I plan to work some part time and probably might receive around 3000-4000 USD per month. What is the best way to store this amount?
If I ask the payer to direct transfer to malaysian bank account, as I know, I will lose alot on conversion and also might alert LHDN since big sum.
If I use transfer wise, but it can only hold up to RM20k in wallet, not a way to stash.
Any other way? I might need to use certain portion of this money on daily expenses, not alot, but some. That one I guess probably can be done through transfer wise.
But eventually I guess i need to transfer money from wise to some sort of "wallet/account"

Paypal, Payoneer, this kind of online platform?
Any suggestion?

This post has been edited by neo_6053: May 11 2024, 10:15 AM

Well, Singapore Bank Acc?

With that amount transferred to your bank account constantly every month from overseas by 3rd party.

It may trigger STR requirements by BNM and MAS guidelines to financial institutions

BTW, if your overseas income had been subjected to taxes in the source country of origin, then, ...


This post has been edited by MUM: May 11 2024, 10:38 AM


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Open USD account here and convert whenever needed only.

Crypto is one option, open your overseas crypto account like binance and transfer to Luno then withdraw to local banks

i see i see.. cool. at least i dont get double taxed

If you are thinking about using overseas investment account as a covers.
Then, other than whether the overseas investment platform will accept money transfered by 3rd party source, ( money transferred to your oveseas investment account NOT directly from you), there is also taxes concern.


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I dont really want to store so much in MYR. Besides, dont want to trigger for tax question .

You need to check if that source country has Double Taxation exemption agreement with Malaysia

thanks for the info. but not really investment, it's part time job

US

https://www.hasil.gov.my/en/international/d...tion-agreement/

https://www.google.com/search?q=does+us+has...mobile&ie=UTF-8




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SADDDDDDDDDD.........

Double taxation aside, what is the best way to store this amount of USD?

If you does not want to pay taxes.
Preferably in countries that does not have this Common Reporting Standard (CRS) agreement with Malaysia.
https://www.hasil.gov.my/en/international/a...g-standard-crs/

Or in those investment platforms that allows 3rd party to bank money into your overseas accounts ( like investment trading a/c) subjected to whether your overseas customers agreed to do that too.
For you and your overseas customers maybe suspects to money laundering too. Ha ha.

Good idea. How come lhdn don’t check Luno ? Won’t they question why so much crypto?

I opened a Cambodia bank account while working there. The currency is in USD. Everything managed by the app.

luno is making it hard already. once u are in their watchlist, they'll ask for documentation

Cannot escape.

Money is tracked during transfer.

Everything in and out has record with bank negara.

Using crypto also won't solve it, you gonna cash out into bank account and the exchanges reports to SC and LHDN as well

The only way to lari cukai in Malaysia is.. using cash like all the stall, restaurants which most of the time people also won't require receipt.

All just for few decades only, then will have CBDC.

Gaji banyak, US income, duduk Malaysia.. bayarlah cukai.

This post has been edited by Natsukashii: May 11 2024, 12:12 PM