sending money from a CDN account to a HK account

[autumnrain]

hi guys.

I have an appt with HSBC on monday, but I thought I would ask here as well.

since my famous beyonders always has the answer.

So my sister lives in Hong Kong, and she wants me to send her CDN dollars (not converted) into her Hong Kong bank account.

Whats the best way?
I went to TD and they said they charge up to $100 for transfers of $10,000 cdn.

I will be likely be transferring money frequently from a CDN bank to a HK bank.

thanks in advance.

[TomcoPDR]

Get money draft as sometimes banks will wavier fees for good customers, then register mail it to HK... except don't do it in $10k, do like $5k at a time.

I'm interested in your answer from HSBC, and see if they'll allow transfer of CDN $ from Canada, to a Hong Kong HSBC $HKD account without fees... As I understand HSBC Canada has canceled their HK dollar accounts in Canada.

[autumnrain]

money draft as in bank draft?

I get free bank drafts.
but I'm not soo sure HK banks can cash CDN bank drafts.

isn't that why they have traveller's chq?
I've never had a travellers chq either, so not sure how that works.

[TomcoPDR]

Yea, bank draft (like money order). I did it last month, gave some money to my dad, watched him cashed it in a HK bank (can't remember the name, like Beacon or some shit like that)

[GQBalla]

Money draft and courier to HK is how ive always done it.

my relatives don't seem to mention any issues?

[rage2]

I use wire transfer to send from my bank here to Hong Kong banks several times now, and every time it costed me $25 flat rate. I've sent in both CDN$ and HK$ at the same rate.

Sent well over $10k in one transaction, and still the same flat rate.

It's fast too, takes 2 days to get into the HK account.

[autumnrain]

wire transfer like an online service or????

2 days is FAST!

[rage2]

You go to the bank, ask for wire transfer, and they just do it. I get it done at 10am Monday calgary time, and it's in the account by Tuesday night calgary time (wed morning HK time). It's super fast, needed the speed for buying watches hahaha.

It's called LVTS/Wire Transfer. Goes from account to account. You'll need:

HK Bank's Name
HK Bank's Address
HK Bank's SWIFT code
Your sister's Name
Your sister's Address
Your sister's Phone #
Your sister's Bank Account #

And a reason for why you're sending it if it's over $1500. She can ask her bank in HK for the SWIFT code.

[dezmarez]

Foreign / International Wire Transfers And Services
Outgoing Money Wire Transfers
Canadian, U.S. (fee in same currency)
Foreign (fee in Canadian equivalent):
$10,000 CDN or less.................................................................................$30.00
$10,000.01 to $50,000...............................................................................$50.00
Greater than $50,000 CDN....................................................................... $80.00
(Foreign Bank charges may apply)



thats from TD

[autumnrain]

i think i'm just going to send a bank draft.
cheapest way!

thanks.

oh, does anyone know if a tourist can open a HK account?

[Euro838]

You should actually convert over to USD if you are going to hold the currency in it's original currency. If you have CDN$ in a bank account in HK, the exchange will fluctuate when you want to convert. If you have it in USD$, the exchange is fixed at 7.75:1. Just a suggestion.

Also, is $25-$30 too much to have $10K transferred safely and secured?

[civic_ek4]

I wouldn't suggesst a draft because they might put a hold on it until everything is clear.

My parents sent me money before and they are with RBC and it's only CAD25.00 for an international transfer. I have a multicurrency account with HSBC in HK so the money found it's way to the CAD account no problem.

You will need to get all the swift info from your sister (her full name, bank account number, address, routing number...........)

CAD will be higher than USD for the next little while so i think leaving it as CAD will be just fine.

[civic_ek4]

Would this tourist have a hkid card and address proof. Address proof would be some sort of bill (electrical, water..........) with your name on it.

[gqboy322]

if you have a HSBC account in here and she got a HSBC account in HK they only charge $25 and only take about 2 hrs.

[sexualbanana]

Originally posted by civic_ek4
I wouldn't suggesst a draft because they might put a hold on it until everything is clear.

They'll most likely hold it. Wire transfer is the most efficient and secure way. You'll need a bunch of information, but it's better than a draft (drafts >$1000, money orders <$1000).

If I remember correctly, Scotia would charge a $7.50 (or $8.50) telegraph charge, plus 1.5% commission to a minimum of $15.

[autumnrain]

no this tourist has no HKID, my sister told me I can't open a hk account already.

I asked HSBC and they said the same thing that TD bank said.
it cost $100 for rates over $10,000.

I thought bank draft would have been better,
but seeing asmost beyonders say wire transfer is safer. I'll do that instead.

thanks

[civic_ek4]

do it by wire and get all of required info.............bic, aba.....

make sure your sis has a CAD account in HK or have them sent a swift message "do not convert"

[93mr2gt]

you need a permanent HK address and HKID

When I go to HK i just use my HSBC card here and I can withdraw from bank machines in HK...good exchange rates too

You can open an account at HSBC, they can transfer to HK's HSBC

The bank draft would be the cheapest, but it might take a long time, courier, time for the draft to get cleared before your sister can actually use it.