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Good time to change HKD to GBP if leaving for UK

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  1. #1

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    Good time to change HKD to GBP if leaving for UK

    When my wife's MPF arrived in Sept 2020 after leaving HK the rate was rubbish. We hung on for months but eventually transferred. Would have beaten growth vs. interest rates and investments if we'd waited until now.

    Looking good for summer leavers though. What's this down to - poor pound or strong HKD (strong US dollar?)

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    shri and Mrs. Jones like this.

  2. #2

    Join Date
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    Glad you brought this up ... just noticed this earlier today.

    Sterling fell to its lowest level since late 2020 versus the dollar on Friday, after data showed British retail sales dropped in March by more than expected.

    The British pound fell to as low as $1.2906 and was last down almost 0.5% on day . It also weakened against the euro, and was last down 0.4% at around 83.49 pence per euro.

    British retail sales volumes slid by 1.4% in March from February, a worse reading than average economist forecast in a Reuters poll that had pointed to a 0.3% monthly drop, official data showed on Friday.
    https://www.reuters.com/world/uk/ste...ar-2022-04-22/

  3. #3

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    A far cry from the 14,15 approaching 16 I used to get as a visitor. It has been up as high as over 13 since I've been here permanently

    https://finance.yahoo.com/quote/gbphkd=x/

    If the link doesn't do it click max. Don't bank on rates being like this for ever, but maximise what you can now and never regret what you might have if rates continue to go south (unlikely)


  4. #4

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    Quote Originally Posted by Pauljoecoe:
    When my wife's MPF arrived in Sept 2020 after leaving HK the rate was rubbish. We hung on for months but eventually transferred. Would have beaten growth vs. interest rates and investments if we'd waited until now.

    Looking good for summer leavers though. What's this down to - poor pound or strong HKD (strong US dollar?)

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    which one is best to change/send money into gbp ?? i just checked HSBC its 10.07 HKD for 1 GBP

  5. #5

    Join Date
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    Quote Originally Posted by chuckster007:
    which one is best to change/send money into gbp ?? i just checked HSBC its 10.07 HKD for 1 GBP
    IB if you have an account with them.
    qhank likes this.

  6. #6

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    Quote Originally Posted by Sith:
    IB if you have an account with them.
    What is the cost of transferring the GBP from IB to say HSBC HK or UK?

  7. #7

    Join Date
    May 2009
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    Quote Originally Posted by shri:
    What is the cost of transferring the GBP from IB to say HSBC HK or UK?
    If it's once a month? Nothing, except the spread obviously (which is the smallest we normal people can get) and the cost of the receiving bank if any.

    But can only transfer to an account in your name (or if joint account on IB to one of the two names)
    GentleGeorge and qhank like this.

  8. #8

    Join Date
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    I asked IB the same question and they just told me they will always use their UK account to make the transfer, but didn't want to elaborate on the bank charges. From their side, once a month is free and after that it's GBP 7. So I guess you would be better off to transfer to your UK bank account so it would be a local transfer and shouldn't incur any charges


  9. #9

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    Quote Originally Posted by Gavster:
    I asked IB the same question and they just told me they will always use their UK account to make the transfer, but didn't want to elaborate on the bank charges. From their side, once a month is free and after that it's GBP 7. So I guess you would be better off to transfer to your UK bank account so it would be a local transfer and shouldn't incur any charges
    It doesn't matter if it's a local or an international transfer, at least not from IB side.
    Yes they will use the UK branch (even for EUR) and the US branch if you transfer USD, but without a cost.

    You should check with the receiving bank if they have any charges for incoming (international) funds to see if it would be completely free or that in the end you have to pay some charges to the receiving bank.
    qhank likes this.

  10. #10

    Join Date
    Feb 2012
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    Quote Originally Posted by Sith:
    It doesn't matter if it's a local or an international transfer, at least not from IB side.
    Yes they will use the UK branch (even for EUR) and the US branch if you transfer USD, but without a cost.

    You should check with the receiving bank if they have any charges for incoming (international) funds to see if it would be completely free or that in the end you have to pay some charges to the receiving bank.
    Yeah, I assumed he was referring to the overall charges (bank + IB) if buying GBP/HKD so I just tried to provide the info for that and suggest if they (IB) use their UK bank account to facilitate the withdrawal then there might not be a bank charge if he withdraws to his UK account.
    Sith and shri like this.

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