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Old Aug 1st 2017, 1:08 pm   #16
Macsta 
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Default Re: Money transfer

Hi doggmeister,

Over the past few days from other forum members comments and advice I have been checking the comparison but mainly from GPB to MY because as mentioned previously TransferWise cannot complete GBP to USD to Malaysia.

For example if I was transferring USD to MY through Global View with HSBC for 1000 USD I would get 4,241.08 (4.24107).

If I made the same transfer of 1000 USD with TransferWise I would receive 4243.07 (4.24307)

These rates are within the past 30 minutes.

So its negligible.

However it has been advised by some HSBC forum members that if you contact your Premier Personal Advisor directly you may receive a better exchange rate.

I am unaware if this has to be done in person if so that rules me out for now.

The problem is if you are trying to take advantage of a short term rate then the potential time taken to contact your PPA might negate any saving if rates are moving rapidly.

Life in the fast lane eh!
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Old Aug 2nd 2017, 10:21 am   #17
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Default Re: Money transfer

Quote:
Originally Posted by Macsta View Post
Hi doggmeister,

Over the past few days from other forum members comments and advice I have been checking the comparison but mainly from GPB to MY because as mentioned previously TransferWise cannot complete GBP to USD to Malaysia.

For example if I was transferring USD to MY through Global View with HSBC for 1000 USD I would get 4,241.08 (4.24107).

If I made the same transfer of 1000 USD with TransferWise I would receive 4243.07 (4.24307)

These rates are within the past 30 minutes.

So its negligible.

However it has been advised by some HSBC forum members that if you contact your Premier Personal Advisor directly you may receive a better exchange rate.

I am unaware if this has to be done in person if so that rules me out for now.

The problem is if you are trying to take advantage of a short term rate then the potential time taken to contact your PPA might negate any saving if rates are moving rapidly.

Life in the fast lane eh!
That's really helpful thanks! I have been converting UAE to dollars within HSBC through my premier manager in UAE and expect to do the same once the money arrives in Malaysia via global transfer (so US dollars to MYR), I have in the past foolishly converted UAE to GBP then GBP to MYR and waster literally thousands of MYR as a result, only now have I started working in Dollar pegged currencies for conversions!
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Old Aug 2nd 2017, 2:45 pm   #18
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Default Re: Money transfer

Quote:
Originally Posted by Macsta View Post
I am unaware if this has to be done in person if so that rules me out for now.
But this is not HSBC-specific, it goes this way with all the banks. One of the reasons why I always use Transferwise, I am usually not in mood to discuss this with my relationship manager at CIMB, because if they beat TransferWise (what they usually don´t do), anyway only in a minumum margin.
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Old Aug 2nd 2017, 4:07 pm   #19
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Default Re: Money transfer

There is a limit to the currencies TransferWise will convert from....but the currencies they convert into is vast.
I'm very surprised that Macsta's HSBC rate for global exchange GBP-MYR is so close to TransferWise.
My HSBC exchanges from GBP-IDR is considerably less than what TransferWise provides....even my Indonesian Relationship Manager accepts that. The only advantage is the HSBC transfer, once accepted, is instant.... whereas TransferWise usually takes 2-4 days to transfer.
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Old Aug 3rd 2017, 6:15 am   #20
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Default Re: Money transfer

Hi Davita,

Thanks for the comment.

Just so I am not confusing anyone.

TransferWise rate was indeed better than HSBC on all occasions I checked but the example I gave was based on calculating the rate on the amount that is actually received into the account. So I just took the nett amount received and divided by the transfer amount to get the true rate.

On this basis HSBC Global displays the amount without any fees with obviously any charge already built in (which is one of the reasons for the disparity).

So you are correct on a direct rate to rate comparison TransferWise win hands down but my example was on amount received which I would say is the bottom line and on this basis, as I stated, the difference (on this occasion) was negligible.

It may vary and I will continue to check.
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Old Nov 18th 2017, 11:15 am   #21
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Default Re: Money transfer

Hi,

At first I used a forex firm (UKForex) and was happy with the service and rates, but since opening a HSBC bank account in KL use a different method. I have opened a sterling savings account at the Malay branch and transfer sterling directly to this from my UK HSBC account. I tick receiver to pay fees which results in a charge of £3 at the Malay end. When I want to exchange sterling to ringgit I pop into the branch and ask for a rate, always better than the rate on the website, from memory around 1% less than the interbank rate. The transfer into my ringgit account is immediate. I then open fixed deposits with HSBC online so that the money earns interest and cash these when I need the living expenses.
The sterling account has a charge of RM10.60 per month. This would be waived if I kept a £4000 balance, but the interest outweighs the charge.

I can’t comment on dollars, but if you had a US HSBC account I assume the same would apply.
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Old Nov 18th 2017, 11:39 am   #22
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Default Re: Money transfer

Quote:
Originally Posted by patr View Post
Hi,

At first I used a forex firm (UKForex) and was happy with the service and rates, but since opening a HSBC bank account in KL use a different method. I have opened a sterling savings account at the Malay branch and transfer sterling directly to this from my UK HSBC account. I tick receiver to pay fees which results in a charge of £3 at the Malay end. When I want to exchange sterling to ringgit I pop into the branch and ask for a rate, always better than the rate on the website, from memory around 1% less than the interbank rate. The transfer into my ringgit account is immediate. I then open fixed deposits with HSBC online so that the money earns interest and cash these when I need the living expenses.
The sterling account has a charge of RM10.60 per month. This would be waived if I kept a £4000 balance, but the interest outweighs the charge.

I can’t comment on dollars, but if you had a US HSBC account I assume the same would apply.
If you were to update your Malaysian HSBC to Premier all your other HSBC accounts worldwide achieve that status and you pay no transfer fees nor charges unless your balance drops below the minimum required..

It requires a minimum balance of MYR200,000, or equivalent, to qualify for HSBC Premier status in Malaysian HSBC.

I used my MM2H Fixed Deposit (MYR150,000) plus another FD (MYR50,000) to achieve Premier status....and both accrued interest to my current account.
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Old Nov 18th 2017, 1:57 pm   #23
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Default Re: Money transfer

Thanks for the useful advice, DaVita. I am thinking of upgrading to premier for that and other benefits. I would transfer my fixed deposit from another bank to achieve this.
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