transfer money from SG to HK on a monthly basis

[kaboodle]

Hi, All,

Would like to ask if anybody is transferring money from SG to HK on a monthly basis (SGD to HKD too). What is the best way? In terms of exchange rate, transaction fee and time of delivery?

I am looking at about SGD10K monthly.

Many thanks in advance...

[Girl_Next_Door]

Suggest that you open a Citi account in SG & HK. Its free to transfer within Cit accounts, and I think the delivery is pretty fast. Exchange rate wise, you have to decide yourself.

[kaboodle]

Noted... thanks Girl_Next_Door. Will check citibank.

Anybody used DBS' online remit service?

[zzm9980]

I've used DBS to HK (BOC HK) and it works, usually same day after the first transfer.

Citibank is "free" for their transfer, but they get you in the spread on the currency conversion. DBS charges a flat fee, but then their spread on the conversion is much smaller and closer to the actual market. What I've found is that smaller amounts are better to use Citi, and larger DBS/Others' wire transfers. You'll have to figure out the magic number that makes a wire transfer more economical. For me it was usually anything over S$5000, unless i needed the money instantly (which Citi is, unless you do outbound from US to anywhere)

[Grumpy77]

I'm going to go outside the box, and I'm a remittance 'insider'...

Use Bitcoin, which WILL put Western Union, Moneygram and their ilk out of business in the next few years.

Use a reputable exchange in each country, and NEVER store your BTC at an exchange any longer than it takes to move them out! If you are going to store BTC for any length of time, at a minimum have them encrypted and use cold storage or paper wallets if you are not sure of your ability to keep them safe online. It is a trust-less system so the onus and accountability for your coins is on you! Once you get past that, then comes the rather large benefits.

- Transaction costs per leg are pennies (if not free) vs a minimum S$20 each way.
- FX cost is nil (the 'spread') as there is no bank or government standing in the middle skimming.
- The only risk is exposure during the transaction which may be up or down but is likely to even out over time (with a slight bias to the downside as markets move down faster than up). There will be hedging options available in the mainstream soon but for small amounts, a hedge is not required.

Total cost using mainstream providers is going to be ~2% up to maybe 5% or more.

BTC exposure would not be more than 1% during the day it would take to do the transaction. Again exposure can be in your favour or not, but it will even out somewhat over time.

Overall, there are dramatic savings on international remittance to be had with Bitcoin. I use Bitcoin to move my money and have contacts in the remittance industry that will give me better rates than you will get.

Food for thought.

[sundaymorningstaple]

Dayyyyam, you disappear from the board for a year and drop in out of nowhere and lay a biggie on us! Welcome back, almost a year to the day! Even worse, you've missed 5 or 6 eagle's gatherings!

[Grumpy77]

Just trying to be helpful sir.

I'll soon have much reduced travel and look forward to being an eagle-eyed regular. Cheers

[sundaymorningstaple]

I certainly hope so! Good to hear from you again. Welcome to yer home away from home? (which airline did you say home was?) lol

[marc.favroo]

Have you used CurrencyFair or TransferWise? Find them quite good...transfer time is 4-5 days, fees are minimal (I mean it...)

[re7]

Suggest that you open a Citi account in SG & HK. Its free to transfer within Cit accounts, and I think the delivery is pretty fast. Exchange rate wise, you have to decide yourself.

Agree I do this between SG & AU. Works like a charm

[KleenWayne70]

isn't UOB the biggest bank in SG? Y no use it?

[Strong Eagle]

isn't UOB the biggest bank in SG? Y no use it?

So what if it is? Why would that make it the best bank for transferring money to Hong Kong?