My sister went to UK already, I always heard my parents say need to always check the TT rate and TT transfer to her.

Can't we use Interbank Transfer (GIRO)?

I always need to check on this : http://biz.thestar.com.my/business/exchange.asp

What is OD anyway?

This post has been edited by nicholas88: Apr 19 2009, 03:38 PM

Od is overdraft

interbank Giro = local interbank transfers only )in mesia managed by MEPS hence the acronym MEPS-IBG

TT = telegraphic transfer or wire transfer for sending money from local bank to overseas bank

OD or overdraft in easy term is 'borrow for awhile...'.
An overdraft occurs when withdrawals from a bank account exceed the available balance which gives the account a negative balance.
I use this facilities before with HSBC.

TT is an online facility for sending money overseas. You can send cash or credit money to any 3rd party account worldwide.

let me try to explain in a more "layman" way here.

Why can't use giro?
giro is for local banks (transfer money for all banks within M'sia) only.
since yr sis is overseas, there is no way yr parents can use GIRO to transfer money to her.

TT rate.
currency rate change/float everyday.
for example:
today RM1= 0.18 British Pounds
tomorrow RM1 might be 0.19 Bristish Pounds

That's why yr parents need to check the currency rate each time they need to do transfer.

TT transfer.
u need to do this in bank.
say for exchange rate RM 1=0.1869 GBP

say yr sis needs GBP100, then yr parents need to pay abt 100/0.1869=RM535. (plus some service charge)

hope that's clear.

or another way is paypal.
if uk bank can link to paypal..u can transfer money to her paypal and she can take it out there

Thank you for everyone explanation. It clarifies everything. However, why do we check TT rate instead of currency rate? Aren't they the same thing? Are they?

This post has been edited by nicholas88: Apr 19 2009, 12:20 PM

Go to the bank's counter and ask for the rate, it varies evryday, i mean the rate.

You misunderstand what I said.

I know how to check the rate online.

I mean like is currency rate and TT rate the same? Or are they two different things?

TT rate == forex bank rate. which usually are bit higher than normal currency money changer's rate

Oh I see So in order to TT, we must use the TT rate

yes if u use bank transfer u need to use their rate..usually more exp le then outside.

well u can compare bank rates and open up which u think is cheap =)
hope it helps u.

Thank you so much