starsky_

Hello,

I need to exchange large amounts of MYR to GBP and I am looking for a reliable forex broker. Previously, I have used World First and Currency Transfer but neither of these have the facility to do MYR to GBP exchanges. Can anyone recommend any reputable companies? A colleague mentioned Money Master in Midvalley but he had only used them for cash exchanges and I'm a bit wary about transferring funds to them and then expecting them to transfer money to my UK account (if they even have this facility).

Thanks for your help.

NeonHippy

Suggest you read this thread http://britishexpats.com/forum/malay.../#post11738858 and then follow the link to the second thread.

SushiFan

A regular bank, such as CIMB, is not suitable for your purpose? https://www.cimbclicks.com.my/clicks...remittance.htm

BNM has a short list of approved money brokers: List of Licensed Financial Institutions in Malaysia | Bank Negara Malaysia | Central Bank of Malaysia

Epicurious

Have you tried Transferwise? No personal recommendation, but I heard their fees are low.

OriginalSunshine

I've ended up using HSBC premier for transfers.

Davita

I've also used HSBC Premier to transfer MYR out to another currency...but the Malaysian Finance Dept. will not permit MYR to leave Malaysia...it has to be exchanged prior to transfer.

Consequently most Forex do not deal in MYR ...and TransFerwise doesn't transfer unless between Malaysian banks.

IanBlakeley

I use them all the time, their fees are indeed about the best[1] but they only do incoming as it were.

[1] The best incoming has been Halifax Clarity and withdraw from the ATM here but only useful for low amounts upto ~RM1500 a day

OriginalSunshine

Do you use them to send money out?

IanBlakeley

I don't believe it's possible. I've tried putting MYR as the source but didn't get a quote.