How to move to Singapore? Can we move our fund to sg bank (amount is extremely huge)? As I heard my friend got blocked by the bank due to huge amount transferred out of Malaysia

Can we open Singapore bank account?

Why not...

Easier if Malaysia based banks like Maybank or CIMB 😁

More information (check the latest page number)
https://forum.lowyat.net/topic/1440794

Compared with those local banks there...

This 2 better chance.... For Malaysian 💪

Since u so expert

Please give details what is the requirements for those locals banks & the one by Malaysia banks in Singapore?

Which one is more easier to fulfill by Malaysian...

Maybank and CIMB allows you to open online. I click at home click click kaw tim. SG Bank allows me to do this? I want to know also!  Then I can open DBS account online. Can we do that???

Bingo 👍

DBS must go Singapore open...
They want to see your face to face.... Take thumbprint

what's so good of HALAL... it's for the Malays to move funds to Akaun syariah

Well...

Next year or so...

Need to fully split

So they need the $$$...

Thus desperate attempt of getting many people as possible on board into sharia account

Also remember...
Once convert... No turning back... Hotel California 😜😉😃

once they consistent give higher div... we all can convert...

Just to check this Shariah is pure optional right ? Not a force applied to malay muslim only ?

Something is definitely brewing inside the shariah fund, i speculate that the total amount coming out in the next few years exceed the amount coming in.

This is of course excarbated since the conventional is the default fund, so any new contributor will be under conventional unless opt out.

Yes but during bad economic situations, shariah funds tend to have lesser volatility no? My Shariah PRS actually did better than non shariah PRS now

Extract from the news,

On other developments, Amir Hamzah said EPF will be announcing the increase of the voluntary contribution limit to RM100,000 in April this year.

“In the previous Budget 2023, which was announced by the former finance minister, an increase of voluntary contribution limit from RM60,000 to RM100,000, was stated but, unfortunately, the budget was not gazetted yet so we would not be able to roll it out.

“But we have received the board’s support that directionally, RM100,000 is the right number and we are now working on a process to legitimise the lifting of that amount,” he added.

https://www.malaymail.com/news/malaysia/202...l-savings/57971

Reading the replies here I can see a downside of self contribution. Say you have 1m today, your account 2 can withdraw 300k for house. You have 60k extra and you put into EPF, 18k will go to account 2 and 42k to account 1.

If you withdraw all 60k again, your account 2 balance will be at 258k left.

Tldr, if you didn't self contribute, you would have 360k for the house. But if you do, you only have 60 + 258k.

Is my logic correct?

Price not right yet. Since I can wait, I thought of putting my money into epf first and withdraw later.

Looks like not a good idea.

The issue is not contributing but the issue is withdrawing. When you contribute it goes 70:30 but when withdraw for those above 1m, it is from account 2 first.

So using my example, you will have less money to spend if you self contribute and later buy house using account 2.

Confirmed the withdrawal is from acccount 2.

It takes about 2-3 working day to reach our banking account.

Like other forumer said, the self-contribution portion will split 70-30 into our epf account but withdrawal only get from account 2.

It may not be advisable to treat it is FD since deposit in full, withdrawal only allow 30%...

Better park in other bank FD account for urgent use if any.

Thank you.

i believe the M40+B40 won't have RM60k to pump yearly lo... Those who does it regularly are mostly 40+

It is not advisable to use self contribution as a savings to buy house if you are not 55 and above.

If you dump 300k over 5 years, you can only take out 90k for house because 30% goes to account 2 and you can only withdraw from account 2.

I am a bit concern if more and more people treat epf as a high interest saving account for those people that exceed 1 mil. If too many reach 1 mil and do this, epf might raised the bar further to 2 mil . 1 mil is achievable in near future but 2 mil, might as well i wait for retirement.

It would be too risky for me to transfer from my ASX if the rule is revised further to 2 mil. A lot of my fund would be locked out and out of reach for significant amount of time.

EPF governance is about ensuring sufficient funds for retirement which has a target of below 1M in EPF savings. Their job is not to police how much you should keep in EPF beyond that target.

We have enough fear mongering in Malaysia already.

If M40/B40 push for tiered dividend, they are the one who will lose out because T20 will withdraw as much as they can, and wouldn't want to top up anymore. When that happen, epf fund size will become much smaller and same for their return. End up who getting less dividend from epf?