If you are so worried about malaysian banks, instead of finding an offshore bank to park your money, you should be planning to migrate now. Because if all banks in malaysia failed, malaysia economy will collapse. If you are still in malaysia, you will most probably be unemployed, suffering from 50% inflation, and face riots on a daily basis !

What makes you lose confidence in malaysia banks ?

Fitch ratings is of no help also. Less than 24h, rates went up again.

fitch is a second grade witch doctor.

if it says "f'ed", people will believe it like a disease.

if it says "good", people believe for 24-72 hrs.

becos the underlying fundamentals do not change due to comments from 1 or 10 witch doctors.

millions of investors are the judge, not these rating agencies or bn or najib or bnm or maybank.

The fact that Greece debts is about usd320x (don't know how many x are there) and malaysia is already at usd160x (refer to debt clocks)

Second 1mdb. 1mdb is just the tip of the iceberg. Rm45b. How on earth are they going to pay back Rm45b? Even if they manage to settle 1mdb, something will come along again.

Third. Inflation. Petrol price goes up. Prices of goods went up and won't drop again. Each time petrol goes up, the cycle is repeated.

Fourth, not sure is true or not, malaysia borrowing money in USD to pay debts. One thing I know after reading all of Gen-X's post, borrowing money to pay debts is digging your own hole. Imagine borrowing personal loan, "quick cash" to pay your credit card debts on a bigger scale.

Fifth, we are not USA, USA is in shit load of debts but because the world's trade is based on USD, there will always be demand for it. Also they are superpower of the world. Who dares fight them (apart from China and Russia)?

Good to have a backup some where.

Hope I made it clear.

Then, your mission is finding a country who will receive you. Not finding a foreign bank

This post has been edited by Showtime747: Jul 2 2015, 08:29 PM

so which countries accept us

1.00 USD = 3.75 MYR

Indonesia, Vietnam, Myanmar, etc etc

4th. Most Malaysia debt is in RM denominated, >90+%

We cannot look at national debt as same as personal debt level.

Nobody demand the national debt to be repaid entirely.
As long as the country can service the debt and able to refinance indefinitely, the risk is minimal.
But for personal debt, bank demand the person to repay entirely interest + principal in sometimes.

Hence, as long as the country able to repay interest on time, able to refinance whenever the old debt due, the country debt is not in risk.

So it is important for a country to have a manageable debt level, as the higher the debt, the higher the interest payment.

Greece issue become more complicated because they do not have their own currency.

happy to say i got 3.77 before the fitch effect totally wore off.

now 3.7838.

today, will likely break recent low of 3.7843.

u know why...

This post has been edited by AVFAN: Jul 3 2015, 10:44 AM

1.00 USD = 3.7610 MYR

u sure or not? buy or sell?


3.7855
http://www.bloomberg.com/quote/USDMYR:CUR

eh so fast change oh..

juz now tat price wor

u need to refresh the page, changes every minute.

okay. newbie mistake

Bila the ppl gonna wake up? Reaching 4.0 I wonder BNM will do anything anot

3.7875 highest today as at the moment


Attached thumbnail(s)

Congrats then,... AVFAN,... you were in time to catch the dip.

Anyway, wht we see on Bllomberg Finance or Yhoo Finance are the centre-points of the rates, very close to the Inter-Bank rates. An individual bank can put up its own Buy and Sell Rate below and above this 'centre-point', respectively. The diff between the Buy and the Sell of a particular bank is called the Spread. When you wish to buy the USD from, say Maybank,... you use the SELL number, because the bank is selling to you and you are buying from the bank. But if you have USD in hand after you returned from your trip to Washington DC, and you wished to change back into the RM for your local use, you look at the BUY number, because you now wish to sell the USD to Maybank who will normally be wiling to buy from you at their BUY rate.

That's the general idea, concepts are similar at the money changers too.

Any idea which local bank offer the best exchange rates? I better exchange usd10000 before it hits 4. Need it to pay something next year.

Try RHB,...

Wahh,.. if everybody in Msia starts doing what you are doing now, soon our kerajaan will impose some form of controls already.