This guide will walk through the fees and exchange rates available from Hong Leong Bank. We’ll also touch on an alternative way to get cheap and convenient international transfers with Wise so you can compare.
Before we go too far, let’s take a look at a worked example of the costs of sending money overseas.
Imagine you’re making a transfer of MYR10,000 to a friend based in Europe. Here’s how the transfer would work with Hong Leong Bank, and with Wise. ¹
|Provider||Transfer time||Fee||Exchange rate||Recipient gets|
|Hong Leong Bank||1-5 days||20.00 MYR||Exchange rate with a markup (1 MYR = 0.204436 EUR)||2,040.27 EUR|
|Wise||3 hours||54.56 MYR||Real exchange rate (1 MYR = 0.207376 EUR)||2,062.45 EUR +22.18 EUR Send money|
(July 8 2020 at 15:16 (GMT+3))
In both of the examples here, you pay the same - MYR10,000. But you can see that with Wise, your recipient actually gets more in the end. That’s because Wise uses the mid-market exchange rate with no margin added, and charges a simple, transparent fee.
This is a great illustration of why you need to take a look at both the fee, and the exchange rate used for international payments. Hong Leong Bank has a lower upfront fee, but when you take the exchange rate into account, the transfer works out cheaper - and faster - with Wise.
Here’s how the calculations are done:
- Hong Leong Bank:
Amount converted: 10,000MYR - 20.00 MYR = 9,980 MYR
Exchange rate offered: 1 MYR = 0.204436 EUR
Recipient gets: 9,980 * 0.204436 = 2,040.27 EUR
Amount converted: 10,000MYR - 54.56 MYR = 9,945.44 MYR
Exchange rate offered: 1 MYR = 0.207376 EUR
Recipient gets: 9,945.44 * 0.207376 = 2,062.45 EUR
Make sure that you check exchange rates, not just transfer fees, when you do an international transfer - or you could end up paying more than you need to in fees.
Like most banks, Hong Leong Bank offers several different exchange rates for each currency. You’ll get a different rate depending on whether you’re buying or selling currency.²
When it comes to sending a foreign currency payment overseas, you’ll usually find that the rate banks and currency services offer customers are different from the mid-market rate which you’ll find on Google. This is because they add a markup, which is essentially an extra fee for the customer, and a bit of additional profit for the bank.
Take a look at the Hong Leong Bank exchange rate for your currency and compare it to the mid-market exchange rate, to see this in action.
The amount you pay for a foreign currency telegraphic transfer with Hong Leong Bank will depend on the currency being sent, and the amount. The details of the standard prices are below³ - although it’s also worth noting that there may be promotional prices available on some fees.
|Sending up to MYR5,000|| |
|Sending over MYR5,000|| |
|Fees for sending money to students pursuing studies in Australia||There are special arrangements for money being sent to Australia to support students there. If you’re sending AUD, you’ll pay a MYR18 fee - if you’re sending USD, the charge is MYR25|
With Wise, you can send money to 70+ countries with low, transparent fees and the mid-market exchange rate. Compared to Malaysian banks, it can be up to 4 x cheaper to send money abroad with Wise. Most likely much faster as well.
If you receive money from overseas regularly, it’s good to know that with a Wise multi-currency account, you can get paid from the UK, US, Australia, New Zealand and any Eurozone country, just as if you had a local bank account in those countries. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to.
To send money with Wise,
- Create a free account
- Choose an amount to send
- Add recipient’s bank details
- Verify your identity
- Pay for your transfer by bank transfer or debit/credit card
And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.
Join 8 million customers and enjoy a cheaper, faster and transparent way to send money abroad with the “real” exchange rate.
Here’s how you can make an international transfer online with Hong Leong Bank:⁴
- Log into your account on Hong Leong Connect Online
- Select International Transfer and then *Telegraphic Transfer *
- Follow the onscreen prompts to complete all the required details for your particular transfer
- Check you’re happy with the exchange rate and fees quoted
- You’ll need to get and enter your TAC (Transaction Authorisation Code)
You can also make an international transfer by visiting a branch if you prefer to manage your money face to face.
The exact information you require to make an international payment will depend on where you’re sending money to. The on screen prompts will guide you through the detail needed to make sure you give the correct information.
You can expect to require the following:
- Amount and currency being sent
- Full name and contact information for the recipient
- Recipient bank details - these may vary from country to country. For example, you might need an IBAN for a European account, or a routing number when sending money to the US
- Reason for payment
If you need some help with your payment, there are a few ways to get in touch with the team at Hong Leong Bank.⁵
- Visit your local branch to get face to face support
- Chat online via the Hong Leong Bank website
- Connect through social media
- Send a message using the online contact form available on the Hong Leong Bank website
- Phone on 03 7626 8899, Monday to Saturday
Sending money overseas shouldn’t be difficult - but it can be expensive. Check out a few options to make sure you get the best deal. Look at your regular bank, but do also compare the prices and service on offer from modern alternatives like Wise . You could save money, and have your payment arrive faster, too.
- Wise | Compare exchange rates (July 8 2020 at 15:16 (GMT+3))
- HongLeong Bank | Foreign Exchange Rates (FOREX)
- HongLeong Bank | Fees & Charges - Remittance Services
- HongLeong Bank | Telegraphic Transfer
- HongLeong Bank | Contact Us
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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