I need to convert 500k USD to HKD by the end of the week and I was wondering which is the best way to do this.
I need to convert 500k USD to HKD by the end of the week and I was wondering which is the best way to do this.
I recall meeting the MD of OzForex ( Oz Forex Foreign Exchange | Get Started ) who said that they can get better rates than banks, for larger sum transfers. Check and see what they offer.
Looking at the interest rates they give you in HK, you might as well put it in a suitcase.
To answer the question : I think you might as well use your own bank to change the USD to HK. I wouldn't risk my money with people or organizations i fully trust to make a minimal profit (the rates are pretty much fixed. + banks don't take that much commission to make the difference substantial.)
In such a case i would assume that timing will be a lot more important then the actual organization changing it.
Last edited by FilipH; 02-12-2008 at 01:28 PM.
>> banks don't take that much commission to make the difference
>> substantial
FX rate can be negotiated with the bank ... a few points here and there can make a diff.
He should definitely have a talk with his bank manager to get the timing right and the best possible rate. Will be worth his time. But i wouldn't move 500k to any other organization other then a bank to change this.
For a USD to EURO conversion (or USD to GBP), it might be more interesting. But the HK vs USD is a managed floating currency, so there won't be much margin to work with.