Exchanging HKD to GBP

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  1. #1

    Join Date
    Jul 2007
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    65

    Exchanging HKD to GBP

    Im looking to transfer some money from my account here (HKD HSBC account) to my UK Bank account (not HSBC). Im looking to transfer around 10K GBP so just want to check what would be the cheapest way to do this. I realise I can just exchange 10K GBP in my HSBC account here through HSBC then go through with the transfer but I was perhaps thinking I could get a better exchange rate if I went to say a money exchange counter/shop and took out the 10K GBP in cash. What would you guys think? I realise I have to pay around a 115HKD fee for an overseas transer from my HSBC bank here but Im really looking to see where to get the best exchange rate.
    Thanks!


  2. #2

    Join Date
    Feb 2009
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    I exchanged some funds recently using www.ukforex.com. Got a better rate than HSBC.


  3. #3

    Join Date
    Jul 2007
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    65

    Yep had a look at UKForex and their rates are very good (around 11.91). Plus they seem to be a good option for transferring money to UK with no fees. You said you used them before....were there any other fees from the recipient bank in terms of receiving the money? For example I know that my bank in the UK will charge a fee of around 6 GBP to receive an overseas money transfer, but it seems the way UKForex work is that they will transfer the money from their UK account to my UK account so hopefully this fee should be not there.

    Hopefully you had a good experience with them!
    Thanks for all the help!


  4. #4

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    The recipient bank account was also in HK, and no I don't believe there was a charge.


  5. #5

    Join Date
    Aug 2006
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    A few weeks ago the exchange rate was closer to 11.6, so 11.9 is not particularly attractive (unless rates go above 12).


  6. #6

    Join Date
    Jul 2007
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    Yep I figured the rate changes regularly on a daily basis but most likely I can't see the pound dropping to below 11.6 anytime soon......Im just worried it will start to go above 12.00!
    Will probably try one of these agencies like UKForex since their rates are quite good compared to the other banks and for higher amounts there are no major fees.

    Thanks again everyone! If anyone does happen to have any forecast advice of whether or not the rate will drop soon then I would be very grateful to hear!


  7. #7

    Join Date
    Aug 2006
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    See http://www.xe.com/currencycharts/?fr...to=HKD&view=1Y

    It was 11.55 around 13 March this year.


  8. #8