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HONG KONG

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.
Hong Kong

Popular money transfer services that send to
hong kong

  • Ozforex
  • TorFx
  • USForex

Currency Used

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 service accounts.   

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.