Best FX scenario for USD to HKD ?

Closed Thread
  1. #1

    Join Date
    Jun 2008
    Posts
    4

    Best FX scenario for USD to HKD ?

    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.


  2. #2

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,205

    Where are the USD now? In cash or in a bank account?


  3. #3

    Join Date
    Feb 2008
    Posts
    186
    Quote Originally Posted by PDLM:
    Where are the USD now? In cash or in a bank account?
    You think he has 500k USD in a suitcase under his bed?

  4. #4

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,205

    Plenty of people do in this town.


  5. #5

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,965

    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.


  6. #6

    Join Date
    Oct 2005
    Location
    Sham Tseng, NT
    Posts
    452
    Quote Originally Posted by pinko:
    You think he has 500k USD in a suitcase under his bed?
    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.

  7. #7

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,965

    >> 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.


  8. #8

    Join Date
    Oct 2005
    Location
    Sham Tseng, NT
    Posts
    452
    Quote Originally Posted by shri:
    >> 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.