The Hong Kong dollar (HKD) is the official currency of Hong Kong. It is also widely accepted in Macau. One Hong Kong dollar is divided into 100 cents. The Hong Kong Monetary Authority (HKMA) has authorized three banks to issue their own banknotes, and the banks include the Bank of China, HSBC, and Standard Chartered. In April 2016, the Hong Kong dollar was the 13th most traded currency in the world.
Information you need when carrying out a money transfer to a bank account in Hong Kong includes the bank’s SWIFT code. Here are SWIFT codes of some popular banks in Hong Kong.
|Bank of China||Hong Kong||BKCHHKHHXXX|
|Standard Chartered||Hong Kong||SCBLHKHHXXX|
|Hang Seng Bank||Hong Kong||HASEHKHHXXX|
Chan got an opportunity to move from Hong Kong to the U.S. because of work. However, his aging parents who were financially dependent on him did not want to relocate and decided to stay back in Hong Kong. This meant Chan would have to keep sending them money regularly.
Chan used a popular American bank for the first few months. Then, upon the suggestion of a friend, he compared it with a prominent overseas money transfer company. The results of his comparison are listed in the corresponding table.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||U.S. $1 = HK $7.6131||U.S. $1 = HK $7.7790|
|Transfer fee||U.S. $25||U.S. $0|
|Amount received for U.S. $2,000||HK $15,035.87||HK $15,558.00|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||HK $522.13|
Turning to the money transfer company instead of the bank ensured that Chan’s parents received a little extra money each month, and it also got to them sooner. Besides, Chan then started scheduling his transfers for six months at a time, and this was a functionality that the bank did not provide.
If you want to transfer money to Hong Kong in a hurry, or in case the recipient does not have a bank account, you may consider transferring funds to a cash pickup center. Some of the popular companies that have agent networks in Hong Kong include Western Union, MoneyGram, Ria, and Azimo.
|WESTERN UNION IN HONG KONG|
|City Foreign Exchange Ltd Shop 224, 2nd Floor, Worldwide House 19 Des Voeux Road Hong Kong||Cheung Sha Wan Post Office G F 650 Cheung Sha Wan Road Cheung Sha Wan, Kowloon Hong Kong|
|City Foreign Exchange Ltd Shop 9, G F Chungking Mansion 36 Nathan Road Tsim Sha Tsui, Kowloon Hong Kong||City Foreign Exchange Ltd Flat Rm 3b, G F Full Cheung House 73 Yeun Long On Ning Road Hong Kong|
|MONEYGRAM IN HONG KONG|
|MoneyGram 92 93-94 33 Hop Choi St Yuen Long Hong Kong||MoneyGram 18 Russell St Causeway Bay Hong Kong|
|MoneyGram World Wide House 19 Des Voeux Rd Central, Hong Kong||MoneyGram Dragon Rise, Shop A1 1 Floor 9-11 Pennington St Causeway Bay, Hong Kong|
Hong Kong has typically low levels of crime. However, there are instances of petty crimes such as bag snatching and pickpocketing that tend to take place around busy shopping areas, in crowded streets, on public transportation, and even at the airport. Do not leave your bags unattended or there is a good chance someone will steal them.
Some thefts targeting foreigners have been reported from the entertainment and shopping districts in the Shenzhen Special Economic Zone. If you plan to visit Shenzhen, do so with a friend or in a group, and remain vigilant at all times.
Do not leave your drink unattended and do not accept drinks from strangers, because instances of drinks being spiked and victims being robbed are not uncommon.
The information you need to provide when sending money to Hong Kong depends on the transfer method you select.
The Hong Kong dollar is a free floating fully convertible currency so you may transfer money in or out of Hong Kong easily. The Hong Kong Monetary Authority (HKMA) is responsible for overseeing the country’s financial and payment systems. It also monitors the country’s foreign exchange reserves as well as the activity of all financial institutions in the country. There are no restrictions on how much money you may transfer in or out of the country.