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HK to Canada money transfer, seeking advice

  1. #1

    Join Date
    Apr 2016
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    2

    Question HK to Canada money transfer, seeking advice

    Hi All,

    I'm looking for a safe, reliable, least expensive option to transfer a large lum sum of money to Canada from Hong Kong.

    Basically I need to help put a down payment for a place for my retired mother. I'm looking to transfer about $600,000 HKD (convert into Canadian Dollars).

    Could use some advice, of course I could just do the standard and go through the bank. I've read about other money transfer websites, but I have never used them so I'm a bit cautious about sending that amount of money across unless I hear enough positive reviews, or other similar instances.

    Thanks in advance.


  2. #2

    Join Date
    Oct 2006
    Location
    Hong Kong
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    13,309

    I have used instarem and no issues really. There is also transferwise.


  3. #3

    Join Date
    Feb 2011
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    Hong Kong
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    5,519

    Wire transfer using your bank. See what your currency conversion rates are first.

    1) in the branch about hk$250+ in fees for a wire
    2) register the overseas bank account online with your current bank (fill a form), then you can do the transfer online for a small fee. I forgot either Hk$60-150 in fees.


  4. #4

    Join Date
    Oct 2006
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    Hong Kong
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    Quote Originally Posted by MandM!
    Wire transfer using your bank. See what your currency conversion rates are first.

    1) in the branch about hk$250+ in fees for a wire
    2) register the overseas bank account online with your current bank (fill a form), then you can do the transfer online for a small fee. I forgot either Hk$60-150 in fees.
    The rates are going to be crap.

  5. #5

    Join Date
    Oct 2010
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    17,978

    Transferwise is almost always better for transferring small sums as the fixed charges are lower than banks. But for large transfers Transferwise wasn't competitive when I checked as forex rates matter more than than the fee.

    jrkob likes this.

  6. #6

    Join Date
    Feb 2019
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    128

    Check check check the all-in rates on offer, but TransferWise might still be best, and super reliable/convenient. It seems to be pretty close to the rate Google flashes most times I check, and much better than HSBC's offering.


  7. #7

    Join Date
    Feb 2015
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    Quote Originally Posted by pin
    The rates are going to be crap.
    Are they ? Same as TB, I remember in a previous thread a few months ago that this was not necessarily true especially for large sizes. Here's the -documented- example I have in mind on a simple USD/HKD conversion:


    https://geoexpat.com/forum/135/thread346014-4.html


    M! above merely suggests to "See what your currency conversion rates are first", I think this is a sensible thing to do.
    Last edited by jrkob; 24-02-2019 at 10:22 PM.
    MandM! and shri like this.

  8. #8

    Join Date
    Oct 2010
    Posts
    17,978

    It's worth spending some time on. When transferring large amounts you can easily give away thousands of HKD by using a sub optimal solution. Generally I'm ok if I give away 50 bips on the current forex rate which is about as good as I've seen it using Transferwise, OzForex or bank rates.

    To get better I think you need a forex trading account which is too much of a PITA for most to bother with.

    GentleGeorge likes this.

  9. #9

    Join Date
    Feb 2011
    Location
    Hong Kong
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    5,519

    I did the math before.

    On 1m HKD to USD, you can save about HK$3000 or 0.3% if you strategically withdrew cash and deposited USD to your account then transferring. But then you have the risk of walking around with cash, traveling and then waiting to deposit. Some banks have limits on how much foreign currency you can deposit each day.


  10. #10

    Join Date
    Oct 2010
    Posts
    17,978

    Withdrawing USD cash from HKD account and then depositing USD cash into your USD account?

    Surely that can't possibly be the most efficient method. The bank would apply a forex rate on your withdrawals and I can't imagine it would be better than a straight forex conversion given the costs they incur handling cash.


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