Wait for more info starting Jan 2022. My guess is they won't tax. Cause if tax, they themselves also kena. But we won't know. Govt now desperate.

I think that's where you need to fill for tax refund. Hassle but if you don't file, it's free money for govt. If you file, you get back what the govt owe you.

For me, I make sure that the govt owes me and not I owe them.

Let's wait until 2022 for more clearity.

It's not confirm yet how it will be taxxed. Whether you bring back your money or don't bring back money will be tax or only when you bring back money.

If it is the latter, eventually some how you need to bring back the money. If it's the latter and say they give you allowance of say tax free for the first RM10k, can you survive in RM10k/year?

1. Unless you are really rich and stupid and have no place to park your money, you are basically locking up RM250k. RM250k which can be used for investment or better stuff like buying a house.
2. If it's the first one where you will be taxed regardless of you were to brnig money back or don't bring it back, then overseas bank account or visa will not be helpful. If it's the first one, the only way around it is
1) setting up trust fund
2) renouncing your Malaysian IC
3) Keep in mind PayPal charges 4% for all incoming funds if I am not mistaken. Wise only let you keep max RM 20k inside borderless account. Keep in mind, Malaysian now don't get access to borderless account unless you are the early ones in.

For me, if I were in your shoes, I will open a sg bank account. You can check out the steps here.
https://ringgitfreedom.com/banking/opening-...for-malaysians/

That's only for holding SGD. If you want to hold other currency account, I recommend DBS My account. The steps are listed below.

This method might take few steps but will save you quite a lot of money going into the future.
1. Do not use PayPal what so ever.
2. Fly into singaootre and undergo their quarantine if necessary. Now Malaysia can fly outside. Use this opportunity.
3. After finishing your quarantine, take MRT or bus to Marina bay financial center.
4. Go to DBS HQ and tell them you want to open DBS Multiplier account/My account (yes the name is called My account) together with DBS Vickers. Very important for you to mentioned DBS Vickers. This is the criteria for you to open account is Malaysian. Dbs vickers is their stock broker account. You don't need to use it or fund it also can. But if you want their account, you need a DBS Vickers account. Be prepared to wait 3-4 hours there. I waited 3-4 hours there.

What is this DBS multiplier/My account?
It's a Multicurrency account that you can hold yes 10 types of currency including USD. You can use it to received, hold and send USD. Tried and tested myself.
Best of all you only pay USD10.00 for all incoming USD. Yup that's it.

Why DBS My account?
Dbs multiplier need to you to maintain SGD3000 at all time or else if it drop below SGD 3k, you will be charged I believed SGD5.00/month.
Now with DBS My account I only keep SGD0.10 inside as there no minimum amount (stated in their T&C). True story. Didn't believed it until I tested it.
More info here.
https://www.dbs.com.sg/personal/deposits/sa...unts/my-account

What happen if they refuse to let you open My account?
No issue. Just take whatever account they give you. But I thought you said to get My account. Yes. That's right. But most important is get account with DBS bank.
After 6 months, you can open a DBS My account online and close your DBS multiplier and transfer all your SGD/USD into your new My account. I waited for 7 months before doing that. They mentioned in their terms and condition I believed need to wait 6 months before closing account

Remember to ask for their DBS Debit visa card. This card lets you spend like a local. Which means if you have USD in your bank account, it will automatically use the USD account first before they use the SGD part. No additional charged. Alternative use Bigpay.

5. Now that's all set up, fly back to Malaysia.

6. Quarantine again in Malaysia if needed.

7. Once at home, open interactive broker account here.
https://www.interactivebrokers.com/en/home.php. Make sure to fund it with at least SGD7.00. You can use the DBS account to fund the interactive broker via FAST transfer (SG version of Duitnow/IBFT).
https://betterspider.com/funding-your-accou...ractivebrokers/

So that means you need about SGD3007 in total.

Why interactive broker? It doesn't make any sense.
Interactive broker give you the best exchange rate anywhere on the planet for all currency. It's spot rates (real time market rates without any markup) and best of all you only need to pay USD2.00/conversion up to USD 1,000,000. More than that you pay lesser.
https://www.interactivebrokers.com/en/index.php?f=1590&p=fx
My friend told me it's USD100,000 but interactive broker webpage mentioned USD1,000,000. Not sure who's right. Anyway don't have that kind of money. The rates you are getting will be way better that any money changer rate.

It will make sense down the road. Continue reading on.

Keep in mind interactive broker allow you one free withdrawal of currency in whatever currency you want to withdraw a month. More that that you pay.
https://www.interactivebrokers.com/en/index...8#cash-movement

8. Open CIMB sg account.
Full details here
https://ringgitfreedom.com/banking/opening-...for-malaysians/

For verification part to activate your CIMB Fastsaver you need to transfer SGD1k. So that means you need SGD4007 in total not SGD3007 as mentioned aboved.

There's two way to pass their eKyc
1. Use your new DBS account and send SGD1000 over via FAST (the original way I used and the way it's intended)
2. Use CIMB MY (yes you need CIMB MY account) and send SGD1.00 into your CIMB SG account.
Once you have SGD1.00 send use fintech like bigpay, TransferWise and Sunway money to transfer the remaining SGD999.00

Once account activated they will tell you via email and send over a bunch of codes for login via snail mail. Be patient. Wait like 2 weeks to 1 month.

Now that you have all uo and running, let's get to the fun part. How to get paid in USD and change it to Malasysin currency without losing like 4% eacv transaction and without losing additional money for intermediate bank agent transfer.

Paid in USD -> DBS Multiplier/My account (only pay USD10.00. That's all) -> Now that you have USD in your DBS bank account -> initiate a USD transfer into Interactive broker via DBS remit for free. Make sure to notify interactive broker of incoming USD with the bank account number that match your DBS Bank account without dash every time you want to send USD into interactive broker. Make sure under DBS Account select send USD and receiving side USD. Money takes few hours to enter Interactive broker account. -> once money enter into Interactive broker, convert into SGD using interactive broker. Do not use any banks. -> Initiate a withdrawal to CIMB Sg -> Use CIMB SG to send money back to CIMB MY at money changer rate.

Welcome. You have just successful dodge 4% PayPal fees and save some money.

So back to your original questions.


Paid in USD -> Deposit into DBS Multiplier/My account -> Hold USD at no interest -> 1) Expense (USD) 2) transfer back to Malaysia as shown above.

If you want to hack your USD to get some interest, I recommend researching pseudo bond stocks in US. Here are a few. Google, Amazon, apple, Microsoft and Canadian railway. By diverting USD into those stocks, you get paid to wait until you need to use the USD. Keep in mind this is not guaranteed. Hence you can lose your money.

Use the dbs visa debit card provided to fund your expenses. Remember to pay your tax to Malaysian govt if you don't want any problem

You are welcome.

You can do the above while waiting for 2022.

This post has been edited by Ramjade: Nov 6 2021, 10:33 PM

Actually I think can still fly in. Only need to quarantine there.

See below.
My assumption was based off a news I saw about a guy travel to China for business stuff and he had to quarantine and swab 4 times if I am not mistaken. So yeah, borders are not exactly close. Just need to quarantine.

Never thought that news will be released as I thought sg govt is holding back to prevent Malaysian entry.

Malaysian bigpay reloaded with RM and spend overseas. No way you can get SG bigpay. Another alternative is wait for youtrip and mymy to start operating maybe next year. I hear dit can be used to store foreign currency. But how, not sure yet.

Wait for bill to pass. No point guessing now.

Sorry. My bet. Went digging up how strict sg quarantine was. Even transit also block off.

Sg bank interest is pretty negligible. You think govt care it's fair? They just want your money.

I think should make it simple. Any money remitted back to Malaysia if not from investment should be taxed while investment remain tax free. Unlikely my voice will be heard. Oh well.

Wait for official lhdn faq. Then we will know how we are being tax.

Wait so capital gain is not taxed?

Of course. HK got big brother China behind them. Malaysia got who? Lol. Even the palm oil boycott also cannot fight.

Nah I think they try to squeeze everybody. Theres a an article somewhere in this forum mentioned people working in sg who remit money back will be tax.

I stand by what always say. EPF give you 5-6%p.a without any increase. Overtime you are losing purchasing power to inflation and depreciation of ringgit. Only contribute max RM4k/year for tax deduction if you are using personal income tax. Rest of the money park it overseas. That is what I myself am personally doing. Since quoting my job, I have not contribute my own salary into EPF except next year where I will put in RM4k max. Rest of my money I will put them overseas.

My ideal parking location the 3 Singapore banks stock currently giving 5-6%p.a and growing conservative 5-6%p.a (actually growing more but being conservative here). Growing means if you don't put any new money inside, your payout increase automatically by 5-6%p.a every year. Stuff which you don't see happening with EPF. Of course not capital protection and if 2008 happen again, can you stand a 50% drop in price?