News Hong Kong Property & Finance

Foreign exchange conversion

ORIGINAL POST
Posted by marcusboy 5 yrs ago
I need to transfer Malaysian Ringgit to Malaysia. I have 2 choices - either do a global transfer via a local bank here to the account in Malaysia (in which case the bank in Malaysia will give you the worst possible rate) or do a TT in USD to Malaysia and then convert to Ringgit. The latter would mean there will be 2 conversions and commission paid twice.

Can someone please advise which is the lesser of both evils? When compared to online foreign exchange rate like xe.com, the rate offered by the bank is daylight robbery (not surprising). I don’t mind paying some fees but am so reluctant to pay the conversion rate banks are demanding.

Can someone please advise? Many thanks.

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