Sterling Currency Account

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As we have been unable to 'fix' the rate £/RM of exchange (as would be possible with other currency transfers/exchanges) and because of the current £/RM exchange rate we are reluctant to transfer funds from the UK if  upon receipt in Malaysia the funds are exchanged at current rates (as usually occurs when we transfer sterling).

We are considering leaving the funds in the UK  with the intention of arranging transfer at a later date OR transfer now but place the funds in a sterling currency account and exchange  at a future date  - in either case we would exchange when hopefully the rate has improved

Has anyone used a currency account and if so do you have any advice please?

Any guidance gratefully received.

Jac

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Hi Jac
It is a simple process (well almost) to set up an account with a  Malaysian bank where you have both a GBP account and an MYR account. Both accounts are in Malayisa and then you can convert at your leisure even by internet. It doesn't work back in the UK because the UK banks (even those who operate in Malaysia) will not offer an MYR denominated account.
Hope this helps 

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Jac,
CIMB Bank has Foreign Currency Current Accounts in GBP,USD,AUD,NZD,EUR,SGD & HKD.
You could become a currency trader.
Cheers & Beers,
JAYDEE

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The trouble is when you open a foreign currency account (with CIMB and HSBC at least, I'm not sure about others) any currency you deposit initialy will have to be in MYR. So if you transfer GBP from the UK it will be converted at the current rate into MYR once it arrives. Then reconverted into your chosen currency for this type of account. So there is no monetary benefit, in fact you probably lose out through two conversions. These accounts are mainly used for investors hoping to benefit from the currency market over time.

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You can avoid double forex conversion using personal internet transfers from UK GBP account to a Malaysian foreign currency (GBP) account if you are a Premier account holder with HSBC, maybe also  with other banks like Standchart or Citibank. Check out the comprehensive discussions under topic entitled "How To Move Money Around the World" on this website.

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OK, here's the skinny on Foreign Currency Current Accounts (FCCA) at CIMB Bank.
You can transfer your foreign currency no problem and that is what will go into your FCCA.
BUT,,,, no interest will be paid.
So, maybe you are better off leaving it where you will gain interest.
On the other hand, you can place it in a Foreign Currency Fixed Deposit (FCFD) and earn interest similar to interest paid from the country you have submitted the funds from.
Funds can be in a FCFD for 1 day, 1 week, 1 month at a time up to a 12 month term.
Any further information should be checked out by searching through www.cimbbank.com.my or visit a CIMB Bank branch near you.
Cheers & Beers,
JAYDEE