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Australia and Hong Kong share strong commercial and personal links. Around 90,000 Australians and more than 550 Australian companies are based in Hong Kong, while another 1,000 Australian companies have offices in the region. That means there are plenty of situations where you might need to send money to Hong Kong from Australia.
Before you do, make sure you compare a range of money transfer providers to find the best possible deal.
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As the Hong Kong Dollar is a widely used currency, many major Australian banks allow you to transfer Hong Kong Dollars overseas. However, banks generally offer poor exchange rates and relatively high fees for international money transfers, which can leave you significantly out of pocket. Instead of sending funds through your bank, why not consider the services of a money transfer company?
These providers, such as OFX, offer fast, easy and affordable transfers across international borders. With lower fees and better exchange rates than the banks, they can ensure that you get a better deal from a financial point of view. As you can see, in addition to a significant saving on the transfer fee, Leon can send an extra 330 HKD to his brother by using the online money transfer provider. Leon sends money to Hong Kong
Leon’s younger brother Kevin is travelling through Hong Kong when, much to his dismay, he runs out of money. Rather than ask his parents for another loan, Kevin asks his brother to send him $1,000 to help him book a flight home. Leon thinks about sending the money through his bank, but when he sees that it is offering a less-than-impressive exchange rate, he decides to see whether he’d be better off using an online money transfer company. The results of his comparison are shown below:Bank Money transfer company Exchange rate 1 AUD = 5.39 HKD 1 AUD = 5.72 HKD Transfer fee $20 $5 Transfer method Bank account deposit Bank account deposit Processing time 2 business days 2 business days Amount received (in Hong Kong Dollars) 5,390 HKD 5,720 HKD
If you need to transfer money to Hong Kong urgently, you may be charged a higher fee and have to settle for a lower exchange rate. Sometimes this sacrifice is necessary when you need to send an emergency cash transfer, but just make sure to carefully review all the details of a transaction before you commit to it.
Back to topWestern Union and MoneyGram both allow you to send money from Australia that can be picked up from an agent location in Hong Kong within minutes. Just make sure to provide your recipient with the transaction reference number and also make sure they take photo ID when they go to pick up the cash. If you’re sending a large amount of money, tell them to phone ahead to check whether the agent will have sufficient funds available to complete the transaction.
Shop B1 & B2, Ground Floor 67 Carpenter Road Kowloon City, Kowloon +852-27170014 Open 8:30am to 6:30pm seven days
G/f Trade And Industry Tower 3 Concorde Road, Kai Tak Kowloon, Hong Kong +852-23213611 Open 9:30am to 6pm Monday to Friday, 9:30am to 8pm Saturday
Mega Wealth Asia Pacific Limited No C, G/f, Fu Wing Court, 10-12 Cross Street, Wan Chai, Hk +852-60105740 Open 8am to 10pm seven days
2/f , Wu Chung House 197-213 Queen's Road East Wanchai, Hong Kong +852-25745478 Open 9:30am to 6pm Monday to Friday, 9:30am to 8pm Saturday
Easypass Corporation Limited Shop B G/F Cheerful Comm Building 116-118 Ma Tau Wai Rd Kowloon, 85223344757 Open 9am to 7pm Monday to Friday, 9am to 3pm Saturday
Shop 50 Ground Floor 108 Shopping Arcade 19-23 Man Tai Street Yau Tsim Mong, 23562227 Open 9am to 5pm Friday to Wednesday
Peoples Money Exchange 1/F 18 Russell St Causeway Bay, 28930116 Open 10am to 11:30pm seven days
3 G F Jia Yang Building 271 Lockhart Road Wan Chai, 0 85225988826 Open 9am to 9pm seven days
Although the Department of Foreign Affairs and Trade classifies Hong Kong as a safe country to visit, this doesn’t mean you shouldn’t take care when picking up cash in Hong Kong. The following tips can help ensure your safety and the security of your money:
There are plenty of options to choose from when you need to send money to Hong Kong, and whichever option you choose you will usually need to sign up for an account before sending your transfer. The exact registration process differs between companies but you’ll generally need to provide:
Before you choose an international money transfer provider, compare the fees and benefits of a range of money transfer companies. Doing a thorough comparison will ensure that you get value for money when you send funds to Hong Kong.
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