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> Foreign Currency Savings Account, to save in USD as Malaysian

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TSaichi
post Jul 13 2021, 07:13 PM, updated 5 months ago

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Hi, since myr is so suceptible to decreasing value, I need to start saving in USD.

i already know that local banks can open foreign accounts but seems that they imply expensive rates, so I'm looking other options.

I already know some exchange such as transferwise, bigpay, instarem but not sure if they can act as a saving account or not.

Note that I want open foreign account to store USD, does not intent on dividend/profit making solutions.

please suggest. thanks guys.
MUM
post Jul 13 2021, 07:41 PM

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QUOTE(aichi @ Jul 13 2021, 07:13 PM)
Hi, since myr is so suceptible to decreasing value, I need to start saving in USD.

i already know that local banks can open foreign accounts but seems that they imply expensive rates, so I'm looking other options.

I already know some exchange such as transferwise, bigpay, instarem but not sure if they can act as a saving account or not.

Note that I want open foreign account to store USD, does not intent on dividend/profit making solutions.

please suggest. thanks guys.
*
ok, let says you had your MYR changed to USD and stored....
where do you want to store them?
just in FD or just in any investment?
any expected rate of returns per year do you want for your stored USD?

are you doing any form of investment in Malaysia? what was the current expected ROI in Malaysia?

how much % of that money you will move to USD in relation to the % of your current available money (EPF, saving, FD + any form of investments ) ?
if you have a total of 100k
if you just moved 10% or 10k to USD while the balance of 90k is still in MYR
if USD appreciate by 100% in the next 20 yrs, your 10k will become 20K.... thumbsup.gif
but your 90k MYR that you did not move will depreciate by 100% too,...then it will become MYR 90k BUT will 45k of buying power

just thinking.... hmm.gif hmm.gif

This post has been edited by MUM: Jul 13 2021, 08:04 PM
TSaichi
post Jul 13 2021, 07:59 PM

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QUOTE(MUM @ Jul 13 2021, 07:41 PM)
ok, let says you had your MYR changed to USD and stored....
where do you want to store them?
just in FD or just in any investment?
any expected rate of returns per year do you want for your stored USD?
*
thank you for replying.

i really prefer online accounts to store them, though specifically the physical money's location does not really matter.

as of currently, I prefer more on easier withdrawals rather than FD.
i don't actually put any rate expectations, so lower rate will do.
but I do prefer ease of transactions, free transactions/withdrawals.

do advice me.thanks
MUM
post Jul 13 2021, 08:05 PM

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QUOTE(aichi @ Jul 13 2021, 07:59 PM)
thank you for replying.

i really prefer online accounts to store them, though specifically the physical money's location does not really matter.

as of currently, I prefer more on easier withdrawals rather than FD.
i don't actually put any rate expectations, so lower rate will do.
but I do prefer ease of transactions, free transactions/withdrawals.

do advice me.thanks
*
read amended post above

also from your reply,...i think it will be BETTER to start some investment in Malaysia than just moving MYR to USD and store that USD doing nothing....
the MYR invested in Malaysia, will "definitely" make enough ROI and be enough to cover the appreciation of USD against MYR, if your USD is sitting idle

This post has been edited by MUM: Jul 13 2021, 08:09 PM
TSaichi
post Jul 13 2021, 08:20 PM

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QUOTE(MUM @ Jul 13 2021, 08:05 PM)
read amended post above

also from your reply,...i think it will be BETTER to start some investment in Malaysia than just moving MYR to USD and store that USD doing nothing....
the MYR invested in Malaysia, will "definitely" make enough ROI and be enough to cover the appreciation of USD against MYR, if your USD is sitting idle
*
ok sorry, didn't notice that, I read it.
actually, I am into investment, but I opened this thread because wanna some specific advise on savings account without focusing on dividend or profit making solutions such as FD/ return rate.
I do, however, appreciate your thoughts and advice.

thanks.
SUSxander83
post Jul 14 2021, 04:17 AM

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QUOTE(aichi @ Jul 13 2021, 07:13 PM)
Hi, since myr is so suceptible to decreasing value, I need to start saving in USD.

i already know that local banks can open foreign accounts but seems that they imply expensive rates, so I'm looking other options.

I already know some exchange such as transferwise, bigpay, instarem but not sure if they can act as a saving account or not.

Note that I want open foreign account to store USD, does not intent on dividend/profit making solutions.

please suggest. thanks guys.
*
Don’t bother doing that’s as inflation will kill you

If you rather USD you better off buying 10 yr US treasuries instead doh.gif

Holding cash in USD is silly because with USD on hand you can buy money generating asset

Like someone said earlier it is silly to hold too much cash now unless you know what you are doing

TSaichi
post Jul 14 2021, 07:52 AM

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QUOTE(xander83 @ Jul 14 2021, 04:17 AM)
Don’t bother doing that’s as inflation will kill you

If you rather USD you better off buying 10 yr US treasuries instead  doh.gif

Holding cash in USD is silly because with USD on hand you can buy money generating asset

Like someone said earlier it is silly to hold too much cash now unless you know what you are doing
*
thanks for your reply.

assuming that I know what I'm doing, where would you suggest me open my savings account?

anyways, I'm not going to store it forever though, I just need a place to store it at least temporarily(but certainly not forever).
At this point, my questions of asking should actually be easier than most people thought, because i asked a general question (without worrying the features of return rates solutions). I hoped its not the other way around.

thanks.


Ramjade
post Jul 14 2021, 09:12 AM

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QUOTE(aichi @ Jul 14 2021, 07:52 AM)
thanks for your reply.

assuming that I know what I'm doing, where would you suggest me open my savings account?

anyways, I'm not going to store it forever though, I just need a place to store it at least temporarily(but certainly not forever).
At this point, my questions of asking should actually be easier than most people thought, because i asked a general question (without worrying the features of return rates solutions). I hoped its not the other way around.

thanks.
*
Don't bother holding cash. Learn to invest your SGD and USD and earn more SGD or USD. Forget about keeping money in Malaysia bank account. Just deposit open Sg bank account.

There's a thread in this forum opening sg bank accounts.
markedestiny
post Jul 14 2021, 12:40 PM

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QUOTE(aichi @ Jul 14 2021, 07:52 AM)
thanks for your reply.

assuming that I know what I'm doing, where would you suggest me open my savings account?

anyways, I'm not going to store it forever though, I just need a place to store it at least temporarily(but certainly not forever).
At this point, my questions of asking should actually be easier than most people thought, because i asked a general question (without worrying the features of return rates solutions). I hoped its not the other way around.

thanks.
*
Assuming that you do know what you are doing, imho, you could consider SGD instead of USD. This is purely looking from the perspective of hedging against your expectation of weakness in the MYR.

USD which is being printed by the Fed, like nobody's businesses, is getting weaker too.

But this is not apparent to you as most currencies are getting hit by the pandemic too. It's been reported today on Bloomberg that SGD tops all the SEA's currencies.

Btw, You can check the strength of the USD using the US Dollars Index (DXY).

This post has been edited by markedestiny: Jul 14 2021, 06:00 PM
SUSxander83
post Jul 14 2021, 06:17 PM

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From: Autobiography!!!

QUOTE(aichi @ Jul 14 2021, 07:52 AM)
thanks for your reply.

assuming that I know what I'm doing, where would you suggest me open my savings account?

anyways, I'm not going to store it forever though, I just need a place to store it at least temporarily(but certainly not forever).
At this point, my questions of asking should actually be easier than most people thought, because i asked a general question (without worrying the features of return rates solutions). I hoped its not the other way around.

thanks.
*
Pm me your telegram id will send you the link

Be prepared to lose 2.5% in value when you open the account with the bank commission rclxms.gif
TSaichi
post Jul 15 2021, 01:25 AM

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From: KL


QUOTE(Ramjade @ Jul 14 2021, 09:12 AM)
Don't bother holding cash. Learn to invest your SGD and USD and earn more SGD or USD. Forget about keeping money in Malaysia bank account. Just deposit open Sg bank account.

There's a thread in this forum opening sg bank accounts.
*
yeah, I am actually planning on investment on US stocks, hence needs to open USD currency savings acc. but I'm not gonna start invest until I'm done with my paper trade. the temporary account is just for temporary storage, however it may also be my savings account if im planning in cashing out from my broker. I know that some people use SGD accounts (CIMB SG for example) but im just researching for alternatives currently, if there is any.

QUOTE(markedestiny @ Jul 14 2021, 12:40 PM)
Assuming that  you do know what you are doing, imho, you could consider SGD instead of USD. This is purely looking from the perspective of hedging against your expectation of weakness in the MYR.

USD which is being printed by the Fed, like nobody's businesses, is getting weaker too.

But this is not apparent to you as most currencies are getting hit by the pandemic too. It's been reported today on Bloomberg that SGD tops all the SEA's currencies.

Btw, You can check the strength of the USD using the US Dollars Index (DXY).
*
Thank you for the insight.

QUOTE(xander83 @ Jul 14 2021, 06:17 PM)
Pm me your telegram id will send you the link

Be prepared to lose 2.5% in value when you open the account with the bank commission  rclxms.gif
*
its okey you can dm me here.
thanks
Ramjade
post Jul 15 2021, 07:42 AM

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QUOTE(aichi @ Jul 15 2021, 01:25 AM)
yeah, I am actually planning on investment on US stocks, hence needs to open USD currency savings acc. but I'm not gonna start invest until I'm done with my paper trade. the temporary account is just for temporary storage, however it may also be my savings account if im planning in cashing out from my broker. I know that some people use SGD accounts (CIMB SG for example) but im just researching for alternatives currently, if there is any.
*
You don't need a foreign currency account. You just need a sg bank account and interactive broker account. Interactive broker have the best currency conversation.

You don't need to trade. You can just buy and hold. DCA in every month regardless of price.

This post has been edited by Ramjade: Jul 15 2021, 07:43 AM
TSaichi
post Jul 15 2021, 11:51 AM

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QUOTE(Ramjade @ Jul 15 2021, 07:42 AM)
You don't need a foreign currency account. You just need a sg bank account and interactive broker account. Interactive broker have the best currency conversation.

You don't need to trade. You can just buy and hold. DCA in every month regardless of price.
*
yeah, I heard about sg bank account, just that I'm trying to find alternatives if there is any, like just straight open a USD account so that u may do transactions directly. do advise if this is good/bad idea.
other than that, i planned to keep all profits and money in USD, that y preferred a USD account than any others.

about DCA, based on your experience on your stocks, what is your good percentage profit record?

thanks.
Ramjade
post Jul 15 2021, 09:25 PM

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QUOTE(aichi @ Jul 15 2021, 11:51 AM)
yeah, I heard about sg bank account, just that I'm trying to find alternatives if there is any, like just straight open a USD account so that u may do transactions directly. do advise if this is good/bad idea.
other than that, i planned to keep all profits and money in USD, that y preferred a USD account than any others.

about DCA, based on your experience on your stocks, what is your good percentage profit record?

thanks.
*
You don't need a USD account. USD account is a pain to get as you need to be manually present in US for it. You can just keep your USD in Interactive Broker at zero interest. Everywhere nowadays is zero interest rate anyway. This is because Interactive broker offer you spot rate and only cost you USD2.00 to convert up to amount of USD100,000. You cannot get this rate anywhere. You can forget about using USD account from Malaysia as you need to convert at bank rate into USD and each transaction cost you 2-3% and the money just stays in the account and cannot be used for investing unless you remit it out of Malaysia.

Is stupid to just keep cash and that includes keeping USD cash in bank account/real cash. Cash should only be kept if you have nothing to buy. Learn to use the USD to invest. Put it to work. Transferwise, bigpay, instarem are just fintech that help you to transfer money to other country at cheaper price vs banks. You cannot keep USD with them

The only way to get a "local USD bank account that can be used to transfer and received USD like a local US person" is using transferwise or revolut. (If you can open revolut seeing that they don't support opening from Malaysian). Transferwise close down borderless accounts for Malaysians so if you are Malaysians there's no way to get the USD bank account. I am one of few where I still get to keep my borderless USD bank account. No idea and I like it.

DCA is for people who don't want to think when to buy. Just dump in every month. Is a strategy to remove emotion. I don't do DCA. And I don't take profit. Nor do I trade. I dump it in, sell options on it, once I have cash for 100 stocks I buy another 100 stocks and sell options on them.

I save up 70% of my salary until I get like RM12k and then remit the money into Interactive Broker every few months. If I have nothing to buy, I just sell puts on stocks I want to buy but not at current price. Hence I am putting my spare cash to work.

This post has been edited by Ramjade: Jul 15 2021, 09:32 PM
tradingGo
post Jul 15 2021, 09:46 PM

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you can join us in IBKR https://forum.lowyat.net/topic/4843925

you don't have to buy or invest, just deposit money and convert to any major currencies.
TSaichi
post Jul 16 2021, 10:01 PM

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QUOTE(Ramjade @ Jul 15 2021, 09:25 PM)
You don't need a USD account. USD account is a pain to get as you need to be manually present in US for it. You can just keep your USD in Interactive Broker at zero interest. Everywhere nowadays is zero interest rate anyway. This is because Interactive broker offer you spot rate and only cost you USD2.00 to convert up to amount of USD100,000. You cannot get this rate anywhere. You can forget about using USD account from Malaysia as you need to convert at bank rate into USD and each transaction cost you 2-3% and the money just stays in the account and cannot be used for investing unless you remit it out of Malaysia.

Is stupid to just keep cash and that includes keeping USD cash in bank account/real cash. Cash should only be kept if you have nothing to buy. Learn to use the USD to invest. Put it to work. Transferwise, bigpay, instarem are just fintech that help you to transfer money to other country at cheaper price vs banks. You cannot keep USD with them

The only way to get a "local USD bank account that can be used to transfer and received USD like a local US person" is using transferwise or revolut. (If you can open revolut seeing that they don't support opening from Malaysian). Transferwise close down borderless accounts for Malaysians so if you are Malaysians there's no way to get the USD bank account. I am one of few where I still get to keep my borderless USD bank account. No idea and I like it.

DCA is for people who don't want to think when to buy. Just dump in every month. Is a strategy to remove emotion. I don't do DCA. And I don't take profit. Nor do I trade. I dump it in, sell options on it, once I have cash for 100 stocks I buy another 100 stocks and sell options on them.

I save up 70% of my salary until I get like RM12k and then remit the money into Interactive Broker every few months. If I have nothing to buy, I just sell puts on stocks I want to buy but not at current price. Hence I am putting my spare cash to work.
*
yeah, at this rate, I'm looking at brokers as best option my USD account, not to mention can trade too. Im totally a no-no for local bank for USD.

yeah, i am a trader but not stock, I invest in crypto mainly. but DCA is good for crypto because u still got really good profits even not using brain when to buy, imagine if u DCA and use brain too, a lot profits can be made. though im not financial advisor/expert. im the one asking for advises.

that said, im interested in stocks esp USA stocks, but i have hard time reading the charts, its due to the nature of charts got recess times and maybe not 24hr. i have hard times applying my TA on the chart. how to solve this? is it because my chart viewer problem which is free ?


QUOTE(tradingGo @ Jul 15 2021, 09:46 PM)
you can join us in IBKR https://forum.lowyat.net/topic/4843925

you don't have to buy or invest, just deposit money and convert to any major currencies.
*
exactly bro, that is my best option now.

Ramjade
post Jul 16 2021, 10:50 PM

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QUOTE(aichi @ Jul 16 2021, 10:01 PM)
yeah, at this rate, I'm looking at brokers as best option my USD account, not to mention can trade too. Im totally a no-no for local bank for USD.

yeah, i am a trader but not stock, I invest in crypto mainly. but DCA is good for crypto because u still got really good profits even not using brain when to buy, imagine if u DCA and use brain too, a lot profits can be made. though im not financial advisor/expert. im the one asking for advises.

that said, im interested in stocks esp USA stocks, but i have hard time reading the charts, its due to the nature of charts got recess times and maybe not 24hr. i have hard times applying my TA on the chart. how to solve this? is it because my chart viewer problem which is free ?
exactly bro, that is my best option now.
*
Go open trading view account. Heard it's good for charting.

 

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