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Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Old May 23rd 2017, 2:50 am
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Default Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Hi all! My foreign fiance works and live in Kuala Lumpur while I am a British national living in London, we have plans to marry and decided that we have to save up money for our wedding - basically what we want right now is to open up a "Wedding Pot Fund". We already have our own savings account in our own countries but we just want an account where we can both transfer our wedding savings into one account without having to pay expensive transfer fees so that we can both track our progress - as well as see our wedding savings GROW

Western Union/Paypal can be such a fuss. We want a proper bank account to monitor our savings, for eg: get an international bank account with branches in London and Kuala Lumpur where we both can access and transfer our savings into one account. We just need to sort out this first step. All your help and answers will be greatly appreciated.
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Old May 23rd 2017, 4:43 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Try HSBC? If you're a Premier customer with HSBC in Malaysia, you can get the same status in London and vice versa: and it's way cheaper to achieve Premier status in Malaysia (if memory serves, you will need RM200,000).

I'll wait for the others to chime in with their 2 £ € ¢ ¥'s worth.
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Old May 23rd 2017, 5:17 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by xizzles View Post
Try HSBC? If you're a Premier customer with HSBC in Malaysia, you can get the same status in London and vice versa: and it's way cheaper to achieve Premier status in Malaysia (if memory serves, you will need RM200,000).

I'll wait for the others to chime in with their 2 £ € ¢ ¥'s worth.
Thanks for the response, we will check with our HSBC branches in London and KL. We have checked about the direct deposits to open an account, HSBC KL said basic account DP starts from RM20 and the premier account DP starts from RM500. Trying to figure out other ways to open our Wedding Pot Fund.

Last edited by AG_222; May 23rd 2017 at 5:36 am.
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Old May 23rd 2017, 7:24 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by AG_222 View Post
Thanks for the response, we will check with our HSBC branches in London and KL. We have checked about the direct deposits to open an account, HSBC KL said basic account DP starts from RM20 and the premier account DP starts from RM500. Trying to figure out other ways to open our Wedding Pot Fund.
RM500? That's like what, a hundred quid? What are you waiting for?
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Old May 23rd 2017, 7:26 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

My wife and I had an account at Standard Chartered in KK years ago but not sure whether they would suit your purpose as we only operated the account in Malaysia
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Old May 23rd 2017, 7:33 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by xizzles View Post
RM500? That's like what, a hundred quid? What are you waiting for?
Yup, that's for the branch in KL. Sounds too good to be true, will visit the actual branch to ask properly.
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Old May 23rd 2017, 7:34 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by Hovite View Post
My wife and I had an account at Standard Chartered in KK years ago but not sure whether they would suit your purpose as we only operated the account in Malaysia
Nice. My fiance will be transferring hers from KL and mine from London.
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Old May 23rd 2017, 7:41 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Okay I discovered more info, there is no fee, but the transfer involves currency conversion following the ~3% cost of their exchange rate margin.
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Old May 23rd 2017, 9:04 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Any particular reason you just want to use just one account??
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Old May 23rd 2017, 9:16 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by ex reg View Post
Any particular reason you just want to use just one account??
So we can see our wedding savings grow in one spot? We already have two separate savings in each of our countries, but we just want one "wedding fund pot". How else can we save up?
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Old May 23rd 2017, 11:55 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

I have HSBC premier, their rates arent that good. To get sterling here in large(ish) quantities I use transferwise for small amounts the best rates is a UK credit card and withdraw from a local ATM, pay it back PDQ and there's no extra currency charges. At least with Halifax Clarity and Santander Zero, maybe others.
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Old May 24th 2017, 3:53 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by IanBlakeley View Post
I have HSBC premier, their rates arent that good. To get sterling here in large(ish) quantities I use transferwise for small amounts the best rates is a UK credit card and withdraw from a local ATM, pay it back PDQ and there's no extra currency charges. At least with Halifax Clarity and Santander Zero, maybe others.
Wow, thanks for the info!
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Old May 26th 2017, 2:38 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

An account with local transfers in two countries without fees doesn't really exist.
Save locally and then transfer a bigger chunk once in a while.
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Old May 26th 2017, 2:41 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by stepen View Post
An account with local transfers in two countries without fees doesn't really exist.
Save locally and then transfer a bigger chunk once in a while.
Good idea too!
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Old May 26th 2017, 5:46 am
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Default Re: Wedding Pot Fund - British to open a Joint Account with Foreign Fiance

Originally Posted by IanBlakeley View Post
I have HSBC premier, their rates arent that good. To get sterling here in large(ish) quantities I use transferwise for small amounts the best rates is a UK credit card and withdraw from a local ATM, pay it back PDQ and there's no extra currency charges. At least with Halifax Clarity and Santander Zero, maybe others.
Worth to mention that there is a big exchange rate spread between Master Card and Visa. You get a free Visa card with no transaction fees at every corner, but better burn it before going to Malaysia.
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