How did you get burned by FSM (don't need to answer if you don't want to)? Yes, am aware of Vuaa. Guess you prefer Cspx due to the narrower spread.

Dammm...forgot about fx spread. Yeah, most likely not worth it if thinking of the conversion. Thanks for the reminder. Guess FSM regular plan is out then

Yes. Didn't think about forex spread.

Well let’s verify with fact
I just tried with FSM cash account
5000MYR I can get 1059.70USD


Wise (if use IBKR you gonna use Wise to convert SGD anyway), I get around 1060.69USD


FSM spread is not that bad and almost on par with WISE per se

Entered in January 2020 with a lump sum and continued to DCA. I would understand it's going bad from the covid pandemic but nearing three years still in the red plus our currency dropping? No Bueno.

Correction. At the time of writing

Wise 5k myr = 1065.87 usd
FSM 5k myr = 10597.00 usd

I wouldn't say it's on par.

Plus fsm Investment Amount

USD 390.88
Processing Fee USD 3.80
Malaysia Stamp Duty USD 0.43
Total Investment Amount
USD 395.11

We charge Malaysia stamp duty when ikbr doesnt lol

This post has been edited by Avangelice: Nov 9 2023, 09:01 AM

Wonder, can we convert 1 huge sum from RM to USD, then slowly/regularly FSM takes from there (the USD converted already) each time its time to invest. If so, can convert 1 shot when the exchange rate is good. Not sure how it works for FSM

I think have to see what funds you invested. If there's China funds or reit funds, then can understand the red figures.

Err...getting confused. You are converting to USD1k+. How come suddenly got USD390.88? Also why got processing fee USD3.8? I thought processing fee just RM1?

That's for usd etf kot? All I know ikbr is the cheapest amongst the rest of the brokers

USD etf kot?? Don't understand but its ok. Yes, IBKR is the cheapest currently.

None of MY based brokers will be anywhere cheap compared to IBKR but what you get is piece of mind of easier access to your money if anything were to happen to you especially if you plan to have large amount of money in IBKR.

If I recall correctly, few years back the gov was planning to tax the money transferred back to MY but was eventually shelved due to the many objections. Who knows the rule might be revived again in the near future

agree and how safe is IBKR? We had a US broker MF Global went bankrupt as well. As non US citizens not sure how you have recourse to get back your money. i agree with piece of mind rather pay more to MY based brokers especially those related to banks.

hmm no, not correct, the wise 5k MYR converted amount you got likely is the Wise landing page converter they provided with you which havent included with their fee
u need to login to get the correct USD amount after deducted with fee to be collected by Wise, which is similar to FSM





This post has been edited by tadashi987: Nov 9 2023, 10:57 PM

Its not shelved, its just been delayed to year 2026 (either beginning or end year--can't remember).

Don’t factored in cash conversion only 🤦‍♀️ factored including the final cost of trading instead as it will be higher 🤦‍♀️

Red figures for managed portfolio not due to China or REIT 🤦‍♀️ the whole entire portfolio selection is horrible because horrible funds that they pick which underperforms badly particularly China and US funds 🤦‍♀️ the only one which is still green is their bonds and healthcare funds which constitute about less than 20% of entire aggressive portfolio

Processing fee is not fixed 🤦‍♀️ it is starting at rm1 and it goes up based on trade amount

Thanks

of course it is not fixed, every broker fee is structured that way,

it is simple calculation, just compare it against every broker with the investment amount u are investing regularly, and u get to know which is more competitive,

and please provide fact supported with data, every broker has cash conversion involved, so please enlighten us on the competitiveness of cash conversion fx rate across broker too, i believe there are replies above stated fsmone fx rate is as competitive as wise

https://secure.fundsupermart.com/fsm/cash/f...-exchange-rates

No need to compare as it is already at least 1% 🤦‍♀️ higher live rates 🤦‍♀️ and no doubt it impossible to be lower than Wise

🤦‍♀️ u do know wise has conversion fee right?

Yes but conversion fee is not high as FX spread 🤦‍♀️ which ranges from 1.5% upwards

U did read this right? 🤦‍♀️

Yes while getting less for your money 🤦‍♀️ at least 1usd less per rm5000 🤦‍♀️

Just 1 usd less for 1 000 usd. (0.1% extra)
For that rate, i will just not waste so much time looking around.

Just like I go city center looking for car park.

Some would go searching for free parking space, I would just pay rm5 per entry for the convenient and can start enjoying the shopping life

This post has been edited by MUM: Nov 21 2023, 01:18 PM