Hi guys,

I'm new here. Been in Australia for the past 27 years and am looking at moving back to Malaysia in a few months time. I am honestly a bit scared about the move back home and a bit nervous about my investments in Malaysia. I don't mean to brag or anything, just want to be honest about my situation and seek some advice. I will have about RM 2 million balance (mainly due to the strong Aussie dollar) after buying a house and a car, and was wondering what's the best thing to do with the 2 million.

I thought about investing in FD, but am I right in assuming that the Govt will only insure RM 250k? This being the case, I guess I will have to split the cash and deposit to a few different banks? Or is there to your knowledge bank(s)/schemes that will have government protection over the whole amount? If there are better options available, please let me know.

Any advice will be greatly appreciated. Thanks.

p.s If this is the wrong place to post this type of message, my apologies.



This post has been edited by Jeff the Bear: Jan 13 2017, 03:58 PM

Thanks so much for the response. In terms of the 5 year FD, will I be able to withdraw the interest on a yearly basis or will I have to wait for the five years to lapse?

Cheers

Yes, I am. My reason for coming now is basically because I feel it's the right time personally and I wanted to convert the currency now because I don't believe the RM will stay this low forever. I might be proven wrong however but historically speaking, the AUD to RM has been at around 2.8-3 instead of 3.35 as it stands now. My family members think that I'm mad for wanting to come back, but I see it as being a lifestyle change. Politics etc don't affect me as much as others as I'm still single. Don't think I will return to Australia as I have no real attachments here, but I guess I can't say never. I might just rent in Malaysia for the first 12 months, see how it goes as you suggested, but I still think I should convert the cash right now. It's speculation of course but I don't see the AUD being this strong for much longer and the RM being this weak.

This post has been edited by Jeff the Bear: Jan 14 2017, 02:33 AM

Will a single bank guarantee more than the govt protection of $250k? Say you want to dump 1-2 million, are you guys aware of banks that may take that amount on and guarantee the full amount, or at least a good portion of it?

Thanks.