Sorry to revive an old thread, under search I think this is the most appropriate one. I have a significant amount of HKD to exchange to GBP. I have accounts with HSBC and SCB (including the i6 form). Even with both of their secret rates they’re way outside the spot market. 9.71 or 72 when the market ask was 9.66. Frustratingly I’ve been watching the rate creep up.
I’ve now applied for a saxo account so the intention is to switch do the fx and switch back with significant savings even if there are bank charges. By the time this bloody account is up and running I guarantee I probably could have got better online rates from HSBC last week!
SCB were quite frankly useless. The time deposits offered were exactly the same as I got online. HSBC on the other hand managed to give me 4.3 today on a six month fix - conditional on taking their phone negotiated fx. This is better than I could have got at SCB 4 percent for 12 months 3.5 for 6 and miles better than HSBCs published rates presumably because of the size. It’s not ideal but I can’t gamble on Saxo account being done quickly so some of the HKD has gone this way. Got an email to say large volumes could be 3-5 days (no doubt it will actually be ready tomorrow)
FWIW the money related to a terminated investment and effectively some of my retirement/future so NOT a how rich am I comment. I need to redeploy and diversify away from bank concentration. I can’t decide yet what to do with it but the short term is fixed deposits up to bank guarantee limits (I have UK accounts too). I only discovered earlier this week that you don’t have to be UK resident to open an NSI account where you get 100 percent guarantee on entire balance and fabulous rates on instant access 2.85 I think as well as the term deposit options. That’s where most of the money is going once Saxo is done