Do you intend to transfer money to Hong Kong? It will be easier than you imagine. Here is a brief guide to discovering how to send money to beneficiaries in Hong Kong.
When it comes to making payments to Hong Kong, It’s better to shop around and pick your transfer solution wisely. You will be surprised and sometimes be confused that you’re offered too many options.
Why do you need to transfer money to Hong Kong?
The Hong Kong Dollar (HKD) was in circulation in 1863 and has been the official currency of Hong Kong.
$ and HK$ stand for the Hong Kong Dollar, which is used to make a difference between Hong Kong dollars and other dollar currencies. In 2019, the Hong Kong Dollar ranked the 9th most traded currency in the world.
How to transfer money to Hong Kong from anywhere?
International transactions to Hong Kong were estimated to reach $659 millions in 2021 and will keep growing by over 12% per year in the next 5 years.
Whatever your personal or business purposes you have, people can send money to Hong Kong for several reasons, including:
Invest in real estate or high value assets.
Transfer money to relatives or friends in Hong Kong.
Pay for business expenses or cash flow shortfalls.
Pay for fees at university.
Other reasons: sending a donation or sending gifts, ordering goods….
After identifying your reason, it’s time to discover about transferring money to Hong Kong with more details:
Why shouldn’t you transfer money to Hong Kong via a local bank?
Sending money through a bank transfer is one of the most expensive methods. It can charge high margin rates and expensive service fees. Also, it can take longer than other transfer solutions to get your transaction finished.
For example, if you transfer amounts under $5,000 from the USA to Hong Kong. It can charge high fees, making up for a considerable amount of the transfer. Basically, your bank’s transaction fees will reach from $25 to $65, based on the transfer amount of money.
Some transfer services such as Western Union or MoneyGram are more reasonable than local banks, but unluckily, they make no direct transfer to the beneficiary bank account.
On getting receipt, the beneficiary will also have to be charged transaction costs from $15 to $30.
So, for smaller amounts, it’s a better option to use alternative options.
The exchange rate has an important role in assessing your fees once sending money to Hong Kong. In a currency pair, banks can quote you a margin rate.
The margin rates often differ among financial service providers, however banks often charge a higher margin rate. Basically, banks aren’t as cheap as online transfer providers with the lowest margin and fees.
How to transfer money to Hong Kong bank account?
It’s easy to make an international payment from your bank account to another account in Hong Kong without taking time on a check or cash management.
In general, a bank transfer is a safe and secure way to settle bills, send money between accounts you own or other purposes.
The detailed steps you’ll need to send money from one bank account to another one can vary depending on the account held by you, and the method of transferring you pick.
There are different transfer methods, spending your time doing research can help you pick one suiting your needs.
This will visit a bank branch in person, online or phone banking with your bank, or through a service provider.
Here is how to send money internationally with easy steps:
- Pick a reputable provider with low fees and reasonable exchange rates
- Prepare your transfer online or in person
- Make payment and track your transfer to Hong Kong
And here is the information you need to send money overseas:
- Recipient full information available on their bank account
- Bank details: IBAN and SWIFT/BIC number or account number
- Vary on the country you are sending money from, you can be asked for information
What to consider when sending money to Hong Kong?
When you send money to Hong Kong, you should consider the followings to make sure your transaction is secured, fast and economical:
Pick a suitable transfer service regulated by the legal authorities. Make a customer review online about their service and support.
Carefully affirm the costs of transfer to Hong Kong. This can include administrative fees, cable costs, currency conversion, and upfront transfer fees.
Make sure no additional costs are added (SWIFT fees, cash advance fees…)
Each bank or transfer service provider offers a different exchange rate, which can include additional fees.
Compare the exchange rate and pick a provider which offers the best rate for you.
International transfers to Hong Kong will take between a few minutes and several days to reach. It can depend on the processing method applied.
Some service providers will tell you an estimated arrival time with your transfers by SMS or emails.
It depends on the methods you set up the international transfer to Hong Kong with a check, cash, a credit or debit card, or bank transfers.
Commonly, the fees of your transfer vary according to the method you plan to pay, so compare each option to get the best way for your demands.
More about DNBC Financial Group
DNBC Financial Group is a reputable startup in Fintech. It offers money transaction solutions anywhere in the world, including transferring to Hong Kong.
By setting a high standard for innovation in the money transfer platform since 2017, DNBC Financial Group has proudly given solutions to collecting payments, transferring and managing funds.
DNBC Financial Group believes that Hong Kong is one of the most populated destinations for businesses. You don’t even need to list benefits offered to Hong Kong’s businesses.
Currently, DNBC Financial Group has a considerable number of customers all around the world, consisting of many customers transferring money to Hong Kong online.