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Good time to change HKD to GBP if leaving for UK

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  1. #31

    Join Date
    Feb 2009
    Posts
    8,280
    Quote Originally Posted by dboldie:
    Is it easy to option 1 online?
    To setup an IB account online is fairly simple, upload HKID, passport, address proof, etc. Then at some point you get get 4 options about how to verify your ID. If you want to continue all online and start trading, choose option 4, you then link your IB acccount to a HK bank account, send >HKD$10,000 from that HK bank account to your IB account, your ID is verified. This is what I have done, now I am trading using IB, I purchase mainly Irish domiciled ETF's in USD like IWDA and EIMI, I can do fx conversions between HKD/USD and a million other currencies at the best rate possible for average Joe's like you and me. I have a margin account which lets me purchase more shares than funds I have sent to IB, USD margin rates are 1.83% which is quite good. So all this part is fine and simple to setup online.

    However, the limitation I have now with option 4 is I must deposit funds only from this HK account I specified at setup, and I can only withdraw funds back to this same account, in HKD/USD/RMB only. So for other currencies like AUD, GBP, JPY, etc, I have access to the best exchange rates in the world, but then cannot withdraw. So I can purchase AUD shares inside IB, as long as I keep it inside IB is fine, but I cannot withdraw that AUD to an AU bank account. I can only convert back to HKD and then withdraw it to my HK bank account. So this is why if you are opening IB account to trade, then option 4 is fine, but if you are opening IB for the specific purpose of fx conversion and sending to an overseas bank account, then you will need to do option 1-3.

    If you are in Hong Kong, its easy, just go option 1, visit the IB office and show your HKID, its done in 5 minutes. For me overseas, there are a few other methods, such as sending them a cheque, but some signature nazi prick in Citibank whose entire job description is to look for signatures that dont match on cheques and bounce them, gets a lot of enjoyment from my pain and suffering, I have to try again to please this prick or maybe wait until the borders open or find some other way to verify my identity.
    shri likes this.

  2. #32

    Join Date
    Feb 2012
    Posts
    71

    Does anyone know what bank account IBKR use to receive USD funds? I'm trying to determine what the bank charges would be if I'm sending from HSBC HK. If they also use HSBC HK, there shouldn't be any bank charges.


  3. #33

    Join Date
    Feb 2019
    Posts
    3,240
    Quote Originally Posted by Gavster:
    Does anyone know what bank account IBKR use to receive USD funds? I'm trying to determine what the bank charges would be if I'm sending from HSBC HK. If they also use HSBC HK, there shouldn't be any bank charges.
    It is random but small, between 2$ and 10$ I would say from past experience. It's removed in transit, in a very non-transparent manner.
    Gavster likes this.

  4. #34

    Join Date
    Dec 2002
    Location
    薄扶林
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    47,971
    Quote Originally Posted by Gavster:
    Does anyone know what bank account IBKR use to receive USD funds? I'm trying to determine what the bank charges would be if I'm sending from HSBC HK. If they also use HSBC HK, there shouldn't be any bank charges.
    If I remember from a while back, usd goes to Citi USA.
    Gavster, Sith and qhank like this.

  5. #35

    Join Date
    Feb 2005
    Location
    Manchester, UK
    Posts
    7,790
    Quote Originally Posted by shri:
    What are the fortune tellers and tea leaves reader saying a out the exchange rate at the moment?

    I see hkd at 9.872 at the moment.
    9.7440 / HSBC selling 9.82HKD

    https://yhoo.it/3ET5F45

  6. #36

    Join Date
    May 2009
    Posts
    1,289
    Quote Originally Posted by shri:
    If I remember from a while back, usd goes to Citi USA.
    This is correct.
    shri likes this.

  7. #37

    Join Date
    May 2009
    Posts
    1,289
    Quote Originally Posted by GentleGeorge:
    It is random but small, between 2$ and 10$ I would say from past experience. It's removed in transit, in a very non-transparent manner.
    Last year did 2 transactions from HSBC HK to IB in USD and both times they deducted 25 USD and 6.45 USD (it were quite large sums so not sure if they have min/max amounts)
    If I read the statements right the 6.45 USD are deducted from the HSBC account separate from the transfer so I assume these are HSBC fees and the 25 USD are deducted in transit so I guess these are intermediate banks fees (who ever they may be)

    In the same month did an AUD transfer from IB to HSBC HK and no fees whatsoever.

  8. #38

    Join Date
    Mar 2021
    Posts
    26

    Seems like GBP is at it's weakest relative to HKD that its ever been... going to go lower?


  9. #39

    Join Date
    May 2005
    Location
    Hong Kong Island
    Posts
    337

    good time to buy GBP, maybe?


  10. #40

    Join Date
    Mar 2021
    Posts
    26

    Yes, I was thinking that... but my concerns are that the UK appears to be disintegrating completely from a social and political perspective. I have visions of Zimbabwean style hyperinflation and wheelbarrows full of cash...

    qhank likes this.