Leave for hong kong in 25 days to study

  1. #1

    Leave for hong kong in 25 days to study

    Hey everyone! I'm David, an 18 year old currently living in the U.S.. I will be studying in Hong Kong for the next three years (to be specific, I will be in Kowloon Tong). I'm wondering what advice you guys have for me. I plan on wiring money from my United States bank account to a Hong Kong bank account, and then using the exchange rate of the Hong Kong bank account. Is this a good plan? Any tips on how to get good exchange rates with minimal fees? I'm also wondering about what cell phone services you may reccomend (I'd like 1000 minutes a month, good service, i have my own gsm unlocked quadband phone).

    thanks guys!

  2. #2

    Join Date
    Mar 2006

    You can try to use your US ATM card to withdraw money here in Hong Kong. The fees should be lower than the fee for wiring money.

  3. #3

    Any idea which bank/card gives the best deals on that?

  4. #4

    Join Date
    Feb 2007

    If you are banking with a large US bank, they should either have branches here where you can use the ATM without a fee (Citi, etc.) or they will have a bank here they have an agreement with that will let you use their ATMs without fees (BofA and China Construction Bank, etc.). Finding an ATM you can use w/o fees will save you US$5-10 per withdrawal.

    If you are wiring larger sums over to a HK bank account a few times a year, that is also a good option for a student.

    Your life will be easier if you open up a HK bank account either way.

  5. #5

    thanks for the reply! i will be wiring relatively large amounts of money (probably 20k-25k a year). My bank in the U.S. charges no wiring fee beyond a $25 base fee. I'm wondering if the Hong Kong bank will likely charge me a percentage fee.