Hello all sifu,

Anyone transfer overseas fund from a personal OCBC Singapore bank account (SGD) to a personal UOB Malaysia account (RM) before?

Will the funds get queried by Bank Negara Malaysia? 🤔

say fund amount is RM 207,000 (~SGD 68,856 equivalent)

Reason: to Purchase Property in Malaysia

So scare then buy crypto lo

lol cryto high risk bro.. there is even a Shiba Inu coin now

i think only yah,...
if then money from Spore are legitimately derived,....then "should" be ok when asked by BNM

also don't forget to get ready some documentation on the details of that intended property purchase,...just in case they asked too.

Buy crypto in this case is left hand give to right hand. Buy crypto using sgd and sell it and get myr

I don't do crypto so this is just hearsay... Isn't there hefty charge from the brokers? Like:
- The spread in buy/sell,
- Commission per fee,
- Worse than usual forex rate?

And to top that off, there's also the extreme volatility risk with crypto coins. Sounds too much of unnecessary risk to me to execute a transfer of legitimately earned money.

I don't know about transferring such a huge amount, perhaps you can call your bank to check if they would offer any special rate for you - something I read in another thread by someone else, dunno if there's such a service? You can also compare to other fintech exchange rates. With enough supporting documents for your tax payment and your reason of transfer, I don't see why you'd get into any trouble...

Anyone knows if the receiver should open a SGD - Foreign Currency Account ? Since the sender is sending in SG dollars ..
or the SGD will be auto converted into RM once it reaches the receiver?
(Exchange Rates would follow the sender's bank conversion rates?)

Sender - OCBC Singapore (SGD)
Receiver - UOB Malaysia (RM)

open FCA also hassle geh. need minimum amount to open, after open, usually got maintenance fee, etc. you check it out, you know what i mean.

Just ask the sender send to your bank account in RM.

avenues such as instarem charges lower fees should be considered. Bigpay also exist in singapore right but bigpay macam big amount tak boleh la. so maybe instarem ba.

do explore... it's 2021

This post has been edited by adele123: May 14 2021, 09:19 PM

If you are Singaporean or work in Singapore use fintech. Don't bother about using banks.
Lots of fintech available for Singaporean or those working in Singpsore (Singx, instarem, transferwise, world first, world remit). Shop around for best rate.

Unlikely they will ask. If ask just show proof where money come from.

Small money, no issue.

Dont convert to crypto crap, later taxable.

U can send SGD to SGD or USD or direct MYR account.

using fintech to transfer is much better than bank route. there's an article to explain how can we use fintech to transfer money.

https://fabiantan-74561.medium.com/best-way...ia-ff02e9d66cd6

You can sell to me.

yes, the bank will ask you the reason of the funds, and might also source of the funds/ supporting documents

SGD 68,856 small in Singapore, but RM 207,000 big in Malaysia lol

Would this amount RM 207,000 (~SGD 68,856 equivalent) be safe if use Instarem ?

I used Transfer wise before .. but that was small amount only SGD 100 or less

This post has been edited by propertyfeature: May 14 2021, 10:52 PM

Just do multiple transaction. I think singx have the better rates.

Thank you bro.. actually it's funds from my fiance in Singapore to my own personal account in Malaysia ..
not sure which method would be smoothest .. as bank might query..

As long as you have proof where the fund came from no problem with them query. I kena query for transferring MYR to SGD using fintech and I provide them proof and issue settle.

I see.. I will checkout SingX & instarem.. just that RM207k equivalent .. I thought safer if use bank ?

Dont over think ba. Unless suspicious, might query but cant hold your fund. 200k ba. Not 2mil. 200k not small amount but it's not alot in the grand scheme of things.

As for me, semi active user of instarem. I believe a noticeable population on the forum are. There was a thread on this, mostly on transferring from my to sg la.

If got better avenues aside from instarem, i also dont mind getting to know more.