Options for Cross Border Payments in Hong Kong
Whether it’s for interacting with suppliers or customers, setting up cross border payments in Hong Kong is vital for any business.
But what are the options for cross border businesses based in Hong Kong? Read on to find out.
What is a Cross Border Payment?
Simply put, a cross border payment is made between two entities based in different countries. This could be a business and a customer, two businesses, or two people exchanging money.
The need for a cross border payment solution in Hong Kong is obvious. If you’re a business and you plan to interact with customers or suppliers outside of the country, you’ll need a global payment system that works for you.
Standard options for a system that offers global payment in Hong Kong include:
- Telegraphic (wire) transfers – done between two bank accounts
- International trade financing – paying for international goods with third-party financing
- Credit cards – works in exactly the same way as domestic payments
Concerns of Cross Border Payment in Hong Kong for SMEs
For SMEs, finding a system that provides global payments can be more challenging than it initially seems. While the options above were fine in the past, they come with some concerns for smaller businesses and startups:
- Exchange rates and transfer fees. Many banks hide their exchange rates and transfer fees, which can cost you a lot of money in the long term.
- Slow transfer speeds. Some options, such as wire transfers, can take days. It’s less of a problem with suppliers but isn’t ideal if you need to deal with customers.
- Complexity. Cross border payment options can involve a lot of paperwork. The last thing you want when running an SME is even more forms to fill out.
Using Online Services for Cross Border Payment in Hong Kong
Unsurprisingly, there are ways to get around these concerns when looking for a cross border payment provider in Hong Kong. Enter Neat, a payment services company perfectly suited to Hong Kong SMEs and startups.
Why is Neat the solution to a global payment system in Hong Kong? For the following reasons:
- Speed. You can send payments in 3 easy steps and money can be with the recipient in no time at all.
- Transparent. Unlike banks, we don’t hide our transfer fees and exchange rates. This way, you know exactly what you’re spending when you make a financial transfer.
- Fair. Better still, our exchange rates are fair, giving you more for your money.
- Trackable. You can keep track of your cross border payments using Neat’s clear and intuitive system. You can also share these links with your payee, so they know exactly where their money is.
So, if you’re looking for a solution for cross border payment in Hong Kong, look no further than Neat. Its service is perfectly suited to SMEs and startups, providing everything from global payments to integrated bookkeeping. Check it out or book a call with our product specialist to see how it can help your business grow.