I want to transfer a reasonable amount of money from the US to HK.
My "premier" account in HK will not charge me a fee, but the fx rate is 7.63 which works out at about a 1.5% charge. Ouch!
Is there a cheaper way to do this apart from bringing the money in a suitcase!?
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7.63 is not the final rate too. It's just an indicative rate, the actual rate will be HSBC's rate during the actual transfer (usually just a minute diff).
Have you asked how much their charges will be if you issued a cheque (from your US bank) and deposited into your HK bank account? I guess it's going to be the same, or maybe more expensive.
If you bring in USD in cash, it will still be subject to the prevailing exchange rate if converted to HKD. Anything over 1,000USD will be subject to 1.5% service fee. (Please confirm all these with your bank.)
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