I live in Toronto, Canada.

About every 2 months, with HSBC's "Global Transfers" tool, I used to send myself money from my HSBC account in Hong Kong to my HSBC account in Canada.

Because I now need to abandon HSBC, how else can I do this as or more cheaply? I already know about regular wire transfers or money orders, but these seem more expensive than HSBC's options?


There are peer to peer services these days which work by trying to match someone who wants to convert currency X to currency Y with other people who want to convert Y to X. Obviously this works better with major currencies.

They tend to give you the midmarket interbank rate banks use to trade with each less their commission of 1-2%. Banks can charge up to 5% and use different rates for buying and selling. Transfers may take a day or two, although you may be able to do it faster if you pay extra.

Transferwise, CurrencyFair and MidPoint are examples of such services though there are many others.

Here's a link to a newspaper article with more details.