[Becks23]

What is the most economical way (time is a non-issue) to receive HKD's from Canada. I understand that wiring money often incurs a certain cost that is not necessarily a % of the sum (my father said it's $35 CND/transfer for CIBC). By small funds, I mean ~ $200-$500 every few months as I help friends buy shoes etc

i've looked at
-wiring
-western union/money gram
-paypal

the 2nd and 3rd option are not beneficial in my opinion cause it seems as though the exchange rates are skewed in the 3rd party's favor (PP especially).

thanks a lot!

[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....

[Becks23]

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....

wow... is it THAT easy??? it never once crossed my mind!

any idea of what the fee is?

[PDLM]

Depends on your bank, but for those sort of sums probably a minimum fee of $2-3.

But do you really need to pull out the cash in small chunks? much better would just be to let it accumulate in your Canadian account and either wire or ATM a bigger sum every few months.

[Becks23]

Originally Posted by PDLM

Depends on your bank, but for those sort of sums probably a minimum fee of $2-3.

But do you really need to pull out the cash in small chunks? much better would just be to let it accumulate in your Canadian account and either wire or ATM a bigger sum every few months.

from the research I've done, all I have to do is find an ATM which matches up with the designated technology/sponsor on the back of my card (Interac/Plus)


http://www.worldroom.com/pages/wrnhk...bank_dir.phtml

unfortunately, I do need to keep an ongoing collection of payment etc cause I don't exactly make a lot...

[HKFella]

In Asia*, expect CAD 3-5 fees per withdrawal from a Plus ATM (which is the network from Visa Intl which most Canadian Interac debit cards are linked to; BMO is on Cirrus). This is separate from your regular acct maintenance or per transaction fees back home. For fees info try the Canadian bank's main (not online banking) website, e.g. rbc.com, scotiabank.com, cibc.com, etc. Problem with pooling the smaller amounts is when you run up against the max cash dispensing limit of the local ATM, so you need to balance it out. Above a certain amount wire transfer or bank draft might end up more economical.

*Canadian banks' free ATM access overseas alliances don't appear to extend to Asia as yet but watch this space (http://www.scotiabank.com/cda/conten...0.html#members).

[penguinsix]

Your bank will have a 'standard' limit for non-bank ATM transactions, probably about $300-$500 US/Can per day. However, if you call them and tell them you will be in HK for awhile, they can raise the limit for a certain period (say a few months).

In fact, if you are going to be using US/Canadian ATM or credit cards, it is always a good idea to contact your bank beforehand and let them know to expect charges from overseas. Sometimes a rash of HK transactions on a card never used outside of Canada before will trigger security holds on your card.

[HKFella]

What penguinsix says is right. That limit from your bank is separate from the cash dispensing limit of the local ATM used.

[Becks23]

thanks for all the info guys... greatly appreciated

i withdrew $1600 HKD today

xe.com gave $1600 HKD as $228.67 CND

my CIBC online banking charged me $234.15 CND

"*Foreign Currency Conversion Fee - If you withdraw foreign currency from a bank machine located outside of Canada, you are charged the same conversion rate CIBC is required to pay, plus an administration fee of 2.5% of the converted amount (this is in addition to any transaction fee applicable to the withdrawal and the network fee)."

I guess I have to wait to receive my monthly statement (on paper) to see what sort of fees were levied.

[EUChinese]

Originally Posted by Becks23

What is the most economical way (time is a non-issue) to receive HKD's from Canada. I understand that wiring money often incurs a certain cost that is not necessarily a % of the sum (my father said it's $35 CND/transfer for CIBC). By small funds, I mean ~ $200-$500 every few months as I help friends buy shoes etc

i've looked at
-wiring
-western union/money gram
-paypal

the 2nd and 3rd option are not beneficial in my opinion cause it seems as though the exchange rates are skewed in the 3rd party's favor (PP especially).

thanks a lot!

If you purchase shoes for your friend on a regular basis, why dont you ask her/him to give u a credit card with limited credit limit (they you won't spend all his money).