[GoldenDomer]

Hi Folks,

I was trying to buy some HKD for my first month in HK and was astonished by how far HSBC's buy/sell rate is from the middle price. Stupid me used 7.78 as the default exchange rate when I calculated USD/HKD back and forth. HSBC's sale and buy rate is about 7.35 and 8.4 , which is like additional 9% tax no matter which way I go.

So I did a little research and seems xe.com typically offers much better exchange rate. Wonder if anybody has experience with them. Seems we don't have a thread on exchange rate (except some about money changing stores), so I guess it should be helpful for many of us in the future, especially if you won't stay in HK forever.

[KnowItAll]

Where is their rate at 8.4????

We regularly transfer US$ to HK$ at around 7.75-7.73

[PDLM]

My experience matches KIA's - USD-HKD rates at HSBC (for intra-account transfers) are well within 1% of 7.78 (normally within 0.6%).

[GoldenDomer]

Wow ! That's even better rate than what xe.com gave me.

I think I must have done something very silly. What I did is calling HSBC's currency exchange center and told them I want to buy some HKD, then they quoted the rate (again I asked what if I want to sell HKD, then they gave me the ridiculous 8.4)

I have a USD account and a HKD account with HSBC, are you saying that I should simply do an intra-account transfer and they have a different rate for such transactions ?

Originally Posted by PDLM

My experience matches KIA's - USD-HKD rates at HSBC (for intra-account transfers) are well within 1% of 7.78 (normally within 0.6%).

[KnowItAll]

http://www.hsbc.com.hk/hk/commercial...t/ib10905s.htm

[GoldenDomer]

Thann you KIA

One more question: I'm in New York right now, if I want to do Tecegraphic Transfer, I need to take my USD out and go to their counter, ask for a Telegraphic Transfer to my HK account? The rate on this page is great, but I'm not sure if I could get it in New York, all service centers seem to be in Hong Kong. Or maybe I need to carry a brick of USD to HK and do the telegraphic transfer locally?

Originally Posted by KnowItAll

http://www.hsbc.com.hk/hk/commercial...t/ib10905s.htm

[KnowItAll]

You should be able to do it online if you have access to your account.

Worst case, the nearest HSBC branch should be able to set it up for you.

Don't carry cash ... specially if you're american.

Assuming you're with HSBC in the US.

http://www.hsbcusa.com/hsbcusa/hsbcu...ae=c&HSBC_au=1

[GoldenDomer]

Why Americans shouldn't carry cash? I used to run around with only a credit card in Indiana, eventually get used to carry some cash after I moved to NY. I bought a bigger wallet for the purpose to carry cash in HK because I think its more common to use cash here ( A nice way to curb my spending a little at least)

I talked to HSBC people again and was told that in New York they only give such ridciculous rate.

Originally Posted by KnowItAll

You should be able to do it online if you have access to your account.

Worst case, the nearest HSBC branch should be able to set it up for you.

Don't carry cash ... specially if you're american.

Assuming you're with HSBC in the US.

http://www.hsbcusa.com/hsbcusa/hsbcu...ae=c&HSBC_au=1

[KnowItAll]

This has to be a wind up ....

[PDLM]

You are sure that HSBC understand that you are asking simply to transfer money from your own USD account to your own HKD account?

If they think that what you want to do is withdraw HKD in cash in New York then I can see that might be a bit more expensive.