Hong Kong: Global Payments Guide
- Supported currencies receiving(HKD, EUR)
- Supported currencies sending(HKD, EUR)
- Delivery time: {1-5 working days (SWIFT)}
- Supported by : (SWIFT)
Hong Kong is a major financial hub with a corporate tax rate of around 16%, making it an attractive destination for businesses aiming to enter the Asia-Pacific market. In this payment guide, we’ll cover key aspects of sending money to Hong Kong, including available payment methods, transfer times, and associated costs.
What payment methods are available in Hong Kong?
Now that we’ve covered the financial landscape, let’s explore the payment methods available for sending money to Hong Kong. Here’s an overview of the various payment networks supporting transfers to Hong Kong:
Wire transfers use a global network of banks and financial services to move money quickly and securely from one bank account to another. In Hong Kong, several traditional banks offer wire transfer services, including:
- Standard Chartered Bank
- HSBC (Hong Kong and Shanghai Banking Corporation)
- Bank of China (Hong Kong)
- Hang Seng Bank
- DBS Bank
With the rise of fintech, online money transfer services are gradually becoming the dominant method of sending money to Hong Kong.  Electronic money institutions like 8S Money, offer quicker services with lower fees – as well as high levels of security.Â
Debit and credit cards provide a faster alternative for transferring money to Hong Kong compared to bank transfers. However, they can come with higher fees, which might impact your margins. Credit card transfers, in particular, can be quite costly, so it’s important to compare fees and get the best deal. While debit cards and direct debits offer some advantages for payments, they generally aren’t as secure as wire transfers.
With the Alipay mobile wallet, users can enjoy faster, safer payments to Hong Kong, Chinese mainland, Macau, Japan, South Korea and more. WeChat Pay also allows users to make instant mobile payments. Though more popular with B2C payments, WeChat supports merchants in Hong Kong.Â
Fees and exchange rates
Transfer times to Hong Kong can vary depending on the provider. At 8S Money, using the SWIFT network typically means payments take between one and five days. Other factors influencing transfer times include:
- Banking hours
- Public holidays
- Time zones
What information is required when making business payments to Hong Kong?
For sending and receiving payments to Hong Kong, you’ll need:
- Valid government-issued ID
- Recipient’s full name or business name and address
- Any additional information requested by your payment provider
What are the benefits of opening a 8S Money account for payments to Hong Kong?
Traditional banks are often inadequate for modern business needs, prompting many companies to choose digital banking solutions like 8S Money. As an electronic money institution (EMI), 8S Money offers multi-currency business accounts designed to meet various enterprise requirements. Benefits include efficient management of multiple currencies, competitive fees with transparent pricing, fast international transfer processing, a convenient online platform, and extensive global reach.
- Transparent fees.
- Access to new global markets - over 65 global currencies, including the Hong Kong dollar (HKD).
- Competitive exchange rates
- Speedy international payments and transfers.
- Dedicated client support.
- Safe and secure payments - you can read our Safeguarding Statement here.
Need more information? Reach out to us, and we'll be happy to assist you.
Our team is here to guide you through the process of opening your business account, all without needing to step into a bank. We speak over 12 languages, so let us know if you’d like to schedule a call in your native language.
