The AUD has gone up a fair bit lately. About 7 months ago, it was probably buying about $0.67 US. When I was in KL in March this year, 1 AUD bought about RM2.40 (at best, usually a few sen less). However, the AUD has climbed up to about $0.86 US (today) and buying about RM 2.95 (or higher if changed at a money changer in KL). So, I made a quick decision to send some money home today while the AUD was strong. For every $1000, this made a difference of RM550. I thought that was very substantial!
Now, it looks like there are still capital restrictions in Malaysia. ANZ said they couldn't convert AUD and send RM to my account in Malaysia... this meant that they could not give me a bank draft or send RM via Telegraphic Transfer (TT). They could only send AUD across and the bank on the other end will do the conversion, etc. Turns out the difference in exchange rates between the two banks is not significant. Maybank was RM 2.949 (buying TT) and ANZ was RM2.926 (selling bank notes). Maybank gave the better rate, of course. (Darn - RHB is quoting RM 2.956 for buying AUD for TT). :P
Anyway, my reason for writing today. First, is to gripe ... ;) ANZ charges $32 to do an overseas TT. Like, whaaaaaaat??? :P Doesn't matter what the amount is, it's a transaction charge. At today's exchange rate, that comes up to RM 95 or thereabouts. In contrast, Maybank charges RM10 to do an overseas TT. Uh, for the same transaction, it costs nearly 10x as much to do in Australia compared to Malaysia. Grrrr...
Ok, secondly - I am reasonably impressed. The transfer cleared in my Maybank account within 6 hours. It could have happened sooner than that, but the bank told me it would take 2 days at most, so I thought I'd see the funds overnight (like tomorrow morning). Maybank does charge a fee to receive TT funds though (they said no more than RM10 when I called, but it turned out to be RM5) so I just spent the equivalent of RM100 on bank fees today. :P (gripe) ;) Anyway, the TT option eliminates the risk of losing the draft by sending it through the mail and also the number of days it takes to get there. Hope to be able to do some shopping for wedding stuff when I am in KL next year.
PS: Note to self ... TT via Internet Banking costs $24. :P Sigh.
Now, it looks like there are still capital restrictions in Malaysia. ANZ said they couldn't convert AUD and send RM to my account in Malaysia... this meant that they could not give me a bank draft or send RM via Telegraphic Transfer (TT). They could only send AUD across and the bank on the other end will do the conversion, etc. Turns out the difference in exchange rates between the two banks is not significant. Maybank was RM 2.949 (buying TT) and ANZ was RM2.926 (selling bank notes). Maybank gave the better rate, of course. (Darn - RHB is quoting RM 2.956 for buying AUD for TT). :P
Anyway, my reason for writing today. First, is to gripe ... ;) ANZ charges $32 to do an overseas TT. Like, whaaaaaaat??? :P Doesn't matter what the amount is, it's a transaction charge. At today's exchange rate, that comes up to RM 95 or thereabouts. In contrast, Maybank charges RM10 to do an overseas TT. Uh, for the same transaction, it costs nearly 10x as much to do in Australia compared to Malaysia. Grrrr...
Ok, secondly - I am reasonably impressed. The transfer cleared in my Maybank account within 6 hours. It could have happened sooner than that, but the bank told me it would take 2 days at most, so I thought I'd see the funds overnight (like tomorrow morning). Maybank does charge a fee to receive TT funds though (they said no more than RM10 when I called, but it turned out to be RM5) so I just spent the equivalent of RM100 on bank fees today. :P (gripe) ;) Anyway, the TT option eliminates the risk of losing the draft by sending it through the mail and also the number of days it takes to get there. Hope to be able to do some shopping for wedding stuff when I am in KL next year.
PS: Note to self ... TT via Internet Banking costs $24. :P Sigh.
