Best way for international transfers?

flowergirl13 on 13/01/2014 - 12:10

Hello everyone!

I am relocating to HK for 2 years in February for work. They are helping pay for my relocation costs but through reimbursement, so in the first month or so I will have a lot of outgoings till they pay me back! That said I will be keeping my existing NAB account as I have an investment property here..

I was wondering whether anyone knows whats the best and cheapest way for me to transfer my AUD to HKD preferrably electronically? I'm thinking < $10K

I read up on the Citibank Plus card (good for cash withdrawals) and currently own a 28 degrees card.

Also read up on the FOREX accounts, and have been suggested a HSBC account here, then open one there and transfer as linked accounts (although I read there are fees associated with that in addition to the FOREX)

Any advice would be appreciated! Thanks in advance!

Financial

Comments

  • tonester on 13/01/2014 - 12:22
    +1

    I read up on the Citibank Plus card (good for cash withdrawals)

    also free international transfers :)

    have been suggested a HSBC account here, then open one there

    when you open one up here, they can also open overseas accounts at the same time :)

    • altorive on 13/01/2014 - 13:25
      -1

      I wouldn't say it is fee-free. The intermediary bank for FOREX transactions via bank transfer always charges a fee. For Australia, it is $25 AUD. Anyway to avoid this if using bank transfer?

      • tonester on 13/01/2014 - 20:28

        I wouldn't say it is fee-free.

        citibank plus has no fees whatsoever, including for international transfers, inward or outward :)
        https://www.citibank.com.au/global_docs/pdf/Feesandcharges.p…

        The intermediary bank for FOREX transactions via bank transfer always charges a fee.

        you mean the incoming/receiving bank? depends of course :)

        For Australia, it is $25 AUD.

        with whom?

        • Morien on 13/01/2014 - 22:38

          Have you used them to transfer money intl before? How did it go? Quick?

      • Morien on 13/01/2014 - 22:38
        +1

        Just called Citibank, asked about FOREX $25 fee, they said no - fee-free.

  • Halc on 13/01/2014 - 12:55

    citibank also have a substantial presence in asian countries like HK so if you create an account locally with citibank they will have instant fee-free international transactions with your australian account which could be useful if you plan to do it on a regular basis

  • npc on 13/01/2014 - 13:08

    I've used ozforex to convert AUD to USD and transfer USD internationally a couple of times. Had no issues, each transfer took 2-3 days.

  • flowergirl13 on 13/01/2014 - 13:15

    Thansk guys

    I just called HSBC here, and they said they only allow free-free internationals transfers between accounts if you have a Premier Account (min. balance $200k)!!!!

    I told them their website says its also available for non-Premier Accounts and they said thats incorrect.

    I have been iffy with Citibank as I've read some bad things about them on OzBargain haha but maybe I should give them a call!

    • bbqwer on 13/01/2014 - 13:52

      Hsbc premier is the best. You can also open hsbc premier in hongkong. Once opened, you can open hsbc aus account free of charge.

      You said you had investment property. I assume you have mortgage, take $500k loan and you will have hsbc premier here .

    • tensai on 15/01/2014 - 12:14

      yes, fee-free international transfers is only for Premier Account holders. HSBC will assist opening accounts in HK, and you can then link both account via Global View, which allows instant Global Transfer fee free.

      I have recently joined moved my mortgage to HSBC and they ask me to extend my loan to $500k so that I qualify for HSBC Premier, and I just left the residue of my loan in the offset account. So the interest is the same if I had just open a 400k loan.

      Before I'm a HSBC Premier customer, I did use them to transfer AU$ from my HSBC AU account to my HK HSBC account. The fee is $25 I think. I usually ask them to send it as AU$ and so it will get exchanged to HK$ when the bank on the other side trying to deposit it as HK$ in my HK$ account.
      The exchange rate in HK is definitely better than the exchange rate here in Australia.

  • doofus on 13/01/2014 - 13:58

    Perhaps some of the advice given here would apply?

    https://www.ozbargain.com.au/node/129738

  • sm007h on 13/01/2014 - 15:35

    Hi, if you can take cash out, there is a great exchange place in Central, HK, that gives the best rates. I have direct access to the FOREX dept in Westpac, and even they cannot match the rates there. PM me if you are interested and I will try to find the exact address.

  • aretsa9 on 14/01/2014 - 07:58

    Hi, I use OzForex for int'l transfers. For transfers over AUD10,000 OzForex will waive their service fee. The fee is AUD15 per transfer under AUD10,000. They also have great rates, I have found. Cheers.

  • miles3719 on 14/01/2014 - 08:28

    I use xe.com for my transfers that I do and they are 'fee free' but you just pay a small commission (they said they charge one, but their rates are always very good). Once you have 'booked' the trade you transfer the cash into their local account and then they send it to the destination (from their local account). Never had a problem with it and works quite well. None of this 'I want to send $10 and there is a $20 fee nonsense'. To be honest, its no the easiest thing in the world to actually sign up for (with the forms etc) but once you are, its very good indeed (imho)

  • aleggo on 14/01/2014 - 10:03
    +1

    I have had good results with CurrencyFair (http://www.currencyfair.com/). The fees are low and you can set what exchange rate you want. It gave a much better exchange rate than my bank.

    • plowry1977 on 14/01/2014 - 21:08

      +1 for currencyfair for me. Never looked elsewhere for currency transfers since I found it. $4 fee but you get much better rates (close to seen on TV) as website basically facilitates the exchange with another person

  • grovesy15 on 14/01/2014 - 13:22

    Plus one for XE. Ok process, and very good customs service. You can avoid fees by sending the money as if you're "paying a bill".

    I do it for CAN —> AUD.

    Happy to help if you have any questions. Feel free to PM me.

  • Rel63 on 15/01/2014 - 01:21

    Citibank doesn't like to follow through on many deals it advertises. I was offered (in writing) a credit card with them at 2.9% on transfers and purchase for 2 yrs. Thinking this was a great deal i called and checked the purchases part as no other bank was offering this. I got the OK, even had the guy post me a letter confirming this in writing. So a few mths later i was not only overcharged on my transfer that they stuffed up but was being charged full interest on a fee they put on my account incorrectly (they did take the fee off but left the interest) and a purchase i made. When questioned i was told the guy had no authority to send me the letter and that deal never was offered so tough and i had to pay the full interest. I got another card, transferred the debt and closed the account….there loss and i will never trust Citibank again.

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