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Top 3 Money Transfer Providers for UK to Hong Kong

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 103,655.37 £0.00 10.3655 1-3 days more...
Moneycorp Moneycorp 103,394.93 £0.00 10.3395 1-3 days more...
OFX (UK) OFX (UK) 102,376.08 No Fee 10.2376 1-4 days more...
FXcompared Country Guides
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
HONG KONG
The Hong Kong dollar (HKD) is a freely-convertible currency and there are no controls on money transfers to Hong Kong or transferring funds out of Hong Kong Read More
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Hong Kong Money Transfer Guide

Contents

  • Summary
  • Hong Kong's money transfer regulations
  • Hong Kong’s regulatory authority
  • Taxation and property issues
  • Hong Kong's economic background
  • Currency
  • Summary

    The Hong Kong dollar (HKD) is a freely-convertible currency and there are no controls on money transfers to Hong Kong or transferring funds out of Hong Kong. Since 1983, the HKD has been pegged to the US dollar (USD), a factor which has increased the HKDs profile as a safe currency for regional investors looking to avoid political, economic and regulatory volatility, particularly in Russia or China. The exchange rate is permitted to fluctuate along a narrow spectrum between HK$7.75 and HK$7.85 per US$1.

    Hong Kong's money transfer regulations

    On Hong Kong exchange platforms, the HKD is mainly exchanged against the USD; exchanges between these two currencies reached an average daily value of US$88bn as of 2018, almost 95% of total trades involving HKD. The next two most frequent exchanges are with the euro (US$793m/day) and the Japanese yen (US$400m/day). Hong Kong was the thirteenth-largest foreign exchange platform in terms of daily trade volume in 2018, largely thanks to its proximity to China and open monetary policy combined with the fact it is pegged to the US Dollar.

    Hong Kong’s regulatory authority

    The Hong Kong Monetary Authority (HKMA) acts as the territorys de-facto central bank under the authority of the Finance Secretary. It is responsible for setting monetary policy, monitoring the health of the financial system, and ensuring banks compliance with local and international regulation. The HKMA also manages the currencys linked exchange rate system and monitors the Exchange Fund, Hong Kongs foreign exchange reserves. There are overall four main regulatory bodies within Hong Kong the others are the IA, the SFC and the MPFSA.

    Taxation and property issues

    Given HongKongs position as an international financial centre, restrictions on companiesand individuals, both foreign and domestic, are relatively light. Profitsgenerated locally can be freely exchanged into other currencies and transferredabroad. The same corporate income tax rate, 16.5%, is applied to foreign- andlocally-owned businesses. Unlike most countries, Hong Kong applies no taxes oncapital gains or withholding taxes on dividends or royalties. The top rate oftax for individuals is set at 17% which makes Hong Kong one of the mostappealing jurisdictions to carry out financial deals.

    Hong Kong's economic background

    Hong Kong has emerged as a major financial and economic centre, though with a complicated political environment. Hong Kong was made a Special Administrative Region (SAR) of the Peoples Republic of China in July 1997. In 2014, pro-democracy groups in Hong Kong, including the prominent Occupy Central party, have scaled up their push for greater autonomy in the selection of Hong Kongs leaders. China is pushing back with suggestions that future candidates be pre-screened by a nominating committee that would inevitably have loyalty to the mainland. The political situation will likely remain contested in the coming years, with the next election for Hong Kongs chief executive due in 2017.

    Contrary to China, Hong Kong follows a free market system with limited government intervention in the financial sphere, and it remains open to foreign investment. There are no special restrictions, currency or otherwise, for the local incorporation of foreign-owned businesses, registration of branches of foreign operations, or the creation of representative offices. As of 2019 Hong Kong is widely regarded as the world’s most free economy. Their economy is also made up of 90% services, making their manufacturing industries almost non-existent.

    Currency

    The Hong Kong dollar is issued by the HKMA. Banknotes are printed in denominations of $10, $20, $50, $100, $500 and $1,000. Coins are issued with values of $10, $5, $2, $1, as well as 10, 20 and 50 cents.

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    Top 8 Money Transfer Providers

    Exchange Rates as of 16 December 2019, 12:19

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
    More InfoLess Info
    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

    More InfoLess Info

    Transparency and security | Great customer feedback rating from Feefo

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    More InfoLess Info

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Special offer

    InstaReM

    ?
    Est. 2014

    Use code FXINSTA10 and get a Bonus of the equivalent to $10 on your first transaction

    Headquartered in Singapore, InstaReM offers overseas money transfer service maintaining transparency in transactions by displaying an accurate break-out of transactions.

    More InfoLess Info

    Headquartered in Singapore, InstaReM offers overseas money transfer service maintaining transparency in transactions by displaying an accurate break-out of transactions.

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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