[thewongs]

I think the ATM route is the cheapest way to get small amounts of money. I will be moving from one country to another in a few months and found out that banks will issue checks in other currencies beside the home country currency. I will have a one time check in HKD taken out of my account in Japan to fund my new bank account in Hong Kong. This might not help you now but something to think about down the road.

[HKFella]

Originally Posted by thewongs

I think the ATM route is the cheapest way to get small amounts of money. I will be moving from one country to another in a few months and found out that banks will issue checks in other currencies beside the home country currency. I will have a one time check in HKD taken out of my account in Japan to fund my new bank account in Hong Kong. This might not help you now but something to think about down the road.

Those are bank drafts. Check issuance fees on your bank website. If drawn in local currency and local city of bank branch where deposited - e.g. in HKD on a bank in HK - there shouldn't be any charge at recipient end.

Becks23, if you have access to CIBC online, the overseas ATM fees debit ought to appear much sooner than at statement time. Unless your account plan has some free overseas ATM withdrawals thrown in (unlikely but you never know). those charges are separate from service charges or per transaction fees specific to your plan.

[survivorbee]

yea, I think so. I still have my RBC debt card. When my friends want me to get something in Hong Kong, they just deposit the money to my Canadian debt card and I take the money from HK ATM. Convinience and not cost too much transaction fee.

Originally Posted by penguinsix

How about a simple ATM withdraw in Hong Kong from your Canadian bank account. Fee isn't going to be that high, and pretty good exchange rate....

[paulh]

There's one other solution - Amex have updated the idea of travellers' cheques to be a bit of plastic instead of paper.

Charges appear to be 2.65% and a fixed fee of £0.75 (this is a UK issued card - Canadian may differ).

I've just ordered one as my bank would charge 2.75% which works out more expensive on anything more than £20.

Paul

[Becks23]

I'm planning to get a credit card within 3 months or so... and from there I was told by people on another forum to do the following


1. have my friends deposit into my CND account
2. transfer the money from my CND account to my HK credit card (and carry a + balance)
3. use the money on my card to buy/withdraw

I asked the lady at the bank if it was alright... but I feel as though my cantonese skills might have caused some confusion cause she said I shouldn't do this?

[HKFella]

And the cost of step 2 is ? Oardib me as it's a late hour, but why would transfering to HKD credit card be better than to HKD account to which the ATM/debit card is linked?

[Becks23]

Originally Posted by HKFella

And the cost of step 2 is ? Oardib me as it's a late hour, but why would transfering to HKD credit card be better than to HKD account to which the ATM/debit card is linked?

from the source I heard it from... it's free to transfer to a CC whereas there are charges invovled when transfering to a bank account.

When you go to pay off your credit card w/ a foreign currency account are there charges (doubt many people do this though)

[Becks23]

BTW there was a $3 charge levied against me for the ATM fee

so it cost me $237 or so to withdraw $228 CND.

My dad sent me an email and said that the ATM method is the best way to use for all transactions under $1200 CND, and once you exceed that, bank transfer is better.