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Unable to Transfer funds out of Malaysia using HSBC Global View

Unable to Transfer funds out of Malaysia using HSBC Global View

Old Dec 26th 2016, 3:37 pm
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Default Unable to Transfer funds out of Malaysia using HSBC Global View

There is a good thread (now closed) about HSBC Global View reason codes when transferring money out of Malaysia. I get a different list of reason codes (attached) when I go to transfer funds out of Malaysia using HSBC Global View. I don't get reason 9000.

Moreover, I cannot transfer any money out and am told to go to the branch as per Bank Negara regulations.

I'm wondering, are others are getting the list of reason codes as per the old thread or do you get the same list of reason codes as me? (You don't actually have to attempt the transfer, the list just comes up on the transfer screen).
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Old Dec 27th 2016, 1:20 am
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

Interesting!
I tried this today and got the same list as Montekute which has definitely changed from the list I found last time.

I get the same list as Montekute if I try to move GBP from a GBP account in MY to one of my accounts in the UK or MYR to GBP. Selecting 'Deposit/Other investment abroad' stops the transaction but I had no problems if I selected 'Travel'.

There is a process to allow expats who choose to end their MM2H to repatriate their money but it raises the question about when I die here and need to get money out of MY to my beneficiaries. What delays and hurdles will they face?

I can't speak for other nationalities but certainly in the UK I found no reputable financial institution that would allow me to manage investments from MY. The one that would seemed to promise returns that were far too good to be true. My solution has been to open accounts in Singapore for investment purposes. I have no problems transferring funds from Singapore to any other account.

My advice as before is to only bring into MY what is required to service your fixed deposits and your day to day living expenses.
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Old Dec 27th 2016, 2:09 am
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

My branch told me to use the option of Goods, for all transfers. I have, and not had a problem since. However, there is still a daily transfer limit.

One thing I've noticed is that the exchange rate for MYR->GBP is better locally, than using Global transfer, so I need to open up a GBP account locally.

I get paid in MYR so my goal is to send money out not bring it in )
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Old Dec 27th 2016, 3:17 am
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

Originally Posted by NeonHippy View Post

There is a process to allow expats who choose to end their MM2H to repatriate their money but it raises the question about when I die here and need to get money out of MY to my beneficiaries. What delays and hurdles will they face?
I did just that some 8 months ago when I canceled my MM2H.
However, the procedure to repatriate my fixed deposit (FD) had no reference to MM2H...once released by MM2H the FD was a simple transfer out of my MYR HSBC account in KL to my IDR HSBC account in Jakarta. It was done electronically....and I closed my KL account.
The only limit I recall is the amount had to be remitted in the foreign currency I chose and at their exchange rate. They wouldn't allow the MYR to be remitted so I could get a better rate....but I didn't try.
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Old Dec 27th 2016, 10:43 am
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

Exchange rates from GBP to MYR are better locally at the HSBC bank than using the online exchange facility, very annoying.
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Old Dec 27th 2016, 4:02 pm
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

[QUOTE=TousTnT;12137029]Exchange rates from GBP to MYR are better locally at the HSBC bank than using the online exchange facility, very annoying.[/QUOTE

With a Premium account you should get a preferential rate from the Premium Representative. I get that from both Jakarta and Canada but I have to call and ask...... then agree the rate or not.
I recently did a test comparing Transferwise and HSBC Premium between GBP to CDN and IDR.
TransferWise gave a better net-amount than HSBC Premium even with TransferWise 0.5% fee.
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Old Dec 28th 2016, 7:44 am
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

Originally Posted by TousTnT View Post
Exchange rates from GBP to MYR are better locally at the HSBC bank than using the online exchange facility, very annoying.
So, taking my own advice, I went to set up a local gbp account today. I signed a bunch of pre authorisation notices, and then when I want to get the best rate, I can whatsapp the premier lady, she will call me with a rate, we will agree an amount, and then she will process the transaction for me. In theory. We will see
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Old Dec 28th 2016, 8:01 am
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

Originally Posted by OriginalSunshine View Post
So, taking my own advice, I went to set up a local gbp account today. I signed a bunch of pre authorisation notices, and then when I want to get the best rate, I can whatsapp the premier lady, she will call me with a rate, we will agree an amount, and then she will process the transaction for me. In theory. We will see
That is exactly what I've been doing for a couple of years with HSBC Premier in Canada and Indonesia. It has worked well except what I have said about TransferWise in my previous post.
My next test, when I need to exchange, will be to compare TransferWise between accounts in the same country...i.e. exchange GBP already in my Jakarta bank to IDR using both HSBC and TransferWise......and compare the net amounts transferred.
Will advise the outcome.
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Old Dec 28th 2016, 12:34 pm
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

Originally Posted by Davita View Post
That is exactly what I've been doing for a couple of years with HSBC Premier in Canada and Indonesia. It has worked well except what I have said about TransferWise in my previous post.
My next test, when I need to exchange, will be to compare TransferWise between accounts in the same country...i.e. exchange GBP already in my Jakarta bank to IDR using both HSBC and TransferWise......and compare the net amounts transferred.
Will advise the outcome.
That would be interesting to know, thank you
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Old Jan 2nd 2017, 2:20 pm
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Default Re: Unable to Transfer funds out of Malaysia using HSBC Global View

...when I go to transfer funds out of Malaysia using HSBC Global View... I cannot transfer any money out and am told to go to the branch as per Bank Negara regulations.
Just thought I'd update my thread for those who may be interested.

HSBC Malaysia has assured me that I can move funds out of the country, but I must do so in person rather than electronically. To move funds out for a purchase, you can do so electronically but if you are moving funds out for purposes of investment or a foreign deposit you must do so in person and provide some documentation, for example an account statement, for the account to which you're sending the funds.

OCBC Malaysia says the same thing, you can transfer out an "unlimited amount". OCBC wires funds for free to any OCBC branch in any country (and has the top Moody's rating of Aa1 stable).

The only restriction for all banks, of course, is that you can't send Ringgit out of the country, you have to convert them first to a foreign currency. This is because the Malaysian government tries to discourage speculation in the currency.

I'm not overly worried about capital controls being imposed at this time. Malaysia is trying to develop its financial sector, is making progress in the niche of Islamic banking, and capital controls would be the death of that.
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