How to get money from a US bank account?

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  1. #1

    How to get money from a US bank account?

    I have no debit card yet (it's in the mail), but I need access to my money so I can rent a room. Some options are: - My dad can send me some via Western Union. - I can open a local bank account and try to transfer money directly from my US account to here. - I can open a local bank account and write myself a US check and try to cash it. What's the cheapest way to do this? I don't want to forfeit a huge fee. I'll be transferring HK$20000-25000. I assume western union is the cheapest, otherwise nobody would ever use it? Or is it just that the other options are more complicated?


  2. #2

    Join Date
    Jun 2005
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    Cashing a US cheque generally takes many weeks, so forget that option. A wire transfer would probably take almost as long (and cost as much) as couriering the debit card over. If you need it sooner than the card would get here (which is only 2 days by courier) then WU (or similar) is basically your only option.


  3. #3

    I can't edit my original post's formatting, so let me ask instead: is it cheap to transfer money directly from a US bank account to a HK account? Is it slow?


  4. #4

    Join Date
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    Quote Originally Posted by matchstick man:
    I can't edit my original post's formatting, so let me ask instead: is it cheap to transfer money directly from a US bank account to a HK account? Is it slow?
    There is typically a fixed fee for any amount under US$10k - depending on the bank between US$25-75 dollars per transfer. Some banks have arrangements with banks on this side to reduce or waive fees (often dependent on you keeping fairly large minimum balances in an account). In theory the transfer can be immediate, but it typically takes around 24 hours because it needs to be initiated during banking hours in the US and the funds need to be received by a bank remittance department in HK and posted to your account during working hours.

  5. #5

    Join Date
    Mar 2007
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    Speed of international transfer depends on the bank and type of account. My account (HSBC Premier) I can send money to myself instantly (really, instantly). For other bank accounts it has taken up to 3 days. My colleague who is transferring from a different bank (ie not the same bank in both places) says it takes him a minimum of 3 days.
    But I am confused - you came here without any form of cash/ATM card? It's that a little odd? Normally just drawing cash out of the ATM is by far the easiest way to moving small amounts quickly.


  6. #6

    Join Date
    Mar 2010
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    Write in the instructions for immediate wire,
    My money is there the next day, fees US 15 out and US 10 in. Banks also chargr for drawing forex so convert it into HK$.
    I think US citizens have difficulty opening a bank account ? Or is a brokerage account the problem?

    Last edited by Morrison; 16-12-2011 at 01:30 PM.

  7. #7

    Join Date
    Dec 2009
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    6,714
    Quote Originally Posted by Morrison:
    I think US citizens have difficulty opening a bank account ? Or is a brokerage account the problem?
    Both, lots of extra paper work needed.