View Poll Results: Best ways to remit money from Canada to Hong Kong?

Voters
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  • banks wire transfer

    3 33.33%
  • western union

    0 0%
  • instarem

    2 22.22%
  • WISE (formerly transferwise)

    4 44.44%
  • Paypal

    1 11.11%
  • currencyfair

    0 0%
  • Alipay

    0 0%
  • WeChat pay

    0 0%
  • none of the above; please specify

    0 0%
Multiple Choice Poll.
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  • 2 Post By shri
  • 4 Post By bdw
  • 1 Post By shri
  • 1 Post By ndt

Ways of sending money from Canada to Hong Kong

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  1. #1

    Join Date
    Jan 2014
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    1,010

    Ways of sending money from Canada to Hong Kong

    which method is best?

    what are the pros and cons of each?



    (A) banks wire transfer
    (B) western union
    (C) instarem
    (D) WISE (formerly transferwise)
    (E) Paypal
    (F) currencyfair
    (G) Alipay
    (H) WeChat pay
    (I) none of the above; please specify

    on a monthly basis....


  2. #2

    Join Date
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    Am unaware of any Canada specific charges / fees / FX rates app.

    This would be my low-risk way of doing things..

    Canadian Dollar to Canadian Dollar via a common bank gives you free transfers within its system if possible, to avoid any cross border transfer fees. Bank A in CDN to another account at the same bank but in HK ...

    You can then convert here using whatever app or mechanism gets you the best rate.

    Paypal etc will have extremely high costs + FX rates which are horrible.

    nivek2046 and alexdown like this.

  3. #3

    Is there a way to avoid doing it on a monthly basis (say, quarterly or even less frequently)? I move money to the US but only a few times per year to avoid the transfer fees...


  4. #4

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    Quote Originally Posted by MABinPengChau:
    Is there a way to avoid doing it on a monthly basis (say, quarterly or even less frequently)? I move money to the US but only a few times per year to avoid the transfer fees...
    Citi -> Citi or something similar?

    Also DBS HK has a free service called DBS Remit to select countries / home currencies. DBS HK to your bank in the US should be free for USD. Your bank might charge some fees.

    As you can tell - I avoid these transfer apps, as I feel they introduce a non-zero risk point of failure.

    https://www.dbs.com.hk/personal/depo...rseas-transfer
    qhank likes this.

  5. #5

    Join Date
    Jan 2014
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    Quote Originally Posted by shri:
    Am unaware of any Canada specific charges / fees / FX rates app.

    This would be my low-risk way of doing things..

    Canadian Dollar to Canadian Dollar via a common bank gives you free transfers within its system if possible, to avoid any cross border transfer fees. Bank A in CDN to another account at the same bank but in HK ...

    You can then convert here using whatever app or mechanism gets you the best rate.

    Paypal etc will have extremely high costs + FX rates which are horrible.
    Thanks.

    Let's say I have opened a HSBC account (in Canadian dollars) in Hong Kong and have just received some money there from Canada.

    What is the cheapest way of withdrawing in Hong Kong dollar from that account? Thanks.

  6. #6

    Join Date
    Sep 2018
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    1,283
    Quote Originally Posted by nivek2046:
    Thanks.

    Let's say I have opened a HSBC account (in Canadian dollars) in Hong Kong and have just received some money there from Canada.

    What is the cheapest way of withdrawing in Hong Kong dollar from that account? Thanks.
    Give us a ballpark of how much CA$

  7. #7

    Join Date
    Jan 2014
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    1,010
    Quote Originally Posted by aw451:
    Give us a ballpark of how much CA$
    sometimes less than HK$100,000

  8. #8

    Join Date
    Feb 2009
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    6,898
    Quote Originally Posted by nivek2046:
    Thanks.

    Let's say I have opened a HSBC account (in Canadian dollars) in Hong Kong and have just received some money there from Canada.

    What is the cheapest way of withdrawing in Hong Kong dollar from that account? Thanks.
    Then just open a HSBC One account in HK if you dont already have it, and its completely free to move CAD from HSBC Canada to HSBC HK using HSBC global transfer. This is a feature that used to be part of the HSBC Priority "Global View" for only the most exclusive snobs, but now any dickhead off the street with no minimum account balance can have this free feature. Do not do a telegraphic transfer with swift codes, fees for sending/receiving/middle bank and all that bullshit.

  9. #9

    Join Date
    Jan 2014
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    1,010
    Quote Originally Posted by bdw:
    Then just open a HSBC One account in HK if you dont already have it, and its completely free to move CAD from HSBC Canada to HSBC HK using HSBC global transfer. This is a feature that used to be part of the HSBC Priority "Global View" for only the most exclusive snobs, but now any dickhead off the street with no minimum account balance can have this free feature. Do not do a telegraphic transfer with swift codes, fees for sending/receiving/middle bank and all that bullshit.
    ok, thanks.

    Once there are Canadian money in that HSBC One account, what is the cheapest way of converting to Hong Kong dollar?

  10. #10

    Join Date
    May 2021
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    205
    Quote Originally Posted by nivek2046:
    ok, thanks.

    Once there are Canadian money in that HSBC One account, what is the cheapest way of converting to Hong Kong dollar?
    Check HSBC's rate for CAD-HKD and compare with IB/Wise/InstaRem etc, if amount is big and you don't mind opening another account, check other bank's conversion rate..
    nivek2046 likes this.