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Here are answers to some of the most frequently asked questions
HOW DO I USE FXCOMPARED
- Enter your search criteria
- Review the results and select a provider
- Register an account with that provider
- You're ready to send money!
HOW LONG DOES IT TAKE
Once you have registered, booked the trade and sent your funds to the money transfer provider, it typically takes between one and two days for more mainstream currencies and three days or sometimes longer for more exotic currencies to be received by the recipient.
CAN I PERFORM MY TRANSFER ONLINE
Yes. Nearly all the providers listed on our site have online platforms. These platforms allow you easy 24/7 access to their service and you can manage the process and view your transactions and reporting. In the comparison tables opposite, you will be able to see this under the Types of Transfer and look for the computer symbol.
CAN I USE THIS FOR MY BUSINESS
Yes. If you make or receive international payments, using a money transfer provider as opposed to your bank can help you run your business better and improve your overall cash flow. Your provider can do much more than simply beat your banks foreign exchange rate. For more detailed information, visit our business section.
HOW IS THE BANK SAVING CALCULATED
Our bank saving calculations are based the FXcompared International Money Transfer Index (IMTI). The IMTI is a weighted average of the cost of sending money bank to bank based on data from large banks. The exact saving compared to your own individual bank cost may be higher or lower than the saving number shown. The savings currently shown is based on data collected for both bank and non-bank providers on 14 January 2016. For more information on the IMTI and the full methodology, read here.
Hong Kong RESOURCES
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$47.3bn in April 2013, 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 fifth-largest foreign exchange platform in terms of daily trade volume in 2013, largely thanks to its proximity to China and open monetary policy.
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.
Taxation and property issues
Given Hong Kongs position as an international financial centre, restrictions on companies and individuals, both foreign and domestic, are relatively light. Profits generated locally can be freely exchanged into other currencies and transferred abroad. The same corporate income tax rate, 16.5%, is applied to foreign- and locally-owned businesses. Unlike most countries, Hong Kong applies no taxes on capital gains or withholding taxes on dividends or royalties.
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.
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.