Bluenose1

We have just opened a number of Lloyds Bank Accounts (too many, as it happens ) in GBP, EUR & USD - 7 accounts in total..... a GB current account in GBP and International Current and Saving Accounts in all 3 currencies. The plan was to be able to move money from our 'actual' UK bank account through an international account, holding the cash in GBP until Exchange Rates were to our advantage and then transfer the cash in MYR (or RM) to a Malaysian Lloyds Bank and then draw the cash in MYR. However..... it seems that a Lloyds International Account cannot transfer in MYR...... does anyone know if this is correct? In my International Account, I can see many diverse currencies, including THB and SGD but NOT MYR! Alternatively, does anyone have an International Account with another bank that also has Malaysian Banking and MYR currency transfer as an option (OTHER THAN HSBC, I might add! - HSBC require you to hold £50,000 on deposit as opposed to Lloyds only wanting £2,500!!!).

All this is in readiness for our imminent move to Melaka!

bakedbean

I'm not sure what the situation is these days with holding MYR outside Malaysia. I know it used to be the case that it wasn't convertable outside Malaysia (when we were living in Thailand 2007 to 2009) and that you couldn't convert Thai Baht to MYR, had to convert to another currency first, quite a palaver, and incurred a double loss on transferring up.

Why not open a GBP account with any bank here in Malaysia? I'm pretty sure CIMB, Hong Leong, HSBC, would do this. Then transfer GBP to GBP. You can then convert up the GBP here when the exchange rate is beneficial. Just a thought.

Shenni

Hi, can you open a bank account in Malaysia without living there.... I have a house here in the UK and when it sells I want to buy a house near Subang Jaya and only use it 3 months at a time and do not want to go through the M2H scheme so would only have the normal 90 day visa. I am a regular visitor there but would not be working there either

bakedbean

Hi Shenni. You should be able to. You may have to shop around the banks though. Some like to see a visa.

I know it's not impossible though, as friends bought a property and opened up a bank account long before they got any visa. Maybe your Malaysian lawyer or property agent will be able to guide you a bit, unless anyone on here knows.

Shenni

Thanks for the feedback Baked beans

Bluenose1

Thanks for the reply BB. Interesting ideas! In the first instance, we'll see if we can open a GBP account at Lloyds Malaysia, because then all the international transfers will be free (I think even transferring GBP will be an international transfer) - we're trying to avoid any costs and only having to worry about the exchange rates! Also, the benefit of using Lloyds Malaysia is that we should be able to use internet banking for all of the transactions!

bakedbean

I didn't know that Lloyds was in Malaysia. Yes avoiding costs is a great idea

Bluenose1

Apparently there is a branch in KL - Jalan Bukit Bintang -we'll check it out when we eventually arrive. If that's the only one, then we'd need to find out about withdrawing cash from ATMs as it would put the kybosh on the plans for cost-free if other banks charged each time we withdrew money! However, we could probably open an account with Maybank or somebody like that in Melaka then presumably we could use internet banking to transfer between Lloyds Malaysia & Maybank.

bakedbean

Yes, or just write out a cheque from your Lloyds KL branch (or get Bankers Draft) and pay into your Maybank/CIMB/Hong Leong/whatever.

Davita

A cheque BB... do people still use that technology?...last time I saw a cheque was in a USA supermarket where a white-haired lady was trying to fill one out at the checkout....most of the line was like this

Even here in the Indonesian backwater most people transfer from one account to another, using a smartphone/ internet or smartcards.

bakedbean

Cheques are used a lot in Penang. Singapore also.

Davita

I still have an virgin unused cheque book from my HSBC account in KL.
Is the prevalence for use in Penang/Singapore a Chinese thing?

bakedbean

I don't know to be honest. I think cash can disappear into thin air sometimes so cheques offer some proof of payment.

Cheques between banks can be handy if you don't want any trail where the dosh has arrived from

lacmac

I tried opening a bank account and was told i had to have a visa.I am married to a Malaysian but since i do not work in Malaysia i cant get a visa.

My wife opened a Maybank account,in her name.And gave me the ATM card.

I have UK bank account,when the rates are good i tranfer funds into the Maybank account.I think my bank charges me 9.50 pounds for the transfer.

I also have a global currency card from Caxton FX which lets you top up your card like a pay as you go phone.You can use it anywhere in the world and do not get any withdrawl charges or transaction fees.

Bluenose1

We are moving to Melaka any time now (long story, but we're waiting for UKBA to return our passports then we're on our way). My wife is also a Malaysian and I am retired. I intend to apply for a Long Term Stay Visit Visa when we arrive (although I think I need to get one of my brothers-in-law to sponsor me perhaps) - can you not also apply for that visa? It is valid for multiple exits and re-entries for 5 years, after which, if you wish, you can apply for PR.