Hong Kong to UK Money Transfers

1. Transfer Money From Hong Kong to the UK At RegencyFX, we help you achieve the most from the currency you are converting. As an independent currency specialist, we have lower overheads than the banks, enabling us to pass on the savings to you. We can also discuss and agree on the right time to exchange your money, rather than using a bank or online-only system and having to accept whatever rate they give you on the day. All money transfers are conducted through safeguarded client accounts. There are four simple steps with transferring money from Hong Kong to the UK these are, identity check, get an exchange rate, make your payment and finally your money is sent out to the UK.

2. Identity Check Before you can send money from the UAE to the UK, you need to be identified. There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations. The check only applies to new customers. Once your set-up, you can skip this step if you are sending money back to the UK on a regular basis. For straightforward. If you still have an address in the UK, it’s even quicker. British expats, it is usually Lock in an Exchange Rate

3. Once you are set up, a bank or money transfer company will quote you their current exchange rate. When moving money back to the UK, you are selling Dirhams and buying Pounds. This is sometimes written as AED/GBP. The exchange rate moves throughout the day. It’s up to you whether you go ahead at the quote given. If you are happy to proceed, the bank or money transfer company will lock- in your rate at that time. Shortly after, you will receive an email confirming all the details of your transaction. Pay for Your Money Transfer Banks will require your Dirhams upfront before they will agree an exchange rate. However, a money transfer company will allow you to lock-in a rate before you send your Dirhams in. This might be an advantage if you see a favourable rate and want to lock it in before it moves. On the confirmation transaction, you will be given the bank details of where to send your Dirhams. This will be to a safeguarded Dirham-denominated account. client

4. Your Dirhams are Converted into Pounds Your Dirhams are converted into Pounds Once your Dirhams are with your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed, then send the Pounds to the UK bank account you request. There are many money transfers companies out there to choose from, but you need to choose the one that is best for you! Some money transfer companies are online-only companies such as PayPal and TransferWise these companies will offer little guidance and help throughout the process, the most they can offer is webchat and support emails. Money transfer specialists can offer you all the help you need, they can even watch the exchange rates for you and notify you if they move in your favor! www.regencyfx.com