Bank with free telegraphic transfer

[TyL3r_DuRd3n]

Need to transfer annually to HKG HSBC bank in USD.
Any bank to recommend for affordable transfer?

 

[BBCWatcher]

1. Are you starting from U.S. dollars, or do you also need to convert currencies?

2. Do you have another bank account in Hong Kong where you could land the U.S. dollars prior to transferring them onward to the HSBC account in Hong Kong?

3. Is the destination account in your name (”first party”) or someone else’s?

4. Is this amount “significant,” meaning you might want to do some currency hedging if you don’t already have U.S. dollars?

 

[TyL3r_DuRd3n]

1. Are you starting from U.S. dollars, or do you also need to convert currencies?

2. Do you have another bank account in Hong Kong where you could land the U.S. dollars prior to transferring them onward to the HSBC account in Hong Kong?

3. Is the destination account in your name (”first party”) or someone else’s?

4. Is this amount “significant,” meaning you might want to do some currency hedging if you don’t already have U.S. dollars?

Thanks for the reply.

1. Start from SGD
2. No bank account in HKG.
3. Not my name, it's a company / business entity.
4. Less than USD 600 annually.

 

[BBCWatcher]

1. Start from SGD
2. No bank account in HKG.
3. Not my name, it's a company / business entity.
4. Less than USD 600 annually.

OK. I think in this situation you’d shortlist the well-known remittance specialist firms such as Wise and its competitors.

By any chance will this company/business entity accept payments by credit or debit card (and without a markup)?

 

[TyL3r_DuRd3n]

Thanks. I explored WISE. Does it pay from USD wallet directly to the organization?

No, i did ask about alternate mode of payment. They are quite ancient. TT or Bank Draft. lol. help me.

 

[BBCWatcher]

Thanks. I explored WISE. Does it pay from USD wallet directly to the organization?

Wise should be able to handle the whole SGD to USD conversion and payment, yes. You don’t necessarily need to keep a balance at Wise and probably shouldn’t.

 

[dexboi]

Wise can do.

 

[LexusIS]

As the amount is small, payment services firm in Singapore can do it. The TTs charges for banks usually doesn't make sense.

You can refer to the below article for a quick summary some of the options:
https://www.singsaver.com.sg/blog/best-money-remittance-transfer-services-singapore

 

[TyL3r_DuRd3n]

Thanks, @BBCWatcher , @LexusIS @dexboi for the answers! Much appreciated!

 

[redglue23]

Most banks are running free TT promos for most market segments. If you have FX + TT, the TT will almost be free 99% of the time if FX amount more than S$10,000.

See DBS FREE remit:

https://www.dbs.com.sg/personal/support/bank-overseas-funds-transfer-fees-and-charges.html

We have also indicated a DBS Remit

or a Zero-Fee

icon for clarity that transfer charges will not apply. Kindly re-add your payee if you do not see the icons on your transfer page, for an overseas transfer to our eligible locations in their local currency.

 

[BBCWatcher]

Most banks are running free TT promos for most market segments. If you have FX + TT, the TT will almost be free 99% of the time if FX amount more than S$10,000.

That’s true, but the exchange rate may be terrible. Just compare the all-in cost.