Cheapest way to Sending USD to Hong Kong / China

[james3000]

Hi , Just wanted to see if anyone here knows the cheapest way to send USD to Hong Kong ?

I've used my bank (tsb) before the rates are shocking ,Transferwise has good rates/low fees but don't allow me to send $ to hk or don't allow transfer for business there.

Hifx was nearly as bad as my banks rates ,Fees hidden in the rate .Western union has great rates for sending online but can't use a business bank account.

Amount i need to send is $7000

Thanks in Advance

 

[TaobaoGuides]

The paypal rate is also very high, although you do not need to pay but the receiver account will charge around 3% to 4% which is a big amount.

You can have a try if you can apply an international Alipay account, it is free in China, it may not be free for the money transaction overseas but should certainly cheaper than paypal.

 

[GraemeL]

Use CaxtonFX . No fees. We do.

 

[RBS]

Use currency broker, fantastic rates, they work on volume on thin margin. I use this lady deh@fcexchange dot com

 

[SamStones]

We use ukforex who always seem to give good rates

 

[Maple Sourcing]

Several of my clients use HiFX, it's very fast. I always receive money the next morning.

Another way is by HSBC, if the receiver use HSBC-HK and you use HSBC-UK, the money arrives instantly if both you are in work hour (morning in UK, means afternoon in HK). The rate is not very cheap though, but you can easily transfer money from GBP to USD.

 

[FreebieBoy34]

Hi there! The safest and cheapest way to send money to HK is probably through bank transfer. HSBC would be the best bank for this as @Maple Sourcing as said since this bank is known internationally and their branches are scattered all around the world...

 

[mtools]

Currencyfair is the best I've found. It's basically peer to peer exchange so you buy your dollars then transfer them to the recipients bank account. There's a 4USD fee but you'll get better rates than almost any where else and it's not dependent on the amount you're changing

 

[Brennerz]

Have a look at Revolut- you can send money through that at the moment and they don't charge fees or commission (unless it has since changed) they will be launching a business version too.

 

[Ava Williams]

Don't sacrifice dependable service for a better price. I would stick with the banks; their service is more costly, but also more dependable.

 

[JoecrookrationalfX]

Disagree, using a broker is cheaper and faster. They use segregated accounts to secure funds unlike the banks and can track payments and provide receipts quicker than the banks. As long as the broker is regulated it is cheaper and just as dependable if not more so than the banks!

 

[YIVA Digital]

Alipay charges 3% for international transaction.

 

[YIVA Digital]

The paypal rate is also very high, although you do not need to pay but the receiver account will charge around 3% to 4% which is a big amount.

You can have a try if you can apply an international Alipay account, it is free in China, it may not be free for the money transaction overseas but should certainly cheaper than paypal.

Alipay charges 3% for international transaction.

 

[zenex5ive]

I always got better rates from worldfirst.

 

[james3000]

Thanks for all the replies .I ended up using transferwise and sending hkd .The rate was around the same as the live rate from xe and fee was small for the amount sent .