Transferring Money from Malaysia to UK
Oct 22nd 2013, 5:37 am
#16
Just Joined
Joined: Jul 2013
Location: Sheffield, UK
Posts: 6
Re: Transferring Money from Malaysia to UK
This is what I was worried about that RM is difficult to sell. I used one of these services when in Canada to send back home and vise versa looks like that's not an option.
I'm with CIMB so will be sending telegraphic transfer with them but my bank in UK (Co-Op) was unable to tell me if I'll also get charged to receive the money so will send my first lot this month and see what happens.
I'm with CIMB so will be sending telegraphic transfer with them but my bank in UK (Co-Op) was unable to tell me if I'll also get charged to receive the money so will send my first lot this month and see what happens.
Oct 22nd 2013, 1:10 pm
#17
...............
Joined: Feb 2009
Location: Far North Queensland
Posts: 17,625
Re: Transferring Money from Malaysia to UK
Sorry if this is a bit dumb but, if you want to be receiving the funds in Sterling in UK, why don't you open a Sterling account at your Malaysian bank, transfer ringgits into Sterling as you go along, then transfer that back to UK? Ie do the foreign exchange in Malaysia.
Oct 23rd 2013, 5:22 am
#18
Just Joined
Joined: Jul 2013
Location: Sheffield, UK
Posts: 6
Re: Transferring Money from Malaysia to UK
Thanks bakedbean I had not thought about that I'm quite new to all this and did not know that was a possibility. I will make inquiries at my bank about this.
Oct 23rd 2013, 12:47 pm
#19
...............
Joined: Feb 2009
Location: Far North Queensland
Posts: 17,625
Re: Transferring Money from Malaysia to UK
CIMB do foreign currency accounts. We are also with CIMB and we hold some foreign currencies there. Go,have a chat with them.
Oct 24th 2013, 7:26 pm
#20
Forum Regular
Joined: Feb 2013
Location: Dubai
Posts: 40
Re: Transferring Money from Malaysia to UK
We have HSBC premier account in Malaysia and it is possible to have US$ or £ accounts. If you also have a UK HSBC account then it is easy and reasonably good value to use internet banking.
Oct 31st 2013, 3:36 am
#21
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Transferring Money from Malaysia to UK
Hello all, I'm moving to KL in a week and looking to do the same regularly, I've seen a few online companies that advertise sending money overseas, essentially you pay them the money, they convert it into the currency you want (i.e in my case I pay them ringgit, they convert to GBP) they then pay it into uk bank account so it looks like an english transaction and hence avoids bank fees.
Anyone used any similar sites with any success (I can name a few sites I looked at but as I don't know how reputable they are I didn't want to be associated with them if their no good so haven't done so yet)
Anyone used any similar sites with any success (I can name a few sites I looked at but as I don't know how reputable they are I didn't want to be associated with them if their no good so haven't done so yet)
The FX rates are invariably better than the rates offered by the banks (typically IME, by 2-3%), and both the send (debit) and the receive (credit) can be configured so as not to trigger the fees that a wire typically causes at both the sending and receiving banks.
Last edited by Pulaski; Oct 31st 2013 at 3:40 am.
Oct 31st 2013, 4:07 am
#22
BE Enthusiast
Joined: Mar 2012
Location: Living in Melaka, Malaysia
Posts: 472
Re: Transferring Money from Malaysia to UK
I've used xe.com, which was bought out by Western Union three years ago. Others that are commonly recommended in the US forum include xoom.com and currencyfair.com. There are others if you'd care to go over to the US "top level" forum and look for threads on currency transfers - there are usually 2-3/mth.
The FX rates are invariably better than the rates offered by the banks (typically IME, by 2-3%), and both the send (debit) and the receive (credit) can be configured so as not to trigger the fees that a wire typically causes at both the sending and receiving banks.
The FX rates are invariably better than the rates offered by the banks (typically IME, by 2-3%), and both the send (debit) and the receive (credit) can be configured so as not to trigger the fees that a wire typically causes at both the sending and receiving banks.
I cannot get around that requirement either because it also says you will need to have 2 forms of identification (presumably at least 1 of those would be proof of address! Although I still own a house in the UK, I have no method of proving (i.e. utility bills addressed to me etc) that now.
Oct 31st 2013, 4:24 am
#23
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Transferring Money from Malaysia to UK
XE is no use if you have emigrated (outside of a very limited number [9 in the list] of countries). I've just tried to register, and Malaysia is NOT one of the countries acceptable as a residency! I cannot get around that requirement either because it also says you will need to have 2 forms of identification (presumably at least 1 of those would be proof of address! Although I still own a house in the UK, I have no method of proving (i.e. utility bills addressed to me etc) that now.
I cannot get around that requirement either because it also says you will need to have 2 forms of identification (presumably at least 1 of those would be proof of address! Although I still own a house in the UK, I have no method of proving (i.e. utility bills addressed to me etc) that now.
Nov 16th 2013, 8:55 am
#24
Just Joined
Joined: Nov 2013
Location: Kuala Lumpur
Posts: 15
Re: Transferring Money from Malaysia to UK
With Maybank, the transfer fee is only RM10, no matter how much you send (upto the allowable limit of RM10000). I did this for years to service a UK Loan - sent it once a month (or if funds permitted 2-3 months' worth) to my UK account and then was DD'd out of there.
