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UK acct to Malaysia money transfer

UK acct to Malaysia money transfer

Old Apr 1st 2011, 7:54 pm
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Default 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.
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Old Apr 2nd 2011, 8:32 am
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Default 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
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Old Apr 3rd 2011, 9:20 am
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Default 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.
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Old Apr 3rd 2011, 11:00 am
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Default 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.
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Old Apr 4th 2011, 8:15 am
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Default Re: UK acct to Malaysia money transfer

Oh hello Davita 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.
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Old Apr 4th 2011, 10:07 pm
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Default Re: UK acct to Malaysia money transfer

Originally Posted by bakedbean View Post
Oh hello Davita 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
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Old Apr 4th 2011, 10:11 pm
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Default Re: UK acct to Malaysia money transfer

Originally Posted by firefox View Post
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.
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Old Apr 4th 2011, 10:23 pm
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Default Re: UK acct to Malaysia money transfer

when i was in the UK bank orders where free
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Old Apr 4th 2011, 10:28 pm
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Default Re: UK acct to Malaysia money transfer

Originally Posted by firefox View Post
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.
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Old Apr 4th 2011, 10:30 pm
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Default Re: UK acct to Malaysia money transfer

Originally Posted by Davita View Post
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
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Old Apr 5th 2011, 4:26 am
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Default Re: UK acct to Malaysia money transfer

Originally Posted by Davita View Post
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?
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Old Apr 5th 2011, 6:46 am
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Default Re: UK acct to Malaysia money transfer

Originally Posted by bakedbean View Post
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.

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.
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Old Apr 5th 2011, 5:54 pm
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Default Re: UK acct to Malaysia money transfer

Originally Posted by Davita View Post
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.

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.
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
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Old Apr 13th 2011, 8:22 am
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Default 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
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Old Apr 13th 2011, 8:49 am
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Default 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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