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Best way to transfer money to Hong Kong from US.

  1. #1
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    Best way to transfer money to Hong Kong from US.

    I am working in the state and would like to transfer money (~9K usd) to my family for chinese new year. I have a HSBC online saving and a BOA account while my parents have several bank account in HK including HSBC. What is the least expensive and most reliable way to do this? The processing time does not matter. I'm appreciate for any suggestion.

  2. #2
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    PDLM's Avatar

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    I guess HSBC to HSBC in US$ and then let your parents convert it locally to HK$ if they wish, assuming your parents have a multicurrency account in HK. It will probably cost about US$20 I guess.

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    I've asked CS from HSBC and they told me I can't do HSBC to HSBC transfer from my online saving account. I have to transfer it back to BOA and transfer to HK..which will cost about $45 + whatever the HK bank charge..Is western union safe?

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    >> cost about $45 +

    look for a US Bank that charge a lower bankwire fee

    >> whatever the HK bank charge.

    usually the HK Bank will not charge another fee

    >> Is western union safe?

    safe

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    We wired a fairly large amount from BOA to HSBC, all in US$ and then locally converted it. It did cost $50 which was very little on the total amount, but of course a lot for relatively small amount.

    We also did checks because you have to be in the US to actually transfer it internationally (and we don't live there anymore, obviously) but that takes 3-4 weeks (bringing a BOA check to your HSBC office to cash it), but it was the only way we could do it. Cost were also reasonable, HK$200 if I am not mistaken.

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    Oh yes, you can send them a USD check, the cheapest method

    only drawback is they "may" need to wait one month before they can use the money. If the bank buy that check, they can use the money immediately. USD check deposit fee is not high in HK

    Or send them via Paypal in a number of times due to sending limit.

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    money transfer to the US

    I need to transfer a large sum of money from my HK HSBC account to the US. I plan to convert HKD to USD in my HSBC account first. Does anyone know the best way to transfer money to a US bank account and minimize the the transfer-in fees charged by the US bank?

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    Quote Originally Posted by samurai201103 View Post
    I need to transfer a large sum of money from my HK HSBC account to the US. I plan to convert HKD to USD in my HSBC account first. Does anyone know the best way to transfer money to a US bank account and minimize the the transfer-in fees charged by the US bank?
    What are you looking for? To save $100-$150 HKD in a transfer?

    For a large transfer at market exchange rates the flat fee cost of around $220HKD becomes inconsequential to the transfer amount.

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    Does the paypal money transfer thing actually work? Just curious.

  10. #10
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    Quote Originally Posted by lingc View Post
    Does the paypal money transfer thing actually work? Just curious.
    Well, yes, it does. But if you want large fees of up to 2.4%. It's secure but I would only use it unless I had to or for small amounts.

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