How to transfer money from HKG back to Australia?

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  1. #1

    Join Date
    Apr 2012
    Posts
    224

    How to transfer money from HKG back to Australia?

    Hi guys,

    I was hoping for some advice re: which service/bank is best to use for transferring HKD from HKG back to AUD in Australian account on an ongoing (monthly) basis.

    I tried using currencyonline.com but they only have a NZ account for me to send the HKD to before converting, which is obviously a waste of time/fees. I've tried Ozforex but they required a lot of ID documents so while I'm sorting that out, I was hoping for other recommendations.

    Any other recommendations or should I just use my bank (Bank of China)? I would ideally like to start transferring quickly.

    Thanks heaps.


  2. #2

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,934

    Depends how rich you are.

    If you are rich I would get an HSBC Premier account as transfers are free and instant. If not, just keep using your bank.

    Or - why are you sending the money? If to a person you trust, then post them an ATM card and get them to draw out cash.


  3. #3

    Join Date
    Sep 2006
    Location
    Office Hong Kong side but live on the dark side.
    Posts
    122

    Unless that person is a signatory on the account I would not recommend posting an ATM in your name - that's fraud on the bank. Sign them up as a signatory first with a secondary card.

    As for premier I use it and it's very convenient however you have to have a million HK in cash or equity (other assets too I believe) in the bank or they sling you for fees.


  4. #4

    Join Date
    Nov 2010
    Location
    HK
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    1,180

    Citibank offers free international transfers if you have a an account both here and in AU. (AU accounts are free with them and offer free bottles of wine when dining out in some AU restaurants!)


  5. #5

    Join Date
    Apr 2012
    Posts
    224

    Yeah HSBC Premier is convenient, however none of my assets/mortgages/accounts are with them at the moment and I don't intend on changing over everything to them... their mortgage rates in Aust aren't all that competitive.

    I'll look into Citibank, thanks. But in the meantime, has anyone used any of the online transfer tools? I'll probably use Ozforex in the meantime but their rego process is a bit of a hassle.


  6. #6

    Join Date
    Feb 2010
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    7,441

    Generally I use my bank account to transfer money back to Australia.


  7. #7

    Join Date
    Jun 2011
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    1,693

    So which bank gives you a good currency exchange rate? I suspect some banks will take a big margin.


  8. #8

    Join Date
    Feb 2010
    Posts
    7,441

    Generally, look at the exchange rate on xe.com. If your bank exchange is +3% then sack them....not hard.

    Most banks have a pretty good exchange now days. they just charge for the TT. $110 or down to $60.