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 Online Currency Conversion Service for Banks, Looking for banks with this service

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TSdenzell
post Jul 28 2016, 09:23 PM, updated 8y ago

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From: Aincrad
Hi all,

i would like to know if any of the commercial banks here in malaysia offer online currency conversion service platform for businesses.

Current common practice most of the banks are you need to call to their dealer to get the quote, and then need to prepare instruction letters, then need to fax and bla bla bla... takes quite a time.

Due to quite a number of transactions on currency conversion daily, the normal method of calling to the banks to get the rate is rather inefficient.

Hope anyone can suggest banks with online currency conversion platform for businesses.
gamestotal
post Jul 30 2016, 03:37 AM

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you typically call the bank only IF you intend to use a buy/sell bidding system which is atm manually done by the banks. you can however open an online banking account, that would allow you to convert funds (at a lower forex rate) instantly.

this all depends on the amount you are looking for, conversion quote and what you mention (bidding) is normally done IF the amount exceed RM200-300k to make it worth while. small amounts (less than that) they generally dont do (waste of their time).
rjb123
post Jul 31 2016, 02:28 AM

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Joined: May 2010
From: Kuala Lumpur


Depends what currencies you're dealing in

There's nothing stopping you from using overseas foreign exchange brokers to facilitate payments if RM isn't involved. As long as volume is decent you get around 20 pips off the spot rate.

 

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