Hi, as the nature of my work received salaries in different currencies, I'd like to know if anyone could recommend a good bank to open a multi currency account.

Right now I've read about RHB's MCA and Maybank MCA. Difference between two as far as I can tell with Maybank at least you could transfer monies through M2U while RHB you need to walk in every time.

This post has been edited by nyunyu: Feb 22 2018, 09:30 PM

My work don't involve paypal.
Thank you. I posted in most of the related thread there before opening this thread. Unfortunately no one shared which bank has the best rate for converting foreign currency to RM.
Not sure what you're saying there but I do get paid in either GBP, EUR, USD mainly.
For my purpose, I don't need to transfer RM to foreign currency but only vice versa. Although seems like the banks only allow fund conversion foreign -> RM by the counter though.


Reason for opening a MCA is that before, my salary was sent in foreign currency and for some reason before it got into my local bank, it was already converted and then sent via RENTAS and I lost some few hundred to few thousands somewhere. So, by having a MCA, the amount of monies won't have any discrepancies and I only need to monitor the exchange rate of the bank before converting the funds to RM if that make any sense.

Thank you. So Maybank can do conversion transactions online? Sounds good. I guess I'll go check it out.

Just want to update regarding this. I opened an Multi Currency Account with RHB bank and while everything was okay and my monies transferred into the account without any hitch, I found that you can only do withdrawal at the branch which you open your account at.

So, pissed at myself for not realizing this beforehand, I went to Maybank and asked if they have the same service and they told me they do. Within 24 hours I got my account activated and never been happier. My monies can be transferred at any time I wish through online banking.

Correct. Previously when receiving my salary into my normal savings/current, there are always monetary loss sometimes up close to RM1K.
So far, after having this setup, I received my monies as per earned and only less the fees when I converted them to MYR. Still, they're less than before.

Wait, all these talk about DBS and TW is based on a situation where you send the money yourself? Can't think of any professional company using them to pay salary though.

Just want to update, after a year using Maybank Multi Currency Account (MCA), I could not been happier.

So far, any payment sent from my employer received in full in my account. The only charges Maybank imposed is USD/EUR/GBP/etc 4 for each transaction. Monies will stay in the account in its currency until you withdraw/convert.

I looked at transferwise and it seems I'm better off with Maybank but one thing stood out with Transferwise is that I will have foreign account which I can use directly overseas. I might open an account as a backup with them too but still need to do a bit more research too about locking accounts. Can't really afford to have my account locked.

Anyway, thanks to all who gave suggestion in this thread. Appreciated it.

This post has been edited by nyunyu: Jun 14 2019, 08:55 AM