Best international wire transfer service?

Closed Thread
  1. #1

    Join Date
    Jun 2011
    Location
    Hong Kong
    Posts
    106

    Best international wire transfer service?

    Anyone using an intermediary company instead of their bank to do international wire transfers?

    I regularly transfer HKD to the US and am always trying to find a way out of some of the fees. Lately there has been a lot of advertising about these companies and I know of at least two that have accounts in HK. I'm wondering if anyone has tried them?

    I'm thinking of Transfermate.com and WorldFirst.com.

    Thanks in advance.


  2. #2

    Join Date
    Jan 2008
    Posts
    11,711
    Quote Originally Posted by jonathan.lo:
    Anyone using an intermediary company instead of their bank to do international wire transfers?

    I regularly transfer HKD to the US and am always trying to find a way out of some of the fees. Lately there has been a lot of advertising about these companies and I know of at least two that have accounts in HK. I'm wondering if anyone has tried them?

    I'm thinking of Transfermate.com and WorldFirst.com.

    Thanks in advance.
    I deal with TT on a daily basis, to avoid intermediary bank fees, find a bank with business relationship with recipient bank, if no business relationship then they have use intermediary bank, thus, middle man add extra fees

    if the bank with business relationship with recipient bank, then in virtually all case, only outbound fees are imposed

  3. #3

    Join Date
    Jun 2014
    Posts
    60
    Quote Originally Posted by jonathan.lo:
    Anyone using an intermediary company instead of their bank to do international wire transfers?

    I regularly transfer HKD to the US and am always trying to find a way out of some of the fees. Lately there has been a lot of advertising about these companies and I know of at least two that have accounts in HK. I'm wondering if anyone has tried them?

    I'm thinking of Transfermate.com and WorldFirst.com.

    Thanks in advance.
    I've been using OzForex since earlier this year. Though last month i noticed a feature on hsbc where one can buy foreign currency through online banking and surprisingly it was better rates than OzForex. So I proceeded with hsbc.

    The only down side is that the currency doesn't physically get transferred to the destination but it meets my needs as I can simply withdraw the funds out of a bank branch before heading there.

  4. #4

    Join Date
    Jun 2014
    Posts
    60
    Quote Originally Posted by jonathan.lo:

    I'm thinking of Transfermate.com and WorldFirst.com.

    Thanks in advance.

    Ok, i've had a better chance to look into transfermate and worldfirst. They provide better rates than what i'm doing now; so i'll be using their services from now on too!

    Which one did you end up using?

  5. #5

    Join Date
    Jan 2009
    Location
    Near Earth orbit
    Posts
    1,221

    I've used Transferwise a few times and they are quick, much cheaper than any bank and the rates are competitive.


  6. #6

    I"m also in need of transferring money from HK to US. Finding more and more options as I investigate. So far found ClearFX, Tranzfers, TransferMate, and WorldFirst as viable options. There's also TransferWise and CurrencyFair but they don't let you start with HKD. Can anyone vouch for any of these services?


  7. #7

    Join Date
    Jan 2014
    Posts
    10

    Simonada,

    I have spent far too many hours researching this so maybe I can help. I most recently used ClearFX (aka OzForex.) Took 2 business days for the money to show up in my US account after I sent it to their bank account here in HK. There are no fees and here is the current rate:

    ClearFX: HKD/USD 0.128643
    Live exchange rate (XE.com): 0.12903

    In other words, the cost is $30 HKD per $10000 HKD transferred. The only other fee I pay is $35 HKD e-transfer fee from HSBC. I believe this is waived if you have an HSBC premier account, but I don't have anywhere near the amount of cash or investments to open one of those accounts. Does anyone know of an HK bank account that doesn't charge a transfer fee without having to maintain a $1MM HKD balance?

    If you're sending to the US and want to avoid fees on the other side I recommend opening a Schwab checking account. My account has no monthly fees or minimum balance requirement, no fee for incoming transfers, and no fee for foreign ATM withdrawals should I need to withdraw the money here.