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 Transfer money from US to Malaysia

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dwRK
post Sep 10 2021, 03:55 PM

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QUOTE(ernie ball @ Sep 10 2021, 09:58 AM)
I tried transferWise, but not able to receive money if the account is opened in Malaysia.
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I opened wise in malaysia...xfer USD to maybank all the time... don't understand your statement/problem
dwRK
post Sep 10 2021, 05:00 PM

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QUOTE(ernie ball @ Sep 10 2021, 04:30 PM)
I think there's some confusion. You are able to send money from XX currency to MYR bank, this is clear. My problem is, I don't have a US account to receive the money from my brokerage, fidelity in this case. I'll need the "receive money account" feature in transferWise to send the money to, then transfer it to MYR MBB account. I just opened a transferWise account but this feature is not available for Malaysian account.

Did I miss out something? How can I "bank in" money from fidelity into transferWise?
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yeah... you not clear earlier...

can fidelity withdraw to wise and include your wise account number in the transfer? best check with fidelity... if can, then no issue using wise

if not then have to do indirect roundabout way through sg bank account if you want to maximize myr
dwRK
post Sep 10 2021, 05:02 PM

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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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with banks you rugi about 0.7%
dwRK
post Sep 10 2021, 05:41 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..
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I done all the calculations already... to maximize myr in your case...

sell your shares in fidelity... zero fee
xfer fidelity to ibkr... this should be foc
sell USD to SGD in ibkr... $2 fee
withdrawal SGD to cimb sg account... foc
xfer SGD to MYR using cimb or wise... about same fee for both

alternatively you can use hsbc global account, deposit USD from fidelity, convert to myr internally or use wise... however this method attracts more fees, but still cheaper than swift wire direct to local bank
dwRK
post Sep 10 2021, 05:47 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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local banks mca sucks

silly advise if you need $... but otherwise keep in fidelity and invest... bring in what you need

This post has been edited by dwRK: Sep 10 2021, 05:49 PM
dwRK
post Sep 10 2021, 05:47 PM

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dup...

This post has been edited by dwRK: Sep 10 2021, 05:48 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
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I prefer not to try cheat the system when comes to money laugh.gif
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 😂
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there cannot be hidden fees... only lazy ppl not reading t&c...
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.
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he has no way to buy usdt with funds from fidelity
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..
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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
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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
dwRK
post Sep 13 2021, 12:09 AM

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QUOTE(xander83 @ Sep 12 2021, 10:24 PM)
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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?... wise is still cheaper, and I'm using it all the time too... it's just not the 2-3% quantum you and ramjade are thinking

each bank has their own buy/sell spread... and each currency is different... very stable currency like SGD has a spread of about 2%... unstable currency like lira will be much higher...

you should do the math before you doh.gif too much and get a headache... end of the day, fintech is usually better, so while your numbers are wrong, the conclusion is still correct... laugh.gif
dwRK
post Sep 13 2021, 09:24 AM

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QUOTE(xander83 @ Sep 13 2021, 12:53 AM)
Definitely Wise is cheaper but for me as long as it is 1% around the spot rate then I will be using it at that’s time of conversion

For banks usually it is around minimum 2% higher no matter how because that their settlement commission charged by their partners

At the end of day avoid banks for anything more than thousands to save money  rclxms.gif
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i know our problem now... hahaha

i long time mbb customer...so naturally, mbb vs wise...my calc are definitely correct

you and ramjade must be using different banks...your numbers are probably also correct...but your banks sucks... hahaha.... and so your numbers are way higher...

so ok i apologize saying you wrong... innocent.gif

dwRK
post Sep 14 2021, 10:26 AM

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QUOTE(xander83 @ Sep 13 2021, 02:39 PM)
No matter what’s bank you use cannot escape 2% charges

The key is minimise the charges just how you minimise by paying less tax  rclxms.gif
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currently hsbc has this promo "From now till 30 September 2021, enjoy a discounted foreign exchange (FX) spread of 0.5% when you make an FX conversion or telegraphic transfer from MYR to GBP with a minimum transaction amount of MYR10,000."...

when i calculated few weeks back, this is comparable to using Wise...this means that during normal times without a discount, hsbc is only about 0.5% more expensive than using Wise... also spot rates vs buy/sell is only about 1.5%... not 2% and not the 3% that ramjade likes to use to scare noobs... laugh.gif

anyways, enough beating this dead horse... cheers

dwRK
post Sep 14 2021, 12:17 PM

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QUOTE(Ramjade @ Sep 14 2021, 11:55 AM)
You cannot compare like this. You need to key in say RM20k into whichever bank you want to use. Then key in also RM10k into the fintech of your choice, see the final amount in USD/GBP. Whicher give you the most foreign account is the cheaper option.

Not to mentioned, the final amount you see on the bank page may not be final as there's intermediate bank charges as well.
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of course for banks need to consider...

outgoing wire fee + fx rates + intermediary fee + receiving fee

and for intermediary fee, also need to consider outgoing or incoming because the fee is different, also which network is used such as swift, sepa, etc...

for wise obviously just key in the number... wink.gif
dwRK
post Sep 14 2021, 11:03 PM

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QUOTE(Ramjade @ Sep 14 2021, 09:25 PM)
Go open Ibkr account. Go open CIMB sg account if you already have CIMB my. Transfer in the shares to Ibkr. Sell the shares. Convert using USD at Spot rate using IB (real time rates without any markup) into SGD. Withdraw out SGD into CIMB sg.
Use CIMB sg to send money back to Malaysia. They have rates almost simar to money changer rate for RM.
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I told ts this method already... fyi fidelity has zero fee... so instead of transfering shares to ibkr... he should just sell it at fidelity and send usd to ibkr
dwRK
post Sep 14 2021, 11:25 PM

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QUOTE(xander83 @ Sep 14 2021, 01:40 PM)
HSBC is giving the promo for all from the premier FX rate which charges 0.5% conversion only at the moment

The usual rate for premier is 1% and normal is 1.5% plus outgoing fees of 0.5% hence 2% is the minimum that the bank charges

All these charges before passing to consumer has to seek BNM approval as they have set a ceiling of minimum 2% by banks which is we use Fintech because it bypasses the charges that are imposed by BNM itself  doh.gif
I believe he doesn’t aware of outgoing fees itself because it will only be charged once the transfer approved  rclxms.gif
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please show me where you get this 2% minimum from bnm.

I only found old bnm notice on 2% maximum for majors... completely opposite of what you are saying

dwRK
post Sep 15 2021, 07:57 AM

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QUOTE(Ramjade @ Sep 15 2021, 12:01 AM)
Last time freq user of send usd overseas. Damn pricey now when I think about it. Same thing with SGD. Well for me. That was like 7 years ago.
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yes I know bro... damn high fx/fees going with banks... but last time no choice...

QUOTE(xander83 @ Sep 15 2021, 01:27 AM)
BNM have 2% but anything chargeable by banks which need BNM approval on the bank fees hence at the end of day it will be still more than 2% approved by chargeable by banks

A simple spot rate conversion will tell you the difference only that Malaysian banks are not transparent on fees breakdowns unlike fin techs  doh.gif
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this 2% bnm rule you keep insisting is new info to me... so I would like to verify it...otherwise is just anecdotal evidence. I'm interested with this bnm notice...not interested in what bank charges

This post has been edited by dwRK: Sep 15 2021, 08:16 AM
dwRK
post Sep 15 2021, 04:35 PM

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QUOTE(xander83 @ Sep 15 2021, 02:34 PM)
2% it is bankers rule worldwide as it is their minimum interest in terms of conversion borrowing or lending

Even if interest rates goes to 0 any lending borrowing or conversion will be subject to minimum to 2% rule

If you don’t believe go look up US cheapest mortgage I bet you you can’t find anything lower than 2.15%pa atm  doh.gif

Same goes money changer you never get spot rates but inflated with the range of 1.5 to 2% over the live rates minimum
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so basically... this 2% is only your understanding from observations, etc... you can't prove it exist in any written central government guidelines, otherwise you would have pointed me to it... now you're saying it's just a banker's rule of thumb...

np. I've asked my banker friends... one is a GM for a foreign bank, and another is VP for Bursa but he started his career trading forex for banks...maybe they know something... wink.gif

dwRK
post Sep 15 2021, 07:20 PM

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QUOTE(xander83 @ Sep 15 2021, 04:45 PM)
Go ask your banker friends to tell where to get 0% interest loan and i am sure they tell you where to get it from  doh.gif

There are things in this world there is not so obvious and hidden by secrecy otherwise everyone will skirt the rule and be rich

The 2% rule in Malaysia was started since early 90s after Bank Bumiputera as any those who are back then in that industry would know about it and it is strictly enforced after AFC time which is why we never get preferential spot rates unless you have usd1million in cash to the banks
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why keep beating around the bush and trying diversion tactics?

you the one started the bnm 2% requirements... why suddenly jump to 0% interest loan?

from 2% bnm requirements then becomes bankers' rule of thumb

now you're saying 2% is secret unwritten rules only the secret few knows about it...

btw... my VP friend replied says he don't remember got such thing... next you probably say my VP friend not high level enough... laugh.gif

anyway this 2% info is not important to me... I'll just keep using wise for my xfer until something better comes along... cheers

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