Expat guide for Sending Money Overseas
Hong Kong has one of the most liberal foreign exchange policies in the world. There are no limitations on foreign exchange with regard to currencies or amounts, except for the monitoring of large cash exchanges to prevent illegal money laundering. There are no foreign currency controls, no restrictions on ownership of foreign currency or foreign currency accounts, and no restrictions on transactions involving foreign currency. There are also no rules governing the inward or outward remittance of any currency.
Most expats go through the banks for international money transfers, which can be done quickly and easily at any bank. Major banks such as HSBC, Hang Seng and Standard Chartered also provide international remittance services for online banking customers. Generally, the only information you need besides the transferee’s name, bank and account number is the bank code and the branch’s address.
If you have yet to set up a bank account in Hong Kong or prefer not to go through the banks, there are a number of other options for international transfers. These are listed below:
Western Union
Western Union is a fast, convenient and reliable way to send and receive money worldwide. The service is available at over 120 Agent locations in Hong Kong, including 17 post offices.
Tel: 2117 9088
http://www.westernunion.com.hk
Travelex
Travelex provides a simple and secure method for moving large sums of money between countries. There are no hidden charges, and customers enjoy competitive exchange rates and access to a wide range of foreign currencies.
Tel: 2853 9868
http://www.travelexbusiness.com/hk
Hong Kong Post
The Postal Remittance Service provided by Hong Kong Post is an economical and efficient way of sending money. Money orders are issued directly to the designated payee according to the specified remittance details. The service is currently limited to remittance to Indonesia, Japan, China, Nepal and the Philippines.
City Foreign Exchange
A currency specialist which offers commercial and personal remittance services for corporate and individual clients. Also does Western Union money transfers and direct transfers to banks in India.
Locations: Tsim Sha Tsui, Central, Admiralty, Yuen Long, Tai Po, Ma On Shan
Tel: 2366 7725
http://www.cityforex.com
RIA Exchange
Offers foreign currency exchange, couriered drafts, commercial settlements and remittance service to more than 25 countries.
16/B Man Hing Commercial Bldg
79-83 Queen’s Road Central
Tel: 3157 1523
http://www.riaexchange.com
