I look at the billions of govt projects that I don't see beneficial to the country/economy. MYR is even down against the Indonesian Rupiah.

Just Google Sunway money, TransferWise.

Opening fintech is not enough. You need sg bank account and international brokerage (I use interactive broker)

Of course. I am an advocate for US market as never bet against the US market.

Would like to check with you all the best way to receive USD.

Wise USD account mentioned There’s a 4.14 USD fee to receive wire transfers.

If I get the payer to transfer to Saving MYR account in Malaysia, would it be cheaper ? I assume no charge when payer bear the SWIFT cost?

Don't look at fees. Look at final amount you will received. If it's from 3rd party you cannot control how you received it.

If you can control how you receive it avoid banks

I can either give them my wise USD account, or Maybank MYR account.
Just not too sure which 1 is cheaper.

So your advise is to avoid bank account?

Yes. But wise can only hold rm20k. I myself use wise to get USD cashback from my online shopping.

This post has been edited by Ramjade: Sep 9 2022, 09:56 AM

Got it, will stick with wise then.
Will look for other alternative if really need to hold > 20k

You can directly receive USDs using MCA account like Maybank/Citibank. But, to exchange into RM is a problem, which is what I am facing.

Isn't it dangerous if carry like 10k USD in physical cash?
So far the rate I am getting from bank is slightly higher than money changer but just finding if got better options.

After we converted our money to USD in interactive broker, can we park the money in the money market to earn reasonable interest while waiting for appreciation value?

This post has been edited by dark_elvin: Sep 11 2022, 10:45 PM

I carry before. you sure bank have the cheapest rate? I always see that money changer have the best rate.

I don't know of any good MMF that you can buy via IBKR.

Can try US government bonds or large blue chip corporations CD if you want to. Be mindful of cost though.

This post has been edited by TOS: Sep 11 2022, 11:20 PM

when will it inverse?

Ya, I understand that. But if possible I want to keep the USD in the money market fund first while waiting for buying opportunities.

As I know Moomoo provides both SGD and USD money market, so we can use the money to buy the shares anytime when needed.

Ah you mean Moomoo cash plus. https://dollarsandsense.sg/moomoo-cash-plus...hile-investing/

Unfortunately IB does not offer that (the interest rates are very low unless you deposit large sums https://www.interactivebrokers.com/en/accou...rest-rates.php). What we do is we usually transfer in money before we want to buy stocks.

It's good that Moomoo gives you that flexibility.

This post has been edited by TOS: Sep 12 2022, 01:25 PM

Ibkr will give you interest rate on your idle cash.

But is there any charges incurred for bank?

For example payer send USD 1k, but may be receive only USD 950 x the high exchange rate by the bank..

Well,... if you go travelling with family, you might carry this amt too. I think,... if nobody knows,... no harm,...

Well, if you count the cost to go SG and back just to exchange cold hard dollars, I think there is very little difference compared to exchanging it directly on banks. (Wise fees are high if you convert >5K)

MBB charges 4 USD per transaction, regardless of transaction amount. So if sender sends you 20K USD, you receive 19996.

I used to travel to sg just to deposit SGD. Before fintech was available.
I have checked Maybank, CIMB, Hong Leong, UOB, standard charted, all more expensive than money changer. What do I mean by that. Eg. For every rm10k, how much will you received? So far none of the banks can give me more SGD Vs money changer.

Don't look at fees. Wrong way to look. The way you look is as above. Eg. For every rm10k, who give you the most SGD/USD (whichever currency).
So if you are doing USD check for every USD, how much will you received.

My experience is RM to SGD. I got no experience with USD to RM but the principal is the same.

Banks will tell you zero fees/flat fees. Don't fall for it. That's all marketing. The give you zero rate/flat rate but they charge it via exchange rate.