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 Instant Transfer (DuitNow) & Interbank Giro (IBG)

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GravityFi3ld
post Mar 1 2012, 02:42 PM

Nick Fury's Night Fury
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912 posts

Joined: Mar 2011
From: Infinity & Beyond
To be honest, I don't know where exactly it is to post what I'm about to ask, so if it's in the wrong section kindly inform me where I should be posting it.

Q : Is it possible to transfer funds from a Malaysian bank to an overseas account of a different bank? For instance, I want to transfer funds from local bank A to an account which is in Switzerland(MYR to Swiss Franc).

How do/can I apply to open an account in a bank available in Switzerland? Must I travel there, be physically present to open an account? Furthermore, what is the minimum amount required to open the said account?

If I successfully open an account at a bank in Switzerland, how do I transfer (regularly, let's say a monthly fixed amount) from my local bank account to the one in Switzerland?

Can I request the local bank to automatically transfer the so said 'fixed-amount' monthly to the overseas?

many thanks in advance.
GravityFi3ld
post Mar 2 2012, 11:34 AM

Nick Fury's Night Fury
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Senior Member
912 posts

Joined: Mar 2011
From: Infinity & Beyond
QUOTE(aeiou228 @ Mar 2 2012, 11:10 AM)
For children education fund ?
Not sure my method applies to you or not, my daughter just bring my Malaysian HSBC ATM card to UK, I just bank in ringgit to my HSBC account here and she withdraw in GBP from the ATMs in UK.

For opening of oversea savings account, Malaysian HSBC premier customer can open oversea account in Malaysia.
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No for education, more of a, offshore saving? (no idea if I got the term right ><")
As in, I want to save money else where(overseas) through my local bank.

my salary is automatically transfered into my local a/c, from that a/c, I intend to send/transfer a monthly-fixed sum to an a/c that belongs to a foreign(say a bank in Switzerland). I just want to save my money elsewhere(overseas) whilst having a balance here to use for expenses.

I can then withdraw the money from the overseas when the currency rate is stronger against the MYR or other currencies. In short, it's like parking my $ in another country's bank smile.gif the question is, is it possible for me to request my local bank to transfer the monthly-fixed amount to the overseas one?
GravityFi3ld
post Mar 3 2012, 12:58 PM

Nick Fury's Night Fury
*****
Senior Member
912 posts

Joined: Mar 2011
From: Infinity & Beyond
QUOTE(aeiou228 @ Mar 2 2012, 01:32 PM)
There is a service call "standing instruction" not sure it includes oversea remittance though.

You plan is quite weird and I don't think it is cost effective. Forex remittance a small amount monthly is costly. Whatever forex profit you may or may not gain will be offset by remittance cost. Go ask your bank how much is the cost per forex TT first including the TT reviving end. After you find out the TT cost, you might want to abort this idea.
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But it's not for the short term tho, as in, if there is a time to migrate - I would at least have substantial funds at the overseas bank to utilize smile.gif

As for Forex gain/loss goes, I wouldn't be converting the foreign back to solely MYR. I could utilize to to convert for other currencies.. kinda of a round the big bush thing, hoping to scrap a little profit along the way happy.gif

 

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