Looking for the fastest way to send money from Canada to Hong Kong? Want to find the cheapest way to transfer money from Canada to Hong Kong? In this article, we will thoroughly review all the methods of transferring money from Canada to Hong Kong and show you how you can best send money from Canada to Hong Kong to stay with us at the end of the article.

Hong Kong is one of the top financial centers in Asia. That is why many people and businesses are interested in sending money regularly to and from Hong Kong. In July 2020, the booming investment in local tech companies pushed HKD to its peak, boosting demand for low-cost international money transfer services.

Do you need to transfer money from Canada to Hong Kong? We recommend that you do not use banks. With high transfer costs and fat rate margins, you will spend a small fortune every time you want to send money to Hong Kong. The following is a list of what Hong Kong’s leading banks receive for transferring money from Canada to Hong Kong. Leaving aside minor differences, most Hong Kong banks charge similar international transfer fees. This situation creates the impression of a competitive market. However, retail banks no longer have a monopoly on international money transfers from Hong Kong.

best ways to send and transfer money from Canada to Hong Kong

Despite their established competition, many online money transfer providers do not even charge a fee. And as you will see in this report, their margins also leave the banks in the dust.

We recently conducted a thorough research on online money transfer providers in Hong Kong. According to our analysis, these companies are the top three online money transfer companies from Canada to Hong Kong:

TorFX

The best option for transfers above 50,000 HKD Excellent reputation (their Trustpilot score is 4.8 / 5) for transfer money from Canada to Hong Kong , They do not charge a fee and have a price matching guarantee

TorFX has been in the money transfer business since 2004. Since then, they have helped more than 325,000 personal and business clients shift their capital. They transfer 75 billion HKD worldwide every year. In addition, they have the best Dun & Bradsheet credit rating in the money transfer industry. This transfer provider travels longer for its customers. As mentioned above, TorFX has a Trustpilot 4.8 / 5 trust rating of over 3500 reviews. They have also been nominated for the International Transfer of the Year Award for five consecutive years from 2016 to 2020.

Tor Currency Exchange Ltd is registered as a company in the UK and Wales. They are licensed as an Electronic Money System through the Financial Conduct Organization (FCA Reference # 900706). If you are looking to transfer more than HKD 50,000 ftom Canada to Hong Kong, TorFX is the best money transfer service in Hong Kong. Above this mark, you will often find the best rates in the area. However, all TorFX customers benefit from a variety of services. These include forward contracts, limited orders and loss orders.

TorFX Services

TorFX even offers custom products. Two things stand out from our point of view – the guide to buying overseas real estate and commercial hygiene. In the previous cases, they offer you the whole process of working with you, while offering a rate-enhancing guarantee. In the latter case, TorFX examines your current approach to international payments. In doing so, they suggest ways to simplify them. Then they design a payment system that works better.

TorFX is one of the best money transfer companies in Hong Kong because: They do not charge a transfer fee They guarantee price matching You get your personal account manager You will have access to tools such as forward contracts and order restrictions They have industry-leading customer service

WorldFirst

The best option for transferring over 500,000 HKD There are no maximum restrictions on money transfers from Canada to Hong Kong Transfers are available on the same day when the destination currency is USD, GBP or EUR

World First has been transferring money to its customers since 2004. Since then, more than 75,000 customers have trusted them to carry nearly HKD trillion. Do not be fooled by their small number of customers – with at least HKD 10,000 transfer, many World First customers are corporate or high net worth. Like TorFX, World First guarantees the best rates. If you find a better rate, show them a screenshot with a time stamp to match. That will not happen often, though, especially for larger transfers. In these transactions, World First offers a turning margin of 0.15% of the interbank rate. For this reason, they offer the best money transfer for HKD in the region.

World First has a very good reputation. At Trustpilot, more than 1,400 customers gave this money transfer provider a score of 5.8 / 5. Given Trustpilot’s third-party status (and people’s willingness to complain on review sites), this is a significant advantage. World First Asia Limited is registered as a company in Hong Kong (# 1989650). In Hong Kong, they are licensed as money service operators through the Hong Kong Customs and Taxation Office (No. 14-02-01352).

worldFirst Services

According to our analysis, World First is the best for transferring over HKD 500,000. There are two reasons for this: First, if you transfer more than $ 7.5 million a year (K 58 million), the World First margin is as small as 0.15%. And second, World First does not have a maximum wire transfer limit.

World First is also a great partner for online retailers. They have the ability to open local receiving accounts. By doing this, you can transfer money inside the country. As a result, you can save thousands of HKD by transferring cheap money to Hong Kong. World First is a great option for transferring international money from Hong Kong because:

They offer low margins, especially for wide transitions (0.15%) They do not charge for wiring They do not impose maximum transfer restrictions – send as much as you like If the destination currency is EUR, GBP or USD, you can make transfers on the same day They treat their customers like gold (4.8 / 5 in Trustpilot)

currencyFair for transfer money from Canada to Hong Kong

Get three months free transfer when you sign up for Currencyfair , Get very competitive margins with Currencyfair peer-to-peer exchange service , Excellent reputation (their Trustpilot score is 4.7 / 5)

Currencyfair logo newCurrencyfair has been operating since 2009. They have since loyal 150,000 people and businesses. On their part, Currencyfair has transferred more than € 10 billion (K 90 billion). This exchange provider charges a fee, but far less than what Hong Kong banks charge. However, when you sign up with them, you will receive an unlimited free transfer in the first three months.

After that, their low cost means you can easily do the currency transferred to Hong Kong. Here’s how it works – they don’t just offer standard point rates, because you can buy at your preferred exchange rate in the market. Thanks to the Currencyfair peer-to-peer exchange service, you can name your price and wait for someone to accept it.

currencyFair services

This company is the favorite of its customers. According to Trustpilot, Currencyfair has a confidence rating of 4.7 / 5. This ranking has weight because it is based on more than 4500 reviews. For a company that has only been in business for a decade, this is an incredible advantage. CurrencyFair Ltd is based in Ireland (CRO: 469391). They are a payment institution licensed by the Bank of Ireland in accordance with Regulation 18 of the EU Payment Services Regulation. The Australian Securities and Investment Commission also regulates their activities.

While they are not the cheapest money transfer providers, their competitive margin means they are still eight times cheaper than HSBC. They also offer limited orders, allowing you to wait for the preferred rate before shipping. In short, Currencyfair is a great option for money transfer services in Hong Kong and transfer money from Canada to Hong Kong. We feel this because:

They offer money transfer fees that are eight times cheaper than banks They offer three months of unlimited free transfers upon registration They set their transfer fee for all transactions at € 3 (K 27) There is no maximum transfer limit – send as you wish They have a great reputation (4.7 / 5 in Trustpilot with over 4500 reviews)

International Money Transfer Providers for send and transfer money from Canada to Hong Kong

Given the benefits mentioned above, why does anyone use institutions like Hang Seng Bank to transfer money? For beginners, banks offer convenience. You do not need to sign in for a new account or verify your identity. All you have to do to transfer money is log in to the internet banking, call them or go to your local branch.

Inertia is a powerful force. But over the past decade, online competitors have come up with a compelling case for potential customers. Newcomers like Currencyfair and Transferwise World First and TorFX have made better progress. Thanks to increased competition, it has become very easy to transfer cheap money from Canada to Hong Kong. Today, cash transfer customers are smart. Instead of blindly accepting HSBC or BoC prices, they find better online deals. Even so, hesitant customers, despite their mischief, are stuck in their mess.

banks or Operators

Are you still sitting on the fence? In that case, know that online money transfer providers not only offer lower fees – they also kill banks at exchange rates. In fact, it is here that you will realize your greatest savings. Here’s the point – the rate offered by your bank is not the actual exchange rate. The real exchange rate, known as the interbank rate, is used by brokers to trade with each other. To earn money, Hong Kong banks offer up to 5% off interbank rates. The more money you transfer, the more you lose.

Compare this with the best money transfer companies in Hong Kong. Firms like World First can offer exchange rates close to the interbank bank because they do not have high pressure and shareholders. Depending on the company and the size of the transfer, the exchange rate margin is from 0.15% to 2%. If you are looking for cheap money transfer from HK, online is the best option.

why send and transfer money from Canada to Hong Kong

Buy property abroad

Hong Kong is one of the most affordable housing markets in the world. So, more than just investing at home, many of them are buying property in attractive overseas markets. However, buying a home abroad can be complicated. Buyers must follow local rules, and viewing real estate can be time consuming and costly.

However, before boarding, make sure your money transfer provider offers local currency. Almost all companies offer currencies from developed countries (eg Canada, USA, UK, etc.). If you are shopping in developing countries, first check their currency list. Some transfer providers have a maximum transfer ceiling. For example, if you are buying a property worth more than $ 1 million, you cannot use Transferwise. All three international money transfers from Hong Kong that we are promoting do not have a maximum transfer limit.

Mortgage payments from Canada to Hong Kong send money

You may already have international investment assets. In this case, you probably know that these settings are not without problems. Undoubtedly, the most persistent of these is your monthly loan repayment. To do this remotely, your bank account will automatically debit on a monthly basis. However, there are additional and marginal costs in this automatic transaction.

International transfer providers are only suitable for one-time transactions. Through them you can set regular payments. By using the following contracts, you can insulate yourself against currency fluctuations. In the previous scenario, we preferred World First because of their very low margins. However, in smaller amounts, both TorFX and World First offer 0.5% spreads. Both of these providers do not charge a fee, so if you are looking for a cheap international money transfer from HK, either company may work for you.

Recovery of profits abroad

E-commerce is booming across Asia. However, when it comes to claiming profit, big operating systems like Amazon make a lot of money. They do this at a cost of 3.5% currency conversion. Let’s say you make HKD 400,000 a month from your online store. Amazon receives HKD 14,000 each time you get your money back. Over the course of a year, this amounts to HKD 168,000 in lost revenue.

Many international money transfers from Canada to Hong Kong offer a smart solution – the recipient account. They open a bank account in the same country where you sell goods online. This way, you can transfer your income domestically to internationally. Then, you can make international money transfers at much better rates.

Send / receive free payments money from Canada to Hong Kong

The world is moving away from traditional work 5-9. These days, most Hong Kongers work as freelancers more than ever. However, this employment model is associated with volatile incomes. Some months are slim, but others bring a wave of income. However, the more you earn, the more you can lose out on exchange rate fluctuations. For this reason, it is best to go with a money transfer provider that offers limited margins and forward contracts.

All three companies in this guide offer suggested markets. But, when it comes to transferring HKD 10,000,000, it is the best currency to do. According to our analysis, they typically have a margin of 0.25% to 0.45%. These numbers often exceed 0.5% of World First.

another methods for transfer money from Canada to Hong Kong

Western Union

In 1872, they were the ones who started it all. With the Western Union network, people were able to send money electronically for the first time. People often refer to cash transfers as wired transfers because WU sends money over the telegraph wire.

Morse code long ago ceased to be one thing, but Western Union is still a money-transfer plant. Thanks to the ubiquitous network of cash vans in more than 200 countries, they are now the top money transfer companies in the world. However, we simply cannot identify them as a superior provider of international money transfers. Thanks to their position as McDonald’s cash transfers, they receive extremely high costs and margins.

Let’s say you want to send 500 HKD to the Philippines. Initially, WU receives 15 HKD or 3% of the amount sent. Then, they will move your money at their HKD / PHP rate of 6.1847. The HKD / PHP rate is currently 6.2624 – or 1.2% off the WU rate. Not bad, but far from the best option for transferring cheap money from HK. However, if you are sending money for a pickup truck in a remote area, this may be your only option.

moneygram

Like Western Union, moneygram company that is the old custodian of money transfers. Moneygram sent its first cash transfer in 1940. Since then, they have created a wide global footprint and are present in almost every country on earth. However, like Western Union, they have praised their brand for decades. Until recently, they were in a dilemma with Western Union – neither of them competing with the other. In many markets, the situation has not changed – so they continue to receive ridiculous costs and margins.

When we looked at the MoneyKram HKD / PHP exchange rate, it was worse than Western Union – 6.1772. Aside from the lower cost, this provider is by no means significant.

Transferwise

The money transfer industry owes a debt of gratitude to Transferwise. Founded in 2010 by two Estonian immigrants in London, they have become the # 2 money transfer provider in the world. What is their secret? Execution of international cash transfers at interbank rates. Now, they do not do this for charity – they make money by transferring money. However, these percentage-based charges are usually moderate, depending on the amount transferred.

As a result, they are the best option if you want to make a cheap money transfer to Hong Kong. So why didn’t they beat our top three? For beginners, the maximum transfer limit is one million dollars. This can cause problems for businesses and real estate investors. And second, their commercial offerings lag behind players like World First, TorFX and OFX. World First or TorFX are best if you are looking for customer service and a variety of tools. However, as time goes on, we expect Transferwise to move into the business transfer space. Listen to the alarm.

WorldRemit , another method for transfer money from Canada to Hong Kong

More than a decade ago, Ismail Ahmed, a Somali immigrant, was deeply offended by the remittance industry. He realized the transformative power of small cash transfers. However, he was shocked by the huge costs incurred by established players.

Using years of experience in finance and diplomacy, he founded WorldRemit in 2010. Offering lower fees, better margins and superior customer service, his company now offers transfers and cash in more than 140 countries. Compared to money transfer companies like WU or Moneygram, WorldRemit is usually the cheapest option available. However, players like Currencyfair offer even better rates. If it is possible to transfer money to a bank account, Currencyfair is still our recommendation.However, if your recipient needs to withdraw cash, WorldRemit is usually your best bet.

conclusion

In this article, we learned how to send and transfer money from Canada to Hong Kong. We have thoroughly reviewed the methods that can send money from Canada to Hong Kong, you can use this article to check the methods and choose the best option. In any case, the best and cheapest method should be considered and you should definitely check one of the first two methods mentioned in this article.
Also, if you have more questions about transferring money from Canada to Hong Kong, you can ask your questions through the contact us link on the site.