Exchange rates on transfers to US bank account

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  1. #1

    Join Date
    Jul 2008
    Location
    Cheung Chau
    Posts
    5

    Exchange rates on transfers to US bank account

    I work in Hong Kong but transfer money regularly to the US, exchanging for US dollars. I've been surprised by the low amount that posts to my US account. Last night I got the exchange rate on my most recent transfer: 7.990! That's almost 4% over market. Granted, I transfer small amounts (~HK$10,000), but is there a way to get better rates? I'm already paying fees on this side (I think HK$100). How can I save the HK$400-$500 I'm losing on this terrible rate! My US bank is US Bank and my HK bank is Hang Seng Bank.

    Thanks for any advice!

    Last edited by Libra1980; 17-06-2009 at 09:21 AM.

  2. #2

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,221

    Get a multicurrency account here in HK. Convert the HK$ to US$ within your HK multi-currency account and then simply transfer US$ without any conversion. I'm not sure about Hang Seng, but if I did that now through HSBC each US$ would cost 7.758 HK$.

    (The reverse rate is currently 7.7425)


  3. #3

    Join Date
    Jul 2008
    Location
    Cheung Chau
    Posts
    5

    Great. Thanks!


  4. #4

    Join Date
    Feb 2009
    Posts
    22

    I use a company called Tranzfers.com check them out.

    You pay a minimum fee like 60 HKD and get the best rate of the day you actually transfer not the day your receiving bank decides to give you.

    I've been sending money back to the UK for the last year using this and saving probably 30-40 a transaction.

    Worth a look anyway...