Hi Ramjade and other forumers,

I had opened the CIMB fastsaver account last 2 months ago. (follow the guide from lowyat)
Currently, I am receiving my commission/business referral fee from Hongkong and Singapore company.
(HK and Spore company sell directly to customer in Vietnam and Malaysia), I just act as agent to make the deal and collection done, then they pay the certain amount to me)

They TT in USD into my fastsaver account which automatically converted in SGD.
So far, not an issue to receive via this method.

May I know, any amount restriction of them to TT to my fastsaver account?
Fyi, I had instructed them to split the amount USD5k each to transfer into my account just dont want to alert bank as USD TT is quite sensitive... (total commission let say about USD10k)

I am currently based in Malaysia with other employment.

I did a transfer from fastsaver into my CIMB Msia account and it took only few minute to sight the incoming fund.

This extra income, should I make a declaration to Msia tax department or it is exempted as considered foreign source income?

If business is good, I may receiving few K USD per month, but still subject to sales concluded or not.


Let say, if I wish to keep my extra income in Fastsaver account, and amount is growing big few years later, bank will question me?
AS I m thinking to save it for my future kids education in Singapore later. maybe 10 years later...

Appreciate your comments

Thanks
Lee

Thanks Bro.

Since this foreign source income new regulation will be revised in 2022.

My question is if I continue to accumulate and it may reach certain amount remain in Singapore acct.
I dont have intention to bring back malaysia since my current income is sufficient to cover my expenses here.

All income coming into my spore account with valid documentation ie commission agreement if bank ask to provide, can I leave it there for my future education plan for my kids.

Thank you.