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> Best way to park and transfer foreign currency, not for investment

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ryan18
post Aug 26 2021, 03:27 PM

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QUOTE(xander83 @ Aug 26 2021, 02:21 PM)
The worse rates are the spreads with another 2% by Visa  doh.gif
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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


TSNibba
post Aug 26 2021, 03:34 PM

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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
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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...

... but carry hard cash like mule... sweat.gif
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Will consider the wise to GBP route to hold GBP, if Im happy w the exchange rate... still waiting and see for now
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 thumbsup.gif
ryan18
post Aug 26 2021, 03:34 PM

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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...

... but carry hard cash like mule... sweat.gif
expensive almost bank fx rates
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I check maybank GBP rate is 5.865 but in this merchantrade card the rate is 5.812.
SUSxander83
post Aug 26 2021, 04:28 PM

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QUOTE(ryan18 @ Aug 26 2021, 03:27 PM)
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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Spread means actual live FX rate versus merchantrade rates

Current live rate is 5.7591 while you paying stupid merchantrade at 5.812

Absolutely stupidity doh.gif there goes 2% to merchantrade laughing to the bank doh.gif

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
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  thumbsup.gif
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2 weeks quarantine is nothing plus you still can use wise to transfer HSBC as well rclxms.gif
dwRK
post Aug 28 2021, 12:46 AM

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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
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still can...just need to be rich...from hsbc ...Attached Image

This post has been edited by dwRK: Aug 28 2021, 12:46 AM
dwRK
post Aug 28 2021, 01:18 AM

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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
TSNibba
post Aug 28 2021, 03:17 AM

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QUOTE(dwRK @ Aug 28 2021, 12:46 AM)
still can...just need to be rich...from hsbc ...Attached Image
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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
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
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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 innocent.gif
Ramjade
post Aug 28 2021, 12:30 PM

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QUOTE(Nibba @ Aug 28 2021, 03:17 AM)
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
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  innocent.gif
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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.
dwRK
post Aug 28 2021, 01:32 PM

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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.
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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

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

This post has been edited by dwRK: Aug 28 2021, 01:38 PM
Ramjade
post Aug 28 2021, 02:32 PM

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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

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
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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.

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
dwRK
post Aug 28 2021, 06:28 PM

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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.

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.
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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? lol

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
SUSxander83
post Aug 29 2021, 03:55 AM

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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

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 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


dwRK
post Aug 29 2021, 07:50 AM

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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
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thumbup.gif

This post has been edited by dwRK: Aug 29 2021, 07:50 AM

 

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