# Sending money home??



## kiwibirdhk (Jun 6, 2014)

Hi, 

I'd just moved to HK few months ago and looking to send some savings back home from time to time...
what's the cheapest way to send money home?? I know the bank fees in HK are pretty high and they aren't very helpful  thanks!!


----------



## Bolthouse (Jun 9, 2014)

We're looking to move to HK and I had a similar question.

I'm self employed and my money gets wired into a US bank account which will need to stay open to auto-pay bills in the US. At the same time, I need access to my US money to pay bills in HK.

My current bank is only a national bank, so there's really no option for transferring between US and HK accounts without paying wire transfer fees.

I know that HSBC is in the US and HK (along with a few other banks), I asked them what the deal was with banking between countries and they said that I could open a special kind of account in the US, then open a regular account in HK and then link the two together. Doing this would allow for free and unlimited transfers between the US and HK accounts.

Only catch was, you had to keep $15,000 USD in the accounts each month or you got hit with fees.

I'm still exploring options, but you might want to look into opening some new accounts with a bank that has branches in both HK and your home country.


----------



## katethorne01 (Jun 6, 2014)

My colleauge recommended me to use ClearFX.com an online money transfer service provider. At first I wasn't sure who they were..but apparently they are an Australian listed company. Anyways, I've done a few transfer through them and everything went very smoothy, there are no fees and not even the bank receiving fees (I was sending to Australia and to the UK). So I think you can try out their service if you are looking to save money on rates & fees.


----------



## Laugh.love.smile (Dec 12, 2013)

Has anybody tried or know or someone that has tried transferwise? Seen a few advertisement but always weary of sending money without personal recommendations. I'm also looking for cheapest way to wire savings home!


----------



## siobhanwf (Mar 20, 2009)

Currencies Direct


----------



## bryanng (Jul 14, 2014)

I believe Citibank does free global transfer for even their most basic clients if you accounts in both countries eg. USA & HK.


----------



## sxmhousewife (Jun 28, 2012)

Do you have HKID card, if so, just open a bank account, for example, HSBC, BOC, DBS, Hangseng, as you can do online transaction for overseas banking, even the oversea bank a/c holders are not your own names. The online transaction fee is from HK$150-HK$300 depends how fast you want. I always do that. Very safe and you don't need to maintain certain amount of deposit if you don't want, but the daily deposit would save your monthly admin. fee.


----------



## sxmhousewife (Jun 28, 2012)

If you don't have the HKID, you still can transfer money via the bank counter, they just charge some handling fee. I do not like HSBC as they are not so friendly and always too crowded. Hangseng bank and DBS are very efficient and very good service, the stuff are very helpful and nice.


----------

