I am still holding to my borderless account. Good account or received cashback for my USD shopping and send it to sg for minimal cost to be reinvested.

Yes bro,... prb is starting from Jan 1st., if wants to bring back back, will kena taxed,...

But actually,... not a lot-lar for the time being,... only 3% transitional tax. Later, when added into the SG or OG acct,... will be more painful.

Anyone have link to get card? Can share me? Would like to test.

Just to ask, if I go to SG for a research exchange next year and will stay there for around 3 months, can I open a Wise borderless account there using my hostel address, then switch over to MY address when I return to MY?

Will the borderless account be closed after I switched my address?

Also, the "debit card" costs 10 SGD, you guys pay for the same amount back in Malaysia when it was available?

Open whatever you can... nothing ventured nothing gained

You don't even need sg address now. Apparently they brought back borderless for Malaysians already.

I apply mine back then without any sg address. You have youtrip, revolut card. Go compare and see which one is the cheapest. No need die die use TransferWise.

This post has been edited by Ramjade: Nov 14 2021, 07:35 AM

wow this is a shitshow

This will further weaken the lingit

Not available in HK and Malaysia yet, but available in SG.

Oh wait, you are referring to this?



Which currency balance should I choose then? (Assume I will retire in Malaysia, cash sourced from SGD bank account, and I want to bypass the "tax", so I guess it should be an SGD account? Or I can keep using MYR as my currency balance, but only convert from SG every time I need to withdraw cash from MY's ATM?)



This post has been edited by TOS: Nov 14 2021, 11:17 AM

doesn't matter

if card is myr default... you can still top up using sgd, just convert to myr during top up...

if you activate an sg balance, you can top up sgd without converting... you card will "hold" 2 currencies... you can convert ftom sgd to myr manually when you need it , or let wise do it automatically on insufficient myr balance (ps this is how normal multi currency card works I assume same for wise I didn't check)

I have a question. Choosing either MYR/SGD as my account balance, and given the allowance to hold multiple-currencies, if I spend money locally from cash withdrawn from the borderless account, that cash will constitute "income received in Malaysia from foreign-sourced" right?

If this is the case, borderless account cannot help "avoid tax" then. So, back to square one...

technically...correct.

example... every month travel to SG buy a Mac... then sell in MY... this won't pass the smell test... but harder to track... lol

IRB audit your bank statements every month regular ~20k deposit, ask you to show proof what is this...

alternately... you bank statements shows no money movement... but you stay nice house drive nice car... where your money come from?...

don't forget they may ask for your foreign bank accounts statements also... always show money movement to MY...

anyways... all these use debit card chatter is ppl trying their luck lah... I dunno the fine line between spending n remittance... get from atm definitely latter...

So in the end still have to pay tax cannot run from the taxman. If wet market stalls can accept digital "payments", that would make tracing a whole lot harder since no need to bring cash, I guess a few years down the road we will see how things develop.

This post has been edited by TOS: Nov 14 2021, 02:52 PM

IRB will randomly pick ppl to audit... up to ppl to show proof... they are no tracing any payments... lol

I was thinking if they audit you still have to trace back your source of funds if it is cash withdrawal from local banks, but if it is in the form of payments directly from say borderless account, then you can probably escape since it is "payments" from overseas and the cash is sourced from overseas.

here's the thing lor... IRB can say any money you receive from overseas is considered income unless you can proof local taxes has been paid for them... so the burden of proof lies with you...

revolut open to Malaysian already?

Not yet. But since he is going to sg, he will have access to revolut which I believe is better than TransferWise.

Just to let everyone know, Borderless account is "re-enabled" in Malaysia, the CS rep from Wise has confirmed that card delivery is available for those from Malaysia.

*Borderless account is now called multi-currency account