GCash offers a range of services including mobile wallets, mobile payments and branchless banking. This guide walks through how to use GCash from Hong Kong.
Ria Money Transfer is a global money transfer service, offering payments online and in person through a network of agents. You can arrange your payment online and have your recipient get their money at any of 435,000 agent locations across 159 countries. It’s worth noting that there are limitations to the ways you can send money from Hong Kong using Ria - more on that coming up.
If you want to make an international money transfer, you’ll want to do a bit of research into the fees and exchange rates available before you choose the best provider for you. This guide walks through all you need to know about Ria Money Transfer, and Ria Hong Kong.
We’ll also highlight an alternative for comparison - Wise for cheap and smart international transfers all over the world.
With Ria you can send money online or in person, and have it delivered to your recipient’s bank account, or collected in cash at a local agent. In some destination countries you can also have the money home delivered to your recipient¹.
It’s important to note that there are limits to the ways you can use Ria. Online payments are limited to accounts originating in the US, UK, Canada, Spain and Australia². You can not pay online in Hong Kong dollars. And if you want to pay in USD via Ria’s US website, you’ll need a US issued card or bank account to get started³. Check if you’re eligible to set up an account before you decide to proceed with a Ria international payment.
Once you’re ready to send money online with Ria, you’ll need to take the following steps⁴:
- Open a Ria account. You may need to provide personal information, ID, and confirm your linked bank account to get started
- Once your Ria account is open, head to the Ria website or download the app
- Enter details of the payment you want to make - the destination country, currency and amount
- You’ll be shown the exchange rate and fees which will apply - check over these and confirm if you’re happy to proceed
- Enter the recipient’s name as shown on their government ID and click to confirm how you want the money to be received
- If the payment is going directly to your recipient’s bank account you’ll need to enter the account details now
- Choose your payment method, confirm, and your money is on the way
If you can’t send money online, or want to talk to someone face to face about your payment, you can visit the Ria agent in Hong Kong to get help⁵. It’s good to know that the fees and exchange rates used at agent locations may not be the same as those available online, so do compare your options before you get started.
When you send money internationally, you need to look out for a few things. Of course, there are upfront fees which are quoted when you arrange the payment. But you’ll also want to notice the exchange rate applied in case there is an additional fee wrapped up in an exchange rate markup. This is not uncommon - but can push up the price of sending money overseas. Finally, it’s worth checking how the payment is being sent as transfers using the SWIFT network can come with additional fees levied by correspondent banks.
To make sure you’re getting the best possible deal for your international transfer, compare a few providers and select the one with the right balance of cost and convenience.
One great option to check out is Wise. Payments are made using the mid-market exchange rate with no markup, and avoid the SWIFT network entirely. You only pay a transparent up front fee which can work out much cheaper than alternative providers. Let’s look at an example of sending USD1000 USD to someone in the UK.
|Provider||Fees||Exchange Rate (1USD = GBP)||Recipient will receive|
|Ria¹||No stated upfront fee||0.74||GBP737.30|
*Fees and exchange rates correct at time of research - 8 September 2020
As you can see with this example, even though Ria highlights transaction fees as low as $0 the impact of their exchange rate markup means your recipient will get more with Wise. And because Wise uses the real mid-market exchange rate and applies a transparent charge, there are no hidden costs or nasty surprises to worry about.
To see the costs of using Ria Money Transfer for your payment, head over to the Ria local website for the currency you want to use, and use the fee calculator available there.
Ria Money Transfer uses a retail exchange rate when converting funds for international transfers.
What this means is that Ria buys money at the mid-market exchange rate - also known as the wholesale rate - and then adds a markup to create the exchange rate which is passed on to consumers.
This is a common practise but it can work out surprisingly expensive - or mean your recipient gets less than you expected.
If someone has sent you money via Ria Money Transfer for delivery direct to your bank account, the money will arrive automatically once the payment is processed. It takes around 4 days for Ria to process bank transfer payments, although your money may take longer to arrive depending on your own bank’s processes.
For cash collection you can get in touch with Ria’s agent in Hong Kong⁷. You’ll need a PIN number from the sender, and you must also take along valid government issued ID to collect your money.
You can avoid the headache of complex fees and exchange rate markups, by using a modern alternative service like Wise. Pay online using HKD, and send direct to your recipient’s bank account for convenience.
All transfers are processed using the live mid-market exchange rate with no markup added. You just pay a low, transparent fee per transaction. That means you can easily see exactly how much your payment is costing you, and how much your recipient will get in the end.
Ria is a large global money transfer provider, but the services available in Hong Kong are limited. To get started you’ll need to either visit Ria’s agent in Hong Kong, or use a Ria account originating in one of their send countries - the US, UK, Australia, Canada or Spain.
Try Wise for a simpler - and cheaper - way of sending money online.
Sources used in the article:
- Ria Money Transfer - Home Page
- Ria Money Transfer - Countries we serve
- Ria Money Transfer - Terms and Conditions
4. Ria Money Transfer - FAQ
5. Ria Exchange Limited - Home Page
6. Wise - HK Home Page
7. Ria Money Transfer - Ria Locator
Sources last checked on 15-September 2020.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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