• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
GO TO EXPAT LIVING SINGAPORE
GET OUR NEWSLETTER

Expat Living Hong Kong HomepageExpat Living Hong Kong

Moving to Hong Kong and not sure where to start? Expat Living is the essential lifestyle guide to living in Hong Kong.

Login Pelcro Shop

Menu
  • Living In Hong Kong
      • Living Here
      • Where To Live
      • Schools
      • For Guys
        • SCMP Posties summer camps - journalismInteractive camps for budding journalists – and more!
        • Exciting summer programmes for kids – in HK and abroad!
        • Horoscopes for June 2023!
        • Serviced apartments in Hong Kong Kong - ParkviewServiced apartments and places to stay in HK
      • View all
    Close
  • Things To Do
      • Things To Do
      • What’s On/Calendar
      • Competitions & Offers
        • W Hotel Hong Kong Poolside PartyTop 35 Best Things To Do In Hong Kong This Weekend
        • Horoscopes for June 2023!
        • 10 things about the Dragon Boat Festival 
        • What to watch this month – Netflix & more!
      • View all
    Close
  • Kids
      • Activities & Things To Do
      • Education & Enrichment
      • Health & Wellness
      • Mums & Babies
      • Podcasts
        • SCMP Posties summer camps - journalismInteractive camps for budding journalists – and more!
        • Exciting summer programmes for kids – in HK and abroad!
        • International schools in Hong Kong - HKABest International Schools In Hong Kong, Primary to Secondary
        • Choosing a university and finding the right fit
      • View all
    Close
  • Homes
      • Home Décor
      • Readers Homes
        • BoConcept Danish furniture and interior design services in Hong Kong - roomsetBoConcept celebrates a decade in Hong Kong!
        • Home design and décor tips - ginger jarsHow to bring your living room to life!
        • Rebecca, Brian and daughter Billie in their newly renovated Fortress Hill homeTransforming a Hidden Gem in Fortress Hill
        • Horizon Plaza stores - Indigo Living Boston Brownstone CollectionOur guide to furniture shopping at Horizon Plaza
      • View all
    Close
  • Travel
      • Short Breaks
      • Further Afield
        • Pets and Planes: 5 Things to Consider
        • Sri Lanka - Where to go for a girls tripWhere to go for a girls’ trip
        • Best Surf Breaks in Southeast Asia - padang padangBest Surf Breaks in Southeast Asia
        • Outdoor activities in Hong Kong - hikingOutdoor activities for all the family
      • View all
    Close
  • Wine & Dine
      • Recipes & Groceries
      • Bars & Restaurants
        • Beef & Liberty burgers in Hong Kong - Falafel burgerTaste Test Burger Edition #1 Beef & Liberty
        • Seafood restaurant in Hong Kong - Lobster Shack4 restaurants to satisfy your cravings
        • Taste Test: Chinese Cuisine in HK
        • New bars and restaurants in Hong Kong - RositaNew nibbles: where to dine this May
      • View all
    Close
  • Style & Beauty
      • Fashion
      • Hair & Beauty
        • hair treatment at Glow Salon in Hong KongFour hairdressers and their styling solutions
        • Considering getting hair extensions?
        • Paraben-free skincare for men
        • Skincare anti-ageing products, overnight creams, face and eye serumsTried and Tested: Anti-ageing Products 
      • View all
    Close
  • Health & Fitness
      • Medical & Dental
      • Fitness
      • Wellness
        • 11 great gyms & studios to keep in shape
        • recurrent miscarriages – causes, risk factors, ivf treatmentHealth help: A focus on recurrent miscarriage
        • lung cancer - symptoms and treatmentLung Cancer: 8 Common Myths
        • Osteopathy in Hong KongOsteopathy for Body Aches & Pains
      • View all
    Close
  • Shop
    • Magazine
    • Advertise With Us
    • Close

3 tips for sending money overseas

22 May, 2020 by Expat Living 2 Min Read

https://expatliving.hk/moving-money-hong-kong-transferring-money-overseas-foreign-exchange/

Moving money to your next expat posting can be tricky the first time. It’s hard to know where to start, let alone how to keep more of your hard-earned money. We asked the currency experts at OFX to help decode this financial task.

“Moving money for your relocation is about more than just transferring wealth and setting up day-to-day savings accounts. Often, there’s quite a sum of cash to be spent before you even land at your new posting (or back in your home town). This means you’ll likely find yourself sorting out down payments for a rental or property purchase, paying fees to secure school places, initiating helper recruitment, and more.

Transferring money using a foreign exchange provider such as OFX can deliver a significant savings against some banks. It’s also a service that offers 24/7 support and can transfer money fast (next day) to 197 countries in over 55 different currencies, which your bank may not be able to facilitate.

Three tips for sending money overseas:

#1 Know the difference between a customer rate and market rate

The market rate is used primarily for consumers as a benchmark. Before you make a money transfer, make sure you check the real mid-market rate. Banks can charge up to 5 percent in hidden costs – so, for example, if you wanted to transfer AU$10,000, with that 5 percent margin you’d be paying up to $500 on top of the bank’s fees.

#2 Get all the bank account details

When sending money overseas, in addition to your recipients’ details you’ll also need to know the Swift code (a bank’s identifier code). These are 8 to 11 characters long, consisting of both letters and numbers; you can typically find them on a bank’s statement or website.

#3 Monitor the market with rate alerts

An unfavourable exchange rate can really hurt your back pocket. Set up a personalised rate alert and the experts will monitor the market for you. When the rate is reached, you can be notified direct to your inbox or via a push notification from the OFX app.”

Expat experiences

“We initially transferred over £10,000 through OFX to help set us up in our new home, including accommodation, my visa and transport costs. It was so easy that we have since transferred the remainder of our savings we left behind. We will never use the bank for international transfers again.” – Alfie Bamford

“Dealing with OFX for the first time was a lightbulb moment for me and how I was transferring money from overseas. As soon as you’ve experienced it, you kind of want to kick yourself and ask how you could have possibly been conducting life any other way.” – Athan Didaskalou

For more information, scan the QR code or visit, OFX.com/save.

OzForex (HK) Limited, trading as OFX. OFX is licensed as a Money Service Operator with the Customs and Excise Department Hong Kong license number 12-08-00582.

See more in our Living in Hong Kong section

26 ways to enjoy Hong Kong’s waters
Where to live in Hong Kong

 Subscribe to Expat Living magazine now so you never miss an issue!

Categories: Living Here Living In Hong Kong Where To Live Tags: Currency exchange Expat Finance Money OFX

Get the latest events, stories and special offers sent to your inbox
Get the latest events, stories and special offers sent to your inbox

You May Also Like

10 things about the Dragon Boat Festival 

Hong Kong based author M.L. Wright at book signing of White Glove Life

Meet the Author: M. L. Wright

BoConcept Danish furniture and interior design services in Hong Kong - roomset

BoConcept celebrates a decade in Hong Kong!

Primary Sidebar

  • COMPETITIONS & OFFERS
  • About
  • Advertise
  • Contact
  • Privacy
  • Subscribe

© 2023 Expat Living Hong Kong, All Rights Reserved.