Money Transfer
#1
Forum Regular
Thread Starter
Joined: Sep 2012
Location: Sydney
Posts: 195
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.
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.
#2
BE Forum Addict
Joined: Apr 2005
Posts: 1,755
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.
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.
#3
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.
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.
#4
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.
#5
Re: Money Transfer
The best option depends on the amount to be moved.
#6
Forum Regular
Joined: Feb 2013
Location: Dubai
Posts: 40
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.
#7
BE Enthusiast
Joined: Mar 2012
Location: Living in Melaka, Malaysia
Posts: 472
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.
£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!