Cash from the UK

[vmlinuz]

So... hi!

Been reading here a while, but this is my first post. I'm about to move to HK for a while, and will be spending a significant amount of time in Sri Lanka - I actually spent the last couple of months 50%-50% in each place, but I'm back in the UK for a couple of weeks right now. I will turn up to a meetup sooner or later

Anyway, here's a question for now. Up to this point, I brought HK$1400 (£100) out with me from the UK, and since that ran out I've just been using a mixture of my UK bank card as a Visa card (for which they now charge a fee per foreign currency transaction), using it as an ATM card (paying commission, obviously), and my UK credit card (no fees, not the best rate, no good where cash is needed or cards are more expensive to use). I actually do have an HK bank acccount, and I will have my wages paid into it, but I want to bring some money over from the UK as a lump sum to avoid the number of times I need to pull pounds into dollars. My plan is to get a bunch of cash out in the UK - which is free - and either bring it to HK as cash and change it locally, or change it to HK$ in the UK for the best rate I can find, and bring a wad of HK$ with me, which I can then put in a local bank account.

In short, I don't want to pay the fees for transferring a chunk of cash electronically - so my question is, security issues aside, is it sensible to just bring a load of cash over in person, either in £ or HK$?

Cheers
Richard

[KnowItAll]

>> is it sensible to just bring a load of cash over in person, either in £ or HK$?

Bring in GBP.

Open a HSBC PowerVantage account...

HSBC Powervantage accounts are multi-currency and you can keep you GBP in it, until you need it changed. If you need to use the GBP you can transfer it to you HKD account using their internet banking.

[JAherbert]

check the legal limit was 10K a few years back, it might have changed. Of course you will still have to pay fees to convert to HKD.

[Mal]

Another option is to set up a Nationwide current account back in the UK and use their card to withdraw cash abroad. As far as I know it is the only regular current account that doesn't charge for this, many of the others have quietly introduced a charge in the last few years - including my bank.

[Sazzy]

If you have a HSBC bank account in the UK and one here in HK - can you transfer the cash over? or banker's draft?

[KnowItAll]

>> Of course you will still have to pay fees to convert to HKD.

Not with an internal transfer within HSBC Powervantage accounts. Bring cash, deposit into the GBP account and it will remain as is. When you transfer, the conversion is pretty close to interbank rates, if not at interbank rates (depending on the amount you've transfered I think)

HSBC fees are documented here in excruciating detail.

http://www.hsbc.com.hk/hk/personal/f...l/p018_eng.pdf

Section C2 covers remittance fees

[MR.LAM]

Bring the cash in GBP you get better interest and most local banks do not charge to change GBP to HKD and give a good rate. But if you do the opposite (HKD to GBP) they will charge you.

[KnowItAll]

>> when you deposit large amount of foreign currency cash into HK

Banks have charged handling fees in the past when you've deposited over a certain number of notes. Don't think this is the case anymore. Always used to be subjective and the teller would waive the charge if you asked nicely.

[KnowItAll]

>> Some of my friends always complain about their unfair discretion inspite of having Premier account.

I don't have a Premier account.

Walk softly, carry a big stick

You just have to ask nicely, and ask the person who has the ability to say "yes". Most of the time we ask people who have no ability or authorisation to say yes so they naturally they say "no".

By the way, I have had more than my fair share of problems with HSBC (Don't get me started) but they all eventually get resolved in my favor.

[Max]

see....I told you my advice would come in handy....

you gotta listen to your uncles....including me..