USD to HKD for business payments
Converting US dollars to Hong Kong dollars (HKD) for a business payment carries less currency risk than almost any other pair, because the Hong Kong dollar has been linked to the US dollar since 1983 within a band of HK$7.75 to HK$7.85. Many Hong Kong suppliers also hold US dollar accounts, so the first question is often whether you need to convert at all.
- The Hong Kong Monetary Authority (HKMA) keeps the Hong Kong dollar within HK$7.75 to HK$7.85 per US dollar under the Linked Exchange Rate System, in place since 17 October 1983.
- None of the HKMA pages cited here sets a deadline to bring export proceeds into Hong Kong or a duty to sell dollars, so a Hong Kong supplier can hold USD or HKD as it chooses.
- HKD CHATS settles large Hong Kong dollar payments in real time between banks, and USD CHATS, launched in August 2000, does the same for US dollars inside Hong Kong.
- Hong Kong accounts do not use IBAN, so a payer needs the account number, the bank's name and its SWIFT code, plus the bank code for local transfers.
- Helm pays out to Hong Kong over CHATS as well as by international wire, and shows the fee for each route before you confirm.
The Hong Kong dollar at a glance
The Hong Kong dollar is managed by the Hong Kong Monetary Authority (HKMA), Hong Kong's central banking institution. Under the Linked Exchange Rate System, in place since 17 October 1983, the HKMA keeps the exchange rate within a band of HK$7.75 to HK$7.85 to one US dollar. A linked rate means the price of the Hong Kong dollar against the US dollar can move only inside that narrow band.
For a US business, that turns the usual question around. With most currencies, the risk is that the rate moves between invoice and payment. With HKD, the band limits that movement, so the cost of a payment depends mainly on the margin and fees you pay, not on market swings.
| Item | Hong Kong dollar |
|---|---|
| Currency code | HKD |
| Monetary authority | Hong Kong Monetary Authority (HKMA) |
| Exchange rate regime | Linked Exchange Rate System: HK$7.75 to HK$7.85 per US dollar since 17 October 1983 |
| Exchange controls | No repatriation deadline or duty to sell dollars in the HKMA pages cited |
| Large-value local system | HKD CHATS, real-time gross settlement, launched 1996 |
| Instant local system | FPS, launched 17 September 2018, for HKD and renminbi, 24x7 |
| Local US dollar system | USD CHATS, launched August 2000 |
Sources: HKMA, Linked Exchange Rate System; HKMA, Payment Systems. Checked on 29 October 2026.
Exchange rules for paying and receiving HKD
Hong Kong is one of the most open currency markets a buyer will deal with. The HKMA pages cited in this guide set no deadline for bringing export proceeds into Hong Kong and no obligation to sell US dollars for Hong Kong dollars. A Hong Kong supplier can keep your dollars, convert them, or pay its own suppliers in dollars.
The checks a payment meets are the bank's own. The HKMA, which supervises Hong Kong banks, has asked them to take a risk-based approach to account opening and to explain their document requests. In practice, banks still ask about the purpose of large or unusual payments, so a payment that quotes the invoice number and comes from the company named on the contract moves faster.
Renminbi is also easy to handle from Hong Kong. The HKMA removed the RMB20,000 daily conversion limit for Hong Kong residents from 17 November 2014, and many Hong Kong trading companies hold USD, HKD and RMB balances side by side. If your supplier is a Hong Kong company buying from the mainland, our guide to paying Chinese suppliers from Hong Kong explains its side of the trade.
How an HKD payment reaches a Hong Kong supplier
A payment in Hong Kong dollars arrives either as an international wire over SWIFT or as a local transfer once a provider has converted your dollars inside Hong Kong. Local transfers run on two HKMA systems. CHATS, the Clearing House Automated Transfer System, settles each payment between banks individually and in real time on bank business days. FPS, the Faster Payment System, moves Hong Kong dollars and renminbi 24 hours a day, and a payer can address it with a phone number or email address.
| Detail | For a SWIFT wire | For a local CHATS or FPS payout |
|---|---|---|
| Beneficiary name | Company name exactly as registered on the account | Same |
| Account number | The HKD account number, or the USD account if paying dollars | Same |
| Bank identifier | Bank's full name, address and SWIFT code | Numeric bank code |
| IBAN | Not used in Hong Kong | Not used |
| Timing | Bank business days in both countries | CHATS in real time on business days; FPS 24x7 |
Sources: HKMA, Payment Systems and Faster Payment System pages; field list reflects SWIFT and CHATS practice. Checked on 29 October 2026.
The receiving bank may charge the supplier. HSBC Hong Kong's commercial tariff of August 2026 lists HK$65 for each incoming SWIFT payment and HK$15 for an inward CHATS (RTGS) payment, so a local payout can cost the supplier less to receive than a wire. Use our SWIFT code lookup to confirm the bank's code.
What converting USD to HKD costs
A conversion from dollars to Hong Kong dollars has three parts: the mid-market rate, which is the midpoint between buying and selling prices at that moment; the provider's margin, the difference between that midpoint and your rate; and the fee for sending the payment. Because the linked rate keeps the mid-market rate inside HK$7.75 to HK$7.85, the margin is easy to measure: compare your quoted rate with the market rate inside that band. A margin that looks small in percentage terms is still the largest cost on a large invoice.
Paying in US dollars to a supplier's USD account removes the conversion on your side. A Hong Kong supplier can receive dollars locally by USD CHATS from another Hong Kong bank, or by SWIFT from abroad.
Helm is a financial technology company, not a bank. Its US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with customer funds held at Lead Bank. A Helm account holds dollars in your company's own name and sends international payments to suppliers by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay a Hong Kong supplier in USD or HKD?
Hong Kong trading companies often price in US dollars, because most of their buying and selling is in dollars. The link keeps the difference between a USD price and an HKD price small, so choose by convenience and cost.
- Pay USD when the invoice is in dollars and the supplier gives you a USD account. There is no conversion on either side.
- Pay HKD when the supplier invoices in Hong Kong dollars, for local services such as warehousing, freight handling or rent, or when it has only an HKD account. A dollar wire to an HKD account is converted on arrival at the supplier's bank rate.
- Pay locally where you can. A local CHATS or FPS payout avoids SWIFT intermediaries and the incoming wire fee.
For the receiving side, including how Hong Kong companies hold dollars, see our guide to USD business accounts in Hong Kong and the Hong Kong country guide.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is the Hong Kong dollar pegged to the US dollar?
Yes. Under the Linked Exchange Rate System, in place since 17 October 1983, the HKMA keeps the Hong Kong dollar within HK$7.75 to HK$7.85 per US dollar.
Does Hong Kong have exchange controls?
None of the HKMA pages cited here sets a deadline to bring export proceeds into Hong Kong or a duty to sell dollars. Banks still run their own checks on the purpose of payments.
Do Hong Kong bank accounts have an IBAN?
No. A Hong Kong account is identified by the bank, the account number and, for international payments, the bank's SWIFT code. Local transfers also use the bank's numeric bank code.
What is CHATS?
CHATS is the Clearing House Automated Transfer System, Hong Kong's real-time system for settling payments between banks one by one. Hong Kong runs separate CHATS systems for HKD, USD, EUR and RMB.
Can FPS receive US dollars?
No. FPS, launched on 17 September 2018, carries Hong Kong dollars and renminbi. US dollar payments inside Hong Kong use USD CHATS.
What does Helm charge to pay a supplier in Hong Kong?
Helm pays out to Hong Kong over CHATS as well as by international wire, and shows the fee for each route before you confirm.
References
- Hong Kong Monetary Authority: Linked Exchange Rate System
- Hong Kong Monetary Authority: Payment Systems (HKD, USD, Euro and RMB CHATS)
- Hong Kong Monetary Authority: Faster Payment System
- Hong Kong Monetary Authority: Account opening, role of the HKMA
- Hong Kong Monetary Authority: Removal of RMB conversion limit for Hong Kong residents (12 November 2014)
- HSBC Hong Kong: Commercial Banking complete tariffs, August 2026
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.