Exporter: Sara Farms has been breeding successful racehorses for many years, with many of
their champions being sold to overseas stables.
When the overseas companies pay for the horses in US dollars into Sara's local bank account, the bank has been charging a 'foreign currency handling fee' of US$50 and then converting the foreign currency at the bank's chosen rate. In many cases, this rate has been 2.5% higher than the going wholesale or 'interbank' rate. Using SHKGP, Sara Farms would have saved unnecessary bank fees and approximately 2% on all their overseas earnings on exports of US$1.5million; that's an annual saving of US$30,000.
Importer: Mr Chan imports goods from overseas.
Mr Chan's engineering company imports a machine part from the United States which costs USD200,000. If the bank's advertised daily rate is 7.7880 then Mr Chan will pay HK$1,557,600 plus an overseas payment fee of HK$100. If Mr Chan uses the SHK Global Payments online platform, the rate is 7.7810, so Mr Chan will pay HK$1,556,200, with no additional fee. Therefore his company saves HK$1,500 and Mr Chan can make the transaction from his own computer, without needing to send one of his staff to the bank.
I'm emigrating: Jane and John decided to emigrate from the UK to Hong Kong.
Using the bank, John would have had to line up at the branch, fill out the bank's forms, pay ₤25, and then transfer the money to their Hong Kong account at a rate of 12.0825. Instead, Jane logged on to SHKGP and found that she could do the whole transfer on-line at a rate of 12.1015, all with no fees.
I am an expat: Nicholas is employed by an overseas company and works in Hong Kong.
Nicholas is working in Hong Kong while still being paid by his Australian company in Australian dollars. On a salary of A$90,000 per year, he ends up with more than HK$5,600 in his pocket at the end of the year than if he'd been using the bank to make his transfers.
One-off transaction: David is making a one-off transaction.
David is buying a new motor boat from a Finnish builder. He has been invoiced for the construction and delivery of the boat in euros, and has decided to use SHKGP to make the payment. By doing so, he has saved approximately HK$50,000 on the cost of a 500,000 euro boat.
Regular payments: Mr and Mrs Lau are paying for their daughter's overseas education.
Mr and Mrs Lau are paying for their daughter Emily to study at university in the USA. The cost of Emily's tuition, text books and living expenses for a year is approximately US$70,000 which is transferred in installments four times a year. If Mr and Mrs Lau use their bank to make the overseas payments, using the bank's daily rate of 7.8015 plus fees of HK$200 for each transaction, it would cost them HK$546,905. Using SHK Global Payments, the live rate would be 7.7935 without any transaction fees giving the Lau's a saving of HK$1,360. Over the four years of Emily's degree, her parents would save HK$5,440 – enough for Mr and Mrs Lau to buy Emily a new laptop to celebrate her graduation.
*Remark: All names are fictitious