There is.. These money changers still do it. Remember the case the money changer with with the bullet proof Toyota Fortuner who got fired upon on the way to KLIA last year? They were heading to Sarawak. But I wonder how they will pass security checks? Or they have insiders?

This post has been edited by TOMEI-R: Jan 13 2017, 01:47 PM

Mind to share which maybank branch recommended / can open account without problem?

Is there reason(s) why everybody is rushing to open an account in Singapore ? In malaysia bank, we also have foreign currency accounts. You still can convert RM into forex and keep in bank accounts. I believe it is much easier to open a forex account in malaysia than an account in Singapore

If your objective is for share investment, our malaysian trading platform can buy shares in many exchanges around the world. You can fund your trading accounts in forex and buy shares in those foreign exchange. If you sell it, you can also choose to get the proceed in forex and not exchange it back to RM but keep in forex, waiting for your next trade.

For those who say the charges to buy shares in foreign exchange, the difference is only 0.xx%. Unless you are trading in millions, the price changes in a few days could easily be more than 0.xx%.

This left us with the last concern that Malaysia will introduce capital control again. And sending money out will be a problem. But do you guys have so much forex spending/expense ? My experience during the capital control years in late 90s / early to mid 2000s, I vaguely remember the procedures/documents required may be more, but my import/export business and my forex spending for my kids education is still not much of a problem

Or you fear that malaysia's economy will collapse like Zimbabwe or Venezuela ? If that happens, how much money in foreign currencies do you think you need to have so you can flee the country and live overseas for a long period of time ? Bear in mind, unless you are multi millionaire who could live on the wealth, you cannot simply move to another country and get a job there. Poor people is not welcome by any country

Unless I missed out that all of those who rush to Singapore to open accounts are people with millions to park overseas....

bandar utama branch. but i can't guarantee that it will be without problem.

i myself only have 1 reason. it's because of the dividend received. to TT back each time a dividend is declared is painful to swallow. hence, cheaper to park the dividends into SG account to keep the capital rolling. that's all.

nothing got to do with fear from my end. all for convenience. and being a cheapskate.

You exchange at bank rates which is not cheap. You cannot deposit in foreign currency notes. You will have to use RM. That's the only reason I can think off. Say you park 50% of your salary outside of Malaysia, if RM continue to drop, only 50% of it is affected. The other 50% is not. Again for every RM100k you exchange with banks, you lose at least RM1k compare if you change with money changer. That's at least 1% Let me proof it to you.

Eg.
Using merchant trade at 3.125 (as of today)
RM100k will give you SGD32k

Using the bank like Maybank at 3.1755 (as of today)
RM100k will give you SGD31491.10

Difference = SGD508.90 (difference in term of loss = 1.5903125%!!!)

Alright for those buying foreign share min 1% loss + 0.xx% loss adds up overtime. Why waste 1.xx-2.xx% when you can save that? Let's say 2% of SGD32k = SGD640!!! That's just people who buy and hold. What about people who actually do trading?

That's why the move to convert 75% of the foreign currency by BNM is not popular with exporters considering that RM may depreciate further. Exporters already lose min 1% + further future currency depreciation. I am guessing a nett loss of about 3-4% for each transaction?

Another reason to open a FCA in malaysia is not easy. They will require all sorts of excuse and penalty. I know I tried (Affin, Maybank, Cimb). So your ordinary folks like me don't stand a chance to preserve your own hard earn savings. Affin said I must owned a company before opening. Maybank said I need introducer. Cimb straight told me no. Maybe it's because I am not a priority customer? Opening a FCA and not letting the money works for you is bad idea. One is better off with cold hard cash.

My last reason, I want to invest in UT in SG which offer more selection and cheaper service charge than Malaysia. It will be better this way than TTing over the money.

That's what I can think off the top of my head.

Conclusion:
1. Cheaper than keeping in local FCA
2. Better option for common folks
3. More selection overseas and cheaper in terms of fees

References:
http://www.eforex.com.my/
http://www.exchangerate.my/

This post has been edited by Ramjade: Jan 13 2017, 09:51 PM

You are using the platforms in Singapore ? Then it is logical to have a Sg bank account.

For those using local platform, the dividend handling charge for SGX is only S$10, right ?

You carry so much cash and fly to Singapore ? You need to declare any amount >RM30k at the airport Customs. Hope you did that....

BTW, at RM100k, you can get preferential rate from bank. Board rate is not applicable. And there is also DCI which you may be able to convert at spot rate at the time of entering contract.

BTW, how much do you exchange each time you travel to Singapore ? Your cost saving and time of travelilng is it worth it ?

Talking about 50% salary, if you fear RM depreciate, you can always open a foreign currency account with malaysian banks.




How do you get the 1% loss ?


Totally understand this point. I am an exporter as well

But you are not an exporter right ?

Again, where you get the 1% loss


Tell them you want to trade in DCI. And you can open a forex account.

You go all the way to find ways to open an account in Singapore, but you don't find ways to open an account in malaysia ?


If for more selection in UT, that I can understand.

What is the difference in service charge ? You are talking about FSM My vs FSM Sg, right ?

Do you always charge your RM into SGD in cash form ? And you travel down to Sg to deposit the money ? You stay in JB is it ? If not, how much is your travelling cost per trip ? Do you have time to travel outside of work ?

I will try to explain one by one.

Four more reasons why I open account in SG.
1) Able to fund Interactive Broker in the future when I am rich and have access to worldwide stock exchange. Funding can be done in terms of SGD.
2) Feel better if my money is overseas
3) Planning to dive into SGX via their platform and I do not give banks free money unless necessary.
4) No response from Maybank MY/SG regarding my application and SG govt are closing the doors (after 1 month+).

This post has been edited by Ramjade: Jan 13 2017, 10:53 PM

yes. using MBB Kim Eng brokerage with MBB SG account.

HLEbroking charge around there for each dividend clearance.

Bro eForex and eRemit rates are different. If you use eRemit, the rate is even worse than bank.

eForex - SGD 3.125
eRemit - SGD 0.3138 --> 3.1867

Looks like you have to make a trip down to Singapore for every S$9.5k



Bro, you are comparing the rates for cold hard cash vs bank remittance. How the exporter handle cash to do business ?

You expect us to ask our staff to carry cash and fly down to Singapore to deposit, so we can save the 1% ?

And I am not talking about S$32k each time. You got to add another zero behind. You trust staff who carry so much cash (assuming Customs will clear the amount)


Fresh grad in Malaysia earning about RM3k now right ? You said you can save 50% in forex. So it would be RM1500.

The 1% "loss" you talked about is worth :

1500 / 3.125 = S$480.00
1500 / 3.1755 = S$472.37

The savings from handling cash is S$7.63 per month. That is S$91.6 per year. S$916 per 10 year. Let's assume salary increase by 4 times. Your salary is RM12k in 10 years time. Your savings on the 10th year is ~S$400 per year

If you think it is worth it, then continue to do what you did.


DCI is not forex trading


Bro, from your various posts, can see you want to save every penny. If you are into saving every penny, you may be better off concentrating on buying stock yourself instead of asking people to handle your investment.

Buying stock yourself is much cheaper. Because asking someone to do a job for you will cost you money.

If you don't let bank make money off you, why you let UT manager to make money off you ?


Check their rates in eRemit. They are even more expensive than banks' board rate.

Are you working now ? If you start work already, you may not have the time and you will feel the hassle to carry the cash down to Sg often. Moreover, you are talking about RM1500 pm. Your savings is not worth it.

BTW, do you know that the rates offered by CIMB iTrade is close to spot ? Last time I use it, their rates were very good. Check it out and compare I don't know if they still offer good rates now.


1. Good planning for the future. You have this idea because you thought that you can transfer your money cheaper using eRemit. Otherwise, you will have to make every trip down to Singapore for every S$9500

2. I feel the same too

3. Same as #1. You have to make the trip down to Sg to save money using eForex

4. If your amount is small, you may be better off try to open an Forex account with Malaysian banks. And using the local share trading platform to invest in overseas stock market

Thanks for the tip. I I asked their counter, they told for transfer, we based on rates shown on the screen (Merchant Trade). Perhaps that's for online transfer? CIMB iTrade is stock broker? Er what happen if they refuse to entertain me some more?

This post has been edited by Ramjade: Jan 14 2017, 12:00 AM

I think opening a Sg bank account is to serve the purpose of using the share trading platform in Sg. Not the other way around. Opening bank account in Sg just for the sake of opening

If a person wants to open an account just for the sake of opening it, then malaysia has forex account also.

Also, for forex share investment, it is not worth the effort for small timer to go to Sg. I think the local platform is more cost efficient and less effort to get involve in foreign currency stock investment

yea. other purpose would be banking in salary if working there. if HLEbroking don't charge me such a high brokerage and cheque clearance then might consider using local platform to trade.

end of the day, just for self convenience. nothing complicated to think much really.

Go to eForex and eRemit and compare the rates. They purposely put the different denomination to confuse you

eForex use S$1 = RM3.135
eRemit use RM1 = S$0.3138 (which is RM3.1867)


Yes, iTrade is stock trading platform from CIMB. There are many others offered by MBB, PBB, HLBB and many other pure security firms to. So if CIMB refuses you, go to others. Sure got one that will entertain you

Showtime747 so what options/suggestions for me to transfer money at cheap rates? FCA > TT over?

1. One largest bank RM told me it is central bank directive that no more FCA account wil be allowed to be open. But I'm not sure whether this is apply to all or "very special" Priority customers still able to open cause I'm not seeking further clarification from him. What I can sense is, it is extremely not easy to open unless you have say RM500k above and it is their active customer that support them with DCI or purchase bond etc yet still need RM to act in favor of you.

2. Open sg account still possible for non resident but very tough, u need to heavily commit say with few hundred thousand sgd deposit or e.g. Buying a saving insurance from the bank with e.g. Sgd 3k monthly premium. (This is someone real encounters)

3. Opening e.g. Sg mbb account via local Mbb is possible but I think is not applicable to everyone and the process takes very long time. Opening sg mbb fca is some what more difficult unless again u r bank very worthy customers.

4. And more..

Frankly, your focus is wrong bro. You concentrate too much on saving cost. While ignoring the most important thing --> how to make money from your investment

For e.g., if you bought capital mall trust last week <1.90, it's now ~2.00. 10+ cents. That is >5%. What is saving 1% on the cost means ? Nothing compare to the gain

I have not heard investor getting rich by saving on the cost of purchasing shares.

Good info

I think it is not the BNM which gave directive. It is the bank which doesn't want to answer to BNM if they ask for details of forex movement. Banks are now paranoid whenever forex is involved. So if they can reduce customers' transaction, they reduce their possible mistakes too

I asked BNM to clarify on some transfer machanism on export company and they say ok no problem. But when it comes to the bank, they asked for all sorts of documents (some unnecessary) and everything have to ask HQ. Causing unnecessary delays. Everyone in the bank doesn't want to be responsible in this trying times

Those who want to open forex account now may not be the good time to do so. Maybe wait for a few months when everything stable down and banks have clearer direction

Actually I checked, eremit is for online transfer even though it's run by Merchant Trade. But the Merchant trade worker told me we use the rates that's display on our TV for transfer. If like that, how come indo/bangla all use these kind of service instead of banks?

But I would like to hear your suggestion on how to transfer money cheaply (PM also can if you don't want to write it out here in public) for someone with less than RM100k. My DBS Vickers is still pending approval.