Wise (Transferwise) Malaysia Discussion, v1.0
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 May 9 2020, 03:56 PM
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#1
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Senior Member
9,361 posts Joined: Aug 2010 
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For many here who have SG bank accounts and/or SG brokerage accounts, chk if your account is a multi-currency account. Most probably one would be, or you can open one online if you have the capability to do so.
A multi-currency account will help you hold your USDs. |
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May 9 2020, 04:23 PM
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#2
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Senior Member
9,361 posts Joined: Aug 2010
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QUOTE(000022 @ May 9 2020, 04:13 PM) Sorry bro, I cant help you there, I tried moving funds from transferwise to payoneer, but like i mentioned earlier, it was rejected due to barring self-funding acts ( most likely to prevent money laundering acts? Am not sure). But from the FAQ, this is probably what payoneer will charge: The thing here is : you need to transfer out your funds for awhile while they sort out the legal requirements with the ECB. So, you transfer out your foreign currencies to an interim account with your required denomination, say, if you have USDs, transfer to the USD wallet of a multi-currency account somewhere. Minimum fee of USD7 will be imposed here to transfer out to your designated acct....receiving: 1%, so that's 10USD sending off: 2%, so that's 19.8USD So most likely, your available funds towards the end would only be: 970.2 The fees are pretty steep in this sense, compared to Transferwise where the fee, would basically be just about 7USD So the problem with this is that the exchange rate for banks are pretty shitty, so that's definitely the last resort. Urg, Looking at all the other services and their charge rate, Transferwise is definitely the best to me.  After everything has been settled and the borderless account is re-opened, you can transfer back your foreign currencies into the borderless account. There is no conversion at all in this activity. After the funds are transferred back to the borderless acct., things will go back to normal. We shld be happy this is just a temporary 'blip' and not that this facility has been closed down / out from Msians for good. |
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May 11 2020, 12:44 AM
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#3
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Senior Member
9,361 posts Joined: Aug 2010
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QUOTE(000022 @ May 9 2020, 04:46 PM) I think you're misunderstanding something here. Sure, would be good to have my existing funds transferred to another USD acc, but that's not the main point. Point is moving forward while TW is getting things sorted out ( which we're not even sure when it'll take), at least for me, is to hopefully look for a similar service with low rates like transferwise so future payments can be dealt with the same way. So exchange will definitely happen, since I still spend in MYR at the end of the day. Things chg,... we have to adapt,.. look deeper.Unfortunately, there doesnt seem to be case, payoneer's 1% charge in receiving and 2% charge in sending may be so steep that their better exchange rate may not even matter. |
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Nov 11 2021, 06:23 PM
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#4
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Senior Member
9,361 posts Joined: Aug 2010
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QUOTE(dwRK @ Nov 11 2021, 12:42 PM) park money offshore mah... but limit to only RM20k... Yes bro,... prb is starting from Jan 1st., if wants to bring back back, will kena taxed,...money in and out need to pay fee... useless for me... never active last time the MC account... probably won't activate now 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. |
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Dec 15 2021, 02:13 PM
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#5
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Senior Member
9,361 posts Joined: Aug 2010
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Bros,... if you are able to get hold of a DBS Multi-Currency Account, all the above problems will be solved and the costs will be cheaper.
EDited : Sorry, if you are receiving RM, then the DBS MCA is not applicable. Somehow,... the DBS MCA does not have an RM Wallet. This post has been edited by Hansel: Dec 15 2021, 02:14 PM |
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