J.Ward

Hello,

Could any one provide some advice on the most cost efficient way of transferring money from Malaysia to the UK? Are there any foreign exchange companies that provide this service or does it have to be done via bank transfers?

Any information or advice would be much appreciated.

James

bakedbean

I think there's a fair few companies that you can do transfers through. My OH has used a couple of them to transfer foreign currencies to Malaysia.

Britishexpats has sponsored companies on here from time to time. There's currently a sponsored forum section. You should be able to find it from the main index page. Might be worth a look.

Bluenose1

I have used Western Union previously and usually got a fairly good exchange rate. They have tightened up under the UK fraud laws and you may need to register with them and provide a copy of your passport to send larger amounts. As bakedbean says, there are others too. If sending to a Malaysian, you need to include their MyKad ID. If to non-Malay, then probably need to enter their passport number for identification when picking up the cash. Sender will get a transmission number which receiver will need to quote. You can pick up money at any Western Union office. Western Union used to charge a percentage of the amount transferred, not sure if that is still the case.

Prior to coming out here, I opened a Lloyds International Account and then once here a Maybank Savings Account and Maybank Foreign Currency account. Transfer money into the Lloyds then transfer from Lloyds International to Maybank Foreign Currency. Leave the money in that until you get a decent Exchange Rate then transfer into Savings. Total cost per transfer is £25.00. £20 for actual transfer, then 2 lots of £2.50 at Maybank. One to put it in and the other to move it out. It usually takes either 3 or 4 days to be received into the Maybank FC account.

I think UK Banks like Natwest charge a flat fee no matter how much you transfer, but then you would need to transfer it into a Malaysian Bank Account then go into the Branch to transact. Malaysian Bank may then charge another fee and the ER might not be that great!

Other possibility is to bring cash out. If greater than €10,000 (or equivalent) need to declare to GB Customs on departure and if greater than US $10,000 (or equivalent) need to declare to Malaysian Customs on arrival.

abdulawwal

Hi all,

I use a HSBC Premier account that allows you to transfer free globally from one HSBC account to another.

Regards
Abdul

Bluenose1

Not exactly "free" though, Abdulawwal - don't you have to keep £50K tied up with no interest in a Premier account?

Davita

Depends on where the Premier account is established.
For example, I have numerous HSBC Premier accounts in many Continents and currencies, but the account which establishes all other accounts as 'Premier' is based in Jakarta.
The Fixed Deposit (FD) is Rp500,000,000 (approx UKP32,000) and currently generates 6.9%per annum.
Previously it was in Malaysia and prior to that in Canada but they both required a bigger FD.

abdulawwal

Hi

I've found that they aren't too strict with that. I don't have anywhere close to that amount, but just by having another Premier account elsewhere entitles you to be a Premier customer.

Maybe Malaysia thinks I have the amount in the UK, and the UK thinks vice versa!

If you don't have the amount, I think they charge a monthly maintenance fee, but the transferring is still free.

Regards
Abdul

regularjohn00

Hello all, I'm moving to KL in a week and looking to do the same regularly, I've seen a few online companies that advertise sending money overseas, essentially you pay them the money, they convert it into the currency you want (i.e in my case I pay them ringgit, they convert to GBP) they then pay it into uk bank account so it looks like an english transaction and hence avoids bank fees.

Anyone used any similar sites with any success (I can name a few sites I looked at but as I don't know how reputable they are I didn't want to be associated with them if their no good so haven't done so yet)

kennyboy33

Hi

just before coming to live in M'sia using mm2h, we transfered all our money using UKForex.no problems and better exchange rate than banks

regularjohn00

Thanks Kenny,

If you don't mind me asking, did either your bank here or your bank in malaysia levy any charges against you for doing this?

kennyboy33

No..absolutely no charges whatsoever

NewAdventure84

Hi all I have been living in KL for about a month now so just set up my bank account here. I need to send a small amount home every month to pay off a loan in the UK.

I was thinking of setting up a second Paypal account here as there is less fees than a bank transfer. However I have just read that they have stop personal payments from Malaysia.

So is there any other way for sending relatively small amounts or just with Bank transfer? I thought about western union but i would have to have someone go collect it from branch every month and then pay into me.

Thanks for any advice

JC3

According to Bank Negara Malaysia (the central bank of Malaysia) non-residents are free to import into and export from Malaysia, any amount of foreign currency including traveller’s cheques.

Non-resident travellers are allowed to carry ringgit on his person or in his baggage or in his possession, only up to USD10,000 equivalent upon arrival or leaving Malaysia.

For the applicable rules see section 1.7. here:

http://www.bnm.gov.my/microsites/fxa...-residents.pdf

JC3

Dan_W9

Along with the Indian Rupee, Malaysian Ringgit is widely available to buy, but is very difficult to sell... There aren't many Banking lines that are able to facilitate MYR-£ or into any other currency unfortunately.

Your best bet is to use a Malaysian Bank such as Negara or Maybank and just swallow the Transfer Fee.

ajw

I normally use Ozforex for all my transfers. Unfortunately, they wont transfer from Malaysia to Aus/UK so I am relying on Maybank telegraphic transfer.