Hi all,
I've did my homework and read up on some threads discussing a similar topic here but not as specific to the circumstance outlined here.
The scenario goes that:
1) A local MY freelancer providing online services in exchange for USD payments from overseas clients.
2) Routinely, there would be costs denominated in the USD that the freelancer has to incur monthly (eg software costs) which the freelancer has to incur.
The freelancer is looking for a solution to:
a) Hold the USD payments received instead of having it be converted directly to MYR upon receipt (eg. like how TransferWise is doing it now)
- This is so that there wouldn't be double FX conversions as the freelancer has to pay for USD operational costs
b) Be able to remit money back to MY for own personal expenses and tax purposes as when necessary at lowest fees and favorable rates
Of course, the best solution was TransferWise's borderless account before it got shut down here.
Among the alternatives right now could be:
1) Using Payoneer
2) Opening a multi currency account with a local bank
Are there better alternatives? Is it possible to open an SG Wise account despite being an MY resident?
Look forward to some suggestions
Receiving and Holding Foreign Currencies