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> Transfer money from US to Malaysia

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Rama522
post Sep 10 2021, 06:46 PM

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QUOTE(ernie ball @ Sep 10 2021, 05:15 PM)
Hi dwRK,
My main issue is not able to withdraw from fidelity into wise.
Now I think will have to transfer to intermediate bank (probably in sg) then transfer back to Malaysia bank via wise. Not sure how would the spread be like. Calculate at night later..
*
If u have a sg bank account now, technically you can still open a borderless account with your current wise acc. Just a simple workaround on the setting. I just opened one myself 3 weeks ago.
With that, simply wire your money out to US virtual account and send it back to MYR. But of course, you will not able to able transfer all the cash you have, there’s a cap for the holding power, which I guess you might have already be aware.

This post has been edited by Rama522: Sep 10 2021, 07:08 PM
dwRK
post Sep 10 2021, 06:56 PM

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QUOTE(Rama522 @ Sep 10 2021, 06:46 PM)
If u have a sg bank account now, technically you can still open a borderless account with your current wise acc. Just a simple workaround on the setting. I just opened one myself 3 weeks ago.
With that, simply wire your money out to US virtual account and send it back to MYR
*
I prefer not to try cheat the system when comes to money laugh.gif
joeblow
post Sep 10 2021, 07:19 PM

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QUOTE(ernie ball @ Sep 10 2021, 05:19 PM)
I am checking Maybank multi currency account now. Seems like there's a limit of rm50k per transaction with USD4 charge per currency exchange, but will need to call their customer service to check.

My colleagues just advise against transferring back to MYR, looking at how our country is doing :/
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USD isn't that strong either with the amount they printing. I also scared what will happen to my USD. As for ringgit if you have use for it like buying a house renovation etc, then ok what. Even the interest rate FD higher than US.

For large amount maybe go with citibank or hsbc. Let me know if even these 2 have restrictions. Thanks.
howszat
post Sep 10 2021, 07:54 PM

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QUOTE(ernie ball @ Sep 10 2021, 04:39 PM)
Do premier account get better rate?
*

The HSBC Premier account is definitely worth it. It's not automatic, you have to notify them and provide the wire reference number, and they have to do some manual processing.

hft
post Sep 10 2021, 07:59 PM

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QUOTE(ernie ball @ Sep 10 2021, 09:58 AM)
Hi guys, looking for help here ..
I am working in US based company who gives us shares, and usually I sell the shares and directly transfer the money into my Maybank account with SWIFT(at the banks' buying TT rate). I decided to HODL for some time, now I have around 100+k USD to transfer back, so now the exchange rate spread will have some impact to the amount I'm getting.
I tried transferWise, but not able to receive money if the account is opened in Malaysia.

Asking all sifu here, what is the best way to get the minimum spread when you transfer back money into Malaysia?

I needed it to pay for my house, as the shares are at ATH I don't feel like HODL it much longer, in case you're wondering.

Wait a bit, ringgit just gain strength
Thanks for your help!
*
fish12345
post Sep 10 2021, 09:32 PM

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If directly from fedillity transfer to myr account in Malaysia , the loss is significant as I think foreign bank and local bank do charge certain fees (hidden), probably is % based on amount transfer .

I wonder which bank in Malaysia offering usd account and allow receiving usd from oversea without no / low administration charge. Prefer fix fee charged based on per transaction than based on %.

Then transfer from usd account to myr account with no extra fees charge(administration). Just apply the exchange rate.

Maybe I’m too silly to ask this question but no harm to try 😂
dwRK
post Sep 10 2021, 11:20 PM

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QUOTE(fish12345 @ Sep 10 2021, 09:32 PM)
If directly from fedillity transfer to myr account in Malaysia , the loss is significant as I think foreign bank and local bank do charge certain fees (hidden), probably is % based on amount transfer .

I wonder which bank in Malaysia offering usd account and allow receiving usd from oversea without no / low administration charge. Prefer fix fee charged based on per transaction than based on %.

Then transfer from usd account to myr account with no extra fees charge(administration). Just apply the exchange rate.

Maybe I’m too silly to ask this question but no harm to try 😂
*
there cannot be hidden fees... only lazy ppl not reading t&c...
thankyou
post Sep 10 2021, 11:31 PM

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I know it may sound silly... but have you consider using Crypto stable coin as money transfer?

Buy USDT in US.... Transfer to Binance/Huobi... sell it in MYR?

Current rate is 4.23 and you actually making profit.
SUSxander83
post Sep 11 2021, 02:18 AM

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QUOTE(fish12345 @ Sep 10 2021, 09:32 PM)
If directly from fedillity transfer to myr account in Malaysia , the loss is significant as I think foreign bank and local bank do charge certain fees (hidden), probably is % based on amount transfer .

I wonder which bank in Malaysia offering usd account and allow receiving usd from oversea without no / low administration charge. Prefer fix fee charged based on per transaction than based on %.

Then transfer from usd account to myr account with no extra fees charge(administration). Just apply the exchange rate.

Maybe I’m too silly to ask this question but no harm to try 😂
*
Try check with HSBC as i still have an old account which have this facility but beware of the yearly charges

QUOTE(thankyou @ Sep 10 2021, 11:31 PM)
I know it may sound silly... but have you consider using Crypto stable coin as money transfer?

Buy USDT in US.... Transfer to Binance/Huobi... sell it in MYR?

Current rate is 4.23 and you actually making profit.
*
Current live rate is 4.14 and you actually losing money instead by 3% or more doh.gif doh.gif doh.gif
thankyou
post Sep 11 2021, 03:05 AM

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QUOTE(xander83 @ Sep 11 2021, 02:18 AM)
Try check with HSBC as i still have an old account which have this facility but beware of the yearly charges
Current live rate is 4.14 and you actually losing money instead by 3% or more  doh.gif  doh.gif  doh.gif
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Why would he lose money? He's not buying USDT in Malaysia instead, he's selling USDT and receive MYR at the rate of 4.23

100k USD = 423k MYR

Live rate

100k USD = 414k MYR

This post has been edited by thankyou: Sep 11 2021, 03:07 AM
Garysydney
post Sep 11 2021, 05:51 AM

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QUOTE(ernie ball @ Sep 10 2021, 04:32 PM)
Maybank don't have incoming TT charge, just need to take care of the buy-sell spread, which is quite a lot.. I hope I'm not wrong.. previously I never really care about this.
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I send a lot of money back from Aust to Msia quite often using Maybank as i am a retiree in Msia and most of my money is in Aust (where i have worked 40 years) so most of my retirement funds are in Aust.

I sent about rm1mil back recently in March because i was given a golden handshake by my employer in Sydney and was retiring back in KL after having worked/lived in Sydney for more than 30 years.

You need to be careful when you remit the funds back to ringgit as the Msian bank may question your source of funds to prevent money laundering. Msian banks are obliged to report to Bank Negara for any suspicious activities (money laundering, unpaid tax,etc...). In my case, i have all my documentation of my employment and the income that i have been receiving all these years from my employer so i have not encountered any problems so far. I personally emailed the remittance officer in Maybank (Bangsar Baru) and communicated through her and made sure my transfers will not have any problems. I did several batches of A$50k transfer (there is a limit of A$50k for online transfers using my Australian bank) and i received the funds in Maybank within 1 hour. The only bummer is the exchange rate which is quite lousy as the spread is quite big (buy Aussie 3.10 sell Aussie 2.98). Spread is 1200 pts.

Maybank doesn't seem to give special rates as i inquired before i started transferring back in March 2021.

Hope this helps.
dwRK
post Sep 11 2021, 06:04 PM

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QUOTE(thankyou @ Sep 10 2021, 11:31 PM)
I know it may sound silly... but have you consider using Crypto stable coin as money transfer?

Buy USDT in US.... Transfer to Binance/Huobi... sell it in MYR?

Current rate is 4.23 and you actually making profit.
*
he has no way to buy usdt with funds from fidelity
SUSxander83
post Sep 11 2021, 08:48 PM

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QUOTE(thankyou @ Sep 11 2021, 03:05 AM)
Why would he lose money? He's not buying USDT in Malaysia instead, he's selling USDT and receive MYR at the rate of 4.23

100k USD = 423k MYR

Live rate

100k USD = 414k MYR
*
1stly he has no way no to buy USDT how on to receive the mythical money doh.gif

QUOTE(dwRK @ Sep 11 2021, 06:04 PM)
he has no way to buy usdt with funds from fidelity
*
The question is now ts he no idea on how to buy it
TSernie ball
post Sep 11 2021, 09:49 PM

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QUOTE(Rama522 @ Sep 10 2021, 06:46 PM)
If u have a sg bank account now, technically you can still open a borderless account with your current wise acc. Just a simple workaround on the setting. I just opened one myself 3 weeks ago.
With that, simply wire your money out to US virtual account and send it back to MYR. But of course, you will not able to able transfer all the cash you have, there’s a cap for the holding power, which I guess you might have already be aware.
*
This seems doable, although seems a bit illegal.. haha. Will try to check if transferWise is able to change the account country.

QUOTE(joeblow @ Sep 10 2021, 07:19 PM)
USD isn't that strong either with the amount they printing. I also scared what will happen to my USD. As for ringgit if you have use for it like buying a house renovation etc, then ok what. Even the interest rate FD higher than US.

For large amount maybe go with citibank or hsbc. Let me know if even these 2 have restrictions. Thanks.
*
This is what I am thinking.. getting something concrete rather than a few digits.

As for the amount, probably transfer in multiples of 50k MYR I think, then less issues.


QUOTE(howszat @ Sep 10 2021, 07:54 PM)
The HSBC Premier account is definitely worth it. It's not automatic, you have to notify them and provide the wire reference number, and they have to do some manual processing.
*
Asked a friend with HSBC premier multi currency account, it doesn't offer any exchange rate benefits, the spot TT rate is even lower than MBB (MBB 4.084, HSBC 4.078 iinm) , maybe will have to call to get a better rate.

QUOTE(Garysydney @ Sep 11 2021, 05:51 AM)
I send a lot of money back from Aust to Msia quite often using Maybank as i am a retiree in Msia and most of my money is in Aust (where i have worked 40 years) so most of my retirement funds are in Aust.

I sent about rm1mil back recently in March because i was given a golden handshake by my employer in Sydney and was retiring back in KL after having worked/lived in Sydney for more than 30 years.

You need to be careful when you remit the funds back to ringgit as the Msian bank may question your source of funds to prevent money laundering. Msian banks are obliged to report to Bank Negara for any suspicious activities (money laundering, unpaid tax,etc...). In my case, i have all my documentation of my employment and the income that i have been receiving all these years from my employer so i have not encountered any problems so far. I personally emailed the remittance officer in Maybank (Bangsar Baru) and communicated through her and made sure my transfers will not have any problems. I did several batches of A$50k transfer (there is a limit of A$50k for online transfers using my Australian bank) and i received the funds in Maybank within 1 hour. The only bummer is the exchange rate which is quite lousy as the spread is quite big (buy Aussie 3.10 sell Aussie 2.98). Spread is 1200 pts.

Maybank doesn't seem to give special rates as i inquired before i started transferring back in March 2021.

Hope this helps.
*
Thanks for the insight. MBB knows they have the best rate I guess. Recently apply for mortgage, they also refuse to match the rate given by other banks, but I still end up using their mortgage facility as the maybank2u is very well designed.
Paperwork is in order, taxes are paid so should be pretty straightforward.

QUOTE(xander83 @ Sep 11 2021, 08:48 PM)
1stly he has no way no to buy USDT how on to receive the mythical money  doh.gif
The question is now ts he no idea on how to buy it
*
Yes, I think my biggest problem now is not having a USD bank account..
SUSxander83
post Sep 12 2021, 01:25 AM

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QUOTE(ernie ball @ Sep 11 2021, 09:49 PM)
This seems doable, although seems a bit illegal.. haha. Will try to check if transferWise is able to change the account country.
This is what I am thinking.. getting something concrete rather than a few digits.

As for the amount, probably transfer in multiples of 50k MYR I think, then less issues.
Asked a friend with HSBC premier multi currency account, it doesn't offer any exchange rate benefits, the spot TT rate is even lower than MBB (MBB 4.084, HSBC 4.078 iinm) , maybe will have to call to get a better rate.
Thanks for the insight. MBB knows they have the best rate I guess. Recently apply for mortgage, they also refuse to match the rate given by other banks, but I still end up using their mortgage facility as the maybank2u is very well designed.
Paperwork is in order, taxes are paid so should be pretty straightforward.
Yes, I think my biggest problem now is not having a USD bank account..
*
Currently are the shares sold or in cash at the moment?

If your broker is through etrade you can ask them send money periodically in order for you to lessen the spread

Just be prepared to pay about 2% from your gains if you going the bank routes

The best way is to avoid Maybank at all cost due to inflexibility of FX nature with rates gouging doh.gif
Ramjade
post Sep 12 2021, 06:50 AM

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QUOTE(Garysydney @ Sep 11 2021, 05:51 AM)
I send a lot of money back from Aust to Msia quite often using Maybank as i am a retiree in Msia and most of my money is in Aust (where i have worked 40 years) so most of my retirement funds are in Aust.

I sent about rm1mil back recently in March because i was given a golden handshake by my employer in Sydney and was retiring back in KL after having worked/lived in Sydney for more than 30 years.

You need to be careful when you remit the funds back to ringgit as the Msian bank may question your source of funds to prevent money laundering. Msian banks are obliged to report to Bank Negara for any suspicious activities (money laundering, unpaid tax,etc...). In my case, i have all my documentation of my employment and the income that i have been receiving all these years from my employer so i have not encountered any problems so far. I personally emailed the remittance officer in Maybank (Bangsar Baru) and communicated through her and made sure my transfers will not have any problems. I did several batches of A$50k transfer (there is a limit of A$50k for online transfers using my Australian bank) and i received the funds in Maybank within 1 hour. The only bummer is the exchange rate which is quite lousy as the spread is quite big (buy Aussie 3.10 sell Aussie 2.98). Spread is 1200 pts.

Maybank doesn't seem to give special rates as i inquired before i started transferring back in March 2021.

Hope this helps.
*
I wouldn't use banks to transfer money if I were you. If you are still having Australian address and phone number, use fintech like transfer wise, ofx, revolut, world first, world remit. Whoever give you the most RM per AUD50k.

That way you have more RM to spend Vs giving a cut to banks. I have been moving money to sg on regular basis. I would have given banks few thousands in free money if I were to use banks to transfer my money to sg. Honest review and option.

Avoid using banks at all cost. Always use fintech where possible.

This post has been edited by Ramjade: Sep 12 2021, 06:51 AM
Garysydney
post Sep 12 2021, 07:06 AM

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QUOTE(Ramjade @ Sep 12 2021, 06:50 AM)
I wouldn't use banks to transfer money if I were you. If you are still having Australian address and phone number, use fintech like transfer wise, ofx, revolut, world first, world remit. Whoever give you the most RM per AUD50k.

That way you have more RM to spend Vs giving a cut to banks. I have been moving money to sg on regular basis. I would have given banks few thousands in free money if I were to use banks to transfer my money to sg. Honest review and option.

Avoid using banks at all cost. Always use fintech where possible.
*
Ramjade - thank you for your advice.

I won't be doing a lot of transfers nowadays as i already have quite a lot of ringgit to live on in KL. I would just leave my money in Sydney as my etfs are doing quite well there (Dow/Nasdaq have been crazy over the last 12-18 mths after the March 2020 crash!!).

Actually i didn't realise that living costs in KL is a lot lower compared to Sydney. My lifestyle in Kl is less than 50% of my lifestyle expenses in Sydney. Even though i am a very frugal person, sometimes i cannot help splurging a bit more than what i usually would do in Sydney smile.gif . I now understand why a lot of Western retirees want to retire in Msia thumbsup.gif

I do a monthly budget of my expenses and my expenses is so much less than in Sydney. The prices that we pay are crazy esp when there is a need to engage the help of others (labour costs are very high in Sydney due to a high minimum wage policy).

Thanks again. Going around to drive in KL now as i am trying to learn all the new roads - nice to drive around on Sundays as there are not many cars on the road smile.gif
dwRK
post Sep 12 2021, 07:43 AM

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QUOTE(ernie ball @ Sep 11 2021, 09:49 PM)
This seems doable, although seems a bit illegal.. haha. Will try to check if transferWise is able to change the account country.
This is what I am thinking.. getting something concrete rather than a few digits.

As for the amount, probably transfer in multiples of 50k MYR I think, then less issues.
Asked a friend with HSBC premier multi currency account, it doesn't offer any exchange rate benefits, the spot TT rate is even lower than MBB (MBB 4.084, HSBC 4.078 iinm) , maybe will have to call to get a better rate.
Thanks for the insight. MBB knows they have the best rate I guess. Recently apply for mortgage, they also refuse to match the rate given by other banks, but I still end up using their mortgage facility as the maybank2u is very well designed.
Paperwork is in order, taxes are paid so should be pretty straightforward.
Yes, I think my biggest problem now is not having a USD bank account..
*
hsbc just a way to park USD mah

fidelity, USD...send to hsbc global, USD
hsbc global, USD... send to wise.my convert to MYR... send to MBB

hsbc has some small transaction fees... that's why I already said the ibkr/cimb.sg route will be cheaper because less fees but more work to you

dwRK
post Sep 12 2021, 08:33 AM

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QUOTE(xander83 @ Sep 12 2021, 01:25 AM)
Currently are the shares sold or in cash at the moment?

If your broker is through etrade you can ask them send money periodically in order for you to lessen the spread

Just be prepared to pay about 2% from your gains if you going the bank routes

The best way is to avoid Maybank at all cost due to inflexibility of FX nature with rates gouging  doh.gif
*
your 2% is incorrect

bank fx spread for USDMYR is about 3% while fintech uses near spot rates at the middle... so the difference is about 1.5%... however fintech makes money from high fees of about 50% from this 1.5%...

so the difference going with banks is about 0.75% for large xfers
SUSxander83
post Sep 12 2021, 10:24 PM

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QUOTE(dwRK @ Sep 12 2021, 08:33 AM)
your 2% is incorrect

bank fx spread for USDMYR is about 3% while fintech uses near spot rates at the middle... so the difference is about 1.5%... however fintech makes money from high fees of about 50% from this 1.5%...

so the difference going with banks is about 0.75% for large xfers
*
If that’s case why’s Ramjade been using Wise all these times

3% I believe is a fixed rate by the banks especially MBB while if you exchanging using spot live rate it willing Bec way lower because the banks will account 1% against the spot rate itself because while Wise should be around 0.5% doh.gif

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