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Money Transfers for Expats in Hong Kong

Submitted: August 2013

There are no legal restrictions on capital flows to and from Hong Kong.

The easiest way is transfer money to Hong Kong is to have a Hong Kong bank account opened, and then to proceed with an international bank transfer. Alternatively, you can withdraw money from a cash dispenser in Hong Kong, or send a cheque to have it cleared in Hong Kong. This latter option can be lengthier though (up to several weeks), and your home country bank may restrict you from doing this.

Fees

Your bank is likely to charge you for transfers to a Hong Kong account and international cheques, although fees may vary. You might wish to check the applicable charges and restrictions at your bank.

Alternatively, you can use the services of a money transfer company. This can be helpful if you do not have a Hong Kong bank account yet. To save money, you can also use a price comparison website specialised in money transfers. Typically, your charges are largely passed on to the applicable foreign exchange rate. See Foreign Exchange for Expats in Hong Kong.

Foreign controls

Hong Kong may be viewed as a tax haven by your home country. Therefore, you might wish to check if your home country has any restrictions or controls on money transfers to Hong Kong.

 

 

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