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I'd just applied for my Visa and everything's going great. But I have no effing clue about banking in the UK.

I have a local account at HSBC. My parents also have accounts there.

Which bank is the best?

Do they charge for debit card usage?

Is it true that it's cheaper to withdraw money in the UK from a Malaysian account?

Do they charge for atm withdrawals?

If my parents want to send money to me, what is the best way?

And what do I do with my money when I get there? Do I put it in a monthly fixed deposit or...? It's supposed to be my allowance money but I'm thinking of getting a part time job and using that money for something else other than spending it.

And are there any other tips for living in London?

Thanks a whole bunch and ANY,I mean ANY two cents is very much appreciated.

(Had been cruising around the web for answers and my head is getting bigger and about to explode)

This post has been edited by jellyshui: Aug 1 2009, 01:00 AM

i would like to know about all this too. it is all so damn confusing!!

http://forum.lowyat.net/topic/793330/+1120

Your questions can be answered here and most people pop by in this thread as well.

1) I have no specific bank to recommend, but HSBC has been OK to date. Worth noting that the interest rate on offer isn't that good. However, their customer service has been very responsive and helpful.

2) No, you don't need to pay to use debit card. But you'll need to have cash in there.

3) Never heard about withdrawing money from a Malaysian account. However, if you're thinking of doing part time job etc, it's much better to have an account here. It would also be useful because you'll need bank statement/proof of address for a lot of things so having a UK address is much better.

4) TT would be the most efficient way, although you'll need to pay a bank charge.

5) I would put my money in a savings account when I first get here. Once you have an idea about your expenditures, then you can put it into a bonus saver account (e.g. those that gives bonus when you don't withdraw). However, it's not worth the aggro now since the interest rate is so low.

6) Read the thread above. There are lots of good tips in there.

This post has been edited by Geminist: Aug 1 2009, 05:15 AM

First thing first. Keep your Malaysian HSBC account, don't close it. Get an ATM card linked to this account. If you needed money in an emergency, the FASTEST way to get money to you is to have your father deposit cash into your this Malaysian HSBC account and next minutes, you can withdraw from any ATM machine in UK. If the UK ATM machine belongs to HSBC, then the charges is around RM5 or 6 per withdrawal (up to your Malaysian maximum daily limit).

You said your parent also have HSBC account, may I ask are theirs HSBC Premier account? If yes, then it is even better. Let me know and I can tell you why.

mate, you should direct this to Msia HSBC bank customer service.

OR, upgrade your account into HSBC premier. This will help you out sorting this stuff in mind you have.

This post has been edited by KVReninem: Aug 1 2009, 01:53 PM

Thanks so much, one thing though, is it possible to deposit money to my Uk account without using TT?

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Added on August 1, 2009, 5:38 pmYes, they have a premier account, they also opened one in UK without charge. And if I were to withdraw money using that way, is it cheaper than to TT money to my UK account? Thanks a whole bunch.

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Added on August 1, 2009, 5:50 pmThe customers seems to know more and have more ideas, especially when it's their own accounts.


This post has been edited by jellyshui: Aug 1 2009, 05:50 PM

Make the UK HSBC Premier a joint account between you and your father. It's very easy because all you need to do is tell Malaysia HSBC to do it for you. And because your father qualify for free Malaysia Premier account, it is also free for joint Premier account (with you) in UK.

If you do it now, your joint UK HSBC Premier will be ready before you landed in UK plus any cards (debit, credit) you wanted.

When you father transfers money from his Malaysia HSBC to UK HSBC, there is no charges if he does it online because it is treated as transfer between his own account.

And since this UK account is a joint account, you get to use that money immediately and if you use your UK ATM card, there is no charges.

One advantage of using UK Credit card is this. If you buy anything over GBP100 like airline tickets or other big ticket item and if the merchant failed in anyway, you can claim loses from the UK card company as if the card company itself sells you that goods. That is UK country's consumer protection law.


One more thing. Mlalaysia HSBC treats their Premier customer like gold but UK treats theirs like dirt. So anything you wanted done, better ask Malaysia's customer service to do it for you.

This post has been edited by Optiplex330: Aug 1 2009, 06:47 PM

I'd just opened my own account at HSBC for the visa application, thought it would be easier. If my dad were to transfer money from his Malaysian account to my UK account using internet banking, will there be any charges?

Think I'm going to have to talk to customer service about opening my account at UK. Or is it better to go there and open at UK as my account is just a normal account. Or can I have a joint account with my dad's account at UK?

one good thing about having your own account, is its independent and your credit rating would be better.

TT cost less than 20 pound per transfer for upto 10000 pounds transactions.

what usually student do is, bring some cash, abt 500 quid for usage while waiting for account to be set-up. the rest in bank draft, submit the bankdraft when opening the account, so when the account is ready, the money is there too.

you also have choice to use other bank than hsbc.

HSBC Premier

1. Malaysia account belongs to your father alone.
2. UK account is a joint account with your father and you.

Since your father has names in both accounts, he can transfer between Malaysia and UK for free doing it online. He can also access the UK account because his name is on it as well.

But for Malaysia account, he alone has access, not you.