Wah. You very creative. Thanks for the answer.


Are you sure can do that? I would have assumed that it would be like normal bank tt transfer for IBKR to RHB which means lousy rates

rhb mca usd deposit no fees no fx... question is ibkr's bank tt usd to rhb mca, does it go through correspondent bank...

This post has been edited by dwRK: Oct 14 2023, 01:06 AM

Sorry don't know answer. Myself would be interested to know too since have RHB MCA and IBKR. Suspicion is likely to have correspondent bank and it will be JPM basing on people from different countries when receiving USD directly from IBKR and JPM do charge USD10

if one can buy BIL etf already, is there any advantages to go for RHB MCA USD 5% interest?

This you can ask Mr. Gray or dwRK. They both know better than I do regarding RHB MCA stuff.

One possible advantage I can think of is keeping USD closer to you, under BNM regulations. Suitable for retirees or those who does not want to hold assets in foreign countries.

This post has been edited by TOS: Oct 15 2023, 03:45 PM

RHB MCA PIDM protected up till RM250k, plus you know the exact interest you are getting. Other than that, don't think there's much difference.

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This post has been edited by raptor_cZn: Oct 15 2023, 08:51 PM

What is it that you want to ask me?

Happy to answer.

only reason to buy bil etfs is you wanna take a break from trading/investing, or you have excess usd cash in broker account...

if sole purpose is just to hold usd... then rhb mca is superior for now imho...

1. cheaper/easier myr to usd, and back
2. better interest rates
3. interest amount easily reinvested/compounded
4. but mca debit card has 20 annual fee, since i pay 12 for normal debit card, incremental cost is just 8

if buy bil...

1. 30% of div is 'stuck' for 6 months effective as wht
2. very high relative cost of reinvesting remaining 70% div into bil
3. estate tax if applicable, or other probate fees

bro TOS' pet peeve of only pidm 250k ringgit protection and not getting back usd in case rhb collapse and gov unable to arrange bail out... i'd say split to many joint accounts at least get back snapshot value, but really by that time, malaysia really gg, no local deposit is safe... so is valid point but rather moot...

This post has been edited by dwRK: Oct 16 2023, 11:06 AM

Hi bro DWRK,...

But if we put into rhb mca, we can't access the USD over the counter, right ? Must chg back into Ringgit first and then access the Ringoiit, right ?

you can wire out for a fee iirc rm 20... but cant cash out directly, but as always can try nego for a fee...

the issue of 250k pidm protection on foreign currency is this... if say you have 250k ringgit equivalent of usd before 'a crisis' and ringgit is significantly devaluated because of it... your usd can now be worth say 400k ringgit... but if rhb imploded and pidm steps in, you only get back 250k of 'worthless' depreciating ringgit and not your initial pot of usd worth 400k...

one might argue that he/she didn't max out 250k ringgit equivalent... say only 50k, or have split to multiple accounts, so fully protected, but you still lose out in value... because when the implosion happens, snapshot of your account includes exchange rate of say 7... it doesn't matter if current rate is 10... value of your account will be based on 7... hence you can never get back the original amount of usd with pidm money...

Yikes. Thanks a lot. Didn't think so far. Was only afraid that govt might impose a fixed forex rate like what they did during the Asean Financial Crisis. Now have to be more careful.

basically PIDM is still useful if it's only RHB that failed. if Ringgit ship tenggelam then haha

pidm is still very usefull in all cases...

holding usd is still better than ringgit as in my unlikely to happen case...

holding usd/fx offshore has its own problems...

dwRK Can you elaborate on this? Thanks

Unlikely RHB would failed in the 1st place 🤦‍♀️ and if it ever happens EPF would be in a big trouble as well

Transferring money around and taxes being imposed with capital control restriction

Thanks. Sigh. Yeah, tax form asking how much money bring back to Malaysia. Really wish Malaysia would not be so restrictive. They should actually encourage people to bring back money to Malaysia. Its especially important if country is in trouble.

Hhmm...been thinking to open an MCA account. RHB better? Ambank also got. Just go to RHB branch to open MCA? Basically to hold USD and get some good FD. What about charges and spread?

Why you count when rm goes to 3.00 to usd 1?

why don't you see in positive as 5.00 to usd 1 in future?