Transfering funds to foreign bank accounts
 

I'm looking to fund some HK and China bank accounts.

What is the safest, most cost effective way of doing this?

TIA

er..

wire transfer with your bank?

it costs $10 or so.

Ill be going to HK soon, you can give me the money and your bank account and I can "safely" transfer it for you.

If not, wire transfer will suffice. Because it is not a Canadian bank and obviously not one of the big 5's in Canada, you will need the following information to give to your local bank to help wire the transfer:

- The complete address of the receiving bank
- The phone number of the receiving bank
- The transit number of the receiving bank
- The institution number of the receiving bank
- The account number and full name of the person you're wiring the money to

For RBC, it costs $35usd plus communication fee and correspondent bank fee if applicable ( communication fees are provided at the branch)

35?!

RBC = ridiculous banking charges

OMG!!
35 for canada to send and whatever the other charges to receive?!?

and i thought i was getting ripped off with 30$ total

Believe it or not its actually not even close to $10 at any of the big 5 banks unless you are a VIP customer even that its at least $15-$20

The going rate for most banks for single transaction is $35 + commission.

Pretty steep if you ask me.

Credit Union - Vancity is 10/20 bucks. =) anywhere. straight. no extra/hidden fees

hsbc = $35 and up
hsbc commercial accounts = add $50 more.. LOL

i heard TD charges are pretty expensive as well

XE.com Wire Transfer.

RBC = $35 outgoing / 15 incoming
Scotia = $6 for domestic wires / 25 international in.
HSBC = $40 in/out

Is it possible to set up PayPal accounts and link them up with the foreign country bank accounts? Then you could just transfer it back and forth, not sure about the exchange rates though.

Well I ended up using the company MoneyTT (its located in Crystal Mall and another location in Richmond). I was pretty surprised as it was recommend by the teller who I bank with.

I question whether its legit at first but it looks ok to me as during my visit to MoneyTT there were many other customers transferring and exchanging larger amounts of money than me.

They work on a staggered pricing structure so it cost from the lowest $8 bucks to transfer $500 CAD and the highest $35 for anything more than $10K. It really works out for people who are transferring smaller amounts as the $8 can't really be beat.

Hope this helps other RS'ers

It does, thanks :)

What information must you provide in order to complete the transaction? I mean the account information in China/Hk?

International money transfer
 

Or you can try going to RIA financial service. Their rates are much lower than western union or money mart and money gets transferred immediately. I have tried both their "home delivery" and "rural pick-up" service and they are excellent. But I think only certain countries have that option. I remembered they are located on hastings & kamloops.

http://www.canadianforex.com/

No charge over $10k and the best rate that any individual person can get :haha:

HSBC Premier = free.

only if it's HSBC to HSBC :D
try transferring to Bank of America, regular fees apply

BoA does not operate personal banking services in HK or China. And even if they did, why would you want to open an account with another bank if you already have premier status with HSBC that would open an account for you.

thats not the point. i was just trying to tell the person above that HSBC premier wire trf fees are noy always free.

of course your info is correct also.

some people doesnt like to have their accounts in one single bank. but HSBC premier has pretty good features. just that the relationship managers are sometimes retarded.
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the safest, EASIEST, and most CONVENIENT way is to do a bank transfer. and just pay the 30 bucks or whatever it is.

it's not the cheapest but like i said, it's the most convenient.