Why should you get your money out of Hong Kong and how to do it? part 2 – Part one is here.
Didn’t understand? Let us explain
Political stability plays a major role in the development of a country’s economy and any with an unstable political environment may be considered as that country’s disadvantages.
Keeping that in mind, the situation in Hong Kong may lead the people to panic because most people expect a country to develop, and when the country develops, they can anticipate financial stability.
Many aspects are to be considered such as inflation, financial security, career opportunities, economic growth, etc., and all these aspects are impacted by political stability.
Anyone would want to grow their wealth and take care of their families, and this becomes hard in such regions. Therefore, people who are living in Hong Kong tend to panic because of these political situations.
And this is why people are trying to move their money out of Hong Kong, and to speak frankly, who wouldn’t want to do so?
Now, we’ve understood why people are transferring their money out of Hong Kong, now let us see the method available for the people who want to move their money out of Hong Kong.
Methods available for transferring money out of Hong Kong:
Back to the good things about Hong Kong, especially for the people who want to move their money out of Hong Kong.
The international banking system of Hong Kong is considered to be one of the best among the options available in the world.
For people who wish to make international transfers, there is an availability of a wide range of opportunities whether it is made from traditional banks or money transfer companies.
Adding to that, the bilingual situation in Hong Kong allows people to have the benefit of making transfers easily. If you are thinking about transferring a large sum of money abroad, don worry, it is still possible.
By large sums, we mean that you can even send your entire savings abroad without having to face too many difficulties. Here, we will discuss all the options available for people to send their money abroad.
First of all, let us start by discussing the method of sending money abroad with the help of traditional banks in Hong Kong.
Banks:
Most people who are living in Hong Kong have bank accounts in the banks located within the city and making a transfer with the help of these banks is generally a simple and hassle-free process.
When you want to send money with the help of a bank in Hong Kong, it is advised that you first get in contact with your bank because there might be some regulations and conditions imposed by the banks when you are trying to send the money abroad.
Usually, there can be some limits on the amount of money that can be sent abroad and there can be some additional requirements as well.
The most common information needed by the banks when you are trying to send money abroad from Hong Kong is as follows:
- Details regarding the destination bank account
- Country of the destination bank account
- SWIFT code
Some banks might also ask for information such as your ID proof, source of income, etc.
For people who originated outside of Hong Kong and are living there, one of the best choices for a bank is HSBC Hong Kong. Individuals having an HSBC Premier bank account can opt for the Global-View for sending money abroad.
The Global-View service allows individuals to send money abroad without imposing any sort of additional fees. Not only does it make the process of sending money easy, but it also allows people to send money to more than 30 countries.
According to our opinion, this happens to be the best option if you have an HSBC Premier account and are leaving Hong Kong in the nearby future (especially in large amounts).
If you fall under this category, then the process is very simple because all you have to do is just walk into your bank’s branch and talk to the bank relationship manager about the situation.
The relationship manager will assist you in the process of setting up your Global-View account and will also guide you with the process.
Nonetheless, you must know that you are sending money to another bank in other countries with the help of this account, then there will be a service fee, and these service fees depend on the bank to which you are sending the money.
You can know more about these details if you get in contact with your bank before you start the process of sending money from an HSBC Premier account.
By knowing about the details before making the transaction, you can avoid paying a big sum in the form of transfer fees. If the fees are high for sending money abroad with the help of this method, then it is wise to check for other options available.
As we have discussed banks, now let us have a look at the alternative methods available for making a transfer while living in Hong Kong.
TransferWise (Wise):
Wise is one of the best options for sending money abroad and we are not just talking about the people of Hong Kong, but the services of Wise can be utilized by people from various countries of the world.
When you are using Wise for making money transfers, the amount that is being sent will depend on the currency you are using, yet mostly Wise tries to make sure that their charges are low compared to other money transfer services.
While you are availing of Wise, the process of sending money is very simple. The general documentation required by this money transfer service provider is as follows:
- ID proof (such as driver’s license)
- Hong Kong ID Card
That’s all, and you are ready to make a transfer to any country you desire (countries that are served by Wise). You can make a transfer with the help of a bank transfer, debit card, credit card, or other methods such as Google Pay or Apple Pay.
The amount of money you can send might be subject to some restrictions depending on the country from which you are making the transfer and the time taken for the transfer might be instant or it can take from 1 to 2 days.
Wise currently offers its services in 60+ countries which include most countries that are favorite destinations for expats.
Not only that, but you can even track your transfers if you have the Wise app. The app also lets you make the transfers very easily, by which we mean to say, within a few touches on your smartphone.
Furthermore, you can even set up a multi-currency account if you intend to send money to various countries in different currencies.
OFX:
OFX is another option to send money abroad, but one of the major backdrops of this money transfer service provider is that the transfers can only be made with the help of your bank account.
This means you will not be having the flexibility of sending money with the help of other convenient options such as debit cards, credit cards, cheques, etc.
To make things easy, the bank transfer process via OFX is way too easy compared to other options available for individuals.
In order to send money with help of OFX, you would have to create an OFX account, fund the account with money, and then you can send money to the account you want.
The time taken for the transfer to complete is around 1 to 2 days and you can even track your transfer with the help of their app. One of the most important things to take into consideration is that transfers below 50,000 HKD require a fee of 60 HKD.
This fee can be avoided if you opt for sending money more than this limit, and this makes OFX the best option if you want to send large sums of money abroad.
InstaReM:
The website of InstaReM will allow you to see the exact amount of money that you are about to pay when you are about to opt for services offered by them.
As with most of the money transfer service providers in this list, InstaReM requires no additional amount from the recipient to make the transfer.
Unlike OFX, InstaReM has another option available for making the transfers (along with bank transfer), i.e., debit card. Even though the debit card option is considered too expensive, it tends to be a tad bit fast compared to the conventional bank transfer option.
The minimum transfer amount that needs to be sent with the help of InstaReM is around 100 HKD or USD 50, which is the same for both individuals and businesses.
However, there is no limit on the maximum amount that you can send, and in most cases, the transfers take place within the same day (if not instantly).
The fees for sending the money are usually around 0% to 1% depending on the country from which you are sending and the country to which you are sending.
Western Union
Western Union lets you either send money with the help of online services or you can just visit their branch and send money with the help of physical cash.
Moreover, many people choose Western Union because the transaction can be completed within minutes, but sometimes the fast payments sure do come with an additional price.
Adding to that, there are some limits on the money you send abroad depending on the country to which you are sending money. Western Union also allows you to see the exact amount of money that will reach the recipient along with the transfer fees.
The fees are not too expensive compared to what they have been in the past years, and this makes Western Union another affordable option for sending money abroad.
However, when you are making a money transfer for pick-up cash, then it can be way more expensive compared to sending money from a bank account.
Bottom Line:
There are some other ways through which you can send money abroad while you are living in Hong Kong. But these are some of the best methods to make a transfer, and therefore, we have mentioned these methods.
While deciding the method best for you, you should consider all the methods available and know more about the fees applicable for making a transfer.
If you are not familiar with the fees that are being charged, then you might end up paying a huge sum when you are trying to send a lump sum amount overseas.
You should also consider the conversion rate before you send the money because it might eat up a significant amount of money.
We hope you found this article helpful for finding the information you were searching for. Always be cautious while sending money abroad and make sure that you have opted for the option that suits your needs.
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