If we sell our US stocks and wish to transfer our capital gains back to Malaysia, will BNM block it under our money laundering laws? Im concerned the funds will be allowed in but we will be unable to touch the funds.

Has anybody successfully transferred funds from the US stock brokerages to Malaysian local bank accounts this year? If so, what amount and were there any problems? Please advice.

Yes.

Actually it varies from individuals and the amount involved .......... the higher your tier level with LHDN, the easier it is 😉

Is there an official tier system at LHDN? Just curious

Why are you opening so many threads. Can. Also some banks will block you from funding your account cause "Forex rule" from BNM.

Which bank easiest? Don't know. Cause all my transaction done via SG banks and not Malaysian banks. Too much bureaucracy in Malaysia.

desperate bcoz can't get his answer in IBKR thread.

Told him about cimb sg already but he insists on trying IBKR->direct->MBB route since he'll only want to withdraw 10 years from now

I did it many years ago, no problem. This year, sorry can't help

Wow, didn't know banks will block you. Years ago also transferred out from bank to brokerage account. No questions asked.

Never experienced it before cause all my transaction is directly via Sg banks. But saw so many random post in lowyat forum about transfer to IBKR cannot go though via using Malaysian banks.

Ramjade I transfer both from Malaysia (long time ago) and Singapore banks. So far all ok. Thank goodness. But last time it was not to IBKR, (but another US brokerage firm). Unfortunately not
all Malaysian bank officers are familiar with SWIFT codes etc, I did struggle with it last time.

BTW, is there another US brokerage account we can use besides IBKR?

This post has been edited by abcn1n: Oct 17 2023, 08:34 PM

Yes. Tastytrade, first trade. But can only received in USD. No local deposit via SGD. I believed only US market. No other market.

Thanks.

Nowadays with all the money laundering scandals and risks, most banks are becoming very stringent when receiving international funds. Thats why im keen to know if anybody has done recent fund transfers from US stock brokers into Malaysian banks. Because if i see it as being a big risk, i may just opt to purchase US stocks on the Maybank platform going forward. I already have a significant holding on IBKR now but just concerned about the future.

Then you are just giving free money to Maybank. You know how much they charge on commison + hike on Forex rates? That's a lot of free money to give Maybank.

You can transfer back. Just give them your brokerage statement f they ask. It's the part about funding your account directly using RM is the hard part due to "Bnm Forex rules".

This post has been edited by Ramjade: Oct 18 2023, 11:33 AM

Why worry so much when you wouldn’t what the future holds 🤦‍♀️

IBKR has not much issue and if the worse case scenario happens just open either Singapore or Thailand and transferred it from there 🤦‍♀️

The problems lies is not in IBkR but BNM itself for it’s archaic rules from the late 90s

This post has been edited by xander2k8: Oct 18 2023, 03:35 PM

As investors we always plan for the future. Its foolish to assume everything will be fine and then sit back and relax. Of course i know the problem is not IBKR.

finally found the video where it's calculated how much free money u are giving away. can be cheaper as wise is no longer the cheapest (deposit and withdrawal)


https://www.youtube.com/watch?v=_4KJY8MVC5g

This post has been edited by Medufsaid: Oct 19 2023, 07:06 PM

if you got BIG sum to transfer... can NEGO with banks for better rates... can end up cheaper than wise...

have not tried nego with wise...

This post has been edited by dwRK: Oct 19 2023, 12:53 PM

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This post has been edited by Medufsaid: Oct 19 2023, 02:49 PM