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

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SUSxander83
post Aug 25 2021, 03:06 AM

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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
SUSxander83
post Aug 26 2021, 02:21 PM

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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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The worse rates are the spreads with another 2% by Visa doh.gif
SUSxander83
post Aug 26 2021, 02:22 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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Another option with Standard Chartered as well but not because sure the current access of it in UK at the moment
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
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
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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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