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HKD to GBP trasnfers

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  1. #1

    Join Date
    May 2016
    Posts
    13

    HKD to GBP trasnfers

    Anyone aware of any new low-cost ways of transferring HKD to GBP that I've not heard of in the last few months?

    Unfortunately TransferWise doesn't allow you to add funds from a HKD account, but a service like that would be ideal. With a lot of other services (World Remit etc) the rate is very un-competitive

    Assuming transfer sizes of around 50,000 HKD... what's the easiest, most cost-effective way to do this?

    I've yet to find a way that works out much better than simply spending in the UK with a HKD mastercard credit card, even with a 1.5% foreign transaction fee...


  2. #2

    Join Date
    Oct 2006
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    Hong Kong
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    I've used Instarem a few times. Seems to work fine.

    Are you sure about TransferWise, I thought it had HK functionality now.

    periphery831 and shany86 like this.

  3. #3

    Join Date
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    Hsbc got a promotion till April 12 for fx at near cost price

    shri likes this.

  4. #4

    Join Date
    Feb 2019
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    638

    TransferWise definitely accept transfers from HSBC HKD accounts, and the rate is hard to beat. Approx 0.3% for transactions around HKD 50k.


  5. #5

    Join Date
    May 2016
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    Quote Originally Posted by GentleGeorge:
    TransferWise definitely accept transfers from HSBC HKD accounts, and the rate is hard to beat. Approx 0.3% for transactions around HKD 50k.
    Have you done this yourself? I'm 99.99% sure it's not possible - I've tweeted them about it this week and by their own admission, it can't be done. I think you can transfer to HKD accounts, but not from? But I'd be very glad to stand corrected if you know how and I've misunderstood...
    Last edited by shany86; 10-04-2019 at 07:19 AM. Reason: Meant to quote previous poster

  6. #6
    bdw
    bdw is offline

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    Feb 2009
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    5,889

    Second Instarem. I’m not sure about GBP, but I use them to transfer to Malaysia all the time and they offer the best rates. Also whether you transfer $5k or $500k, the rates are exactly the same and you end up with the same amount at the other end, so it’s much easier to make smaller, more regular transfers and no need to save up and do large transfers.


  7. #7

    Join Date
    Oct 2006
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    Quote Originally Posted by shany86:
    Have you done this yourself? I'm 99.99% sure it's not possible - I've tweeted them about it this week and by their own admission, it can't be done. I think you can transfer to HKD accounts, but not from? But I'd be very glad to stand corrected if you know how and I've misunderstood...
    I have done dummy transfers with them and they provide details of HKD accounts in HK to use.

    I ended up using instarem eventually as their rates were better.

  8. #8

    Join Date
    Feb 2019
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    638
    Quote Originally Posted by shany86:
    Have you done this yourself? I'm 99.99% sure it's not possible - I've tweeted them about it this week and by their own admission, it can't be done. I think you can transfer to HKD accounts, but not from? But I'd be very glad to stand corrected if you know how and I've misunderstood...
    I have, I use them regularly to send GBP home. I sent money last week. They have a local DBS account that takes HKD payments.

  9. #9

    Join Date
    Apr 2013
    Posts
    31

    Interactive brokers would give you the best rates, if you have accounts in your own name in both currencies.
    They don't like it if you use it just to transfer through money so you should use them for investing also.


  10. #10

    Join Date
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    Wrong side of the door to hell
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    Quote Originally Posted by shany86:
    Have you done this yourself? I'm 99.99% sure it's not possible - I've tweeted them about it this week and by their own admission, it can't be done. I think you can transfer to HKD accounts, but not from? But I'd be very glad to stand corrected if you know how and I've misunderstood...
    Make an account, provide ID, link your HK bank account, send transfers. It is literally that simple. I use transferwise all the time like this, with instant bank transfer from our SC account in HKD to the Transferwise HK account, then same day payout into French euro or UK GDP account, or even same hour payout to Australia AUD. Rates are excellent, fees are low, just open an account and use it.