Citi Global Transfer - how is the exchange rate?

[pho008]

I have a Citi account in the US. I am considering using Citi Global Transfer to transfer money to Hong Kong. I can't see the exchange rate until I have set up a link to the Citi account of someone in HK. No one in my family currently has a Citi account in HK. For those who have used Citi Global Transfer, how favorable are the exchange rates you get?

[hktraveller]

I avouid exchanging in CITI as I can get much better rates elsewhere. Can't you transfer USD to your multi currency account and avoid exchange?

here a list of the banks and money changers with better rates. But may not be up to date outside banking hours.
https://hk.ttrate.com/en_us/index.ph...tt_buy&order=0

[pho008]

Unfortunately, I don't have a multi-currency account. I live in the US, but need to send some money to my parents in HK. Just looking for a way to avoid wire transfer fees. I would probably be transferring US$5K to $10K at a time.

[er2]

Fairly sure your parents have a multi currency account - even the most basic accounts here do. Suggest you just transfer usd to their account and they then can convert these within their account into hkd. A

[bigcrown]

Why don't you send the USD to your partner's USD account?

[Drunken Master]

I avouid exchanging in CITI as I can get much better rates elsewhere. Can't you transfer USD to your multi currency account and avoid exchange?

here a list of the banks and money changers with better rates. But may not be up to date outside banking hours.
https://hk.ttrate.com/en_us/index.ph...tt_buy&order=0

Small Girl exchange sells USD for 7.768 which is well below the market rate. Anybody got experience changing money there?

[hktraveller]

Both Small Girl and Com Po are currently the lowest sellers. They only offer the best rates when they have over supply. Cash is cheaper in HK than TT at present. But you need to be able to get it into the bank without charges. I buy large amounts from both regularly. No issues.

[hktraveller]

If you deposit cash into the bank you pay about 0.25% fee which eats the profit or at least doesn't make it worth the time queuing.

[hktraveller]

Ok, just saw the rate of Wing Lung is for cash. Then again, they would need to carry 100000 US cash to Wing lung to make 167 US profit, taking the risk to get robbed (Happened a few times recently).
Also this spread is not common. Just in recent days. Normally their best rate is 7.773 which makes it less attractive.

[callbk]

i used Citi online banking's FX a couple times. I think they have a tiered structure with fixed spread because they consistently charged me 60bps = 0.6% for HKD amount thats usually around 200k.