If you’re an Australian expat living in Hong Kong, or a Hong Kong expat living in Australia, you probably know how costly it can be to transfer money from Australia to Hong kong or transfer money from Hong Kong to Australia.
When you use a bank, you pay in two ways. There are the high fees – often more than AUD20 for a small international transfer – and then there are the exchange rates. While the mid-market exchange rate may indicate one figure, your bank will inevitably give you a rate that is significantly inferior. This is why more and more people are using commercial Forex firms to transfer money.
Real estate is one of the best and most reliable ways to make a passive income. Real estate costs in Hong Kong are often the subject of speculation. More than almost anywhere else, Hong Kong’s housing industry goes through booms and busts. Prices may rise for several years, then fall rapidly. Some investors take this opportunity to buy houses on the cheap. But while you may be getting a great price on a house, you might incur unnecessary and exorbitant costs, by making regular transfers to Hong Kong.
When you purchase a great property for AUD1m, transfer costs through the bank could come to a staggering AUD20,000 extra! Using an FX transfer firm, on the other hand, you’ll more likely spend around AUD5,000.
Moving to Hong Kong from Australia is fairly common. There are approximately 90,000 Australians living in Hong Kong, mostly ethnically Chinese. There is also a community of non-Chinese Australians living in Hong Kong. They have moved for various reasons, including the huge diversity there. People from all over the world live and work in Hong Kong, providing a great opportunity for Australians to experience the global culture. You don’t need to apply for a Hong Kong Visa if you’re a tourist travelling for less than 3 months. If you plan on staying permanently or working there you must apply well in advance.
Approximately 70,000 Australian citizens were born in Hong Kong. There are many more first-generation immigrants, although the number is not known. Hong Kongers move to Australia for job opportunities, to study, and various other reasons. The work climate is considered less stressful in Australia, and it is far less crowded than Hong Kong. Rent and day to day needs are far cheaper in Australia. Similar time zones and seasonal changes make the move a lot easier. Citizens of Hong Kong require a tourism visa. For those wishing to work in Australia on a more permanent basis, the Australian government provides a range of options. Applying to live or work in Australia can be a lengthy process. Find out if any of your relatives have Australian citizenship. It will make the process far easier.
The Hong Kong Dollar (HKD) is the thirteenth most traded currency in the world. The AUD is a much more popular currency to be traded – the fifth most traded in the world. The exchange rate from HKD to AUD, and from the AUD to HKD, has always been favourable towards the AUD. The price of AUD1 has ranged from HKD4.6 to HKD8.6 over the past 10 years, with an average of HKD6.8. Hong Kong to AUD slumped in 2012, but has been making gains ever since.
Australia’s interests in the Hong Kong region are extensive and range from banking, manufacturing, technology, services, travel and retail. And that is made pretty clear by the approximative 550 Australian companies that are based in Hong Kong, and a further 1,000 Australian companies that have offices in the region.
Both Australia and Hong Kong are offering the Working Holiday Programs which allows students to travel to Hong Kong or Australia and to take temporary employment as needed to cover the expenses of their visit. This has grown the influx of young people and is sure to further strengthen the links between the two regions.
Approximately 90,000 Australian citizens are living in Hong Kong. As an expat, money transfer fees and exchange rates inevitably play a big part in your life. With banks charging exorbitant rates and offering inferior exchange rates, expats stand to lose high amounts of money. Commercial FX transfer firms charge far lower fees and are becoming the popular option. Australia has long been a popular destination for Hong Kong immigration, with 70,000 Australians who were born in Hong Kong. The Australian to Hong Kong Dollars pairing is one of relative stability. In the past few years, the HKD has made gains on the AUD.
Hong Kong is an important trade centre and because it has an open monetary policy, there are no restrictions on the money that goes in and out. It is in the top 10 largest trading entities in exports and imports worldwide which makes it an established international financial market.
Even though all the above are true, sending money from Australia to Hong Kong or Hong Kong to AUD, is still costly when using your local banks. That’s why FX companies are frequently used by import/export companies because they provide fee-free transfers at significantly better exchange rates. Putting that in the perspective of multiple transfers each month, the amounts saved start to stack up.
Find the best international money transfer company for your needs on SendMoneyAustralia.com! At the top of this page, you can find the money transfer comparison we have done for our readers.
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