QUOTE(Nibba @ Aug 24 2021, 08:51 PM)
Hi all, I am going to UK for my studies in less than one month, trying to figure out the best way to convert MYR to GBP.
I expect to open a UK Bank account only in October. I am now trying to change my MYR to GBP and park somewhere first, before I transfer to my UK bank account in October. From my limited knowledge, these are the 3 options I can think of:
1. Bank draft. Bring bank draft to UK and deposit into my UK bank account.
2. Foreign Currency Account. Open FCA, convert my MYR to GBP, and wire to my UK bank account in the future.
3. Moneymatch and Transferwise. I saw one forumer suggested this. Use moneymatch to transfer MYR to GBP into Wise. No need to open a UK bank account, just use Wise. Or open UK bank account and transfer the money in from Wise.
I will need to use the money to pay my school fees via bank transfer. The rest will be used for my daily expenses. Which way is the cheapest? I presume the third way since the rate should be better? Also better rate when transfer back to MYR in the future. Or please suggest if theres other better way. Since its pretty last minute I dont think I can play around w/ forex or DCI, not knowledgable enough to do it as well.
Come I give you the best solution.
1. Open Bigpay account. Bigpay can hold up to RM10k worth of cash.
Enough for you to pay for your expenses in UK for the first month.
You can withdraw out GBP from bigpay using any bank atm in the UK for only RM10. After you withdraw out the RM10k, top-up bigpay from Malaysia, make sure to use prepaid card from Malaysia. I recommend Digi as it works for me last time (still able to received OTP when overseas). I am not sure if you can top-up unlimited timed using bigpay or not. That you have to ask customer service.
2. Not sure if money changers are still open at midvalley. If yes, go change RM30k at midvalley money changer. Alternative try max money. Apparently I think they can deliver to your house. Yes and bring the GBP to UK.
3. Forget about using bank draft or foreign currency account. They are expensive.
4. Opened up transferwise, sunway money. Money match. This is crucial to transfer money from Malaysia to UK. Never used banks.
5. Once you have cash ready and you are in UK, go open a UK Bank account. Make sure it's fee free. You can shop around. Alternative use one of their many digital banks. Once you are in UK, TransferWise function very well as a digital bank. Other alternatives are monzo, revolut.
https://www.veriff.com/blog/the-5-best-digi...banks-in-the-uk6. Once step five is complete, use the fintech in step 4 to move money to your UK bank at moneychanger rate!!! Enjoy.
Bonus round
Open trading212. Buy UK stocks like JLEN, Unilever, TRIG, HICL. This will give you free 5%, 3.5%, 4.8%, 5%p.a. This is so that you will be getting extra GBP rather than depend on funds from your parents.
QUOTE(dwRK @ Aug 24 2021, 10:40 PM)
unorthodox method...
open an international stockbroker account like ibkr, park your money there now if you think rates are good... withdraw to your .uk banks when ready
UK got a lot of forex and online casino you can also do the same but ibkr is best lah imho... hahaha
edit:
got tered how to open ibkr, and xfer money to it...
in UK... you can open a lot more fintech account, not just wise
I agree with this. Ibkr offer the best rate among other fintech. This is because they offer you spot rate. Rates which banks use for themselves . No one come close. Heard they accept direct transfer using fintech for myr-> GBP.
If you are going the Ibkr route, you can skip trading212 as it's superior to trading212 in all aspect.
This post has been edited by Ramjade: Aug 24 2021, 11:31 PM