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With over 600 brokerage firms, Hong Kong has long established itself as one of the top destinations for investors, which in turn makes the Hong Kong dollar a very active currency in the world of forex trading. It is only logical then that the HKD is offered as base currency by all local brokers.
Please note that most Hong Kong brokers, including some of the most popular ones- Rakuten Securities, ADSS, BOOM and SAXO Markets- are limited to only three types of payment methods. Users can deposit/withdraw either locally via Hong Kong banks, by way of Bank/Wire Transfer, and by physical cheques.
Local bank payments done in HKD are relatively fast, taking up to 1 business day, 2 tops. As is expected, international Wire Transfers will take no longer than 5 days tops.
For local bank-to-bank transfers in HKD there are usually no fees occurring on the broker side. Most Wire Transfers are free of charge, yet there are some exceptions like Rakuten Securities that charges $150HKD for International Wire Withdrawals. Bear in mind that nearly all Bank/Wire Transfers will be charged by incoming fees depending on the banks that are involved in the transaction.
Sending and receiving money by way of check in HKD is not burdened by any charges. The waiting time for a check to clear out is usually 2 days, once the broker has received it, but again, this changes from broker to broker.
Since May 2005 the HKD has a very tight exchange rate to the USD, between HKD$7.75 and HKD$7.85 per USD$1.
The three banks that are exclusively issuing HKD notes are the Standard Chartered Bank, HSBC, and the Bank of China.
The HKD first came into existence in 1863, after the first ever established local mint started producing them.