Tuesday, May 29, 2012

How to transfer money from Malaysia to Taiwan


Recently, when my sister came back to Malaysia, she would like to close one of her Malaysian bank account and bring back the cash to Taipei.  Since it involved quite a huge amount of cash, she has a few choices: (1) to bring the cash by herself back to Taipei (2) to buy travelers cheque where she can cash the travelers cheque in Taipei (3) to do a telegraphic transfer to her Taiwanese bank account. My sister chose option 3. The reasons are it’s safer for her and much more convenient compare to have to bring the cash with her and been asked to declare the cash she bring out of Malaysia.

At first, we went to HSCB bank. But sad to say, since we are not HSBC bank account holder, they cannot help us with the transaction. So, we went to another nearby bank, Public Bank. The customer service officer is very friendly and assisted us throughout the whole process. The form needed to transfer the money is called Remittance Application Form. The information needed will be the beneficiary details and the beneficiary bank account details (the bank name, bank account no, the address of the bank, the exact branch of the beneficiary bank and the phone number of the beneficiary). Of course, the MYR will be converted to NTW according to the exchange rate on that particular day. There will be a wire charge or credit transfer of MYR30.00. And lastly there must be a reason to transfer the cash to Taiwan. The bank officer advised the reason as ‘gifts’. We’re ok with that. 

If not mistaken, the money transferred within one working day. Quite fast and reliable.

Do you know of any other common method to transfer cash to other countries? If yes, do share with me.

7 comments:

  1. If you have the HSBC account and transfer will be a lot more easier assuming your oversea bank is also HSBC.

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    1. Hello Champdog, yes.. thanks for the sharing:)

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    2. last time i transferred money from public bank malaysia to a taiwanese bank, other than the extra charged by public bank , that taiwanese bank also deduct my money >.< not sure whether the amount is too low... if the amount that i transfer is more, will it be happen again?

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    3. Hi there, I am not sure whether there's a new policy now. When my sister did the transferred in 2012, we're not aware of any amount been deducted. Perhaps you can check the bank officer before do your bank transfer.

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  2. Hi, I am recently trying to transfer money to Taiwan and it is quite urgent. Can I ask, when your sister fill up the form, the Taiwan bank account name is in mandarin or english? I am facing a problem which the Taiwan bank account holder does not have english name while, in Malaysia some of the banks like Maybank could not key in mandarin name.

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    1. Hi Yeong Chyng, sorry for late reply. I remember the name is in English. I believe the Taiwan bank has English name. Hope this helps.

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  3. This comment has been removed by the author.

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