Like Tree3Likes
  • 2 Post By pin
  • 1 Post By pin

IB / Saxo / FX Dealer for Large Transfers

Closed Thread
  1. #1

    Join Date
    May 2011
    Location
    Sai Kung
    Posts
    5,002

    IB / Saxo / FX Dealer for Large Transfers

    Sorry to revive an old thread, under search I think this is the most appropriate one. I have a significant amount of HKD to exchange to GBP. I have accounts with HSBC and SCB (including the i6 form). Even with both of their secret rates they’re way outside the spot market. 9.71 or 72 when the market ask was 9.66. Frustratingly I’ve been watching the rate creep up.

    I’ve now applied for a saxo account so the intention is to switch do the fx and switch back with significant savings even if there are bank charges. By the time this bloody account is up and running I guarantee I probably could have got better online rates from HSBC last week!

    SCB were quite frankly useless. The time deposits offered were exactly the same as I got online. HSBC on the other hand managed to give me 4.3 today on a six month fix - conditional on taking their phone negotiated fx. This is better than I could have got at SCB 4 percent for 12 months 3.5 for 6 and miles better than HSBCs published rates presumably because of the size. It’s not ideal but I can’t gamble on Saxo account being done quickly so some of the HKD has gone this way. Got an email to say large volumes could be 3-5 days (no doubt it will actually be ready tomorrow)

    Any thoughts?

    FWIW the money related to a terminated investment and effectively some of my retirement/future so NOT a how rich am I comment. I need to redeploy and diversify away from bank concentration. I can’t decide yet what to do with it but the short term is fixed deposits up to bank guarantee limits (I have UK accounts too). I only discovered earlier this week that you don’t have to be UK resident to open an NSI account where you get 100 percent guarantee on entire balance and fabulous rates on instant access 2.85 I think as well as the term deposit options. That’s where most of the money is going once Saxo is done


  2. #2

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,964

    @ByeByeEngland - tl;Dr what does this have to do with IB? Cannot figure out what you need help with.


  3. #3

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by ByeByeEngland:
    Sorry to revive an old thread, under search I think this is the most appropriate one. I have a significant amount of HKD to exchange to GBP. I have accounts with HSBC and SCB (including the i6 form). Even with both of their secret rates they’re way outside the spot market. 9.71 or 72 when the market ask was 9.66. Frustratingly I’ve been watching the rate creep up.

    I’ve now applied for a saxo account so the intention is to switch do the fx and switch back with significant savings even if there are bank charges. By the time this bloody account is up and running I guarantee I probably could have got better online rates from HSBC last week!

    SCB were quite frankly useless. The time deposits offered were exactly the same as I got online. HSBC on the other hand managed to give me 4.3 today on a six month fix - conditional on taking their phone negotiated fx. This is better than I could have got at SCB 4 percent for 12 months 3.5 for 6 and miles better than HSBCs published rates presumably because of the size. It’s not ideal but I can’t gamble on Saxo account being done quickly so some of the HKD has gone this way. Got an email to say large volumes could be 3-5 days (no doubt it will actually be ready tomorrow)

    Any thoughts?

    FWIW the money related to a terminated investment and effectively some of my retirement/future so NOT a how rich am I comment. I need to redeploy and diversify away from bank concentration. I can’t decide yet what to do with it but the short term is fixed deposits up to bank guarantee limits (I have UK accounts too). I only discovered earlier this week that you don’t have to be UK resident to open an NSI account where you get 100 percent guarantee on entire balance and fabulous rates on instant access 2.85 I think as well as the term deposit options. That’s where most of the money is going once Saxo is done
    Get an IB account.
    saltywetman likes this.

  4. #4

    Join Date
    May 2011
    Location
    Sai Kung
    Posts
    5,002
    Quote Originally Posted by shri:
    @ByeByeEngland - tl;Dr what does this have to do with IB? Cannot figure out what you need help with.
    Sorry I was posting that on mobile following searches on FX (i was originally planning an FX call option as a hedge) and there were saxo and IB threads. I selected the wrong one. I did look at IB as an alternative to Saxo.

    I guess the same thought could be applied whether it is Saxo or IB. For large sums of money it seems to me that transferring to an FX dealer and then transferring back afterwards is the optimum path yes?

  5. #5

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by ByeByeEngland:
    Sorry I was posting that on mobile following searches on FX (i was originally planning an FX call option as a hedge) and there were saxo and IB threads. I selected the wrong one. I did look at IB as an alternative to Saxo.

    I guess the same thought could be applied whether it is Saxo or IB. For large sums of money it seems to me that transferring to an FX dealer and then transferring back afterwards is the optimum path yes?
    I'm guessing the Saxo fees and spreads won't be as good as IB.
    Sith and saltywetman like this.

  6. #6

    Join Date
    May 2011
    Location
    Sai Kung
    Posts
    5,002
    Quote Originally Posted by pin:
    I'm guessing the Saxo fees and spreads won't be as good as IB.
    Granted but Saxo seems easier to move money to and from. I’ll hopefully find out soon

  7. #7

    Join Date
    Jul 2005
    Location
    Pearl of the Orient
    Posts
    4,006

    I have never had a problem with large amounts dealing with IB for their FX rates, and transferring back to HSBC.
    Saved many thousands of £ this way for just a few minutes effort.


  8. #8

    Join Date
    May 2011
    Location
    Sai Kung
    Posts
    5,002
    Original Post Deleted
    I also discovered yesterday evening you can only apply by phone from outside the UK. I rang on VOIP only to be told to expect to wait 30 minutes. I’ll try again but I’m actually out this afternoon on a 3 old farts reunion. It shouldn’t be a heavy one so I may try again when I get home.

    I too can’t believe I’ve only just discovered it and, assuming sign up works, it has to be the route for anyone with spare GBP. What’s not to like? Several savings plans, fully guaranteed no limit amd some with instant access.

    Meanwhile I’m waiting for my freaking Saxo account to open and GBP strengthened almost half a percent yesterday so 1 percent since last Friday vs USD. Seems to me that the current sentiment from SVB fallout is there could be more to come whereas UK banks are less exposed.
    Last edited by ByeByeEngland; 29-03-2023 at 08:34 AM.