How to Send Money to Hong Kong in 2024: The Complete Guide

You’re stuck. Your friend in Hong Kong needs money urgently, and you’re not sure how to send it. The clock is ticking, and you need a fast, reliable way to make the transfer. This could be the moment you panic, or, you could have the confidence that comes from knowing exactly how to send money to Hong Kong, quickly and easily. Which path will you choose?

In this article, I’ll take you through the insider secrets to transferring money to Hong Kong with ease, based on methods used by seasoned expats, business professionals, and those in the know. By the end, you'll have all the tools and knowledge at your fingertips, and more importantly, you'll avoid costly mistakes others have made.

Why the Right Transfer Method Matters

You’ve probably heard the horror stories. Someone tried to wire money internationally, and it got delayed—sometimes even lost—for days or weeks. And then there’s the cost. Hidden fees, poor exchange rates, and surprise charges that can drain your funds before they even reach Hong Kong. Getting it wrong isn’t just inconvenient, it can be expensive.

Let me tell you about a close friend of mine, Jim. Jim was sending a sizeable amount of money to Hong Kong for a business deal. He chose a transfer service based solely on its popularity without reading the fine print. His mistake? Not accounting for exchange rate losses. What he thought was a great deal ended up costing him thousands more due to poor conversion rates.

Now, imagine you need to send money to a relative, or you’re a digital nomad paying rent. Every cent counts, right? So, let’s break down the smartest, most efficient ways to send money to Hong Kong, without risking your hard-earned cash.

1. Digital Transfer Services (Best for Speed and Low Fees)

With the rise of digital platforms, sending money has never been easier—or cheaper. The top platforms to consider are:

Platform	Transfer Speed	Fees	Exchange Rate
Wise (formerly TransferWise)	Same-day	0.35%-1% of the amount	Very close to mid-market rate
PayPal	2-3 days	3.5%-4% + fixed fee	Worse than Wise
Revolut	Same-day	0%-1% (depending on plan)	Competitive

Wise is widely praised for its transparency and low fees. In fact, Jim switched to Wise after his initial mistake and saved thousands on his next transfer. Unlike traditional banks, Wise charges a small percentage of the amount being sent and uses the real exchange rate without hidden markups. It’s a game-changer for anyone needing to send frequent or large sums of money.

Revolut is another solid option, especially if you’re a frequent traveler or someone with a multi-currency account. Their premium plans offer free international transfers each month, but even the free tier provides competitive rates. The only drawback? Revolut can limit how much money you send depending on your account type.

PayPal, on the other hand, is fast but expensive. The fees can be steep, and their exchange rates are often less favorable compared to dedicated transfer services. If you’re sending a large sum, the costs can add up.

2. Traditional Bank Transfers (Reliable, but Costly)

If you’re in no rush and don’t mind paying a little extra, traditional bank transfers can still work. However, be aware that fees can range from $20 to $50 for each transfer, depending on the bank. On top of that, many banks tack on an additional charge by offering worse exchange rates.

Some of the most popular banks for international transfers to Hong Kong include HSBC, Citibank, and Chase. These institutions are reliable, but unless you're sending a substantial amount of money, the fees can eat away at the total transfer. One benefit? If both parties (you and your recipient) have an account at the same bank, the process can sometimes be expedited and fees minimized.

3. Cryptocurrency (For the Tech-Savvy and Risk-Tolerant)

Another increasingly popular way to send money internationally, including to Hong Kong, is through cryptocurrency. Platforms like Binance or Coinbase allow you to transfer funds via crypto, which can be a fast and cheap option. The major benefit? Near-instant transfers, often within minutes, and lower fees than traditional services. However, the downside is the volatility of crypto. A drop in Bitcoin or Ethereum’s price during your transfer can wipe out a significant portion of your money.

If you’re comfortable with the risks, this method offers flexibility and speed. Many in the tech industry, particularly freelancers and those in e-commerce, prefer crypto for these reasons.

4. Money Transfer Operators (Western Union, MoneyGram, etc.)

For people who need cash pickup options in Hong Kong, services like Western Union or MoneyGram still hold a place. These companies allow you to send money directly to a local agent, where your recipient can pick it up in person.

However, the fees for these services can be high, especially if you're sending smaller amounts. Western Union is known for adding hefty fees based on the urgency of the transfer. The upside? It’s accessible in remote areas where digital transfers may not be as common, and your recipient doesn’t need a bank account to collect the funds.

5. Alipay and WeChat Pay (Best for China-Hong Kong Transfers)

If you're sending money to Hong Kong from China, Alipay and WeChat Pay are two of the most efficient ways to do it. These platforms have low fees and are widely accepted across Hong Kong, making them the go-to method for many people. However, if you're sending from outside of China, using these apps might be a bit more complicated.

How to Choose the Best Option

Choosing the right method to send money to Hong Kong comes down to three main factors: speed, cost, and convenience. Here’s a quick breakdown of when to use each:

• Use Wise if you want the best rates and are sending smaller amounts frequently.
• Choose Revolut if you already have an account and want to avoid fees.
• Opt for PayPal for fast, medium-sized transfers but be prepared for higher costs.
• Stick with traditional banks for reliability, especially if both parties have accounts at the same bank.
• Go with crypto if you’re willing to accept market risk for speed and low fees.
• Use Western Union or MoneyGram if cash pick-up is needed in Hong Kong.

Final Thoughts

Sending money to Hong Kong doesn’t have to be a stressful or expensive ordeal. By understanding the options available and learning from the mistakes of others, you can save money, time, and avoid unnecessary headaches. Whether you’re sending a small amount to a family member or transferring funds for business, the methods discussed here provide you with reliable and cost-effective options.

Now, it's your turn. What will you choose to ensure your money gets where it needs to go?