Moving to Hong Kong

RobSM

Hi All

I'm moving to Hong Kong in a few weeks to start a new role with my current employer. It's a 2yr minimum contract and I have some queries about how best to approach my UK banking, particularly credit card payments. I am currently paying via monthly standing orders, but I am unlikely to clear the total debt before I go.

What is the best way for me to continue these payments? Should I transfer money from HK into my UK current account, or is it better to pay directly from an account setup in HK? If the latter, what is the cheapest option?

Thanks in advance
Rob

PS: Mods, if I have posted in the wrong section please move, thanks.

eDicky

In which currency will your salary be?

jonesMUFCforever

IMO - before you answer post 2 - it would be better for you to send one monthly/quarterly payment from HK to your existing UK bank account.
You then pay as now - easy to keep tabs on things via internet banking.

RobSM

eDicky wrote: »

In which currency will your salary be?

Hong Kong dollars

RobSM

jonesMUFCforever wrote: »

IMO - before you answer post 2 - it would be better for you to send one monthly/quarterly payment from HK to your existing UK bank account.
You then pay as now - easy to keep tabs on things via internet banking.

Thanks, but wont this incur significant fees?

bigadaj

RobSM wrote: »

Thanks, but wont this incur significant fees?

Possibly depends on your bank.

You can look at transferase or other currency brokers of course.

eDicky

RobSM wrote: »

Hong Kong dollars

So use a transfer broker to convert and send to your UK bank account, and/or to pay your card directly (costs will not differ), whichever way you find easier to administer. This will avoid bank fees and their adverse exchange rates when transferring directly.

TransferWise cannot be used to send funds from Hong Kong, others can, check the money transfer comparison sites such as fxcompared. If you were paid in GBP you could use HSBC bank accounts to send directly without fees.

jonesMUFCforever

RobSM wrote: »

Thanks, but wont this incur significant fees?

I have no idea how much a HK bank will charge for an International payment for you.
Most UK banks will charge a small fee (not more than £12) for receiving monies from abroad.

I suggested a quarterly transfer to minimise the fees.

Once the money is here you use online banking to pay your bills as now - no further cost to you.

bigadaj

Things may have changed but when I was in Hong Kong in the late nineties multi currency accounts were the norm. So if you get a HSBC account there you should be able to have parallel accounts in US dollars, sterling, euro or maybe other currencies. I think the costs were pretty low but you'd need to check.

eDicky

bigadaj wrote: »

Things may have changed but when I was in Hong Kong in the late nineties multi currency accounts were the norm. So if you get a HSBC account there you should be able to have parallel accounts in US dollars, sterling, euro or maybe other currencies. I think the costs were pretty low but you'd need to check.

Yes, it should be the same now, and probably ne fees. But a spread will be put on the HKD/GBP exchange rate between accounts (although not as severe as UK banks impose), so it's probably better to use a broker for the conversion and transfer.