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Old 17.02.2018, 07:10
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Forex question

I need to transfer USD1500 to a Hong Kong USD account from my CHF account. Transferwise, who I normally use, will only transfer USD to the US, which is logical, I guess.

Is there any way I can do this transfer without it costing an arm and a leg? At the moment, a bank transfer seems the only way to go.

I have never done a PayPal transfer. Would this work?

Thanks in advance for your help.
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Old 17.02.2018, 11:22
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Re: Forex question

I use xendpay.com (UK based company) to send money to the UK. I have been happy with them.

I looked at their website (link for you to see the transfer possibilities) and they offer CHF to HKD and $US in Hong Kong.

Select Switzerland and Hong Kong then on HK the default is HKD but then select USD.

Link: https://secure.xendpay.com/costs
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Old 17.02.2018, 11:24
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Re: Forex question

I should add that you will need to provide a copy of your passport when setting up the account given the $ amount and EU laws. The clearance is normally done the same business day. The website will explain the process.
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Old 17.02.2018, 12:26
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Re: Forex question

You may find your own bank is the most competitive, and even if a few Francs (in total) more expensive saves a lot of hassle. Also, if you are transferring money, even CHF, to an overseas account, for onward transfer, you will also have to pay a fee for that, so take all the factors into account in your costings.
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Old 17.02.2018, 14:30
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Re: Forex question

Thank you both for your replies. I think I am going to have to do a bank transfer to avoid first sending money to the UK, (xe.com is also UK-based like xendpay) making a double transaction. I have a friend living in London who has to make the same transaction, and I shall tell her about xendpay.
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Old 17.02.2018, 15:00
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Re: Forex question

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Thank you both for your replies. I think I am going to have to do a bank transfer to avoid first sending money to the UK, (xe.com is also UK-based like xendpay) making a double transaction. I have a friend living in London who has to make the same transaction, and I shall tell her about xendpay.
No. This is not the case of exchanging money twice. The transfer is CHF to USD from CH to HK (via the UK). It will probably go to a UK bank account to be transferred but the trade is CHF to USD period. That is all you are concerned about. Their rate and transfer fees are transparent on the exchange rate page you saw (my link). Make sense?

If you do it through your CH bank you will pay dearly - exchange rate and transfer fees.
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Old 17.02.2018, 18:22
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Re: Forex question

I use CurrencyFair. Have you looked into the? For USD..they are good.
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Old 17.02.2018, 20:22
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Re: Forex question

Thanks Verbier. It does seem as if you have found my solution.
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Old 16.04.2018, 11:37
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Re: Forex question

I thought I would give you an update on how I managed to send USD to Hong Kong without sending the money to England first and incurring a double exchange.

For Xendpay, XE.com and others, the money has to be sent to their English-based GBP account, and is then converted to USD, so a double exchange. Transferwise has a Swiss bank, but its FAQ says that USD can only be sent to the US. I contacted them, and they authorised my account to send USD to HK. It is sent using SWIFT, so there is an extra charge of 5.50CHF, for my 2000USD transfer which they warned me of. Otherwise, I was able to transfer as normal.
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Old 16.04.2018, 11:40
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Re: Forex question

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I thought I would give you an update on how I managed to send USD to Hong Kong without sending the money to England first and incurring a double exchange.

For Xendpay, XE.com and others, the money has to be sent to their English-based GBP account, and is then converted to USD, so a double exchange. Transferwise has a Swiss bank, but its FAQ says that USD can only be sent to the US. I contacted them, and they authorised my account to send USD to HK. It is sent using SWIFT, so there is an extra charge of 5.50CHF, for my 2000USD transfer which they warned me of. Otherwise, I was able to transfer as normal.
XE.com have accounts in various currencies including USD, certainly no need to convert twice.
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Old 16.04.2018, 16:13
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Re: Forex question

I did the first USD to Hong Kong transfer with xe.com. I was asked to pay their GBP account in England. I thus had to pay for the transfer costs as well as a bank transfer to England, which kind of defeated the object of using a broker.
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Old 17.04.2018, 19:40
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Re: Forex question

My transfer with Transferwise has just gone through. I paid 16 CHF in fees for a 2297 USD transfer, so well pleased.
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