redbean

Hi there

New to this forum. Will be applying for MM2H visa and buying a property in Penang.

Please advise on how to go about moving large sums of money from Australia to Malaysia for fixed deposit and purchase of property.

Which bank will give the best rate, has minimal bank charges and provide internet banking?

Thanks

ex reg

hmmmmm
You might be better to ask your bank in Australia rather than take too much notice of an answer to such an important question on an internet site.

Ozforex for the transfer is a possibility.

bakedbean

I don't know which banks operate in Australia but I imagine if you find a bank that operates in both countries, it might cut down the transfer costs - but as Ex Reg says, check with your Australian bank.

redbean

Hi

I managed to open an account with Maybank. Got knocked back by Citibank previously as I am a foreigner but as it is inconvenient to visit Citibank regularly, that is fine. So it ends well.

Now waiting for AUD to keep rising before transferring money to account here.

bakedbean

Hope you don't tempt fate

discobay

HSBC Premier customers are allowed free interbank transfers.

lastresort

Try using this service: http://www.oanda.com

Are you there as a permanent resident? Can people on tourist visas buy property or start businesses?

Malaysia is ranked pretty well as a place to do business. Do you find these rankings accurate?

http://www.doingbusiness.org/economyrankings/