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Taking funds to Hong Kong

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  1. #1

    Join Date
    Feb 2019
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    Taking funds to Hong Kong

    Hey guys,

    I finally got my work permit and will be moving with family to HK in July from Mumbai. Can someone advise how to take initial funds from Mumbai to HK to pay for rental deposit etc which are big amounts ($90k +). Though International bank transfer is an option it has limitations per transaction and the bank exchange rates are higher than regular market rates. Can someone recommend the best way to do this.

    Regards
    Subrat


  2. #2

    Join Date
    Feb 2019
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    33
    Original Post Deleted
    that's correct I don't have an account in HK. it will take a while as need to get the HK ID first.

  3. #3

    Join Date
    Mar 2010
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    6,879

    I guess you can't change the limit online (?)

    Can you get 500 Euro bills or Swiss Franc ?
    Then you could exchange it at Berlin Money Exchange

    https://www.24heures.ch/economie/Le-...story/30533586


  4. #4

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    Feb 2019
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    33

    @Morrison that's a good suggestion though I'm a little wary of how much cash I can take through India in to HK. I need to declare anything more than USD 10000 to Indian customs.


  5. #5
    Quote Originally Posted by Subrat:
    @Morrison that's a good suggestion though I'm a little wary of how much cash I can take through India in to HK. I need to declare anything more than USD 10000 to Indian customs.
    In Hong Kong the limit is HK$120,000 or US$15,300. Why are you worried about declaring that amount? All you need is to say it's for a rental deposit which is perfectly valid if you're approved for a working visa.

    Alternatively you can come to Hong Kong, get your visa activated, live in a serviced residence for a week or two or even a month, open a bank account , and then initiate a bank transfer which is much safer than carrying around huge wads of cash. But you need to ensure that you're able to initiate a bank transfer from India remotely otherwise it requires several visits to the ATM.

  6. #6

    Join Date
    Jan 2018
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    Can you wire money to your employer and have your employer cut a check for the flat? That's what I did because of the bank account issue (I also wanted to transfer the money out of my Japan bank account as I was leaving Japan so it worked out well for me).


  7. #7

    Join Date
    Feb 2011
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    Before didn't have to declare any money but now it's hk$120k or above. I'd be more worried about getting robbed at security or customs in your home country or on the plane. Very common to happen.


  8. #8

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    I've heard quite a few stories about people stealing things from carry-on-luggage and cash, watches and jewelry being stolen.


  9. #9

    Join Date
    Feb 2019
    Posts
    33

    Thanks guys, i think I'll avoid taking a lot of cash with me. Any one has experience with money transfer services ?


  10. #10

    Join Date
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    Just do it cleanly and avoid all the points of failure.

    Arrive with a little bit of money, open and fund an account, if required through a branch of an Indian bank like ICICI or HSBC/Citi and then transfer the rest over.

    Given the amounts and the fact that you're in this for the long haul (you'll be transfering a lot more over the years), the few points in exchange rate differences should matter less in my opinion than carrying cash or using non-banking services to transfer funds.

    jrkob likes this.

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