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Banking Transfer SGD from OCBC to UOB Malaysia
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Ramjade
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 May 14 2021, 09:31 PM
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QUOTE(propertyfeature @ May 14 2021, 06:13 PM) 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 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. |
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Ramjade
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May 14 2021, 10:45 PM
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QUOTE(propertyfeature @ May 14 2021, 10:42 PM) Would this amount RM 207,000 (~SGD 68,856 equivalent) be safe if use Instarem ?  Just do multiple transaction. I think singx have the better rates. |
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Ramjade
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May 14 2021, 10:52 PM
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QUOTE(propertyfeature @ May 14 2021, 10:50 PM) 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. |
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Ramjade
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May 14 2021, 11:03 PM
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QUOTE(propertyfeature @ May 14 2021, 11:00 PM) Thank you, I will look into both Instarem & SG X ! I am not sure about instarem sg rates. For me instarem Malaysia rates is lousy. Use to be good. But change already. Never use them anymore. Shop around. The products I provide some give you rates on the front page so you don't need to make account. Just key in and see the one with the most RM received. As long as licensed by respective central bank, no problem. Use banks if you like to give banks free money. I don't give banks free money.  |
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Ramjade
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May 14 2021, 11:06 PM
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QUOTE(propertyfeature @ May 14 2021, 11:03 PM) Seems like SingX is very competitive ..  SingX - 1 SGD 3.0929 MYR Instarem - 1 SGD= 3.0897 MYR I cannot open singx (not working in Singapore or studying there and no sg phone number). Hence my choices are only limited to CIMB SG and Transferwise. Both offer almost identical rates. Ciimb sg no problem cause I already have bank account with them. TransferWise let one transfer SGD even if one is not staying in SG/working or have SG bank account. |
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Ramjade
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May 14 2021, 11:10 PM
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QUOTE(propertyfeature @ May 14 2021, 11:06 PM) According to the SingX website, it says one has to be a Resident in Singapore.. Meaning Malaysian working in Singapore would be able to register SingX too You need sg phone number to open. No sg phone number = no go. I think. This post has been edited by Ramjade: May 14 2021, 11:10 PM |
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Ramjade
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May 14 2021, 11:13 PM
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QUOTE(propertyfeature @ May 14 2021, 11:11 PM) yup, my fiance in Singapore has a Singapore number.. so no issue there.. I am also comparing Instarem & Transfer wise.. will choose the best & most secured option All secured. Cause license by MAS. For me I choose the cheapest option. You want better rates do transfer during office hours on weekdays. This post has been edited by Ramjade: May 14 2021, 11:13 PM |
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Ramjade
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May 14 2021, 11:18 PM
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QUOTE(propertyfeature @ May 14 2021, 11:17 PM) I just compared the rates of : SingX vs Instarem vs Transferwise.. Seems like SingX wins hence down .. Compare during working hours. You will get better rates. |
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Ramjade
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May 16 2021, 06:08 PM
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QUOTE(propertyfeature @ May 16 2021, 04:01 PM) SingX rates are competive, but I read through many reviews saying the opening process is a hassle & some delay in the fund transfer. I probably would stick to traditional OCBC SG route.. as conversion fees saved is probably not that much compared to maintaining a peace of mind .. If you don't want singx go with TransferWise. Everything online. Application also fast. Transfer also instant. If want to waste good money be my guest. Before you click transfer, so check out the savings you get from OCBC Vs those fintech I mentioned. You will be surprised how much you save. How I know? I did the same with DBS just for the fun to see much free money banks earn. |
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Ramjade
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May 16 2021, 09:33 PM
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QUOTE(propertyfeature @ May 16 2021, 09:02 PM) Bro have you used SingX before? The transfer limit is up to RM 150,000 Transferwise, lower transaction limit.. Hope to hear from those who have used SingX before ! I don't have sg phone number. Cannot open account. |
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Ramjade
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May 18 2021, 11:40 AM
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QUOTE(TOS @ May 18 2021, 11:29 AM) From economics point of view, "Searching cost" is something retailers often forget. Same applies to choosing which SG brokers, moomoo vs Tiger vs IBKR vs etc. The amount of time spent is higher in cost (an opportunity cost) compared to the extra savings you get from choosing another broker/MMF over the former one, since the cost savings may be too little as retailers often have small capital. Unless you leverage, the small capital savings does not justify one's effort of searching and comparing. That time might be well spent on other stuffs that "maximizes one's utility". Maybe spend that time to analyze company's fundamentals is more worthwhile for some. Actually you are wrong there. The time spend searching and comparing adds up over long time. It's like unit trust. If your are doing it regularly over long period of time, you want the cheapest possible. Say one who spend USD10/month on commision Vs one who spends USD50/month on commision, over 20-30 years how much you already lose? Never underestimate fees and small change. Always maximise savings where possible is something I learned from Jack Bogle. So still think not wise to go for extra savings? |
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Ramjade
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May 18 2021, 11:51 PM
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QUOTE(propertyfeature @ May 18 2021, 03:00 PM) I just used SingX last night.. Their charges were at SGD 219.68 (for RM 149,993.45 equivalent) SingX exchange rates were RM 3.0901 However, after factoring into their charges into the exchange rate, the final rates came out to be approximately RM 3.0761 .. still more competitive than banks I guess Never look at fees. Always see the amount of final currency you will received. |
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