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-   -   UK acct to Malaysia money transfer (https://britishexpats.com/forum/malaysia-148/uk-acct-malaysia-money-transfer-711778/)

springmood Apr 1st 2011 6:54 pm

UK acct to Malaysia money transfer
 
I'm a Malaysian who used to live in the UK for some time. I have a small pot of money in an HSBC UK account that I would like to transfer to my local Malaysian account, now that I live here.

My question is:

What is the most efficient (cheap) way of getting that money into my Malaysian account? I tried to do it through internet banking but I have no idea about the IBAN and whatever numbers they seem to be asking. Any other way I could try, apart from perhaps withdrawing the money using my CIRRUS card? Thanks.

ajw Apr 2nd 2011 7:32 am

Re: UK acct to Malaysia money transfer
 
I have used Ozforex to shift money between UK/Australia/Malaysia for years. Have always found them highly reliable and they are more cost effective than going through you bank.

www.ozforex.com.au

bakedbean Apr 3rd 2011 8:20 am

Re: UK acct to Malaysia money transfer
 
Hi springmood and welcome to BE :)

IBAN numbers are just a European thing I believe so not relevant to Malaysia I believe.

You should be able to do a TT (telegraphic transfer) to your Malaysian bank though HSBC UK has some hefty bank charges. You just need your bank details in Malaysia, swift code, account name, account number etc.

I have heard people say that you can easily do transfers from HSBC UK to HSBC in Malaysia, but have no experience of this I'm afraid. You could maybe ask at HSBC here - branches in KL and Penang I believe.

In my opinion, the banks will always find some way of getting a charge out of you but maybe I'm just cynical.

I think BE has a sponsor that does exchanges. Might want to try their link - on the homepage I think.

Davita Apr 3rd 2011 10:00 am

Re: UK acct to Malaysia money transfer
 
If you have an HSBC account in Malaysia and internet banking, it is straightforward and can be done on the internet.
Additionally, if the account is Premier it is free...I have done this numerous times.
If not then there will be a charge...you should check with HSBC.
If you plan to transfer otherwise I think the cost will be substantial.
If it were me, and the amount was not huge, I would just use an HSBC ATM to withdraw overtime. That way you only pay the exchange rate which is decided by the bank...you could be clever and find the rate beforehand and therefore judge when to withdraw.

bakedbean Apr 4th 2011 7:15 am

Re: UK acct to Malaysia money transfer
 
Oh hello Davita :D That's good that you said that as I'm a little bit out of touch with HSBC.

Another thing, and not sure if this is still the case - hopefully someone will confirm. I was told that if you open up a Nationwide account in the UK, you can then do ATM withdrawals for free outside the UK.

firefox Apr 4th 2011 9:07 pm

Re: UK acct to Malaysia money transfer
 

Originally Posted by bakedbean (Post 9283792)
Oh hello Davita :D That's good that you said that as I'm a little bit out of touch with HSBC.

Another thing, and not sure if this is still the case - hopefully someone will confirm. I was told that if you open up a Nationwide account in the UK, you can then do ATM withdrawals for free outside the UK.

I was thinking why not get a bank order and just deposit it in your malaysian account

Davita Apr 4th 2011 9:11 pm

Re: UK acct to Malaysia money transfer
 

Originally Posted by firefox (Post 9285337)
I was thinking why not get a bank order and just deposit it in your malaysian account

That is obvious.... but prior...check the cost.

firefox Apr 4th 2011 9:23 pm

Re: UK acct to Malaysia money transfer
 
when i was in the UK bank orders where free

Davita Apr 4th 2011 9:28 pm

Re: UK acct to Malaysia money transfer
 

Originally Posted by firefox (Post 9285374)
when i was in the UK bank orders where free

There you go...the wonder of free..gotta love it if you can get it.

firefox Apr 4th 2011 9:30 pm

Re: UK acct to Malaysia money transfer
 

Originally Posted by Davita (Post 9285389)
There you go...the wonder of free..gotta love it if you can get it.

Which part of malaysia are you in I am hoping to move to penang or mallacca

bakedbean Apr 5th 2011 3:26 am

Re: UK acct to Malaysia money transfer
 

Originally Posted by Davita (Post 9285345)
That is obvious.... but prior...check the cost.

Yeh but what currency/currencies are we talking about here?

I know from past business experience, if you get a currency cheque it has to be cleared in the country of that currency i.e. if it's a GBP cheque, that has to be sent back to the UK for clearance by the bank, and (a) it can take weeks to clear and (b) some hefty charges usually. It's a real pig's ear.

I doubt that you can hold Ringgits in the UK? So is the poster transferring GBP to MYR?

Davita Apr 5th 2011 5:46 am

Re: UK acct to Malaysia money transfer
 

Originally Posted by bakedbean (Post 9285964)
Yeh but what currency/currencies are we talking about here?

bakedbean....I think you clicked on my post #7 instead of Firefox's #8 to make your point.

I didn't suggest that bank transfers were free...quite the opposite...firefox did.:eek:

My later posts (satirical) agree with you...in my experience it used to be expensive...but I'm not familiar with today's protocol in that regard...I've moved on to the new-fangled electronic methods....'tis more exciting.
:fingerscrossed:

firefox Apr 5th 2011 4:54 pm

Re: UK acct to Malaysia money transfer
 

Originally Posted by Davita (Post 9286093)
bakedbean....I think you clicked on my post #7 instead of Firefox's #8 to make your point.

I didn't suggest that bank transfers were free...quite the opposite...firefox did.:eek:

My later posts (satirical) agree with you...in my experience it used to be expensive...but I'm not familiar with today's protocol in that regard...I've moved on to the new-fangled electronic methods....'tis more exciting.
:fingerscrossed:

When I have had a bank order I have had them done in SG Dollers and Malaysia and never been charged for them also you can get a wire tranfer from bank to bank aroung 40UK pounds

kennyboy33 Apr 13th 2011 7:22 am

Re: UK acct to Malaysia money transfer
 
Hi,

ajw, was just wondering what would happen if Forex somehow lose all your money when transfering.Just that we are considering using them (UKForex) for the first time.. to transfer to M'sia.wife is very cautious about it .

Have you ever encountered any problems?

Many Thanks,
Kenny

ajw Apr 13th 2011 7:49 am

Re: UK acct to Malaysia money transfer
 
Never had any problems, and I've been using them for 5 years. Perhaps you should call them up to talk through your concerns. I'm sure they would be able to go through the process and security measures in place to ensure the transactions are traceable.


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