Go Back  British Expats > Living & Moving Abroad > Far East and Asia > Malaysia
Reload this Page >

Secondment to KL - whats the best bank not to incur massive charges??

Secondment to KL - whats the best bank not to incur massive charges??

Old Jun 23rd 2008, 10:32 am
  #1  
Just Joined
Thread Starter
 
Joined: Jun 2008
Posts: 7
clareil is an unknown quantity at this point
Default Secondment to KL - whats the best bank not to incur massive charges??

I am being seconded with work to KL for 9 months - 1 year. As it is only a temp position i will still be paid into a UK bank account. Having travelled around quite a bit i know how high bank charges are when withdrawing or using switch/maestro abroad. Does anyone have any advice on how to go about this and get charged the least amount for using my UK cards abroad???
clareil is offline  
Old Jun 24th 2008, 7:21 am
  #2  
Forum Regular
 
djoerk's Avatar
 
Joined: May 2008
Location: Currently Edinburgh, Scotland
Posts: 68
djoerk is a jewel in the roughdjoerk is a jewel in the roughdjoerk is a jewel in the roughdjoerk is a jewel in the rough
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

Originally Posted by clareil View Post
I am being seconded with work to KL for 9 months - 1 year. As it is only a temp position i will still be paid into a UK bank account. Having travelled around quite a bit i know how high bank charges are when withdrawing or using switch/maestro abroad. Does anyone have any advice on how to go about this and get charged the least amount for using my UK cards abroad???
If you are employed by a UK firm and posted abroad - your Employers could\should transfer the funds for you - free of charge. Ditto if you are with a UK Agency. Talk to your Employers abut the best way forward on this matter.

There are others on this site more expert than I (no doubt they will also reply to your enquiry) - but I gleaned from them to talk to HSBC International - you need a fair amount of boodle to open a Premier Account for free transfers. All British Banks charge alot.

Another route is with an Exchange Broker : Windsor2 works for HFIX and would guide you.
http://britishexpats.com/forum/forumdisplay.php?f=129

I would also suggest that you save very hard then transfer all your savings to a local Bank (Maybank, Public Bank) in bigger dollops to save charges.

BTW: you don't need to buy anything prior to going to KL >> Malaysia has it all and it is far far cheaper.

Contact\Write to your Tax Office with a Letter from your Employer saying you will be working abroad for 12 months: Your UK Salary then should become tax free. However, make sure full UK National Insurance is paid during this time or your State Pension\Benefits could be affected in the future.

Additionally, sign up for Internet banking with your current and\or future bank.

I am not in KL yet but this site will give you lots of information as you trawl around it ... as the saying goes "RTM" ... Read the Manual http://britishexpats.com/forum/forumdisplay.php?f=59

Congratulation in getting a job in such a wonderful country.

Best wishes
djoerk is offline  
Old Jun 24th 2008, 7:26 am
  #3  
Just Joined
Thread Starter
 
Joined: Jun 2008
Posts: 7
clareil is an unknown quantity at this point
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

Hey,

Thanks for that - i've done a bit of research into it and discovered that Nationwide has a current account which does not charge you for withdrawing or using your card abroad, i travel quite a bit anyway outside of work so even after my year is up this will be a good account for me to have.

Thanks for the help though, i did look at HSBC but as you said you 'need quite a bit of boodle' and i'm not quite on the mega bucks yet!!

Really excited about going!!
clareil is offline  
Old Jun 24th 2008, 8:49 am
  #4  
Account Closed
 
Joined: Jun 2006
Posts: 395
katongkaren is an unknown quantity at this point
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

Nationwide sounds like your best bet - know of quite a few people in various countries doing the same.

The subject of HSBC Premier is covered on quite a few expat websites. It's not as great as it sounds. We looked into it (moving money from HSBC in Singapore to a possible account at HSBC Bangkok) but found that it was far more expensive than just moving from any bank in Singapore to a local Thai bank in Phuket - AND money gets moved same day into account with no third party bank involved. With internet banking on both sides, you can check what's gone through. Not really of interest to you, I know, but in case someone else may be interested who's reading.

Enjoy your stint in Malaysia - sure it will be a good experience (certainly beats UK) - and enjoy the yummy food.
katongkaren is offline  
Old Jun 24th 2008, 9:06 am
  #5  
Forum Regular
 
djoerk's Avatar
 
Joined: May 2008
Location: Currently Edinburgh, Scotland
Posts: 68
djoerk is a jewel in the roughdjoerk is a jewel in the roughdjoerk is a jewel in the roughdjoerk is a jewel in the rough
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

Originally Posted by katongkaren View Post
Nationwide sounds like your best bet - know of quite a few people in various countries doing the same.

The subject of HSBC Premier is covered on quite a few expat websites. It's not as great as it sounds. We looked into it (moving money from HSBC in Singapore to a possible account at HSBC Bangkok) but found that it was far more expensive than just moving from any bank in Singapore to a local Thai bank in Phuket - AND money gets moved same day into account with no third party bank involved. With internet banking on both sides, you can check what's gone through. Not really of interest to you, I know, but in case someone else may be interested who's reading.

Enjoy your stint in Malaysia - sure it will be a good experience (certainly beats UK) - and enjoy the yummy food.
Knew someone smarter than me on this would chip in. thanks for advice re HSBC. SO...what, from your experience DO YOU recommend, please?

p.s. When we had a bungalow on stilts on the beach in Phuket - the other bungalows were on the horizon - one left and one right. Sawatdee! (Wish I were a child again - Dad did the muny - But he shouldn't have sold that bungalow!)
djoerk is offline  
Old Jun 24th 2008, 9:37 am
  #6  
Account Closed
 
Joined: Jun 2006
Posts: 395
katongkaren is an unknown quantity at this point
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

Oh - hope I don't sound like a know-it-all

Well my advice in answer to the original posting was to use Nationwide card to get money abroad (from UK source). Of course if you've already moved abroad, you are stuffed, as you need to be in UK to actually open the account I believe. I wish I had opened a Nationwide account in anticipation of eventual (rather a long way off) UK state pension, but unfortunately didn't know about it when I was in the UK.

If you're moving money from another country, then you need to do some research specific to those countries involved. We only researched Singapore to Thailand. Usually do bank transfers in non Thai currency (occasionally ATMs). Thailand has this quirky onshore exch rates thing so you get a better exch rate if the money arrives in Thailand in currency other than Baht. (Don't ask me why - I have no idea.)

I have no experience of moving money into Malaysia so cannot comment on bank transfers in.

So where was the bungalow on stilts in Phuket? Still a lot around, and there is a surprising amount of fairly remote places on the island still. Though I wouldn't want to be so remote - you have to be a bit more practical approaching your senior years
katongkaren is offline  
Old Jul 9th 2008, 7:32 am
  #7  
Just Joined
 
Joined: Feb 2008
Location: Detroit
Posts: 14
Alan Wales is an unknown quantity at this point
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

My husband and I moved to KL about 7 weeks ago, he is employed by a British company, seconded over to Malaysia and is paid in UK pounds.
Talk to your Employers about transfer of funds etc., and see if they can offer any advice on the best way forward on this matter.

The best option we found was to create a lump sum in your UK bank, then
open a local bank account e.g. Maybank (as we have done). you will need a letter of employment....again, your employers should be able to help here. You will then get an ATM card. An internet transfer takes 3 days to deposit the funds into your local bank account.....way to to!

All British Banks charge a lot, and I found out that repeated use of my HSBC ATM card, until we got bank account sorted, resulted in it being blocked, and several telephone calls to HSBC to get it unblocked.
Our British credit card is accepted in most locations, again though, repeated use may result in it being blocked.....just one of thos things you need to get through, better to make several phone calls than to have your card fraudulently used!

We have been warned that credit card fraud is something of a problem, so do not let your card out of sight i.e. restaurants where waiter takes it away etc.! Only other thing we have been repeatedly warned about is handbag snatching etc, so if carrying a bag, mobile phone etc., do not leave on a bar table, floor under table, hanging on chairback.....and be careful if you go to markets or other crowded areas.

Hope this helps.......once you get sorted, Bangsar is a great place to live, plenty of shops, bars, restaurants etc.,

LRT train is great way to get into KLCC, and cheap too, and as a female travelling alone, I have felt safe using the train, though haven't tried night time use, I have taken several daytime trips.

Enjoy your time in KL/Malaysia, we intend to do so.

Have you got accomodation lined up yet?
Alan Wales is offline  
Old Jul 14th 2008, 9:03 am
  #8  
BE Enthusiast
 
Joined: Jul 2005
Posts: 430
galba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud ofgalba has much to be proud of
Default Re: Secondment to KL - whats the best bank not to incur massive charges??

Originally Posted by katongkaren View Post
Oh - hope I don't sound like a know-it-all

Well my advice in answer to the original posting was to use Nationwide card to get money abroad (from UK source). Of course if you've already moved abroad, you are stuffed, as you need to be in UK to actually open the account I believe. I wish I had opened a Nationwide account in anticipation of eventual (rather a long way off) UK state pension, but unfortunately didn't know about it when I was in the UK.

If you're moving money from another country, then you need to do some research specific to those countries involved. We only researched Singapore to Thailand. Usually do bank transfers in non Thai currency (occasionally ATMs). Thailand has this quirky onshore exch rates thing so you get a better exch rate if the money arrives in Thailand in currency other than Baht. (Don't ask me why - I have no idea.)

I have no experience of moving money into Malaysia so cannot comment on bank transfers in.

So where was the bungalow on stilts in Phuket? Still a lot around, and there is a surprising amount of fairly remote places on the island still. Though I wouldn't want to be so remote - you have to be a bit more practical approaching your senior years
I'd like to chip in about HSBC Premier. They have been worth their weight in gold to us - although I completely agree about poor exchange rates! As we have moved countries 4 times now Norway, Indonesia, Malaysia and Australia we have been able to open accounts before even being in the country. Then all we do on arrival is rock up with proof of ID and collect our cards and PINs. Transfers between HSBC accounts in different countries are discounted.

So for us the convenience has outweighed the costs and for those of us that move around a lot - it's one less thing to worry about!

Best of luck with the move - we lived in Kenny Hills near Bangsar and loved it.

Galba
galba is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.