A deposit war is brewing in Singapore.

Digital bank GXS raised their maximum balance amount from 5k SGD to 75k SGD, the maximum deposit limit insured by SDIC. 3.48% p.a. interest with no conditions attached. Surely will put pressure on other banks.



Source: HWZ GSX thread

this is good news. As per the stability, has anyone open an account ?

aah they called me today, asked them and they assured that i can remit to myself. so i'll attempt moneymatch remit and see how it goes

This post has been edited by Medufsaid: Jul 20 2023, 04:43 PM

My first time using moneymatch, send 10k MYR to CIMB SG, rates is much more better compare to WISE and Sunway Money. I received 2,902.03 SGD, as compare to WISE is 2,883.54 and 2896.78 for Sunway Money. The transaction is very fast, receive within 15 minutes after i made my payment.

As for the fees, is only RM5.

No SingPass MyInfo account, can't open... Not sure about others. ikanbilis got SingPass account? Maybe he can try.

Nope, bilis no singpass

Guys, what is better.

Change MYR into SGD at Midvalley or change in The Arcade in Singapore?

of cos Midvalley bcos their commission is RM based, while if u change in SG, they have to cari makan in SGD

u check mymoneymaster midvalley website, buy/sell difference is 1.5 sen
u check arcade website, buy/sell diff is 2.6 sen

Thank you so much bro, appreciate a lot

Yea, seeing SGD going stronger than ever and also noticing all the big daikors here busy growing their SG portfolios, so i am back again

Thank you for the additional clarification too, just my initial concern is from Sunway Money to HSBC SG end, which may incurs additional charges, but i have to admit, it is my bad that I haven't dive deeper into it yet. Overall 38-40 basis points are doable in my book.

Thank you too.

Any update? Did the transaction go through? Is the money in your account already? Are the rates better than Sunway money?

Thanks!

Thanks for testing. I did a bit of calculation and found that it’s cheaper than wise because their fee is only RM5 despite having a slightly lower rate compared to wise. It adds up a lot if your transaction amount gets bigger as moneymatch transfer fee remains RM5 fixed while wise fee is variable.

remitted last night 10-11pm, just got email @ 4pm saying successfully arrived in SG acct. verified.

last night, mymoneymaster rates were 3.432/3.42, and i got mine converted at roughly 3.44

Good to know that now they can transfer to own account. Let me check the rates once I send money next month and see if moneymarch rates are competitive.

You remit sgd monthly? 🤔

Once I reach rm10k, I move my money to Singapore. I can reach rm10k if I grind, if not it's just rm5k like that.

So currently for MYR to transfer to SGD to Singapore bank, which is the best platform for less than rm30k? Sunway Money? If you move frequently, do you get audited or fund freeze by either Malaysia or Singapore side? I think once ringgit strengthens (ie if they strengthen at all) back to around 1 to 3.3, I may start move my ringgit to overseas. A bit fed up to keep ringgit to be honest... When you go overseas you feel the pain converting Ringgit.

I kena audited both my Singapore and Malaysia side. For me, so far, Sunway money have always give me the best rate. Years already. Not sure why Medufsaid said moneymatch better. I will do comparison on Monday (just key in and see amount) and do real transfer next month and see who have the best rate.

Audited from sunway money and cimb SG. They want my bank statement to see where my money is coming from. No fund freezes. Just give them the statement via email, answer their call (sg side and you are good).

I have been transferring ringgit since 1mdb started. I transferred regardless of ringgit price cause long term ringgit can only go down. What is expensive today is actually cheap in future.

This post has been edited by Ramjade: Jul 22 2023, 06:21 PM

Thanks for the info. So the audit is done by Sunway and CIMB SG, not BNM or LHDN right? Actually I don't know what Sunway can do since a bank statement doesn't tell anything much. I fear more from BNM or LHDN, though I have been audited by LHDN twice. Just want to avoid the trouble.

Yes ringgit is on downtrend. But so is vietnam dong, thai baht, indo rupiah 10 or 20 years ago. All recovered to perform better than Malaysia. Let's keep the faith eventually Ringgit will go back up... But my plan eventually is to move fund out from 75% Malaysia 25% to overseas to more 50% 50%.

Sunway money and CIMB sg. The bank statement will tell them where the money is coming from.

None by lhdn. For me I declare everything to lhdn. As mentioned in another place if you declared everything to lhdn and keep all records, they cannot do anything to you.