Depends on how much you trust IBKR. If you open IBKR LLC (us version) SIPC protection is up to USD500,000. If you open say UK version like me, then it's GBP75,000. But I am too lazy to switch to LLC (US version). It is like FD and bank acocunt. Some people want safety so max only RM250k.

Otherwise if you don't mind about SIPC protection then no limit.

How to know which IBKR I choose?
I just opened IBKR, where i choose US market.

if you are resident where ibkr has an office/operations, it will default to that country's ibkr... otherwise it will default to ibkr usa...

Generate a statement. Look at the header of your statement.

At current levels, Im not converting MYR to USD anymore.

In fact doing the opposite, but a little only. Started to change some loose USD notes in my posession to MYR.

Later RM7 to USD 1....

Or 4.5 to 1 in nearer term.

Store where you think you will gain more but not holding too much cash 🤦‍♀️ and hold currency that will gain while generating income

Possible 🤦‍♀️ but unlikely until Fed start cutting rates

That was only after late 90s 🤦‍♀️ but before that it was in pounds until the stupid Governor lost money by playing FX during the 80s while free floating RM

Bnm and mamak thought they were smart, didn't realize bankers in London and NYC were smarter, beat them in the trade. A reason why they hate the west until today.

Thanks to this bunch of idiots 🤦‍♀️ yet playing the blame game on the dead

https://www.nst.com.my/amp/news/nation/2017...t-rm4b-annually

They are not idiots but jaguh kampung.

That is why narrow mindset 🤦‍♀️ the world has change rapidly for the past 30 years but yet still daydream especially thinking that RM will go up rapidly once the Fed start cutting rates

Given pmx support on hamas; many mnc, fdi and ff are likely to stay away, would lack catalyst for rm to rebound.

For sure especially those so called latest investment 🤦‍♀️ look at the past 10 years when a lot MNCs especially in the semiconductor have move out from Malaysia prior to the war due govt flip flop in policies as well

Malaysia I feel moving in the wrong direction. Heard that PM has got other countries such as China, Indonesia, Thailand to trade in RM. Not good idea if Malaysia is net exporter as it means less foreign currency for Malaysia to defend RM and to import necessities such as food stuff. You need lots of foreign currency so that speculators will not push your currency down and also to project strength for your currency. They need to learn from countries such as Sri Lanka, Latin America, Turkey

This post has been edited by abcn1n: Oct 23 2023, 12:11 AM

Wanna to hv some advise, I plan to move my capital RM to usd in long term, should I move to ibkr or multicurrency account which provided by many of the malaysia banks, ibkr with the interest 4.8% while local bank can give up to 5.8% per annum with 12 months term fd. I know ibkr without lock in, other than this what others benefit to move to ibkr, assuming my major objective is keep in usd few years with high interest rate. Thanks.

In order to get IBKR 4.8%, you need to have $100k minimum cash balance. Which local bank has 5.8%? I am also thinking to open an MCA now, don't know to go with which bank. But now really painful...at RM 4.8. Last time I have moved some money to IBKR when it was RM 4.1.

I thought we are net importer? I am not too sure.

This post has been edited by CommodoreAmiga: Oct 23 2023, 07:09 AM

Er never ever use Malaysian banks to hold USD. Reason is when you convert to USD, you already lose 2-2% cause they markup the exchange rate.

First USD10k no interest.

What benefits?
1. IBKR give you spot exchange rate. Means no markup on exchange rate unlike banks. It only cost USD2.00/conversion for USD100k if you convert from SGD. MYR not supported. That means better rate than wise.
2. You can buy US treasury directly on IBKR. If that is what you want.
3. You have access to basically the whole world market at very cheap commission. Something no banks or broker in Malaysia can offer.
This enable you to invest in any market you want. Well almost any market.

Rhb multicurrency is the only good acocunt.

Actually will depend on your relationship with the bank. If u have one of those private bank accounts you can get spot rates or very close to spot.