QUOTE(chrysm @ Oct 20 2020, 03:36 PM)
Anybody had issues receiving overseas payment via Transferwise?
last month npWise (Transferwise) Malaysia Discussion, v1.0
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 Oct 20 2020, 03:39 PM
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Oct 20 2020, 06:15 PM
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#2
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QUOTE(chrysm @ Oct 20 2020, 04:26 PM) May I asked if you've received payment from any new contacts after they restored the borderless service? sorry. didn't use borderless |
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Mar 15 2021, 02:25 PM
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#3
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QUOTE(cheezzzz @ Dec 22 2020, 03:58 PM) anyone know how to avoid paypal conversion rate by withdrawing paypal balance to transferwise borderless? spend itsince it is no longer available - are there other altneratives? I dont want to lose 2-2.9% of my total to Paypal's horrible conversion rate |
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Jul 5 2021, 11:09 PM
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QUOTE(Tachikoma @ Jul 5 2021, 08:39 PM) What if I want to bring USD into the country and thus strengthen the ringgit no problem... just cannot park in borderless account sien, hope this is only temporary. |
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Jul 5 2021, 11:10 PM
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#5
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QUOTE(jack2 @ Jul 5 2021, 10:07 PM) soon existing users will be closing down too. haha still best choice for many |
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Jul 7 2021, 01:28 PM
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#6
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in the West... personal account means a few transactions a month... if you got many many a day... it gets flagged... they will then ask you to open business account and close your personal account some banks even limit how many ATM withdrawals you can make that is FOC...then after they start charging fees... jonoave liked this post
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Nov 11 2021, 12:35 PM
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#7
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QUOTE(Vercetty @ Nov 11 2021, 11:14 AM) Finally, Wise Borderless is back has been back about 2wks liao... hahaha Just got the email a couple of minutes ago. |
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Nov 11 2021, 12:42 PM
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#8
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QUOTE(tadashi987 @ Nov 11 2021, 11:47 AM) u will apply? what is the perk of it for malaysia use? park money offshore mah... but limit to only RM20k...  money in and out need to pay fee... useless for me... never active last time the MC account... probably won't activate now This post has been edited by dwRK: Nov 11 2021, 12:44 PM |
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Nov 14 2021, 12:46 AM
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#9
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QUOTE(TOS @ Nov 13 2021, 08:31 PM) 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? Open whatever you can... nothing ventured nothing gainedWill 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? TOS liked this post
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Nov 14 2021, 12:26 PM
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#10
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QUOTE(TOS @ Nov 14 2021, 10:51 AM) Oh wait, you are referring to this? doesn't matter 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?)  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) TOS liked this post
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Nov 14 2021, 02:06 PM
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#11
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QUOTE(TOS @ Nov 14 2021, 01:38 PM) 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? technically...correct.If this is the case, borderless account cannot help "avoid tax" then. So, back to square one... 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... |
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Nov 14 2021, 03:14 PM
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#12
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QUOTE(TOS @ Nov 14 2021, 02:44 PM) So in the end still have to pay tax IRB will randomly pick ppl to audit... up to ppl to show proof... they are no tracing any payments... lol 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. TOS liked this post
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Nov 14 2021, 04:29 PM
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#13
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QUOTE(TOS @ Nov 14 2021, 03:28 PM) 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... TOS liked this post
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Nov 17 2021, 03:41 PM
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#14
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QUOTE(no6 @ Nov 17 2021, 02:23 PM) can just bring this card overseas and spend to get the best forex rate ? no longer need any bank cc that charges high markup rate bp is still the best... and some bank cards are also zero feewise charges for top up and conversion no6 liked this post
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Nov 17 2021, 09:20 PM
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QUOTE(Hoshiyuu @ Nov 17 2021, 06:05 PM) Probably just not updated yet, quite new I feel. can you show the routing number?... this is like swift code for the US... wanna see what bank they use... thanks.  |
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Nov 17 2021, 09:22 PM
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#16
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QUOTE(no6 @ Nov 17 2021, 04:36 PM) not sure why it says malaysia address can't have USD account not yet updated... remember this is beta test only... not officially launch yet no6 liked this post
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Nov 17 2021, 09:23 PM
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#17
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QUOTE(jutamind @ Nov 17 2021, 08:53 PM) So we can use this Wise multi currency account to save in foreign currency like bank's foreign currency account? limited to combine value of RM20k only iirc |
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Nov 17 2021, 09:49 PM
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#18
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QUOTE(jutamind @ Nov 17 2021, 09:39 PM) Hmm, then pretty useless lah with such low limit you can open their business account... then unlimited... |
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Nov 17 2021, 10:14 PM
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#19
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QUOTE(honsiong @ Nov 17 2021, 10:05 PM) thanks |
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Nov 17 2021, 10:21 PM
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#20
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QUOTE(Hoshiyuu @ Nov 17 2021, 10:14 PM) My routing number is 084009519 which googling around seems to be affiliated directly to Wise? thanksevolve bank & trust I'll check again tomorrow on the pc... This post has been edited by dwRK: Nov 17 2021, 10:24 PM Hoshiyuu liked this post
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