Saturday, December 19, 2015

2 Ways to send money from HongKong to India, HKD to INR - Money2India vs Remit2India

Apart from international wire transfer, western union, and MoneyGram, there are three major online services you can use to send money from HongKong to India. Apparently, HongKong has less option as compared to Singapore for sending money to India. Unlike DBS, the local bank in HongKong - HSBC, Standard Chartered, Citibank and Bank of China doesn't provide direct remit to India. BTW, you don't need to be the concern because these three online services e.g. Money2India, Remit2India, and AxisRemit are backed by reputed private sector banks in India e.g. Money2India is backed by ICICI bank, Remit2India is backed by TimesOfMoney group and AxisRemit is backed by Axis Bank.


So security is there, but which one is the best among these three for sending money to India from HongKong? Well, just like we compared the options for transfer money to India from Singapore, you can also use the four key parameters e.g. exchange rate, speed, transfer charges and security to compare these three options for remitting money from HK to India (HKD to INR).



Money2India

If you already have an ICICI Money2India account then this is simply the best option for sending HongKong dollars to India. It's safe and trusted by thousands of NRI for their remittance need. It's backed by one of the biggest private banks in India, ICICI bank and on top of that it has zero transfer charges. It has two options, fixed rupee transfer and NetExpress, the first one uses fixed exchange rate while the second one uses indicative exchange rates. You need to initiate remittance request using your Money2India account and then make a bill payment from your local HongKong bank e.g. HSBC, Citibank or Bank of China. When Money will be received in India, a service charge of 0.12% will be deducted, which is Rs 120 for 1 lacs. It's safe and fast, usually take a day or two to credit the money.


You must compare exchange rates among other bank and website before sending money to India from Hongkong. Usually, Money2India also provide better exchange rate than Remit2India or AxisRemit e.g. for today HKD to INR is 8.66 on Google and Money2India is giving around 8.52 which is quite high compared to 8.39 INR from Remit2India.

Regarding transfer charges, Money2India is free, no service charge but Remit2India charge you around Rs 34 when you transfer amount of $50 - $2,00,000 HKD. Similarly, Remit2India also charges minimum 36.25 or 0.145 of the transaction amount which is higher than 0.12% of ICICI Money2India.




Remit2India

TimesMoney's Remit2India also provide money transfer facility from HongKong. It has also got good 24x7 support and multiple sending and receiving options. It's not super fast e.g. there is no instant money transfer service for HongKong to India like they have for Australia, but if you already using this site then it's better to stick with it unless you are not seeing a huge difference in exchange rate.


Sending Money to India from HongKong

As you have seen in the last paragraph that Money2India offers better exchange rates and transfer charges (including service charge on converted indian rupees) are also Nil as compared to Remit2India, for new user I suggest to open account with Money2India, as it cover all major countries and their service is fast, less costly or cheaptest and secure. There are couple of other bank and websites e.g. Axis bank's AxisRemit, but they are not as good as the ICICI Money2India. Let me know if you come across a better remittance service for sending HongKong dollars to India which is less costly, faster and offer better exchange rates.


1 comment:

  1. Using Remit2India to send money to India and very satisfied with the service and customer support team.

    ReplyDelete

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