[quote=leo2010,May 12 2023, 06:05 PM]
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I tested with withdrawal back to Malaysia using TT method and indeed IBKR can't automatically determine the correct correspondent bank. You may want to contact the HQ of local banks directly for better info instead of calling local bank branches.

Alternatively, why not use fintech to remit money or use SG bank as a middleman? Fees are cheaper and IBKR can automatically detect SG receiving banks' correspondent (including CIMB SG, whose correspondent bank is BNY Mellon and Maybank SG, correspondent bank: JPM Chase N.A.).

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CIMB SG outward remittance fees are hefty [ 0.125% commission (min S$10, max S$100) + 0.125% commission-in-lieu of exchange (min S$10, max S$100) + agent fee (if applicable) + cable charge (flat rate of S$30 or equivalent ]

Can we remit foreign currencies (eg. USD or SGD) from Wise to MCA account in MY without conversion to MYR ?

Which fintech you would recommend ?

Thanks.

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Got the fee schedule from CIMB website. Seems like cheapest way is via CIMB SG-->CIMB MY if you want to bring back RM. If want to bring back USD, maybe need multi currency account? According to the RHB FAQ, seems like no fee to transfer USD into RHB multi currency account. Not sure about the fee on IBKR side. Do correct me if I'm wrong as I'm new to this and these are just preliminary info that I got from my brief research.

Cheers

Hi! Is this the refund for the 30% WHT? Meaning full 30% refund?

This post has been edited by vernontan: Feb 28 2024, 11:59 AM