Send Money To Hong Kong
Hong Kong is one of the world’s largest and most relaxed
laissez faire financial centers. Hong Kong is notorious for being devoid of any
currency controls. Its low levels of corporate tax and free trade mentality
have helped to solidify its position at the epicenter of the financial world.
Hong Kong boasts the highest Financial Development Index score and the worlds 8th
largest trading entity. In the post-war period Hong Kong’s economic growth was
astronomical with a GDP that grew 180 tomes between 1961 and 1997. It comes as
no surprise that the total value of its imports and exports exceeds its GDP.
Popular money transfer services that send to
The currency of Hong Kong is the Hong Kong Dollar which is
separate to Chinese currency. The Hong Kong dollar has the currency code HKD.
The currency symbol for the HKD is HK$ as its referred to on the foreign exchange market. The Hong Kong dollar just happens to be the worlds 13th
most traded currency. This is due in part to the nations position as a tax
haven!Since 1972 the Hong Kong Dollar was pegged to the US dollar.
In 1993 the Hong Kong Dollar held a value of 15.5 to the pound compared to 11
to the pound in 2003. Currently, the Hong Kong Dollar is pegged to the US
dollar at a rate of about 7.80 HKD
Send Money with Bank Deposit
One way to transfer money overseas to Hong Kong is via
Paypal. In order to utilise this service you and the recipient will need a
paypal account. The money can then be transferred into the recipients bank
account before being cleared and placed into their current account.
Then you can transfer the sum to the recipient who will in
turn transfer the money to his or her own bank account. How long it takes for
the money to get from one bank account to the other varies: It largely depends
on the methods both parties use to transfer the amount to and from their
Once you have an account with one of the many banks in Hong
Kong, the easiest way to send money is a bank transfer. Bank transfers are not
only convenient to send money to another country but also within Hong Kong.
However, all banks will charge you a service fee. Fees may differ widely among
different banks so it is wise to consider this cost before you set up an
account at a specific bank.
Send Money Through Cash Pickup
Cash is not subjected to the same rules and restrictions
imposed by many other countries. There are no limitations to how much money you
can move to and from Hong Kong. Part of this relaxed attitude towards the
movement of currency in and out of Hong Kong is what has contributed to its
position as a financial hub.
For those who don’t want to transfer money via a bank account
there are a number of third party worldwide money transfer services. Companies
like Western Union and Moneygram have numerous offices for your recipient to
pick up their cash around Hong Kong. Transferring this cash over is generally a
very simple process. In order to transfer cash to Hong Kong, you’ll need to
take the money to an office in cash to be processed. As part of the process,
you’ll need to complete a form and show a valid form of ID. This process will
cost you a service fee which will vary in size based on the company you opt to
go for. Once your transfer is complete your recipient can collect the cash from
any office by showing their ID. For those that want to take a particularly
attentive look there is the option to track the status of the transfer online.
This can be a good way to ensure that the money has been transferred without
any problems. In addition to the aforementioned service fee, which can change
based on where the money is to be sent too, the exchange rates you’ll be
offered won’t be as competitive as the regular market.
Money Transfer Regulations
With a legal and financial system separate from the mainland,
Hong Kong is a financial ‘Wild West’, with no limits on the import or export of
foreign currencies. Naturally, Hong Kong has drawn in a lot of laundered money.
Hong Kong is particularly used by the Chinese as a way to move money without
being subject to regulation.
You can exchange your currency for Hong Kong dollars at any
authorised money exchanger. Exchangers accredited by the Quality Tourism
Services (QTS) scheme.