Money Transfer

Old Apr 24th 2013, 7:10 am
  #1  
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Default Money Transfer

Can anyone recommend a good medium/portal for transferring funds into Malaysia.

I've previously used Clear FX Australia to UK and vice versa although they do not suppport Ringgit.

I can use HSBC directly but I'm not sure that I get the best rate with them.

For clarity, I want to send AUD into RM.

Thanks in advance.
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Old Apr 24th 2013, 7:59 am
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Default Re: Money Transfer

You can try OzForex or UK Forex.

I can't confirm they deal in MYR, but over the phone or email I found them very helpful.
I was concerned initially never having heard of them, but they are very big and the rates were good and no commision charge.
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Old Apr 24th 2013, 10:19 am
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Default Re: Money Transfer

The issue for currency trading houses is that the Malaysian Ringgit is not a tradable currency, so I doubt any will be able to help you.

You can either suffer the lousy rates, plus fee, using your bank or I believe another option (according to the company I use personallty and for my clients) is to first move to USD and then to MYR. Let me know if you'd like me to refer you.
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Old Apr 24th 2013, 1:50 pm
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Default Re: Money Transfer

To avoid double exchange whammy, couldn't you open an Aussie dollar account in Malaysia, then transfer AUD to AUD, and just change up to MYR as and when.
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Old Apr 24th 2013, 1:53 pm
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Default Re: Money Transfer

Originally Posted by bakedbean View Post
To avoid double exchange whammy, couldn't you open an Aussie dollar account in Malaysia, then transfer AUD to AUD, and just change up to MYR as and when.
But exchanging small amounts means you will only get retail exchange rates, whereas currency houses offer rates closer to the wholesale level, which can make a significant difference to larger sums.

The best option depends on the amount to be moved.
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Old Apr 24th 2013, 4:32 pm
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Default Re: Money Transfer

We have opened a US$ account with HSBC in Malaysia. We transfer US$ into the account from our HSBC account outside Malaysia. Then we wait until the rate to Ringit looks favourable and transfer the whole lot. The trick is planning far enough ahead so that you can leave the funds in US$ for as long as necessary.
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Old Apr 25th 2013, 5:10 pm
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Default Re: Money Transfer

Originally Posted by rusty747 View Post
We have opened a US$ account with HSBC in Malaysia. We transfer US$ into the account from our HSBC account outside Malaysia. Then we wait until the rate to Ringit looks favourable and transfer the whole lot. The trick is planning far enough ahead so that you can leave the funds in US$ for as long as necessary.
We've done something similar, but ours is a GBP account with Maybank. We thought we had managed to have sufficient accounts to not incur any fees/charges, but unfortunately not! Although Maybank swear the only fees we incur are £2.50 each time we do a transfer in or out of the GBP account, there is a "hidden" £20. I should say we also opened an International Account (in GBP) with Lloyds and we move the GBP into that and transfer to Maybank GBP. The "hidden" charge comes because Lloyds International has to transfer the money firstly to Maybank London!!! Interestingly there is no record in any of our transactions of where the £20 has gone. You enter X amount in Lloyds to be transferred, and Maybank GBP account shows the amount coming in as
£X-20!!! However, as Rusty does, we can keep the amount in the GBP account until we get a more favourable rate. Also interestingly, when we transferred a fairly large amount earlier this month, Maybank offered us a better rate than their TT (Telegraphic Transfer) branch rate was quoting. Upshot was we got about RM3,000 more!
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