Can. Just not direct to your Wise MYR account, receive from SG to your Wise SG account, then transfer however you wish..

Wise foreign currency account is more to receive money from other countries' local bank transfers, e.g. SG local transfer to your Wise SG account, which I don't think your MY bank card allows, does it?

I see. Is that bank card available for us Malaysians here as well? If so maybe I'll give it a try too.

Those accounts/cards doesn't allow you to *receive* local fund transfers from other countries, do they? e.g. I open this in Malaysia but someone in SG sends me SGD via FAST transfer to me using this account.

You can open a FD account without a savings account.

Different banks have different rules.

How much of a premium above local Malaysian FD would someone need to de-risk the daily forex fluctuations? SGD went from 3.4 to 3.24 in just a few weeks.

Isn't the whole point of FD is an exchange of low returns and illiquidity for virtually zero risk? Adding forex introduces a very real risk of capital loss, and keeping it locked in a foreign FD removes your ability to maneuver quickly when forex is swinging significantly - either to lock in gains or to stop loss.

Interesting claim. Can you please point me to the MAS regulations that mandate this?

There are banks in both Singapore and Malaysia that do not require a savings account. From my experience, banks are happy to hold on to your money for as long as you don't collect at maturity, but usually they will renew the FD for you at prevailing rates. In Malaysia FDs left to auto-renew past 7 years will be transferred to unclaimed moneys.

I've used CIMB online banking to link my MY and SG accounts and transferred money back and forth between the two. No issues.

Sorry. I don't know whether there's one for web-based FDs specifically, and yes I'm referring to OTC. The earlier question I was replying to was a general statement about being able to place a FD without requiring a savings account in both SG and MY, not anything specific to eFD. My apologies as well as I might have missed to read the keyword - 'online' in the question.

I'm Malaysian btw, so my focus is a lot more on Malaysian banks, and just a small handful of foreign banks in a few countries. You probably know more SG lobangs than me lah.

This post has been edited by gooroojee: Dec 13 2022, 04:18 PM

Thanks for the quote from MAS. Seems like a guideline rather than a regulation, and the use of "you might be"...

Yes, with. Rates are competitive and they offer zero fees now, as well as pay you the difference if you find a cheaper rate. Check their website for details.

Hi, yeah I got it now. I don't have a FCA in CIMB so I can't try it out. I did call the contact center and also checked out the Cimbclicks app, it doesn't seem to have an option to perform SGD-SGD transfers, so seems like we can only do SGD-MYR from SG to MY. Probably need to go to the bank and perform the transaction at the branch, with not so great charges. That's for inbound remittance into MY. The question of outbound remittance back to SG is another unknown. Also, the CIMB FCA is a non interest bearing account, so all the effort to move SGD 'offshore' doesn't seem to have much benefit there.

For Alliance, like Toku said the FCFD has rates of 4.3% for 12 months tenure, and outbound SGD remittance for Alliance is RM7.50. Remind me to check outbound TT later on, as the TT service is only available 9:30am to 4:15pm.

PS: PSA to others on this thread of foreign FD - the hottest two countries with interest rates close to 10% are India and Vietnam...

does this mean that we lost 2% putting money in and another 2% taking money out, assuming the currency exchange rate stays the same? so nett nett of a 4% interest rate is ... 0% ?

AllianceOnline Malaysia has these options for transfer of funds in foreign currency. One is Pay Myself, where options and details to be filled are shown in the screenshot:



Second option is Pay Others -> via TT, which has a daily limit of MYR5,000 for SGD and the screenshot shows a sample list of beneficiary banks in Singapore:



Hope that helps.

Is it possible to transfer from IBKR in SG to a USD FCA in Malaysia (or maybe even USD FCA in Singapore)?

Hi, side question. Do you have exchange rate and final amount to be received for dbs remit from SG to MY? Maybe comparing $1k and $50k assuming $50k has better rates.

I can share rates for cimb and maybank in return. 😊

Mind sharing a screenshot of dbs remit rates today for $50k? Thanks!

CIMB intrabank 3.2679 nett flat rate, no other fees
Maybank intrabank 3.2483 nett flat rate, no other fees
DBS remit 3.24412 @50k SGD, possible inbound remittance fees by receiving bank
Wise transfer 3.2534 @50k SGD nett after deducting fees. Midmarket rate at 3.27416.




This post has been edited by gooroojee: Jan 18 2023, 01:30 PM

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).

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