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  • 2 Post By hktraveller
  • 2 Post By bdw
  • 1 Post By aussie_oi_oi_oi
  • 2 Post By hktraveller
  • 1 Post By bdw

a good website to find the best exchange rates

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  1. #1

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    a good website to find the best exchange rates

    TTRate.com Hong Kong - Local banks' latest and best foreign exchange rates
    jrkob and bdw like this.

  2. #2

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    Thanks. There is also another android app called 'HK FX Rates' that does something similar. I just compared TTRate to HK FX Rates, looked at the TT buy and sell rates for a few currencies including AUD and GBP, and both apps reporting identical numbers.

    There is another thread around here where I claim that HSBC publish the worst exchange rates of all the banks in Hong Kong, then when you execute a transaction they use marketing tricks to give you 'preferential rates' that are more aligned with the other banks, but actually still a little bit worse off, depending on whether you are priority banking or not and the size of the transfer you are doing. Other banks don't do this kind of marketing tricks. But other posters here claimed that the HK FX Rate app I used to check the rates was unreliable, or that I was mistakenly looking at the cash rate rather than the TT rate. But your TTRate link supports my argument, pick any rate you want and HSBC publish very shit rates. When executing they give you something a lot better.

    The bottom line is that these apps are useful, but still difficult to compare because what you see on these apps is not actually what you get.

    TheBrit and jrkob like this.

  3. #3
    Quote Originally Posted by bdw:
    The bottom line is that these apps are useful, but still difficult to compare because what you see on these apps is not actually what you get.
    bdw: curious to know what you use to transfer your AUD from HK to AUS and what the fees are (if any)?

  4. #4

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    Quote Originally Posted by aussie_oi_oi_oi:
    bdw: curious to know what you use to transfer your AUD from HK to AUS and what the fees are (if any)?
    I have used clearfx.com in the past which provide an excellent service. You can setup everythnig online or over the phone, they give you a local HKD bank account where you can just do a regular local HKD transfer too, then they do all the overseas part for you. There are no fees except maybe an intermediary bank depending where you are sending the money too. You can see the rates they offer on their website, which get better the higher amount you transfer.

    Having said this, the last time I wanted to use them to send AUD their rates were not any better than just doing a normal TT with my HK bank. So I didn't use them. I still use them for Malaysian ringgit though because I need to send MYR to Malaysia and my bank here doesnt offer this currency so can only send HKD and let the Malaysia bank do the transfer which is a lot worse than doing it in HK. So I still use clearfx for MYR.

    I'm curious if you know any better options?

    https://www.clearfx.com/

  5. #5

    interesting...

    there is one option but it involves using HSBC premier

    set up one in HK and set up one in Aus = free transfer

    problem is you're stuck using HSBC rates for the FX conversion, am not aware of a way to deposit AUD into the HK HSBC account besides doing cash deposits (AUD $1.5k per day = painful if you want to send back a larger chunk home to your offset)

    HSBC HK -> HSBC Aus = instant; then you can transfer from HSBC Aus to whatever bank (e.g. CBA) for free and receive by T+1

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  6. #6

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    If you have a Premier account you can add an advance and a smart vantage and can pay into each account so you can significantly increase the limit. Or make a joint premier with someone in which you keep the balance, then each of you can open a personal premier in addition plus the others.
    Or open an account in a bank with better rates, change there and transfer the money to HSBC which should be much cheaper than to overseas.

    shri and aussie_oi_oi_oi like this.

  7. #7
    Quote Originally Posted by hktraveller:
    If you have a Premier account you can add an advance and a smart vantage and can pay into each account so you can significantly increase the limit. Or make a joint premier with someone in which you keep the balance, then each of you can open a personal premier in addition plus the others.
    Or open an account in a bank with better rates, change there and transfer the money to HSBC which should be much cheaper than to overseas.
    thanks - great idea, but can you actually do a directAUD transfer from say, a BOC AUD account in HK to a HSBC AUD account in HK? I was of the impression you can't?

    edit: ahhh I see you can actually, interestng thanks!

  8. #8

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    Quote Originally Posted by aussie_oi_oi_oi:
    thanks - great idea, but can you actually do a directAUD transfer from say, a BOC AUD account in HK to a HSBC AUD account in HK? I was of the impression you can't?

    edit: ahhh I see you can actually, interestng thanks!
    The weird thing is in HK with some banks you can transfer foreign currency for free to another local bank (HSBC) while with others you have to pay (SCB)

  9. #9

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    With Standard Chartered Priority banking, they waive the charges on the daily cash handling limit. For example, normal plebs can maybe depoiit/withdrawal only AU$500 per day without fee, after that they charge some % fee. But if you have priority, you can withdrawal/deposit as much cash as you like every day (subject to their availability).

    jrkob likes this.