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.

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

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.

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.

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.

Re: UK acct to Malaysia money transfer
 

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

Re: UK acct to Malaysia money transfer
 

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

Re: UK acct to Malaysia money transfer
 

when i was in the UK bank orders where free

Re: UK acct to Malaysia money transfer
 

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

Re: UK acct to Malaysia money transfer
 

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

Re: UK acct to Malaysia money transfer
 

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?

Re: UK acct to Malaysia money transfer
 

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:

Re: UK acct to Malaysia money transfer
 

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

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

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.

Re: UK acct to Malaysia money transfer
 

Just to add that I've used UK Forex.
Not regularly but had no problems with them.

We were nervous at first but found it a very smooth service.

Re: UK acct to Malaysia money transfer
 

have charged the transfer? tax payment? attorneys' fees?
if the money transfer from barclays to malaysia bank? with online banking?
how if the sender transfer USD10,000

Re: UK acct to Malaysia money transfer
 

Sorry, I dont understand what you're actually asking. Perhaps someone else can help?

Re: UK acct to Malaysia money transfer
 

when the money was transfer to malaysia, have any payment to settle it down, maybe transfer fees? goverment tax? or lawyer fees?

Re: UK acct to Malaysia money transfer
 

I'm not on your wavelength either. Can you be more specific? Why would you pay a Lawyer's fee for making a bank payment? Not with you.

Re: UK acct to Malaysia money transfer
 

The rates quoted by Ozforex are all inclusive. Suggest you go to their site and read the information provided there.

Re: UK acct to Malaysia money transfer
 

Used to be the case. They stopped this 'benefit' some time back.

Re: UK acct to Malaysia money transfer
 

Thanks for the correction. I'm so out of touch with UK after 6+ years in the Tropics. The more I hear about the UK now, the more I don't want to know. Lucky to be living on this great island :thumbup:

Re: UK acct to Malaysia money transfer
 

Yep, they only changed it about a year ago. The only overseas benefit card wise is from the Post Office Credit Card which still doesn't charge a commission on foreign currency purchases. And of course HSBC has free use of overseas ATMs for Premier (and maybe all customers). No free lunch in the UK these days, most places you need to pay to even look at the table!! :(