Wire Money From UK to Malaysia
#1
Just Joined
Thread Starter
Joined: Oct 2017
Posts: 5
Wire Money From UK to Malaysia
Dear Expats,
Good day.
We are selling our late mother's house in UK. I am not living in UK and currently I live in Malaysia under the MM2H.
I have a few questions still in puzzle, I hope someone can help.
My questions are as below:
1) What is the best and the cheapest way to transfer the money (probably 6 figures) from UK to my Malaysia's account?
2) Any company / bank that you recommend?
3) Any declaration that I need to make in UK and Malaysia for the wire transfer?
4) How about bring the cheque to Malaysia? Any forms and declaration? Is it more complicated?
5) Is there any tax incurred to the money banked in to my Malaysia bank?
6). Bank in check and Telegraphic Transfer, which one is better in my case and also charge lesser?
I am looking forward to hear from any answer.
Thank you and have a great day.
Best Wishes,
Ibarton
Good day.
We are selling our late mother's house in UK. I am not living in UK and currently I live in Malaysia under the MM2H.
I have a few questions still in puzzle, I hope someone can help.
My questions are as below:
1) What is the best and the cheapest way to transfer the money (probably 6 figures) from UK to my Malaysia's account?
2) Any company / bank that you recommend?
3) Any declaration that I need to make in UK and Malaysia for the wire transfer?
4) How about bring the cheque to Malaysia? Any forms and declaration? Is it more complicated?
5) Is there any tax incurred to the money banked in to my Malaysia bank?
6). Bank in check and Telegraphic Transfer, which one is better in my case and also charge lesser?
I am looking forward to hear from any answer.
Thank you and have a great day.
Best Wishes,
Ibarton
Last edited by ibarton; Nov 18th 2018 at 6:15 am. Reason: Missed out something
#2
Forum Regular
Joined: May 2017
Location: Penang
Posts: 72
Re: Wire Money From UK to Malaysia
For a large sum of money like that you could use HSBC Global transfer. You'd need a UK and Malaysian HSBC accounts to do it and the transfer would be instant. If you don't have HSBC accounts then you could visit their premier banking section in whatever Malaysian city you are in. The premier banking person you speak to can probably answer most of the questions you have posed.
#3
BE Enthusiast
Joined: Aug 2015
Location: Penang
Posts: 959
Re: Wire Money From UK to Malaysia
Do you already have a bank account in Malaysia? Maybe you already have a FD at a Malaysian bank for your MM2H? If so, talk to your bank manager about the implications of transferring such a large sum of money into Malaysia. He may also be able to give you a "special deal", considering the amount.
Me personally? I wouldn't import the money into Malaysia but leave it elsewhere. And keep it in a more well-known currency, such as GBP, USD or EUR.
Me personally? I wouldn't import the money into Malaysia but leave it elsewhere. And keep it in a more well-known currency, such as GBP, USD or EUR.
#4
Just Joined
Joined: Jun 2014
Location: Kuala Lumpur
Posts: 24
Re: Wire Money From UK to Malaysia
I had a similar experience not long ago. I did not transfer all of it to Malaysia but a portion of it I did. I set up a GBP account in HSBC as I heard they offered better rates for Premier Banking customers.
Actually when I tested it out I found I got a better rate at Maybank!
Actually when I tested it out I found I got a better rate at Maybank!
#5
BE Enthusiast
Joined: Oct 2014
Location: Penang
Posts: 618
Re: Wire Money From UK to Malaysia
If you have an account in a bank in MY which also has branches in Singapore, they may help you to set up an account there as well.
There you can have any foreign currency account and also make withdrawals in foreign currency TT or even cash.
There you can have any foreign currency account and also make withdrawals in foreign currency TT or even cash.
#6
Forum Regular
Joined: Jul 2017
Location: Here, there & everywhere
Posts: 119
Re: Wire Money From UK to Malaysia
My questions are as below:
1) What is the best and the cheapest way to transfer the money (probably 6 figures) from UK to my Malaysia's account?
2) Any company / bank that you recommend?
3) Any declaration that I need to make in UK and Malaysia for the wire transfer?
4) How about bring the cheque to Malaysia? Any forms and declaration? Is it more complicated?
5) Is there any tax incurred to the money banked in to my Malaysia bank?
6). Bank in check and Telegraphic Transfer, which one is better in my case and also charge lesser?
1) What is the best and the cheapest way to transfer the money (probably 6 figures) from UK to my Malaysia's account?
2) Any company / bank that you recommend?
3) Any declaration that I need to make in UK and Malaysia for the wire transfer?
4) How about bring the cheque to Malaysia? Any forms and declaration? Is it more complicated?
5) Is there any tax incurred to the money banked in to my Malaysia bank?
6). Bank in check and Telegraphic Transfer, which one is better in my case and also charge lesser?
2) As mentioned by others it seems HSBC with Global Transfer is the easiest (I bank with HSBC) but not the best value (see above).
3) You do not have to make any declaration other than the information you give when making any international transfer.
4) I do not see the value in bringing a cheque to MY to deposit because it would have to route back through the banking processes which may take considerable time through checking validity and you potentially would lose control of the exchange rate because once the bank has your cheque you are more inclined just to let the process ride rather than withdraw the cheque if you are not happy and this could cost you a lot of money.
5) If you have paid any Capital Gains Tax or Inheritance Tax on the sale in the UK then your money once in MY should not be liable for any local taxes.
6) As point 4 I personally believe you will be more in control of the process with an online transfer rather than cheque as all your charges are transparent and material at your point of transfer.
Foe example if you deposit the money in HSBC and you will be a Premier Account holder, you can as and when you decide, drip the money in through Global Transfer or still make use of TransferWise if the value is there.
However SushiFan makes a good point about transferring all the money into RM and you can open a USD, GBP or Euro accounts with HSBC if required, Other international banks also offer the similar facilities.