Cheap way to transfer/change euros into HKD

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  1. #1

    Cheap way to transfer/change euros into HKD

    Hi all,

    I'm new to this site - visiting HK later this week and transferring with my employer from Madrid to HK in July.

    I wanted to ask if there is a cheap and easy way to transfer or change about €3000 into HKD. I ask this because I have found that Spanish banks charge ridiculous amounts for international transfers - the upshot being that last time I moved a similar amount of euros to the UK, it was cheapest and easiest to withdraw the money as cash, take it to the low-rent money changers on oxford st near tottenham court road tube, and then pay the £ cash into my UK account.

    I don't yet have a HKD account but I will be opening one when I arrive next week, hence why having the cash would be useful.

    Where could I find money changers in HK that would give me a good rate for my euros?

    Thanks all
    R


  2. #2

    Join Date
    Jul 2007
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    Quote Originally Posted by jrdwilkinson:
    Hi all,

    I'm new to this site - visiting HK later this week and transferring with my employer from Madrid to HK in July.

    I wanted to ask if there is a cheap and easy way to transfer or change about €3000 into HKD. I ask this because I have found that Spanish banks charge ridiculous amounts for international transfers - the upshot being that last time I moved a similar amount of euros to the UK, it was cheapest and easiest to withdraw the money as cash, take it to the low-rent money changers on oxford st near tottenham court road tube, and then pay the £ cash into my UK account.

    I don't yet have a HKD account but I will be opening one when I arrive next week, hence why having the cash would be useful.

    Where could I find money changers in HK that would give me a good rate for my euros?

    Thanks all
    R
    Moneybookers.

  3. #3

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    I find drawing it out at the local ATM's to be a quick, convenient and not that bad way of transferring money.

    If you are opening an account here, a wire transfer is likely to be the overall cheapest solution for serious sums of money.


  4. #4

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    For 3000 euros, I would probably take cash and change the money into HK$ once in Hong Kong. This assumes that the euro does not weaken any more between now and July.


  5. #5

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    Sorry, Moneybookers seems not to allow to withdraw into HK anymore (Only to OECD countries.) Rules get stricter. I haven't used them for a while since I can transfer money through HSBC Premier free of charge.

    Last edited by hktraveller; 24-05-2010 at 09:44 AM.

  6. #6

    Thanks all,
    Drumbrake - where is a good place to change cash?


  7. #7

    Join Date
    Mar 2010
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    The best place to change money is at a bank. Money changers give really bad rates, especially the ones at the airport.

    It is CHEAPEST to change the money if you already have an account, since the "TT" rate (non cash) is better than the cash rate. But I guess you have no account, so just change it at a bank.


  8. #8

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    You can open a multi-currency bank account with most of the banks in HK and deposit the Euros in it. You can then exchange them for HKD online, whenever needed (maybe hoping for a stronger Euro soon?...)


  9. #9

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    Aug 2006
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    Will there still be a euro in one year....

    If you are going to work in HK, open an account when you get here and either deposit the euros into a euro account, or exchanging for HK$ at the bank.

    If you haven't got a bank account yet and want to exchange into cash, avoid the money changers at the airport. Instead head to the ones in Chungking Mansions, Tsim Sha Tsui. They generally offer quite good rates.


  10. #10

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    If you are coming with cash there are a number of threads here where the best rates for cash are. I use Berlin Exchange in Central. Check them out on threads and their rate on their site which they post daily. Stay away from the street corner places as they are not not giving decent rates except for RMB- HK and vice versa.