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
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..