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  • 1 Post By matchstick man

Is there any trustworthy currency exchange/transfer service from HK?

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  1. #1

    Join Date
    Nov 2011
    Posts
    191

    Is there any trustworthy currency exchange/transfer service from HK?

    Is there any transfer service (to the US) that's relatively safe, and cheaper than a bank transfer? CurrencyFair is a waste of time, with a long registration process, then finally revealing that you can't add a HK bank account. Does any relatively trustworthy p2p exchange platform operate in HK?


  2. #2

    Join Date
    Oct 2010
    Posts
    19,629
    https://www.ofx.com/en-au/

    They are not P2P, but claim they offer better rates than the banks. I have registered and set up an account with them.
    matchstick man likes this.

  3. #3

    Join Date
    Dec 2002
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    Yep, OzForex has been around forever. Reliable.

    matchstick man likes this.

  4. #4

    Join Date
    Apr 2016
    Posts
    241

    I use Wall Street Finance in ChungKing Mansions (Ground Floor, Right side just as you enter) to send money home (INR) and always get 5 pips less than the google quoted rate. They charge a flat HKD 20 fee per transaction. There is no upper limit for sending money but you need to provide proper ID and Address Proof.

    I was skeptical initially to use their service and tried with HKD 1000. Now I use them often to send funds to my non resident INR account. The funds are deposited sameday if done in morning or the next working day.

    Might be good to ask if they do the same for USD.

    You could explore Citibank, they are waiving all bank charges for transfers from Citi to Citi accounts across countries BUT they give shitty exchange rates (there is no free lunch).


  5. #5

    Join Date
    Nov 2011
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    191

    Just so you know, OFX's rates to send USD are exorbitant. To be specific, they wanted to change 2% more than the actual exchange rate. 2% is a bloody lot, in the same neighborhood of sending money with Paypal or Western Union.

    HSBC (the evil bank) took 0.5% above the actual conversion rate, plus 250 HKD for the transfer fee.

    Next time I'll investigate whether Citi or SCB will do a better conversion to USD or have lower transfer fees. I'll also check out ajohnso2's suggestion, though this time I didn't really have time to mess around with test transactions. Or I'll live dangerously and use Bitcoin to do the transfer.


  6. #6

    Join Date
    Dec 2015
    Posts
    11

    Please take a look at Transferwise, I have used them about half a dozen times and rates are EXCELLENT. Totally legit operation by legit Silicon Valley veterans.

    -They have a minimum fee of $3 per transaction, after that the % total cost can be as low as almost 1%.

    -Sign up with your google account and the connection to your bank accounts is seamless.

    civil_servant likes this.

  7. #7

    Join Date
    Dec 2015
    Posts
    11

    TRANSFERWISE


  8. #8

    Join Date
    Nov 2011
    Posts
    191

    Transferwise does not transfer from HK

    I checked the transferwise site and contacted their support. Both said they do not do transfers out of HK.

    shri likes this.

  9. #9

    Join Date
    Oct 2010
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    19,629
    Quote Originally Posted by matchstick man
    Just so you know, OFX's rates to send USD are exorbitant. To be specific, they wanted to change 2% more than the actual exchange rate. 2% is a bloody lot, in the same neighborhood of sending money with Paypal or Western Union.
    That is awful. 2% is a daylight robbery.
    Last edited by TheBrit; 31-08-2016 at 03:18 PM.

  10. #10

    Join Date
    Dec 2015
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