I sold an apartment in SG a few months back paid all taxes etc .. and now need to transfer this money
back to me in Msia bank account.

will Msian tax dept come after me . as its in a few millions RM
Any K have experience this and any advise on the easy right way to do this. with minimum question ask.
will the Msia bank give me issues..

i want to do this the proper way.
thanks..

Don't move the money back unless you really need it. Reason is you bring back, later SGD1= RM4.00 you cry. Matter of time only.

Keep all receipts in case kena audit. Use Cimb SG as they have the best rates (SGD to RM).

Cimb rates even better than wise for sg to myr?

Yes. You can always check before initiating transfer. I think wise got limit.
TS trying to send back million. Definitely cannot use wise unless want to multiple transactions

This post has been edited by Ramjade: Oct 6 2023, 06:55 PM

yes understood.
i need some money for an investment in Msia.

If u got declare tax in Mal , and pay tax in sg won't have any issue at all .

Transfer only what you need. Don't transfer all.

Sgd will always be the right currency. Can't say the same for myr...

This is my understanding as well.

It’s a similar arrangement between Australia and Singapore, IF you’re not a tax resident. Cerita lain if you’re a tax resident of Australia…

Open HSBC account in Singapore

Get the premier banking privilege

They will help you open an account in Malaysia, and yes, they can help transfer millions without any issue to Malaysia

As long you have proof that it’s legit money (aka sale of your apartment doc, tax doc)

Just be aware that you’ll still be subject to HSBC’s board exchange rates which are far worse than what Wise or XE or even CIMB offers usually.

I tot Aus tax system same with NZ . NZ one similar with sg no double tax with Mal.

TS need to trf Millions, not like 20k or 30k

Max limit per transaction per month for wise is rm30k

Yes. But Wise allows you to transfer the amount (at least it allows me to):



This post has been edited by hksgmy: Oct 7 2023, 11:42 AM

I had to give a reason (eg property purchase) but it allowed the conversion to go through.

I didn’t click confirm … the mid market rates are not the best I’d like the SGD to AUD to be. I just changed a bunch at 1.152 earlier this month and I don’t have a spare SGD1,000,000 idling that’s not been put to good use.



This post has been edited by hksgmy: Oct 7 2023, 12:19 PM

I can do that as well, doesn’t matter


Unfortunately for TS, max In the wise to hold SGD is only 5k

He can’t send more than certain amount but can receive up to 2m dollar 👀

Depend on your allowed balance to top up at wise

In ringgit max is only 30k ringgit

But I change to SGD, can put sgd1m

Thanks for sharing!

When I changed the receiving currency to RM, this is what I got. Perhaps TS can try to compare which is cheaper? I can still do more than RM30,000 per month.

Just trying to help TS find the best way that’s all.

Yes. But if you are a tax resident of Australia, your worldwide income is subject to Australian tax (you will taxed the difference between Australia and Singapore’s tax rates).

Yes, no fees at all and rates almost same as google rates