I put rm50k (8-month) OTC a few days ago and they gave me 2.33% (Mont Kiara branch). How come i got more since it should be 2.28%? Maybe they give Red Carpet members more? I did another rm50k at the Taman Desa branch one week before that (around 20/6) and also got 2.33% for 8 months.

I did both before 1 July so maybe the promotional rates have dropped now.

This post has been edited by Garysydney: Jul 3 2021, 03:23 PM

I just relocated to KL from Sydney for my retirement and i transferred a big sum for my retirement expenses back to ringgit for my daily expenses.

I initially had my fd in Maybank but their rates are lousy so i moved it over to Public Bank now and Public Bank gave me their Red Carpet membership telling me i am entitled to a few privileges under their Red Carpet membership (like more favourable interest rates for fd).

Personally i prefer efd but my wife wants the fd to be in joint names (you can't do joint names with efd). I am very reluctant to do OTC at the moment with the current Covid situation but my wife is very insistent that we have the fd in joint names (just in case something happen to me). I am already 59 now so my wife is worried that if i get Covid, i may not survive - i tell her i have left her everything in my will but she still wants the fd to be in joint names

This post has been edited by Garysydney: Jul 4 2021, 06:37 AM

I have given all my passwords to my wife (including all my bank accounts in Sydney) but she still insist on doing OTC fd. I only transferred about 20% of my net assets back to KL for my daily expenses so majority of my assets are still invested overseas (mainly on Dow, Nasdaq and these have done very well recently). I don't want to bring too much back to Msia as most of the professional investors are no longer investing in Msia - Msia doesn't look too good now with the high Covid cases now. My overseas investments have gone up about 25% (in ringgit terms) in the last 8 months due to the crazy Dow and Nasdaq bull run so the little i get from my fd interest (in Msia) doesn't really worry me much

I live in Mont Kiara and Public Bank is just directly across my place. I just cross the road and i have got red carpet membership which is upstairs (take lift to level 2) and it is different from the public area. It has a lounge with tv (cnbc showing when i was there) with drinks served and there are usually two girls serving at the sit-down counters. I have been there twice last week and each time no customer was there. I quite like the lounge as it is quite private.

I also went to Public Bank in Bangsar Baru last week - they gave me priority as well (next teller will attend with red carpet membership). I guess red carpet membership is like semi-private banking. I am not rich enough to get private banking so semi-private banking is good enough for me

To keep her happy, i have done rm100k (8 month 2.33) OTC last week.

I told her we will do more OTC when the Covid situation is better. At the moment i have all my efd with Public Bank with terms 1,2 and 3 months (rate is 2.0 for 1 month, 2.1 for 2 months and 2.2 for 3 months).

I have given my wife all my username and passwords with all my banks here and in Australia so she should be able to withdraw them (we have a joint account linked in to my efd) if anything happens to me. Also, my wills are all up to date (i have one will for all my Msian assets and also another will in Sydney for all my Australian assets )

Sometimes i find it very hard to understand women . Give me so much headache

This post has been edited by Garysydney: Jul 4 2021, 08:00 PM

I am still a Msian citizen with Australian PR.

I have been advised by my lawyer in Sydney to have separate wills as will made overseas may not have legal grounding. As i am leaving everything to my wife in both wills, i think it should not really matter since there is only one beneficiary and the executor of my will is also my wife (beneficiary and executor the same person). Wills only get complex if there are a few beneficiaries - i have no kids so everything goes to my wife.

With only 20% of my net assets in Msia, i probably am not entitled to private banking - i will need to bring all my assets back to Msia to be eligible for private banking .

This post has been edited by Garysydney: Jul 4 2021, 09:32 PM

Actually the problem is my wife feels very insecure. Both of us are already 59 years old - she worked in Sydney Uni as well with me and she retired at 50. She also has quite a substantial portfolio of assets herself but since i worked until i was 59, i have substantially a lot more than her. Even with her own money (we keep our money quite separately), she can live quite comfortably till she die but then our emotions are always filled with greed. She loves Msia and have more confidence in Msia (she says she doesn't want to return to Sydney anymore) so she moved more of her super (epf) back to ringgit while i hardly touched my super and my super is still in Aust (as i have enough money outside my super to live on and don't need to touch my super). She has more than rm1mil in fixed deposits (on top of two condos in MK) under her own name - i told her to keep her own fds in her own name as we don't want to complicate things so that we know which term deposits (in Aust we call them term deposits) belong to who

Actually young people may want to go to Aust to work and if you are a good saver, you can probably save quite a fair bit of money. I started working in Sydney Uni in 1984 and then moved to Uni of NSW for 3 years before going back to Sydney Uni in 1988 - i was working with a student visa (in those days you were allowed to work unlimited hours as long as you have a student visa). I was doing a Masters program in 1984 and it was supposed to go for 4 years so i couldn't renew my student visa after 1988 so was forced to come back to Msia to apply for my PR (in those days you have to leave Aust to apply for your PR). In early 1989, I came back to KL and wages here were so low then so i did all kinds of naughty things while waiting for my PR application to be approved .

When we retire, we don't derive income from our employer anymore and have to resort to living on our 'nest egg' so it doesn't really matter which country we are at - we just need to find somewhere that we like and for me and my wife, Msia is perfect for us (maybe for now may have to be a bit more careful about Covid) .

This post has been edited by Garysydney: Jul 5 2021, 09:57 AM

I have actually asked my lawyer this question when i made my will in Sydney as my wife is worried that my will may be challenged by my sisters when i pass on.

In legal terms, when a bank account is in two joint names (whether it is either to sign or both to sign), by law each party is entitled to half the proceedings. In the event of one party being deceased, his half share of the proceedings goes to his estate. This is why it is so important to have a will that is water-tight. In Aust, it is very common for people to challenge wills especially when there are children involved and the deceased has remarried. I have had my will altered many times because my financial circumstances has changed over the years. The last thing anyone wants is to have your loved ones fight over your assets when you die

The law may be different in Malaysia but i suspect it will follow the path of 'fairness'.

Spot on.

When no one knows, there is no problem. There is only a problem when people know. So don't go around bragging that you have withdrawn the money (that other beneficiaries are not aware of) just to spite them

This is a very good thread.

I refer to this thread every couple of days.

Your post makes old boomers like me feel so old.

We are still young at heart, though

I think you can set a higher daily limit for Duitnow transfers for PBB and Maybank (not sure about other banks as i only use 2 banks)- my Duitnow transfer limit is rm50k and total limit (inlcuding Giro and other transfers) is rm100k for MBB but PBB limit is only rm50k for all transfers. My fpx limit is rm100k for both MBB and PBB.

MBB efd rates are terrible compared to PBB. I have all my efd with PBB. Nearly every morning (i have quite a lot of efd), i have to transfer to MBB and then fpx back. Sometimes i have to do the fpx three times as i break my efd to 1,2 and 3 months just in case i need the funds.

The rm50k daily limit for Duitnow transfers is a real pain. If my total for the day is more than 50k, i have to use my wife's acct as well (total of 100k per day limit for both of us.) to do the Duitnow transfer. I do this so many times a month, it is like a routine for me . The real pain is using PBB token to transfer - need to key in so may digits into the token and got to login to the token every time the token times out and goes blank

Hope this helps.

P's: PBB only allows you to do rm30k each time so if you exceed the rm30k limit, you have to do it twice (like if you want to transfer rm50k, you need to do rm30k and then another rm20k). Real pain!

This post has been edited by Garysydney: Sep 17 2021, 07:01 AM

I don't understand what is meant by fpx limit. My PBB and May bank fpx limit are both 100k (i also don't know why it is set to this limit as i only started using fpx about 3 months ago).

If i am putting in an efd from Maybank to PBB for 50k, am i using the fpx limit from Maybank or from PBB or both?

My Duitnow (Maybank) is set to 50k but there is something in there called Instant Interbank Transfer Limit and mine is set to 100k. So many different types of limit in Maybank - there is also one for Interbank Giro Transfer (limit also 100k). So confusing - sometimes you don't know which one is the limit one is using.

Over the past 3 months, i have exceeded the limit quite a few times so i am quite confused. Don't know why there are so many types of limits

Thank you for the links.

Thank you for your detailed post.

When i login to my Maybank, i see a limit of Duitnow Transfer of rm50k but Instant Interbank Transfer of rm100k. I thought they are the same but how come there are two different figures?

That stupid Giro transfer - there was one day i have finished using my interbank limit so i thought i will try to transfer using Giro and see if i can transfer with that. I didn't get the money till the next day!! My wife was so angry with me as i was trying to use her acct as well. My wife and i have separate passwords which she will not divulge to me while she knows all my passwords. I have got one of those types of wife - your money is mine and my money is mine

This post has been edited by Garysydney: Sep 18 2021, 09:34 AM

Thank you my friend

In Australia they just give you an acknowledgement as a receipt - if you need to withdraw, you can walk into to any branch and withdraw (just need some kind of id like driver's license or passport).

In Malaysia withdrawing fixed deposits is so troublesome - need original fixed deposit certificate to start off with before withdrawal can proceed. In a modern world moving online (with paperless transactions), this is definitely the way to advance further or be left behind

The whole world is slowly going online and it is a matter of time e-banking will be the norm in Msia. I belong to the boomer generation and feel very comfortable using e-banking. All my fixed deposits are efd while my wife (same age as myself) prefers otc fds.

I like the ease of the online banking (using browser) with regards to efd in Msia. Only thing i don't quite like is having to do fpx each time my fd matures. I have many efd so i have to spend about 15 mins each time my efd matures (i usually break up into 1,2 and 3 months maturity). It is so troublesome having to transfer funds to another bank and then bringing it back in . Overall the banking app (i only use Maybank and PBB) is quite good in Msia so i have nothing to complain

When i was in Sydney, i dread having to transfer money (using Maybank and PBB) because i have to swap my simm card each time to get the TAC. A lot of times the TAC would come a few minutes later and my transaction would have to be redone as it had timed out. I sometimes have to do the transaction a few times before i can get the TAC keyed in before it timed out.

I don't have a problem with my money if i conk off. My wife knows all my passwords . Anyway most of my money is still in Aust and i have willed it accordingly. Only a small fraction of my assets are in Msia (i have enough liquid funds to last me at least 6-7 years of my current lifestyle in KL). Actually Msia is a very nice place for retirement for me because lifestyle costs here is so much lower than Sydney (every thing is so bloody expensive in Sydney due to the high minimum wage ).

This post has been edited by Garysydney: Sep 22 2021, 02:21 PM