Foreign Demand Draft vs Telegraphic Transfer

asarunzaara — Tue, 14 Aug 2012 08:19:28 +0800

Hi all,

I'll be going to UK for my MSc this September and I don't know the best way to bring along the cash in a safe way. using Traveler's Cheque is not feasible since they are denominated in USD and I'll lost some due to the exchange rates charges (1st convert from RM to USD...then from USD to GBP)

Another way is by Foreign Telegraphic Transfer (TT) to my friend's bank account in UK, then after I opened UK bank account, my friend will transfer the money back to me. The problem is the bank charges. Malaysian banks like CIMB and Maybank charged RM30.00 for a single transaction and UK banks normally charged further GBP 6.00 per transaction. The current Forex rates is also quite high right now (GBP 1.00 = RM 4.935 as per yesterday 13/08/2012 compared to GBP 1.00 = RM 4.863 last week)

I also heard about Foreign Demand Draft but I don't know the Forex rate for the FDD and the procedures for it. Some say it is more convenient to bring the FDD as both UK banks and Msian banks didn't charged for any services for the FDD. Hope you guyz can help me about this. I do wish to have the best bargain in the Forex between the FDD and TT as my financial state is quite limited. Have put all the money to the tuition fees

Lowyat.NET: Latest topics by asarunzaara

Foreign Demand Draft vs Telegraphic Transfer