Author, Andrew Gibson
Last Updated on August 14th, 2024
Making an international money transfer from the UK to Hong Kong may seem daunting at first, but once you have the information and options available to you, the process is straightforward.
As an independent money transfer specialist, we have helped many customers transfer money to Hong Kong.
Our guide below will help you get started.
Information on the reverse transfer: transferring money from Hong Kong to the UK.
Transfer Money to Hong Kong from the UK (in 4 simple steps with Key Currency)
Send money to Hong Kong from the UK in 4 quick and easy steps.
1. Register as a Client
New customers will have to perform an identification check that involves providing the following:
- Name
- Address
- Passport Number
Customers must register and identify themselves, as it is a legal requirement to comply with anti-money laundering rules.
This process is straightforward and will be completed the same day.
2. Secure a GBP to HKD Exchange Rate
Once registered, our team will help you get the best Pound to Hong Kong Dollar exchange rate.
You can ask for current HKD rates anytime; your broker will help.
When you confirm you are happy with the rate, we will lock it in, and it won’t change.
You will receive an email confirmation of this with the amount of HKD you have bought and the amount of GBP you have sold.
3. Send in Your Pound Sterling
The email you receive after you have confirmed a GBP to HKD rate will also include bank details of where to send in your Pounds.
4. Pounds are converted to HKD and sent to your recipient
Once we receive your Pounds, we will convert them into Hong Kong Dollars and send them to your recipient’s bank account.
All our customers have a personal contact who will help you through this process if needed.
Our money transfer service to Hong Kong is reliable and trusted by many.
The Best Ways to Transfer Money to Hong Kong
The best ways to send money to Hong Kong from the UK, are through either using your bank, a currency broker, or an online money transfer platform.
Each of these services will be better suited to you depending on your international money transfer needs.
Let’s break this down…
Best Option for Large Transfers to Hong Kong
A currency broker will be the best way to transfer a large amount of money to Hong Kong from the UK.
Currency brokers have some of the most competitive exchange rates available and some will not add any transfer fees.
Compared to a money transfer app or popular banks, these services will see higher fees the more you send to Hong Kong.
With larger transfers, it is important to have consistent support. Currency brokers, like ourselves at Key Currency, have a team of traders to help you throughout the process, giving you peace of mind.
Best Option for Small Transfers to Hong Kong
If you are looking to send an amount of under £2000 – an online platform will be your best option.
They have better exchange rates than popular banks, similar to the rates currency brokers can offer, and, their transfer fees are much smaller than your common bank, allowing you to save money.
Great Exchange Rates with Key Currency
How Much Will it Cost to Transfer Money to Hong Kong
There are two main costs when sending money to Hong Kong, or anywhere internationally.
These are transfer fees and the exchange rate margin.
Transfer Fees with Banks are usually fixed whereas with online money transfer apps such as Wise, Revolut & Remitly, their fees will increase depending on how much you are looking to transfer.
At Key Currency, we also do not charge a transfer fee for customers sending money to Hong Kong.
The exchange rate margin charge will fluctuate depending on what the Pound to Hong Kong Dollar rate is at the time of your transfer, and again, how much money you want to send.
In a nutshell…
The cost of transferring money to Hong Kong from the UK will depend on the money transfer service you choose. Banks offer convenience but you will generally incur higher transfer fees and exchange rate charges.
Currency brokers and online money transfer apps can be up to 60-70% cheaper. Most high-street banks in the UK will add a transfer fee, per transfer, of around £15 to £40 for a money transfer to Hong Kong.
Independent money transfer specialists have lower overheads compared to popular banks. These savings can be passed back to the customer.
For more information on the costs for international money transfers, our dedicated guide goes through all of the aspects in more detail!
How Do You Pay for an International Money Transfer to Hong Kong?
There are various and best ways to pay for sending money to Hong Kong from the UK.
The most common you will see will include:
- International Bank Transfer – Usually the cheapest payment method, fees will be deducted as payment when the transfer is made by the service.
- Debit or Credit Card payment – This method of payment will see the quickest transfer times, however, this will come at an extra cost.
- Apple Pay or Google Pay
- PISP
Our guide on international money transfer payment methods looks at each one in detail, if you require more information!
How Long Will the Money Transfer to Hong Kong Take?
If you decide to transfer money to Hong Kong via an international bank transfer, it will usually take between 2 to 3 working days.
The time it takes for a money transfer to Hong Kong from the UK to complete will again vary as some methods are quicker than others.
Online apps that allow debit or credit card payment may complete the transfer on the same day but this will come at an extra cost.
What Bank Details Will You Need to Provide?
When sending money to Hong Kong, you will need to provide the service of your choice with the following information:
- Recipient’s name.
- Recipient Address.
- Recipient’s Bank Details including – Bank’s name, account number, and branch code.
Unlike European destinations, Hong Kong does not use IBAN (international bank account number) – which is used as a bank account identifier for international money transfers.
Most money transfers to Hong Kong will be done using the SWIFT payment system.
Great Exchange Rates with Key Currency
Is there a Limit on How Much You Can Send to Hong Kong?
There are no legal limits in place currently, by the Government, to transfer money from the UK to Hong Kong or anywhere internationally.
The money transfer service you choose may ask you to provide a reason for your transfer. This is common with large money transfers as the receiving bank, in Hong Kong may have to report it depending on the amount.
Other independent limits in place are ones issued by international money transfer providers themselves, for example, some high-street banks will place daily transfer limits of around £25,000-£100,000.
Currency brokers, like ourselves at Key Currency do not have transfer limits in place for sending money to Hong Kong.
Finding the Best GBP to HKD Rate (beware of ‘fake’ rates)
Exchange rates are an essential factor in any international money transfer.
A slight change in the rate can mean that you lose out or gain more money.
For example, if you were looking to transfer £100,000. a 1% change in your favour, could see you gain an extra £1,000 to the overall amount being transferred.
So it is important to find the best GBP to HKD rate possible.
Various comparison sites are available for money transfer services and their exchange rates for GBP to HKD.
However, make sure not to take the different rates you see online as the rate you will receive when you transfer the money.
Most companies are showing you the mid-market rate, or ‘interbank’ rate. This rate is traded between banks and isn’t used for customers.
When you do your research to find the best exchange rate, make sure you are getting genuine customer quotes from the services you are looking at.
This will provide you with the best possible comparisons.
At Key Currency, we go the extra mile for our customers, our expert traders will monitor the GBP to HKD rates and alert you of the best time to transfer your money to Hong Kong.
Quick Summary
- It only takes four steps to transfer money to Hong Kong from the UK via international bank transfer.
- A money transfer to Hong Kong usually takes around 2 to 3 working days to complete.
- Using a currency broker for a transfer to Hong Kong will help you avoid high fees from your bank.
- Finding the best GBP to HKD exchange rate can be a long process. Currency brokers will help you with this research.
At Key Currency, we won’t push you into a trading platform and make you do everything yourself. All our customers have an account manager who will help you from start to finish, as well as help you with the timing of your transfer. As an FCA-regulated company, the transfers we make are conducted through safeguarded accounts. We have over 2,000+ reviews on Trustpilot with an excellent rating. We are a currency broker you can trust. If you need to send money to Hong Kong from the UK then contact us today for a free quote.Key Currency Can Support You with Your Hong Kong Money Transfer
Want to Read More?