1. If you intend to go to HK, bring an ATM card from a US bank which is on the PLUS ATM network. Using a Plus ATM card, you can withdraw money directly from your US account in HK, at various ATMs of the Hongkong Bank which display the Plus symbol. Of course, if you are going yourself, you can also consider Traveller’s Check or even cash if the amount is still reasonable to do so.

2. You can send the recipient a US Dollar personal check, which they can deposit with their bank. However, the check will take about 1 month to clear.

3. Go to a branch of a Hong Kong based bank in your area, e.g. Hong Kong and Shanghai Banking Corp. or Hang Seng Bank in any major metropolitan area with a significant Chinese population, and purchase a Bank Draft or Cashier’s Check. Enquire if they can issue drafts in HK$ drawn on their account with their HK parent. Otherwise, check if they have provisions to clear their checks quickly (eg. if deposited with a particular HK bank).

4. Of course, you can always tell your bank to initiate a wire transfer, or get a HK based bank in your area to do it (probably better, since they are used to doing it).

5. ETC International (similar to 1. above, but subject to transaction fee) This is actually quite popular in Canada now.

6. Bank Draft. Every bank in HK that issues US$ Bank Draft can draw on their accounts in the US, so worst case is 7 days to clear. Add the time to deliver the physical draft to the recipient (2 – 7 days).

7. Cable/Telex/Wire transfer. Yes they are all different (in speed), and subject to service charge. Hang Seng Bank seems to charge a fixed fee for amounts up to some large number, and is probably cheapest. Note that the recipient will ALSO be charged a fee, typically USD 10 to USD 15, so if you wire $5000, they may only get $4990. This is caused by the Fed Wire Transfer between the correspondent bank (ie. the bank that, for example, Hang Seng deals with), and the receiving bank.

8. Cash. What else

It is important to learn the Hong Kong business culture before doing any business in the country because it will definitely affect your relations with them. Know that Chinese culture is the dominant business and social influence in the environment. The pace of life in the country is hectic and its residents are highly entrepreneurial with strong commercial instincts. Chinese are also hardworking and very competitive. They are also very conscious of their face or image that is why they highly value their education which according to them will ensure one’s social and economic mobility. Families are hierarchical and members are committed to upholding the family’s honor through loyalty, respect and obligations. Introductions and connections are not essential in Hong Kong although they help in establishing credibility for business. Hiring a local representative to initially develop the business is advisable.

It is good to learn how to do the proper Chinese way of greeting so as to show respect for the culture and establish a good impression on them. Bowing is their way of greeting and when a handshake is made be gentle because they are not used to close and intimate interactions with foreigners or strangers for that matter. Because they recognize seniority, be conscious of greeting the most senior member first.

Hong Kong Business Culture may also be described as results or role-oriented rather than that of the Western values of personal and social growth. Avoid confrontation and aggression. Remember to use language diplomatically. Refrain from directly refusing anyone by saying “I will try” or “I will see.” Be modest in all you behavior and also keep you calm.

Gift giving is also a part of doing business in Hong Kong. It helps establish or maintain relationships. Avoid giving clocks, books, green hats and anything unwrapped or wrapped in blue. Gift money in a red envelope is known as hong boa. Accept gifts with both hands and remember that gifts are to be reciprocated. A meal could also be a form of gift for the Chinese. Be punctual and courteous in meetings. Do not set appointments on Chinese New Year because they look forward to this time for vacation.