When sending money from Hong Kong to the mainland, the worst fear is that the fees are expensive, the exchange rate is poor, the arrival is slow, or even the funds are frozen. We have been doing money changer remittance services for more than ten years, helping customers process cross-border transfers every day. Today, we will explain to you the various methods, fees, processes and precautions of remitting money from Hong Kong to the mainland at once.
Whether it's paying salaries to Chinese employees, paying for goods, or sending money back to the mainland to buy a house, choosing the right method can really save you a lot of money and time. Bank transfer, Alipay, and FPS have their own advantages and disadvantages. The following will explain them one by one.
What are the methods for transferring money from Hong Kong to mainland China?
There are three main ways to send money from Hong Kong to the mainland: traditional bank wire transfers, third-party payment platforms (such as Alipay, WeChat Pay), and money changer remittances. Each way is suitable for different scenarios, the key depends on your amount, timeliness requirements and exchange rate sensitivity.
- Bank wire transfer: Suitable for large transfers (e.g. over HK$80,000), safe but higher fees, usually charged HK$100-200 per transaction, and intermediary fees.
- Alipay/WeChat: Suitable for small amounts (maximum of about HK$10,000 per day), relatively low fees, but exchange rates are usually 2-3% worse than banks, and have strict foreign exchange control limits.
- Exchange shop remittance: Suitable for medium-sized remittances (e.g., tens of thousands to hundreds of thousands of Hong Kong dollars), with the most favorable exchange rate, low handling fees, full monitoring of fund flow, and arrival of funds in 1-2 days.
A reminder: All remittance methods must comply with mainland China's foreign exchange controls. The annual foreign exchange settlement limit per person is equivalent to US$50,000. If the limit is exceeded, supporting documents such as sales contracts or invoices are required.
Three steps of bank transfer process
Bank transfer is the most traditional way and the process is as follows:
- Prepare the information: You will need the name of the payee, bank account number, opening bank name and SWIFT code. If you are transferring RMB, remember to confirm that the receiving account is a RMB account.
- To process the remittance at a bank: Bring your ID card and bank card, fill out a remittance application form, and select the currency (Hong Kong dollars or RMB). If you remit Hong Kong dollars, you will need to exchange them for RMB after arriving in mainland China, which may result in two exchange rate losses.
- Waiting for funds to arrive: Bank wire transfers typically take 2-5 business days. Some banks support online processing, but the limit is low (e.g., HKD 50,000 per day). The bank will send an SMS notification once the funds arrive.
Practical experience: There is a big problem with money transfers – middle line fees. Even if you pay the full fee, the middle line may deduct another $20-30, and the final recipient will receive less money. Therefore, it is recommended to choose the "full payment" service, but the fee will be more expensive.
A comparison of transaction fees across various banks
Here is a reference (per transaction) of wire transfer fees from several mainstream banks:
bankhandling feeFull amount received feeArrival timeHSBCHK$150HK$2002-3 daysBank of China (Hong Kong)HK$120HK$1802-4 daysStandard CharteredHK$180HK$2202-5 daysHang SengHK$160HK$2003-5 days
Note: The above fees do not include exchange rate differences. Banks typically narrow the exchange rate by about 1-2%, effectively making more money off you. For example, when the market exchange rate is 0.92, the bank may only offer you 0.90, a difference of 2%.
If you want to save money, you can consider the RMB remittance service, where we offer the best exchange rates in the market, free of charge, and dedicated follow-up.
Is Alipay a convenient way to transfer money?
Both AlipayHK and WeChat Pay Hong Kong support cross-border remittances to mainland China, but with many restrictions. First, you must link a Hong Kong bank card, with a daily remittance limit of approximately HK$10,000 and an annual limit of HK$300,000. Regarding fees, Alipay charges HK$25 per transaction, while WeChat offers free fees (but with a larger exchange rate difference).
Actual test: For a transfer of HKD 10,000, the exchange rate was approximately 0.89 with Alipay, 0.91 with banks, and 0.92 with money exchange shops. In other words, using Alipay will result in a loss of approximately RMB 300. Furthermore, the arrival time is unreliable; sometimes it's instant, and sometimes it takes 1-2 days.
In summary, Alipay remittances are only suitable for small amounts (such as living expenses or pocket money). Large remittances are not recommended due to significant exchange rate losses. Additionally, Alipay does not support company accounts; you will need to use a bank or a money exchange.
Faster Transfer Instant Transfer Test
FPS is an instant payment system launched by the Hong Kong Monetary Authority, but note: FPS only supports local transfers and cannot be sent directly to mainland bank accounts. However, if you have a Hong Kong branch account of a mainland bank (such as HSBC China, BOC Hong Kong), you can transfer HKD to a mainland account with the same name via FPS and then exchange RMB.
Test: Transfer from HSBC Hong Kong to HSBC China using FPS, HKD credits to your account instantly, but HSBC China's exchange rate for RMB is worse, about 0.91. And the daily limit is only HK$10,000 (depending on bank settings).
In practice, FPS is not a true cross-border money transfer tool, but a local money transfer channel. If you want to send money to the mainland quickly, you can consider finding a professional service for remittance to the mainland .
Understand remittance limits at a glance
The limits for remittances from Hong Kong to the mainland mainly come from two aspects: regulatory restrictions in Hong Kong and foreign exchange controls in the mainland.
- In Hong Kong: Banks generally have daily online remittance limits, such as HK$50,000 to HK$100,000. For large remittances, you can go to the branch to do so. There is no theoretical limit, but you must explain the source of funds.
- In the Mainland: an individual’s annual exchange limit is equivalent to $50,000 (about HK$390,000). If the limit is exceeded, authentic proof of trade or investment is required or the remittance may be returned or frozen.
- At the money changer: There is generally no hard limit, but large remittances (more than the equivalent of $100,000) need to be declared. We will help you prepare the paperwork to ensure compliance.
Common Mistakes: Some people think that using multiple friends and family accounts to “ant move” money can avoid the limit, but the Chinese banking system monitors frequent small-amount remittances, which could trigger anti-money laundering investigations and result in accounts being frozen. So it’s best to use legal channels and send money all at once.
How long should you wait for your money to arrive?
The arrival times vary greatly between different methods:
- Bank wire transfer: 2-5 business days, depending on the clearing speed of the intermediary bank. Delays may occur during mainland holidays.
- Alipay/WeChat: Usually within 24 hours, but there is a chance of delay due to risk control review.
- Money change shop transfer: 1-2 working days, we monitor the whole process to ensure the funds arrive safely.
If you need money urgently (such as paying for goods), it is recommended to use a money changer to send money, which is much faster. Additionally, the “in transit time” for bank transfers does not count weekends and public holidays, such as Friday transfers, which may not arrive until Tuesday.
How to choose the most cost-effective method
Taking all the above factors into account, here are a few suggestions for your selection:
- For small amounts (< HKD 10,000): Use Alipay or WeChat. Although the exchange rate is different, the transaction fees are low and it is convenient and fast.
- For medium amounts (HKD 10,000-80,000): money transfer through money exchange shops is the most cost-effective option, with favorable exchange rates, low fees, and fast processing.
- For large sums (> HKD 80,000): bank wire transfer is more reliable, but choose a full-amount transfer service to avoid intermediary bank fees. If it is a company remittance, a bank may be the only option, but you can negotiate the handling fee with the bank.
Whichever way you choose, be sure to compare exchange rates and fees first. You can refer to our RMB exchange rate quotes, we guarantee the best deals in the market.
If you want to save money and have peace of mind, you may wish to WhatsApp us to inquire. We will recommend the most suitable remittance plan according to your amount and needs. No need to search around, it will help you process your remittance to more than 30 countries in minutes.
Summary: There are advantages and disadvantages to Hong Kong's remittances to the mainland. The key is to be clear about your needs. If you want low fees, good exchange rates, and quick arrival, finding a trustworthy money changer is a good option. We have been doing this for over 10 years, monitoring every remittance throughout the process to ensure the funds arrive safely. Contact us today or inquire via WhatsApp for today's quote!
