Money changer rate will always beat bank's rate. If you can deposit foreign notes, even with them charging you for depositing those notes, you can save a little. Few times doing that might be enough to cover for 1 round of brokerage fees by Maybank KE. So far I checked that OCBC Global Currency does not have any fall below fees (not stated int heir brochure) but they need min 5000 units of whatever currency you want to deposit and charge 1% for foreign notes deposit vs DBS at 1.5% for USD and increasing for others (HKD, AUD).

Cimb - Transfer money into SG/fund Maybank account, no fall below fees.
OCBC - replace DBS MCA (if really no fall below fees, extra ammo for my warchest), transfer money to HK/AU - using Transferwise (the above will save on banking charges)
Maybank- Maybank KE and Maybank account

So from the above, only account need to maintain is Maybank at SGD500 and their fall below fees is cheap at SGD2/month if OCBC does come through.

But need to plan this step carefully when I start working. The thing is whether can open or not.

This post has been edited by Ramjade: Feb 22 2017, 10:07 PM

I'm glad I found this. Went to Maybank just now, and ask if i could open an sg acc and they replied that I can't open it in Malaysia and also that I need a work permit.

wonder this maybank SG account can do TT online without the need over the counter?

All SG bank can. They are not like malaysia where they limit how much you can send or must visit branch.

If you ask Maybank.SG, of course they will tell you so. Try asking Maybank.my here instead on opening a Singapore Maybank account "with them".

That is good. Malaysia banks have this limitation whereby no transaction can be performed via online banking.

Maybank SG can opt to have USD currency or it is only SGD?

Indonesian banks have multicurrency account whereby they will credit the same currency as when it is sent without conversion until you advise them to convert into local.

Er what nonsense are you talking about? Malaysian banks can transfer foreign funds online. Just depend on the bank. Some can some cannot.
Some give max rm10k, some rm30k/day.

All malaysian banks have foreign account just that they don't accept other currency notes. You want to open USD account, can. Bring RM/deduct rm from your account.

Don't tell me indon let you deposit USD in cash...

About maybank SG multi currency account, they only have single foreign currency. If want multi currency
(i) open multi single foreign currency account
(ii) check out DBS, UOB, OCBC. Hsbc

Purpose of Account, what do you guys normally fill? For investment?

I did ask Maybank MY, that's their reply that I can't open SG acc in Maybank MY and said that I have to physically go to SG to open an acc.

go to menara maybank to fill up forms and demand draft for maybank isavvy sg

that's why I'm glad that i found this link http://info.maybank2u.com.sg/pdf/deposits-...cation-form.pdf. so i could tell them that i actually could open an acc.

In fact you can.. and you can deposit and withdraw cash in usd from most indon bank. Sgd is also the same. Only catch if you want withdraw in large amount, need to call them 1 day before.

Some bank you can even withdraw usd or sgd via atm.

This post has been edited by gark: Feb 23 2017, 10:30 PM

Any charges (like fall below fee, yearly fees?) I didn't know about this.

No fall below fees, but got monthly admin fees.

There are many things you don't know

The finance world is very big...

Cimb atm at Pavilion may allow u to withdraw in other major foreign currencies.

Good infos and discussions in the above, gents,...

That's a first.

What I was trying to say is foreign currency account. We are in foreign currency thread whereby everyone wants to have foreign currency account. Thus, the previous note was related to Malaysian banks are unable to let customers to initial the wire transfer from foreign currency account through online banking and all must be done through counter.

What you mentioned is MYR currency in which online banking is available to perform wire transfer transaction but it is not available if you want to use foreign currency accounts to perform remittance.

Understand?

I went to Maybank and open the iSavvy account. Filled up everything except TIN section. Then she said that demand draft is not needed for now. Let the Singapore counterpart to contact me. Is this the right procedure or she's doing it wrong?