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

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dwRK
post Aug 24 2021, 09:40 PM

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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.
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1. no. bad bank exchange rate & fees.

2. some banks cannot wire from fca. if you must, maybe check out hsbc global account

3. new wise users in malaysia cannot open multicurrecy account to park money...

if I were you...

... tbc
dwRK
post Aug 24 2021, 10:40 PM

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QUOTE(Nibba @ Aug 24 2021, 09:49 PM)
So no solution for me?  sweat.gif
Just screw it and TT everything from Malaysia? doh.gif
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aiyah so fast reply me... I had to drive somewhere, so tbc = to be continue ah... sweat.gif

1. bigpay is good ah... use as backup/ interim to pay stuff and get cash from atm... the rates is close to spot forex, better than banks

2. check if uk banks allow open student account early before you arrive... I remember got such thing long ago somewhere... you still want a uk bank for atm cash. some eu banks are online bank but I don't remember who

3. open wise here first... when arrived uk change address to UK and activate multicurrecy account for future use... but is late for your immediate purpose to park money... can use this to pay school fees, deposit to .uk banks later

4. check if your school can accept early payment, pay some first lor...

5. if want fca... with hsbc global, allows you to open hsbc .uk and link the account...

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

This post has been edited by dwRK: Aug 24 2021, 10:51 PM
dwRK
post Aug 26 2021, 02:10 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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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

QUOTE(ryan18 @ Aug 26 2021, 12:13 AM)
Alternatively you can use this to lock the GBP rate now
https://mtradeasia.com/main/personal/mercha...a-prepaid-card/
Like having a money changer in your pocket/phone
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expensive almost bank fx rates
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
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
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
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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