So assume I placed Eurodollar deposits at say, CIMB MY, following Gray's advice earlier. After maturity, I withdraw to Wise (via TT? -> which would mean 10-30 USD charge per transfer). Then when USD reach Wise, forced to convert to MYR (lose another 0.5-0.6% compared to interbank rate).

Assuming from here, I would like to continue with my journey to IBKR to buy US shares. That means from the forced MYR, I need to convert back to USD again (lose yet another 0.5-0.6% vs interbank rate), then direct ACH to IBKR (free of charge, USD appear in IBKR cash balance 1 day later).

That sounds like a lot of friction costs...

It seemed like it ... The last i read wise MY account, we cannoy TT to wise's USD account outside of the US due to BNM rules.

I check just now, it seemed we can transfer it directly outside .. Have a try and see..

Also, try have a look at HLB multi currency account ..see if it helps you too?

This post has been edited by LuckyBai: Feb 4 2023, 11:00 PM

Where does it say bnm doesn't allow direct FX currency into the banking system? Is this your opinion or a fact?

I found no such limitation in BNM website.

Regardless, I will go to cimb branch and get confirmation.

According to Wise. It will only charge USD2.90 for transferring USD to countries outside US. I tried input the transfer inside my wise app, and it shows only USD2.90 additional cost. (didn't complete the transfer, only tried input the amount)

https://wise.com/help/articles/2946451/send...-outside-the-us

This post has been edited by Mr Gray: Feb 5 2023, 12:33 AM

All the intermediary, sender and receiver bank charges are unknown to me, when talking about Foreign Currency Accounts in Malaysian banks being used to send and receive foreign currency without a currency exchange... just need someone to do it once and share findings here. 😁

However, I'm pretty sure my Wise USD currency account can both send and receive USD via ACH, wire transfer within USA, and SWIFT outside USA.

I've also read about people sending USD in Wise directly to IBKR via ACH (no currency conversion involved).

If you read further down the page with the link you posted:





Just FYI. Maybe the actual amount is lesser.

This post has been edited by TOS: Feb 4 2023, 11:51 PM

Just checked for Maybank.. it's allowed but transaction fees apply:

https://www.maybank2u.com.my/maybank2u/mala...rrent/mfca.page?

Edit - if link gives you grief, just look under current accounts then MFCA ...

Edit - added the screenshot and statement: "MFCA allows you to receive and make payments in foreign currencies without needing to convert to and from your MYR account." Need to confirm with Maybank on details.



This post has been edited by gooroojee: Feb 5 2023, 08:46 AM

It is fact

Transferring out is not an issue but incoming from abroad is restricted and it has to be transacted only in RM which is why we most of us are using CIMB SG for that purpose 🤦‍♀️

Any FCA in Malaysia is still denominated in RM only thing it will display in FC but any incoming it will be only transacted in RM to be converted to FC

Go read about DRB and FEP controls as it is one the capital control that restricts FC for individuals 🤦‍♀️ hence which is why restrictions for incoming and outgoing with outgoing less restrictions compared to incoming

This post has been edited by xander2k8: Feb 5 2023, 04:02 AM

I thought it is the other way round, with incoming easy but outgoing troublesome as hell

If it is standard account then it easy but if it involves with FCA it is another story then 🤦‍♀️ because involves FEP controls by BNM

I mean, incoming FCA is fairly simple but outgoing is shit and need to be forced into MYR before it can be processed in local MCA accounts.

Seems like Wise is the most flexible as it can receive foreign currency and send foreign currency without any forced conversions.

Downside is the foreign currency funds on hand doesn't earn any interest, so it's a good tool for moving funds around the globe.

I think the whole point of this thread was how to maximize interest rates by putting it in foreign currencies or foreign banks ...

That the other part that most don’t understand which any how any MCA in Malaysia has to be processed in RM no matter what as per BNM FEP controls 🤦‍♀️

Business Time Singapore: Singaporeans flock to foreign currency to lock in top interest rates

FRI, FEB 10, 2023 - 06:07 PM UPDATED FRI, FEB 10, 2023 - 7:25 PM

https://www.businesstimes.com.sg/companies-...-interest-rates

(No paywall)

SGD recently a lot short traders hence which is why a lot of them currently locking it in anticipation of a weaker SGD this year

You can change or check maturity settings prior to maturity date.



If the maturity date is today you should be able to see the money credited back to your designated account by now, otherwise check if the money is still in the FD account. In your case, most likely the principal is auto-renewed.

You can try to uplift today, check the penalty fees (it should show up before you actually uplift) and share with us, if any.

This post has been edited by TOS: Feb 13 2023, 04:21 PM

DBS still have a "secret" onshore SGD FD ongoing.

4.88% P.A. 3-MTH S$FD ($20K - $1M) (not a typo, it's 4.88)

Promo code SR1B



Source: https://forums.hardwarezone.com.sg/threads/...#post-146257720

This post has been edited by TOS: Feb 13 2023, 04:44 PM

Possible for Malaysian to have DBS?

Definitely yes, if you have work/study passes (no need to be permanent, 6 month valid work holiday pass is more than sufficient, for instance) or willing to cough up 10-50k SGD for bancassurance or mutual fund products locked up for 5-8 years.

Depends on luck if you just want to keep your money in saving accounts/fixed deposits as these are low-margin business lines for Spore banks.

You can consult and discuss further here with other members who recently had experience with attempts of opening DBS account in SG: https://forum.lowyat.net/topic/1440794/+4500

The most recent experiences shared are that you will be contacted with RMs hungry to sell you bancassurance or mutual fund products...

I'm only interested with FD and im not a worker in SG. still possible?