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  • 1 Post By HowardCoombs
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  • 1 Post By Trebor

Advice needed from HSBC customers (non-premier and non-advance accounts) concerning wiring money

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  1. #1

    Advice needed from HSBC customers (non-premier and non-advance accounts) concerning wiring money

    I need to transfer about US$30,000 every quarter from my "normal" HSBC account in the States to my HSBC account in HK. I haven't done it before. I am ok with paying the US$35 wiring fee for each wiring transfer, but I have a couple of concerns.

    1. I've heard that HSBC HK has the worst FX rate, do you know if I can just transfer the money in US$ to Hong Kong, then take the US$ out from my HSBC account in HK and go somewhere with a better FX rate? If I can, do you have any suggestions on which institutions or FX places usually have better FX rate?

    2. I only used my hk HSBC account about three times over the last 15 years or so period, and every time I used it, I got a feeling it had more restrictions and requirements and one time I had a pay a fee in order to take some money out from a branch. Since I will need the wired money to pay all of my family's expense including rent, I would like to know if they will charge me everytime I take money out, or if there are ways to avoid charges.

    If there are any other better/cheaper/more convenient ways to transfer US$ to HK, please advise, and thanks in advance!


  2. #2

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557

    Have you looked at Citibank as an alternative? Don't know the full ins and outs though.

    Exchange rate for HKD to USD is pretty much fixed within a set banding, so you should not get too screwed over on that front.

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  3. #3

    Join Date
    Mar 2007
    Posts
    13,099

    1) Yes, you can txfer USD to USD and then you can withdraw USD. As USD/HKD is pretty tightly pegged, I doubt you're going to get significantly better rates to make the running around worthwhile.

    2) I've never heard of getting charged for taking money out. What was it for exactly?

    Co Co Nut likes this.

  4. #4

    HowardCoombs: I don't remember how much they charged me, but it was when I went back to HK for vacation and tried to take out a couple of thousands HK$ to spend, but they told me the fee was for taking money from the "physical branch" service instead of ATM or something. Thanks for your reply, it makes me feel better knowing I do not need to worry much about FX rate!


  5. #5

    Join Date
    Oct 2012
    Posts
    296

    you've had a HK account for 15 years or so and only now assured of HKD-USD peg which has been around since the 70s....?


  6. #6

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    5,063

    You should have a multi currency account with HSBC so there should be no FX concerns anyway despite it being pegged.

    I've withdrawn thai baht over the counter before and not been charged but i think there was a charge when i went with a client to the central branch and withdrew USD 60,000 over the counter. I can't remember how much it was but it was not a significant amount and this was a business account not a personal one.

    Last edited by Trebor; 15-10-2014 at 10:40 AM.
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  7. #7
    Quote Originally Posted by rakedavids:
    you've had a HK account for 15 years or so and only now assured of HKD-USD peg which has been around since the 70s....?
    rakedavids: I had this HK HSBC when I first started my secondary school (12 years old?) and later I came to the US. I know these two currencies are pegged, but I had never tried to go to different FX places to compare if they offer close enough FX rates ( because I am not sure if factors like banks' credibilities, locations, services play a big factor in the rate that they set).
    Isn't it nice that an ignorant person like me can find great advice from great people here? Cheers!