer money from Hong Kong to India securely and economically?
Send money from Hong Kong to India via a bank
Hong Kong is considered as one of the top five financial centers with the highest concentrations of banking institutions. 70 of the biggest 100 banks are operating in Hong Kong.
In 2019, there were 17 restricted license banks, 164 licensed banks and 13 deposit-taking providers, constituting 194 legal institutions in Hong Kong. Also, there are 42 local representative branches of foreign banks in Hong Kong.
In general, bank transfer is secure and rather convenient. However, it can charge a high fee and unfavorable exchange rate from HKD to INR. Some banks will charge an incoming fee and third-party charges.
The beneficiary banks can make payment orders at the counter on business days only, so the delivery time of funds can take longer.
Basically, to make international payments to India, it’s vital to have a bank account. Banks and banking institutions need to associate with banks in India.
Doing transfers with a bank can take from 2-5 days. For your money to reach its destination faster, you need to pay attention to working time at each bank. The transfer time should be in the morning.
Send money via an online money transfer provider
With the boost of technology, there are several money transfer providers with reasonable prices and great services for sending money from Hong Kong to India.
In general, they all use a top secure encryption technology to protect your personal information from any risks of loss.
If compared with banks, the overseas transaction fees can be less expensive, depending on each service provider and the final destination. Also, it’s easy to use and you can do it at home without queuing in a line.
You can transfer money between multiple accounts online. It’s more convenient than visiting a bank directly, which sometimes requires you to wait for and fill in the personal information before making transactions.
You can easily access your account history and transactions anywhere and anytime. This is the most optimal method to see whether a transaction has cleared your account or not.
We list some typical online money transfer providers before picking one of them for transfer from Hong Kong to India, such as: DNBC Financial Group, WorldRemit, TransferWise, CurrencyFair, Western Union, Remitly, OFX, TransferGo, XE…
It’s believed that DNBC Financial Group is one of the most reputable providers.
DNBC Financial Group offers their customers with alternative transfers at the lowest possible rate.
The money can reach India in 1-3 business days. Especially in some cases, the beneficiary money can arrive in a few minutes.
Alternatively, you can choose other providers for transferring money from Hong Kong to India such as Western Union, Wise, Remitly, WorldRemit, TransferGo or CurrencyFair.
More information of DNBC Financial Group
We offer full online payment solutions, money transactions with multiple currencies (including HKD and INR) for your convenience in exchange rate.