How to Send Money to Hong Kong Cheaply

The Best Way to Safely Transfer Money to Hong Kong:

1. Compare your local banks and money transfer services

2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available

3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Hong Kong. You also may need to pay for the transfer before the money is sent abroad

Exchange Rate Comparison Tool


Hong Kong Money Transfer Guide

Transferring large amounts of currency

Transfering a Large Amount of HKD

If you are sending more that $10,000 between Australia and Hong Kong, then the exchange rate and fees are the most important things to consider.

Using a trustworthy bank or money transfer is also critical. Make sure they have the appropriate licence in Australia and Hong Kong.

Finally, you also want to make sure you choose a provider that has a strong track record with sending money to and from Hong Kong.

Our Verdict: For Hong Kong or US dollar payments, TorFX for great exchange rates, particularly for payments over $10,000

Winner: TorFX
Read more about TorFX


Moving from Hong Kong to Australia

Every Australian bank lets you transfer money to and from Hong Kong in US dollars, however not all banks will accept Hong Kong Dollars (HKD).


You will seldom find the best possible exchange rate on offer through the banks. On top of that, you will be charged a high international money transfer fee.

To avoid these excessive fees, use an online money transfer service to compare and get the best rates.

Winner: Transferwise
Read more about Transferwise


Friends and Family

Perhaps you have been away from home for quite some time and have been missing out on eventful festivities with family and friends. If you're thinking of sending a gift to your loved ones, a transfer service like Western Union will give you the best exchange rate for small amounts. With a larger amount, some transfer services might offer to waive the transaction fee.

To really get the most out of your personal needs, look around and shortlist the providers that would work best for you. Or speak with a currency exchange and money transfer specialist.

Our Verdict: With the right foreign exchange specialist, such as OFX it is possible to achieve a spread of 1% - and even lower, reduce or remove fees, create a strategy for purchasing currency and also access hedging tools.

Winner: OFX
Read more about OFX


Buying or Selling Property

Whether it's your first time buying or house, or you are purchasing an investment property in Hong Kong, keep an eye out for a money transfer provider with a strong presence in both Australia and Hong Kong. This will give you the flexibility and support throughout the process.

Our Verdict: TorFX is an ideal choice for property settlement transfers. A local account manager will be appointed to guide you through each step. They are fully licensed in Australia and also offer a global support network.

Winner: TorFX
Read more about TorFX

Transferring currency for business

Business Currency Transfers

Transferring money for your business? Find the best option with these 2 key points:

1. The exchange rate margin - this is the difference between the wholesale exchange rate you can see on and the rate you get

2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders

Our Verdict: Consider using TransferWise, a company based in London that offers you the wholesale exchange rate that you see on or Google. They also reduce their percentage based fee for larger amounts.

Winner: Transferwise
Read more about Transferwise


Studying Overseas

Depending on the course you're taking, typical full time university fees range between AUD $15 000 to $50 000 or more annually. That's before calculating living expenses, accommodation and bills. When dealing with large amounts like these, it is important to find the best exchange rate.

If you are an exchange student or taking a part time course in Hong Kong - and only need to transfer a small amount. Be sure to compare and receive the lowest transfer fees.

Taking a part time course? With smaller payments, look out for the transfer fee that is being charged.

Our Verdict: Worldfirst. This is perfect for students and their parents paying the bills to save on hefty transfer costs.

Winner: World first
Read more about World First


How much will it cost to transfer money to or from Hong Kong?

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren't always obvious. Here are the most common charges to transfer money from one bank account to another

1. Standard Fees

These are the most common fee types.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate you can see on and the rate you receive.

2. Bank Surcharges

These are fees that your bank may or may not charge you for.

Money transfer bank fees

Corrospondent Bank Fees

This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.

Money transfer receiving bank fee

Recieving Bank Fee

If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.

OFX offer


Ready to go?

Get your first two transfers to Hong Kong with OFX for free


How To Transfer Money Online

Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:

Setting things up (only has to be done once)
  • Log on to their website and register your details. You'll need to have some I.D handy
  • Once your account has been approved, you'll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the "Beneficiary" or "Recipient"

Tranferring Money
  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You'll get a deal confirmation. Finally you'll need to pay them the Australian dollars before the money is sent.

1. A Bank

Banks in Australia have higher fees and uncompetitve exchange rates compared to Hong Kong Banks. But this doesn't mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.

2. Paypal

This is a great option for anyone sending smaller amounts under $1000. The exchange rate you'll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.

3. A Money Transfer Company

Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you'll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don't have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Hong Kong and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overeas, you'll need the following information of the bank account you are sending the money to:

Beneficiary or Recipient Details
  1. The Account Name of your Recipient (person/business you are paying)
  2. Their address
  3. The SWIFT Code of their bank

A note about sending money to Hong Kong:

It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.

Swift Codes

Here is a list of SWIFT codes for the biggest banks in Hong Kong:


Bank of China (Hong Kong) : BKCHHKHH

Hang Seng Bank : HASE HKHH

Standard Chartered Bank : SCBLHKHHMAC

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