I just had an idea. Foreign FDs in Malaysia generally have high interest rates, but not really favourable to us because we need to exchange MYR to foreign currency at bad FX rate. Eg right now USD 12 month FD rate at CIMB MY is 5.3%.

However I just noticed that CIMB MY foreign deposit account does allow deposit via TT/Swift

Also, it is possible to send USD or EUR direct to Malaysian bank account from Wise, via TT/Swift. It won't be instant, takes several days. (Only these two currencies available to send to Malaysia this way). In the app, Wise told me that it would cost USD2.90 extra.

As far as I understand, the only MYR to USD conversion using CIMB rate, that is required as per cimb website is the initial deposit of RM10,000.

If cimb can accept directly USD from Wise via TT/Swift, then I think it's really worthwhile to do it. Inward remittance fee at CIMB MY is also 0, just like CIMB SG. Other costs would probably the other additional TT costs charged by intermediaries etc.



This post has been edited by Mr Gray: Feb 4 2023, 11:53 AM

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

For those who are thinking of investing in foreign currency FD and don't mind doing so in the domestic banks, I think RHB MCA account is really a good option.

Pros
1. Possibly the best rate in the market, it's even better than Wise for sure.
2. All balances receive very competitive interest, calculated daily, credited monthly. (no lock-up period, but rate is lower than FD).
3. Insured by PIDM up to RM250k.

Cons
1. Only useful for keeping foreign currencies in your own RHB account
2. Outward TT will incur fees, inward TT is free though. So conversion from different currencies between different bank accounts across countries, Wise would be better.
3. Limited to 24 currencies, Wise have more currencies.
4. Each conversion must involve Ringgit. IE say to convert between USD and EUR, U need to convert USD to MYR first, then MYR to EUR, so you lose on the double spread. Wise is better for direct conversion between any pair of currencies not involving ringgit.

Every month, on salary date, I just put some money into the high yielding currencies of AUD, CAD, GBP, NZD, SGD and USD.

Call rate as of today: AUD (3.25%), CAD (4%), GBP (4.1%), NZD (4.5%), SGD (3.4%), USD (4.95%).

Comparison of rates between RHB and Wise as at 25 May 2023 morning, of conversion from Ringgit into the respective currencies. Rate from Wise website is taken at the same time I did conversion from Ringgit.

USD125: RHB (RM576.13), Wise (RM580)
AUD125: RHB (RM377.66), Wise (RM380.21)
GBP125: RHB (RM712.16), Wise (RM716.59)
CAD125: RHB (RM424.40), Wise (RM427.94)
NZD125: RHB (RM352.58), Wise (RM355.36)
SGD125: RHB (RM427.59), Wise (RM431.47)

I don't put into FD in RHB MCA account as it required 2000unit foreign currency for initial deposit, and interest will only be credited after tenure is completed. Plus, there's only small difference in interest rate between call account and FD account for most currencies.

https://www.rhbgroup.com/personal/deposits/...view/index.html







This post has been edited by Mr Gray: May 26 2023, 07:13 PM

term deposit requires a minimum of 2000 units of foreign currency for initial deposit. My monthly deposit and total deposit is way smaller than that. Any balances still generates interest, the money is not sitting idle. If you have more than 2000 units of FC, feel free to put it into term deposit and get higher interest rate. Your choice.

This post has been edited by Mr Gray: May 26 2023, 07:44 PM

Correction. There's only RM5 fee.

https://www.rhbgroup.com/others/highlights/...0908/index.html

So yup, u should get US1000, minus RM5

Yes you're right

https://www.rhbgroup.com/files/personal/mul...account-faq.pdf

I see no reason why u can't. Go ahead and open RHB MCA account

Of course individual can open it.

When I open at an RHB branch, I can select between the two options. INDA or NEPA.

https://www.rhbgroup.com/personal/deposits/...ount/index.html

Clearly stated here on the website too. INDA/NEPA

Just go an RHB branch and open it.

It's best that u just go a branch and talk to RHB rep.

Even if only non-individual is allowed to do that, what's stopping you from incorporate as an enterprise or LLP?

If your income from AdSense is getting significant every month, perhaps it makes more sense to incorporate?

This post has been edited by Mr Gray: Jun 12 2023, 04:57 AM

Just put in RHB MCA. The rate is super good. No stupid 2% extra spread. Better than Wise for sure.


[url=https://pictr.com/image/EwCmJc[/url]

Gbp call rate on rhb mca is now 4.7%

RHB gives better exchange rate. And got interest also

HLB Wallet exchange rate is quite bad. No interest

For overseas transfer, I think wise beats rhb hands down

Quite bad. Can't beat RHB MCA for sure.

U have to look at conversion rate. Ie USDMYR for example.

Alliance usdmyr rate is worse than RHB. So even if interest rate is slightly higher than RHB, in totality you're worse off with alliance

Go to any RHB branch and say you want to open multicurrency account. Make sure you ask for conventional account.

Islamic mca doesn't have foreign FD.