3 Ways to send money from Hong Kong to India, HKD to INR - Money2India vs Remit2India vs TransferWise

Apart from international wire transfers, western union, and MoneyGram, there are three major online services you can use to send money from Hong Kong to India. Apparently, Hong Kong has fewer options as compared to Singapore for sending money to India. Unlike DBS, the local bank in Hong Kong - HSBC, Standard Chartered, Citibank, and Bank of China doesn't provide direct remit to India. BTW, you don't need to be concerned because these three online services e.g. Money2India, Remit2India, and AxisRemit are backed by reputed private sector banks in India like 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 Hong Kong? Well, just like we compared the options for transferring 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).

Btw, If you are looking to send money abroad consider TransferWise. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank. You can also get your own local bank account details in Europe, the UK, the US, Australia, and New Zealand with the TransferWise Borderless account

And, If you are sending a large amount of money, I suggest you check the CurrencyFair website which generally offers a much better exchange rate, and also the first 3 transfer is free for all new customers. If you want to avail of this here is the link to get the first 3 free transfer money from overseas including the UK, USA, and Australia.

1. Money2India

If you already have an ICICI Money2India account then this is simply the best option for sending Hong Kong dollars to India. It's safe and trusted by thousands of NRIs 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 a fixed exchange rate while the second one uses indicative exchange rates. 

You need to initiate a remittance request using your Money2India account and then make a bill payment from your local Hong Kong 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 takes a day or two to credit the money.

You must compare exchange rates among other banks and websites before sending money to India from Hongkong. Usually, Money2India also provides a 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, with no service charge but Remit2India charges you around Rs 34 when you transfer the amount of $50 - $2,00,000 HKD. Similarly, Remit2India also charges a minimum of 36.25 or 0.145 of the transaction amount which is higher than 0.12% of ICICI Money2India.

However,  If you are sending a large amount of money, I suggest you check the CurrencyFair website which generally offers a much better exchange rate, and also the first 3 transfer is free for all new customers. If you want to avail of this here is the link to get the first 3 free transfer money from overseas including the UK, USA, and Australia.

2. Remit2India

TimesMoney's Remit2India also provides a money transfer facility from Hong Kong. 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 Hong Kong 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 the exchange rate.

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 the new user I suggest opening an account with Money2India, as it covers all major countries and their service is fast, less costly or cheapest and secure. 

There are a couple of other banks and websites like 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 Hong Kong dollars to India which is less costly, faster, and offers better exchange rates.

P. S. - If you are looking to send money abroad consider TransferWise. It’s a great tool for sending and receiving money internationally with low fees — much cheaper than using your local bank. You can also get your own local bank account details in Europe, the UK, the US, Australia, and New Zealand with the TransferWise Borderless account

P. S. S - If you are sending a large amount of money, I suggest you check the CurrencyFair website which generally offers a much better exchange rate, and also the first 3 transfer is free for all new customers. If you want to avail of this here is the link to get the first 3 free transfer money from overseas including the UK, USA, and Australia.