Best way to park and transfer foreign currency, not for investment
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 Aug 26 2021, 03:27 PM
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Senior Member
2,361 posts Joined: Jul 2010 From: bandar Sunway  
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QUOTE(xander83 @ Aug 26 2021, 02:21 PM) The worse rates are the spreads with another 2% by Visa What do you mean by the spread?  This Is multi currency card, so if you exchanged 100 GBP now for RM 581.20 and keep in the card as 100 gbp. in the future if you spend 100GBP it will also be RM 581.20 as you already stored 100 gbp in the card |
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Aug 26 2021, 03:34 PM
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#22
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Junior Member
69 posts Joined: Dec 2017
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QUOTE(xander83 @ Aug 25 2021, 03:06 AM) Why not setup a HSBC account with DCA for RM6000 just start up for living cost? And then open UK HSBC account for instant transfer BigPay another rm3k And then rest goes for cold hard cash to max out the maximum carrying amount QUOTE(dwRK @ Aug 26 2021, 02:10 PM) already told him about hsbc global account... use wise to deposit gbp ... can spend gbp directly with its multicurrecy debit... later can open hsbc uk... link for instant gbp access... Will consider the wise to GBP route to hold GBP, if Im happy w the exchange rate... still waiting and see for now ... but carry hard cash like mule...  Carrying too much cash not the best option for me, need to travel after I touched down and quarantine, will need a long time before I can open my bank account and deposit the cash Thanks for all the kind suggestions  |
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Aug 26 2021, 03:34 PM
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Senior Member
2,361 posts Joined: Jul 2010 From: bandar Sunway
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QUOTE(dwRK @ Aug 26 2021, 02:10 PM) already told him about hsbc global account... use wise to deposit gbp ... can spend gbp directly with its multicurrecy debit... later can open hsbc uk... link for instant gbp access... I check maybank GBP rate is 5.865 but in this merchantrade card the rate is 5.812.... but carry hard cash like mule... expensive almost bank fx rates |
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Aug 26 2021, 04:28 PM
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Senior Member
6,427 posts Joined: Jan 2003 From: Autobiography!!!
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QUOTE(ryan18 @ Aug 26 2021, 03:27 PM) What do you mean by the spread? Spread means actual live FX rate versus merchantrade ratesThis Is multi currency card, so if you exchanged 100 GBP now for RM 581.20 and keep in the card as 100 gbp. in the future if you spend 100GBP it will also be RM 581.20 as you already stored 100 gbp in the card Current live rate is 5.7591 while you paying stupid merchantrade at 5.812 Absolutely stupidity there goes 2% to merchantrade laughing to the bank QUOTE(Nibba @ Aug 26 2021, 03:34 PM) Will consider the wise to GBP route to hold GBP, if Im happy w the exchange rate... still waiting and see for now 2 weeks quarantine is nothing plus you still can use wise to transfer HSBC as well Carrying too much cash not the best option for me, need to travel after I touched down and quarantine, will need a long time before I can open my bank account and deposit the cash Thanks for all the kind suggestions  |
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Aug 28 2021, 12:46 AM
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Senior Member
3,836 posts Joined: Jun 2006
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QUOTE(Nibba @ Aug 24 2021, 11:04 PM) 2. I dont think its possible to open UK account without being physically present, HSBC or whatever still can...just need to be rich...from hsbc ...
This post has been edited by dwRK: Aug 28 2021, 12:46 AM |
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Aug 28 2021, 01:18 AM
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Senior Member
3,836 posts Joined: Jun 2006
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ts... maybe you should go chat with hsbc... just found got promo
QUOTE HSBC Online Zero Telegraphic Transfer (TT) Cable Fee Promotion Terms and ConditionsTerms and Conditions for more details This link will open in a new window apply. Promotion period from 15 Jul 2021 to 30 Sep 2021. This promotion is applicable to TT transactions performed via HSBC Online Banking only. Cable fee of RM25 is waived under this Promotion. 2 Applicable for MYR to GBP conversion between own accounts and telegraphic transfers only. Not applicable for Global Transfers. HSBC GBP Foreign Exchange("FX") Rate Promotion ("Promotion") Terms and ConditionsTerms and Conditions for more details This link will open in a new window apply. Promotion period from 19 Jul 2021 to 30 Sep 2021. Eligible Customers get to enjoy discounted FX spread of 0.5% under the Promotion when they perform FX conversion or TT from MYR to GBP with a minimum transaction amount RM10,000 during the Promotion Period. i calc their 0.5% spread promo... it works out practically same as Wise... for RM10k to gbp, wise is marginally cheaper by gbp 0.2 This post has been edited by dwRK: Aug 28 2021, 01:19 AM |
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Aug 28 2021, 03:17 AM
Show posts by this member only | IPv6 | Post
#27
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Junior Member
69 posts Joined: Dec 2017
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QUOTE(dwRK @ Aug 28 2021, 12:46 AM) still can...just need to be rich...from hsbc ... Yeah heard need to lock 200k myr or something like that
but think still need to be there to actually open the account, just simpler and faster probably QUOTE(dwRK @ Aug 28 2021, 01:18 AM) ts... maybe you should go chat with hsbc... just found got promo thanks for the info, will look into iti calc their 0.5% spread promo... it works out practically same as Wise... for RM10k to gbp, wise is marginally cheaper by gbp 0.2 for now still prefer wise/fintech, my amount not that big and hsbc known for snobby attitude to small fry  |
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Aug 28 2021, 12:30 PM
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#28
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All Stars
18,588 posts Joined: Feb 2011
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QUOTE(Nibba @ Aug 28 2021, 03:17 AM) Yeah heard need to lock 200k myr or something like that Don't bother with HSBC. Lots of better banks in UK that are free to open once you touch down in UK without stupid condition of locking up money with them.but think still need to be there to actually open the account, just simpler and faster probably thanks for the info, will look into it for now still prefer wise/fintech, my amount not that big and hsbc known for snobby attitude to small fry |
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Aug 28 2021, 01:32 PM
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Senior Member
3,836 posts Joined: Jun 2006
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QUOTE(Ramjade @ Aug 28 2021, 12:30 PM) Don't bother with HSBC. Lots of better banks in UK that are free to open once you touch down in UK without stupid condition of locking up money with them. hsbc is also free to open & maintain without lock in conditions... he's probably thinking about premier banking... but people with premier banking got too much money anyways and 200k is chum changewe're not talking about which is a better bank... of course there are many high street & digital banks in UK after touch down... but hsbc is still one of the top 3 banks in uk we're discussing how best to lock in "good" gbp rates now & access it later... with its global account and promo rates, hsbc is currently the best option... he can open revolut, starlink, barclays/etc later in the UK and transfer out his gbp if desired... for now with hsbc, he can secure fintech rates & multicurrecy card that he can't get anywhere else This post has been edited by dwRK: Aug 28 2021, 01:38 PM |
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Aug 28 2021, 02:32 PM
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#30
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All Stars
18,588 posts Joined: Feb 2011
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QUOTE(dwRK @ Aug 28 2021, 01:32 PM) hsbc is also free to open & maintain without lock in conditions... he's probably thinking about premier banking... but people with premier banking got too much money anyways and 200k is chum change Question is how good are HSBC GBP rates Vs fintech rates when he lands? From what I know and see, banks always have the worst rate available.we're not talking about which is a better bank... of course there are many high street & digital banks in UK after touch down... but hsbc is still one of the top 3 banks in uk we're discussing how best to lock in "good" gbp rates now & access it later... with its global account and promo rates, hsbc is currently the best option... he can open revolut, starlink, barclays/etc later in the UK and transfer out his gbp if desired... for now with hsbc, he can secure fintech rates & multicurrecy card that he can't get anywhere else The only exception is CIMB sg rates to bring back SGD to Malaysia. Rates have always been on par with transferwise or cheaper. I am happy to be wrong. This post has been edited by Ramjade: Aug 28 2021, 02:56 PM |
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Aug 28 2021, 06:28 PM
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Senior Member
3,836 posts Joined: Jun 2006
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QUOTE(Ramjade @ Aug 28 2021, 02:32 PM) Question is how good are HSBC GBP rates Vs fintech rates when he lands? From what I know and see, banks always have the worst rate available. convert now or wait is not the question lah... what if gbp goes up and when he lands it's worse than using banks now? lolThe only exception is CIMB sg rates to bring back SGD to Malaysia. Rates have always been on par with transferwise or cheaper. I am happy to be wrong. his ori question is how park gbp (i.e., convert now) and send over later... to park gbp, his options.... banks, brokers (stocks/fx/casino/crypto), cash/cheque... with hsbc promo until end of September I think, it's rates is as good as Wise's... I calculated for RM10k conversion yesterday, Wise is only better by 20p... obviously he can still use Wise for conversion and deposit... but best he go check and confirm with the banks all the fine prints lah... also, if need to withdraw gbp from atm, bigpay charges RM10 for fee, hsbc only RM 5... that is why I think hsbc is the best option a place to park if he wants to convert now This post has been edited by dwRK: Aug 28 2021, 10:34 PM |
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Aug 29 2021, 03:55 AM
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Senior Member
6,427 posts Joined: Jan 2003 From: Autobiography!!!
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QUOTE(dwRK @ Aug 28 2021, 01:32 PM) hsbc is also free to open & maintain without lock in conditions... he's probably thinking about premier banking... but people with premier banking got too much money anyways and 200k is chum change The key is the multi currency debit card which HSBC can offer for spending on essentials while easy usage on withdrawals as well we're not talking about which is a better bank... of course there are many high street & digital banks in UK after touch down... but hsbc is still one of the top 3 banks in uk we're discussing how best to lock in "good" gbp rates now & access it later... with its global account and promo rates, hsbc is currently the best option... he can open revolut, starlink, barclays/etc later in the UK and transfer out his gbp if desired... for now with hsbc, he can secure fintech rates & multicurrecy card that he can't get anywhere else Once landed in UK then he can open whatever account and use Wise just to transfer over Technically atm MYRGBP is still not at a good rate until it breaches 5.68 anytime within next month |
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Aug 29 2021, 07:50 AM
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Senior Member
3,836 posts Joined: Jun 2006
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QUOTE(xander83 @ Aug 29 2021, 03:55 AM) The key is the multi currency debit card which HSBC can offer for spending on essentials while easy usage on withdrawals as well Once landed in UK then he can open whatever account and use Wise just to transfer over Technically atm MYRGBP is still not at a good rate until it breaches 5.68 anytime within next month  This post has been edited by dwRK: Aug 29 2021, 07:50 AM |
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