Hong Leong Bank International Transfer

If you have an account with Hong Leong Bank (HLB) and need to send a payment overseas, you’ll need to understand the Hong Leong Bank international transfer fee, processing time and payment options. This guide has you covered with all you need to know about how much it costs to transfer money abroad with Hong Leong Bank, the delivery times and how to get started.

Despite being well over 100 years old - and a very popular bank here in Malaysia - HLB might not be your best option when it comes to sending money internationally.  In fact, there are many Hong Leong Bank international money transfer alternatives that are much cheaper, faster, and easier to use like Wise or Western Union. We’ll look at all this and more, next.

Hong Leong Bank telegraphic transfer comparison

Before we get into the details of the Hong Leong Bank international money transfer process, let’s look at a quick comparison. Whenever you send a payment overseas with a traditional bank like HLB, you could run into up to 3 different types of fee:

• Transfer fee - this is an upfront fee which is often the cheapest of all the charges involved

• Exchange rate markup - a percentage rolled up in the exchange rate

• Beneficiary bank and cable charges - these costs are paid to third parties and the recipient’s own bank

Here’s what you’d pay if you were sending a standard online telegraphic transfer of 5,000 MYR to a GBP denominated account, with Hong Leong Bank and a few specialist services.

We’ll look in detail at each of the possible HLB fees in a moment. However, it’s useful to know upfront that the exchange rate markup used by traditional banks can often be in the region of 3%, which can make it the biggest of all the charges you pay for higher value transfers. In fact, in this example payment of 5,000 MYR, a 3% markup would add a charge of 150 MYR, which you may not be able to see clearly as the fee is rolled up in the exchange rate applied.

Alternative services like Wise or Western Union can offer a more straightforward service which is easier to use, and may offer a better exchange rate and lower overall fees, too.

Hong Leong Bank international transfer fees

Here’s a run through of what you’ll pay when you make different types of Hong Leong Bank international bank transfers.

Hong Leong Bank exchange rate

We’ve mentioned that the exchange rate markup added by many traditional banks and specialist currency conversion services can push up costs. In many cases, the markup added into the exchange rate is around 3%. That doesn’t sound like very much, but it can quickly push up the overall costs of your payment - and it’s tricky to work out, meaning you may not even know you’re paying it.

Here’s how the cost mounts up if there’s a 3% markup added to the rate used for a few different transfer values:

• Sending 1,000 MYR - the exchange rate markup adds 30 MYR to the total

• Sending 5,000 MYR - the exchange rate markup adds 150 MYR to the total

• Sending 50,000 MYR - the exchange rate markup adds 1,500 MYR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you set up your payment online and send 5,000 MYR to a GBP denominated account:

• Hong Leong Bank: 20 MYR  + exchange rate markup + any applicable third party charges

• Wise: 31.11 MYR

• Western Union: 10 MYR + exchange rate markup

Hong Leong Bank additional fees

When you set up a payment with HLB you’ll need to pay cable charges, and there may also be extra third party costs like a fee applied by the recipient’s own bank. These costs don’t go to HLB directly - they’re usually incurred as a result of the bank processing the payment through the SWIFT network.

SWIFT payments are transferred between 1 - 3 different banks on the way to the destination account, and each bank included in the process can deduct their own service fee. This can push up prices overall, and mean your recipient gets less than you were expecting.

How long does a Hong Leong Bank international telegraphic transfer take?

Like most traditional banks, if you send an overseas telegraphic transfer with HLB it’s likely to be processed through the SWIFT network. As we saw earlier, this can involve passing the payment through a series of intermediaries. It’s a reliable and established method - but it’s not fast. In fact, SWIFT payments can take up to 5 business days to arrive.

Here’s how the providers we looked at earlier measure up on delivery times:

• Hong Leong Bank: 1 - 3 working days 
• Wise: Payments can be instant -  80% of payments arrive in 24 hours
• Western Union: 0 - 1 business day

Pros and cons of transferring money abroad with Hong Leong Bank

Pros:

• Familiar and reliable service with in-branch support

• Several different payment types available depending on your preferences

• Send to a range of countries and currencies

Cons:

• Exchange rate markups and agent bank fees push up costs

• Online payments may be more expensive than in-branch, depending on the destination

• Delivery times are not the fastest available

How to make an international transfer with Hong Leong Bank

You can send a payment overseas with HLB online or in a branch. If you choose to make your transfer in branch an agent will assist you to complete the information needed to arrange your transfer. If you’re sending online, here’s what to do:

1. Log into HLB Connect

2. Select International transfer, then Telegraphic transfer

3. Tap Transfer

4. Follow the prompts to enter the transfer details, then tap Next

5. Confirm the details, enter TAC and click Submit

6. Your payment is on the way

The TAC is the 6 digit transaction authorisation code issued for use with HLB Connect - if you’re not sure of your TAC you’ll need to contact a branch to have it reissued.

What information do you need to make an international transfer with Hong Leong Bank?

The exact information needed when you set up a HLB international money transfer will depend on where you’re sending a payment to, the payment value and how you arrange the transfer. If you’re in a branch the agent assisting you will help gather all the required detail - and online it’s easy to follow the Hong Leong Bank international money transfer process using the on screen prompts.

Generally, you’ll be asked for the following:

• Beneficiary name

• Beneficiary address

• Beneficiary bank name and address

• Beneficiary bank account number

• Purpose of Transfer

Transfer limits and available countries

You can send HLB international money transfers to a broad range of currencies - log into HLB Connect or visit a branch to check if the currency you need is available.

Online you’ll find that the daily limit for third party payments - which include telegraphic transfers - is set as a default at 50,000 MYR a day. However, you may be able to change this in your online banking service if you’d like to. In a branch you may be able to send higher value payments compared with the online service.

Receiving money from abroad with Hong Leong Bank

Receiving an international payment with HLB is easy. In fact, once you’ve given the sender all the required information, you can sit back and wait for your money to be credited to your account. Exactly what information is required may vary based on where the sender is - but usually it’ll include:

• Your full name

• Your bank account number

• The Hong Leong Bank SWIFT code

• Your HLB branch address

Hong Leong Bank SWIFT code

SWIFT codes are used by all banks involved in international payments, to make sure transfers end up in the right bank - even if it is on the other side of the world. They’re unique identifiers which make it easier to route payments overseas.

HLB uses several different SWIFT codes for different types of payment, so you’ll need to double check the SWIFT code needed for the transfer you’re receiving. Using the wrong SWIFT code can result in delays or even in your payment being rejected.

General Hong Leong Bank Swift code: HLBBMYKLXXX

Conclusion

Sending your international payment with your normal bank may seem like the easiest option - but it’s not often the cheapest or fastest. Banks can often use poor exchange rates with relatively high, and hard to spot, fees. This can mean you’re paying more than you realise when you send money overseas.

As an alternative check out online specialists like Wise and Western Union. These providers are usually easy to get started with, and offer relatively fast delivery times, often with overall fees which are lower than regular banks can offer.