I'm hoping for some guidance as far as currency exchange is concerned. I'm in the US and will be moving to HK very shortly and have been doing some research into the most economical way to move my cash. However, I have yet to come up with a definitive answer. Here's what I've come up with so far:
no fee to purchase these in USD, but subject to a 1.5% fee when exchanging for HKD in HK. The currency rate seems to be decent although not quite as good as a credit card. (This is for Amex, don't know about Visa yet, but they use Travelex so I think it's comparitively expensive.)
$40 fee from my bank. Also, I don't yet have a HK bank account set up, so doing that and setting up my paperwork with my US bank will take some time. It may be a while before I see these funds.
subject to a 3% fee on each withdrawal as well as a daily max limit. Also, what is the exchange rate for this? Does it depend on the atm/atm network I use? Or is the rate inclusive of the 3%
Opening up a HSBC US account:
don't know what the fees would be to transfer to a HK HSBC account, but I read in a past post that they were minimal. This will be kind of a pain as it would be set up solely for transferring funds.
Any suggestions? Nothing seems to be really jumping at me, and I'd like to save a buck where I can. Any help would be most appreciated!