Using a forex broker to transfer money abroad?

Hi guys,

Here’s the deal…

I’m an American who does a lot of business in Hong Kong, and thus goes back-and-forth regularly. With that comes the need to send international payments on the regular (large sums).

The fees I’m currently paying my bank for intl wire transfers are pretty outrageous!

I’ve read that I could save quite a bit using a currency broker instead…

Could someone break down how this would be done?

Note I don’t want to bet on currency pairs. I’d just like to be able to exchange from USD to HKD at a reasonable rate.

Thanks in advance!

-Julian

As far as I know all forex broker will only let you withdraw to the same bank account you used to fund your forex account, except for Oanda, they offer a money transfer service. Check out their website (sorry I cant post links yet). It is a partnership with WorldFirst, so you should check their service too. Ask questions to both parties and see which one offers the best deal for you.