Posted by
Goo
20 yrs ago
Hello,
I recently moved to HK and am about to rent a flat. But, all of my savings is in US$ back in a US bank. Does anyone know the most cost-effective way of moving money from a foreign (in my case US) bank account into my HSBC US$ account here? I know banks can do this sort of thing but no one at my home bank can figure out how and I believe it's very expensive. Thank you!
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Goloh
20 yrs ago
You have an excellent point, and you will find the banks themselves give conflicting information. My US-based bank (in the US) seems completely unable or unwilling to transfer funds to my USD account here no matter what kind of pre-arrangement I make. However (a shot in the dark for you) my US-based credit union has no problem at all doing it. They just wire the money based on my faxed request. Of course I need to provide the SWIFT code to connect them to the bank here--a technical thing--and they phone to verify it is really me. The total charge each time is US$10, levied by the credit union. If this route is not an option, I suggest going to HSBC and letting them help you set it up. Also I'm certain others on this forum will have their own good ideas. Good luck...I'm having a slightly similar problem (see next post).
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dshom
20 yrs ago
I use US/HSBC to transfer to my HK/HSBC US$acct via the web. If you choose transfer on the US/HSBC website, then Intl transfer, all you need to do is choose HSBC HK and put your acct number in. Transfer takes a day or two. It took me awhile to figure it out, but once I did it's pretty easy
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I had my money transferred over from Canada a few years ago. It isn't hard, just go to HSBC and they will do all the work for you... A couple of notes those, there is a surcharge % on the amount transferred and that you will need to convert to HKG$ then back to USD$...
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Goo
20 yrs ago
Thank you everyone, you've saved me from homelessness and poverty. My US bank said I could only tranfer money from my account if I am physically there to sign paperwork. Thankfully parents and paypal came to my aid - I moved US bank money into paypal, paid my parents thru paypal and asked them to transfer money from their credit union to me in HK. Very cheap because paypal is free. Hope that helps someone in a similar situation!
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