Hi guys

Most of u are talking about premier banking / foreign FD but I have a slightly different question.

I want to open a FCA for Education purposes. GBP is low now and I'd like to start saving in GBP since I'm going to the UK next year to study. I went to Maybank and asked about their FCA facilities. Here are a few features that I dont like about Maybank's FCA :

1) Min deposit is $1k USD regardless of currency. Citibank min can deposit only £500.

2) FCA will be riding on top of a MYR current account. If I want to deposit money to this FCA, I have to write a letter .. asking to transfer from my MYR current account to my FCA account .. If I want to topup my savings every month, I have to fax letter every month zzzzz.. And if I want to withdraw, same process. Both adding of deposit and withdrawal will incur a $4 USD processing fee each time.

I'm looking for a FCA account (non-FD) that can allow me to deposit money using machine or Interbank GIRO and it will convert directly to my GBP account. I know Maybank is not doing this due to exchange issue (need to inform customer how much they're depositing exactly in foreign currency before proceeding). Dont care much about withdrawal because I dont intend to withdraw before I start studying.

Any recommendation? Or all banks actually operate this way?

Ah thanks.. Sounds like a better process than Maybank

I guess it will work like this :

Cash deposit machine -> MYR savings/current -> FCA via Internet banking

A lot better than faxing letters

Not doing it for interest. Just buying GBP while they're @ 4.9

Exchange rate is quite bad now so you'll lose more than inflation rates

I'm leaning towards HSBC now. Any experience with CIMB, Citibank, RHB, EONbank and the rest guys?

Just opened a GBP savings account with HSBC. Pretty painless. These are the fees :

Opening fees : RM100
Yearly fees : RM100
Maintenance fees : RM10/month (waived if balance more than equivalent RM20k)
Deposit : RM100 (will return RM80, minus RM20 closing account fee when closing account)

Rate was 4.7 yesterday. YEAH