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Bank wire transfer from UK to HK

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  1. #1

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    Bank wire transfer from UK to HK

    I would like to transfer some money from my bank in the UK to my Bank of China account in HK, but never done such a transfer before. I have a GBP foreign currency account in my BOC.

    How much roughly would the banks charge?
    Guessing there are 2 charges, outgoing and incoming fees? One from each branch?
    Other than that, the names and addresses of the banks, home addresses, account number and sort code/swift codes, there's nothing else, right?

    Many thanks


  2. #2

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    Use Transferwise, or other similar currency transfer companies. You will get a better rate and cheaper fees. Transferwise do same day transfers.

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  3. #3

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    Quote Originally Posted by kimwy66
    Use Transferwise, or other similar currency transfer companies. You will get a better rate and cheaper fees. Transferwise do same day transfers.
    Thanks for the quick reply. Does the fees depend on how much you are sending, or more or less the same for x amount? Looking at approx. 200,000 HKD.

    If I one would carry this amount through the airport and gets searched by security, can you get into trouble?
    Last edited by chodaboy; 11-06-2019 at 09:47 PM.

  4. #4

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    If you are sending GBP into a GBP account there should not be any fx fees - but there will be a sending fee and correspondent banks in between your UK bank and BOC may also charge. Better ask your bank - I would expect something like ~30GBP.

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  5. #5

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    If I one would carry this amount through the airport and gets searched by security, can you get into trouble?
    You can declare it upfront - no need to "hide". It is perfectly legal to bring cash in. Keep in mind that there are a number of inflight robberies these days.

    However, you will have problems depositing it - most banks here will not want a customer walking in here with that much money, unless it fits a pattern or they know you.
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  6. #6

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  7. #7

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    You are supposed to declare amounts larger than 10k euro when flying out of uk - for us it is 10k usd (both in- and outbound).
    The people at the x-ray checkpoints are mainly looking for conventional liquids and sharp objects - not cash - but there definitely is a chance of getting caught and questioned about it. You might miss your flight - not sure there is a fine if you can explain it.

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  8. #8

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    Quote Originally Posted by Elefant&Castle
    If you are sending GBP into a GBP account there should not be any fx fees - but there will be a sending fee and correspondent banks in between your UK bank and BOC may also charge. Better ask your bank - I would expect something like ~30GBP.
    Having never done a bank wire transfer before, I'm a little nervous - was wondering what happens if you enter the wrong digits for the BOC account, or a few wrong details - will the money be frozen since it's a large amount or something else? I haven't used my BOC HK account since last August so I'm guessing it's frozen / locked until I deposit something (in person?). Someone said on this forum that they lock it down if it's not active within 6 months.

    Quote Originally Posted by shri
    You can declare it upfront - no need to "hide". It is perfectly legal to bring cash in. Keep in mind that there are a number of inflight robberies these days.

    However, you will have problems depositing it - most banks here will not want a customer walking in here with that much money, unless it fits a pattern or they know you.
    Ahh, I just read about that - scary to think people are rummaging through passenger's bags when they are sleeping. I usually have my locked carry-on backpack in front of me at all times, hidden under the seat in front of me, with the keys to the lock in my pocket.
    I never had a problem at the BOC branch at the airport when depositing cash, largest amount I put into my account at one time was about 5,000 GBP in 50s.

    Quote Originally Posted by Elefant&Castle
    The people at the x-ray checkpoints are mainly looking for conventional liquids and sharp objects - not cash - but there definitely is a chance of getting caught and questioned about it. You might miss your flight - not sure there is a fine if you can explain it.
    What is the worst thing that can happen to you if you decide not to declare it and get caught / or do declare it but they won't accept your reasons for carrying that amount of cash on you? Do you think there is a high chance they will confiscate it and I will never get it back?
    I usually carry all my sterling in 50 pound notes inside a plastic pocket which is then placed inside another see-through plastic box.

  9. #9

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    If you enter the wrong digits, the transaction should bounce back.


  10. #10

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    I've had a wire bounce back because of wrong digits.
    Then I've also had a valid wire - out of China (BOC) - that didn't go anywhere for a week.
    Went back and they didn't know anything - had to pay 200 or 300 RMB for them to investigate.
    A week later the wire came through - no explanation where it had been held up - or return of the 'investigation fee'.

    If I were you, I would not wire into a possibly frozen account - 1st confirm that it is open.

    Bank wires are surprisingly primitive - take a look at this - guy did a local UK wire into the wrong account.
    And they can't reverse it - or even get into a dialogue with the person who owns it.

    https://www.ft.com/content/edc2061a-...4508:837752146

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