If you need to send money to Hong Kong, you’re in the right place. Mozo’s HKD exchange rate calculator helps you to compare today’s exchange rates from all major international money transfer providers, so that you can find the best option for your business or personal transfer. If you’re after foreign money options for holidaying in Hong Kong, head over to our travel money section.
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It doesn’t matter whether you are sending money to Hong Kong for business purposes or you’re relocating for work, if you need to send your money cross borders it pays to shop around for the best exchange rate. The good news is that HKD is one of the more commonly traded currencies and this means that you’ll have a range of options available to you for your overseas transfer.
Gone are the days when to be able to use a specialist foreign exchange provider (or get the best exchange rates) you or your business needed to be transferring in hundreds of thousands of dollars internationally on a regular basis. The rise in online banking has brought with it a whole new breed of online companies that specialise in foreign exchange transfers.
These International Money Transfer (IMT) providers generally have more competitive rates and lower fees than major banks and also have a wider range of transfer options that you can choose depending on where and when you need your money transferred.
Of course, you can also go through a bank for international money transfers, in fact many have this feature through their internet banking platforms, but you might find that fees are higher and the transfer limits, exchange rates are less than the options provided by an IMT specialist.
Wondering if transferring through an IMT specialist is safe? Well, we can assure you all the foreign exchange providers listed on the Mozo site are regulated here in Australia by ASIC and offer the same level of security of the transfer of your funds as the banks.
Regardless of whether you’re making a single large transaction or you’re going to need to send money to Hong Kong on a regular basis, getting the best exchange rate is key as it means more money in your pocket or profit for your business.
When making a one off transfer, you’ll generally get a ‘spot rate contract.’ This means that on a particular day you want to transfer your AUD to HKD, you will get the exchange rate which the Hong Kong Dollars are trading at on that particular day. It is an on the spot rate. Most IMT providers and banks work on a spot rate basis. When you book your trade, you’ll see what the exchange rate will be and your money will get transferred.
If you are going to be making regular transfers to Hong Kong, some international money transfer providers will have the option to fix exchange rates for a set period of time. You can also opt for the payments to be fully automated so that you don’t need to worry about making the payments, it will be done for you on the agreed date and time.
If you are dealing with any foreign currency, part of the risk in making an overseas transfer is knowing that exchange rates can fluctuate often, and this makes it difficult to plan and budget for some overseas expenses. One week you might make a $60,000 HKD payment which will be $10,000 AUD, the next week it could be $10,500 AUD because the exchange rate has moved against you.
There are a range of options available to help protect you with some IMT services, these include:
Forward contract: This is where you lock in the exchange now for a time in the future. So say, you need to put a deposit on an apartment in Hong Kong in 90 days time. A forward contract allows you to lock in the AUD to HKD exchange rate for today to be paid in 90 days time. You’ll know exactly how many AUD you’ll need because you’ve already locked in the rate.
It doesn’t matter if you’re going to be sending $100 or $100,000 to Hong Kong, you want peace of mind that your money is going to get there safely and securely. The IMT providers that are listed on our website only provide bank account to bank account transfers. There is no option for cash or third party transactions.
Once you’ve got your account set up with the IMT provider, you’ll need to provide the bank account details of the business or person you want the money transferred to. While all providers have bank-level internet security to ensure that your money is safely transferred while in their care, what they cannot guarantee is the legitimacy of the bank account at the other end of the transaction. Prior to sending any money to an overseas bank account, be sure that you carefully check details and account numbers. If making a business transaction, do your research to ensure the business is properly registered with the relevant authorities.