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wiring money outside UK(5 Posts)
just wondering if it is possible to ask my bank in the UK to transfer money from my account (in Lloyds TSB)
to an account in Malaysia without me being in the UK? Would it be possible to do that with a written request?
It's not likely that I'd be able to fly to UK any time soon and would need the money within the next two or so months. Does anyone know if it is possible? also what sort of fees are involved, if any, on the UK side.and how long it takes.many thanks!
A swiftwire transaction costs about £10 at each end, and it should happen the same day. The bank should (famous last words!) respond to a written request. Maybe you could phone them and ask what kind of information and ID you need to send them?
There are companies that specialise in transferring money between countries, you can use their service and get a MUCH better exchange rate than you probably will from the likes of Lloyd's TSB. But you have to transfer something like a minimum £7k to take advantage of the service; I used Moneycorp , but there are others. It typically takes about 5 working days from initiating the transfer to the money arriving.
I dare say I suspect Moneycorp is more reliable than the Malaysian banking system.
Look at Moneycorp's website. Basically, you sign a contract with Moneycorp (or a similar sort of company) about their percentage of the transfer money, other conditions, (things like how you can confirm you want the transfer to go ahead, etc.). You have to have the banking codes, names on accounts, at Malaysian end. To wire money out of UK you would transfer it in advance to Moneycorp's account (they will give you the info), and then they will initiate the transfer to the Malaysian account when you tell them to. The main thing is you get a quite good exchange rate.
Funny enough, I know a Malaysian fellow who has lived in Britain 13 years. I will try to remember to ask him if he's ever transferred money back there, how he thinks to do it. Will try to remember to ask him in next few days...
I doubt Moneycorp is the best company for this type of transfer, they weren't too helpful when I moved money from the USA to UK, and the rate wasn't as good as I hoped -- but still better than a High St. bank.
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