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.
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...