There are many reasons why you might want to send money from the UK to Hong Kong and finding the right method of money transfer can help to ensure the transaction is completed swiftly and efficiently.
If you have a UK bank account and a Hong Kong bank account, for example, you may want to transfer funds to your own account for future use or to supplement your savings. Alternatively, you may want to gift money to friends and family based in Hong Kong or pay for a purchase you’ve made from a business based in the area.
For businesses, being able to make cost-efficient international transfers is vital to achieving global growth objectives. When a Hong Kong business is part of your supply chain, for example, you may be sending money from UK to HK on a regular basis. Similarly, if you have employees or subcontractors based in Hong Kong, you’ll need to be able to transfer funds as part of their remuneration package.
Whatever your reasons for sending money from UK to HK, this article will help you to transfer funds securely, speedily and cost-efficiently.
What You Need to Know When Sending Money from UK to Hong Kong
As technology makes the world more interconnected, there are digital solutions that facilitate international financial transactions and make it easier than ever to transfer funds overseas. Despite this, many people are unsure how to send money from the UK to recipients abroad or what the process involves. Here, we cover some of the most common questions and tell you everything you need to know when sending money from UK to Hong Kong.
Can I Make a SWIFT Transfer from UK to Hong Kong?
Yes. The SWIFT system enables transfers across 200+ countries and territories, including the UK and Hong Kong. In fact, SWIFT is one of the most popular ways to send cross-border transfers and millions of people utilise the system to make secure international payments.
How Much Can I Send to Hong Kong?
If you want to send a large amount of funds to a recipient in Hong Kong, it’s no problem to do so. There are no minimum or maximum transaction amounts enforced by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, so you can send whatever funds you choose to a recipient in Hong Kong.
It’s worth noting, however, that individual service providers may impose their own minimum and maximum transfer amounts. Due to this, you’ll need to research which service providers enable you to transfer the intended amount before you initiate the transaction.
How Long Does It Take to Send Funds to Hong Kong?
If you choose to use a SWIFT transfer when sending money from UK to HK, it can take up to 3-5 business days for the funds to be accessible in the recipient’s account. This is because payments sent via the SWIFT system may be processed by more than one intermediary, thus slowing the transaction down.
However, if you need to make an urgent or time-critical international transfer to Hong Kong, we’ll be happy to help you find a faster method of sending funds from UK to HK.
Can I Send Funds from a Multicurrency Account?
Yes. If your multicurrency account offers both GBP and the Hong Kong Dollar (HKD) as specified currencies, then you will be able to send, hold and receive funds in either GBP or HKD. Of course, not all multicurrency accounts offer the same variety of currencies, so it’s worth checking whether your account includes HKD if you’re planning on sending money from UK to HK.
Does the Exchange Rate Affect My Transfer?
The exchange rate at the time of your transfer determines the value of the Pound against the Hong Kong Dollar, so it will, therefore, impact your transfer when you’re sending money from UK to HK.
If the exchange rate is 9.61 and you want a recipient to receive HK$1000, for example, you would need to send approximately £104.03. However, if the exchange rate was to fall to 8.60, you would need to send approximately £116.33 for your recipient to receive HK$1000.
If you want to send money to Hong Kong as quickly as possible, then you might be happy to accept whatever the exchange rate is when you order the transfer but tracking the Forex market can help you to reduce your expenditure by enabling you to send international transfers when exchange rates are favourable.
Furthermore, planning an international transfer in advance and using a forward contract to ‘lock in’ an exchange rate can protect you against market volatility and provide certainty surrounding the value of your funds against the recipient’s home currency.
What Fees Will I Pay When Sending Money from UK to Hong Kong?
The fees associated with an international transfer vary depending on a number of factors, including:
- The service provider you choose.
- The transfer method.
- How much you send.
Service providers, such as banks, EMIs or international money transfer companies, can set their own fees for international transfers, so you’ll find some variation between charges. Similarly, different transfer methods incur varying fees, with the fastest transactions usually costing more than slower transfers.
As many service providers charge a commission-based fee (sometimes in conjunction with a flat fee), the amount you send can also affect how much you’re charged when sending money from UK to HK.
Although there are many factors that can impact the cost of transferring funds from the UK to Hong Kong, inputting the transaction details will give you a detailed estimate of the costs and allow you to make adjustments accordingly. By doing so, you can ensure that you’re getting the best service for your budget and the best value for money.
Sending Money from UK to HK with PayAlly
If you want to send funds from the UK to a recipient in Hong Kong or anywhere else in the world, our bespoke financial ecosystem will provide all the tools you need. To find out more, get in touch with our expert team on +44 (0)20 7489 6480 or +44 330 777 2244 or email us at email@example.com.