how much in usd and what is the rate u converted ? i think last few weeks is quite good the rate, which mostly above 3.51 till 2 yesterday, it was 3.46

if u want to convert from USD to RM, better withdraw USD cash notes (in overseas bank) and convert it with local Money changer, u can get better rate compare to converting via banks, the bank rates suck.

For example Maybank today's buying rate for TT/cash rate is 3.4410/3.3990 respectively, if u take usd cash to convert to RM via money changer, u can get 3.470, u can use the following money changer website as a reference:-

http://www.wawasanmoneychanger.com.my/exchangeRates.asp

You can also look into UBank Online Savers which offers 6.01% standard variable interest rate and 6.51% if you have regular deposits of at least $200 a month, UBank is a division of NAB. And as far as I know when I last closed bank accounts last year, NAB's bank account is the only one without monthly service fee.

I checked the BankWest regular savers, you can only open at a maximum of $500 deposit, and save a maximum of $500 per month, so if you have a large amount of money you can't put all in. UBank has no such restriction.
As for the interest earned, if you are a non-resident you will only have to pay withholding tax at 10% and that's all, this applies to interest and dividends received. The bank automatically withholds it when they pay you interest.

the usual disclaimer rule applies as i'm not providing any personal advice.

you are definitely, what they call a risk-adverse investor; unwilling to participate in risky products and made obvious with questions like Do you think this is the best time to put money in AUD? Will the currency have chances to still going down?

seeing that you actually have NZD600 grand to spare, i would definitely recommend that you first open a malaysian hsbc premier account (however it is likely that you already have one based on your previous statements). but always maintain that account to avoid hefty monthly charges.

then instruct your relationship manager to assist you to open an australian equivalent of hsbc premier account.

with an existing, recognised australian account, you are then exposed to an array to other financial products offered by other banks/financial institutions.

IMHO, bankwest typically offer very attractive products and is backed by commonwealth bank of australia (one of the big four). also bear in mind that these products are not precisely term deposits/fixed deposits and hence there is no commitment needed. statements in the spoiler below are quoted from bankwest's website.


yes, australian banks will yield you one of the best returns globally, but it is also extremely volatile. hence, if the AUD depreciates to a level unacceptable to you, you can always opt to transfer the funds from your australian hsbc premier account to the malaysian equivalent at your discretion with no commission or fee.

interests earned are non-taxable if total income earned is kept below AUD6000 per annum. further explanation of personal assessable income tax brackets can be found from the ATO website