That could be the way to go!

Only need a valid passport, business visa, work permit and letter from the company.

HAhahaha... oops, there goes that idea!

I don't think that's a feasible way to go then.

open rhb multi currency account... it can receive usd without conversion

it has good usd fd rates and usd to myr conversation rate

and please pay your taxes... don't be a tax evader... tq

edit... yours is not foreign sourced income... irb considers it local souced income, so it doesn't matter if the usd is kept overseas or local, its subject to your normal income tax


This post has been edited by dwRK: May 11 2024, 04:54 PM

good advice.

Any bank with a multi currency account option would do - HSBC Premier is the one I use, as well as DBS.

open a WISE USD account, they give you a complete bank account number that also comes with a routing number

can pay in USDT or USDC, then use P2P or crypto card, no need to transfer to Luno.

This post has been edited by thirumaran: May 11 2024, 06:01 PM

Glad to see more is going on the route of earning foreign currency. 👍

PayPal if value above ~RM20k (or equivalent) will also trigger an alert. But it's just an email from PayPal saying they have to share your account info with Bank Negara. Nothing happened after that probably because it's all legit and I declared all my income from PayPal too

If you're planning to convert some of the USD to MYR later, I'd avoid PayPal. Their conversion rate is pretty bad compared to Wise.

This post has been edited by purplefellow: May 11 2024, 08:06 PM

P2P gonna get more attention, can read in Luno thread.

I've been withdrawing via Luno and no issues so far

mind to share what is the TT fee/charges imposed at recipient end?

what if the originating country is one that has a double taxation agreement with Malaysia, and income tax was paid at the source country, would he still have to pay income tax in Malaysia?

on rhb side, inward receiving no fees... wire in $100, you get $100...

source company doesn't pay income tax... they may pay a withholding tax that you can claim credit for... you always have to check if the tax paid is enough or not, so to top up or claim credit...

fyi, irb has very clear guidelines on how you do your taxes for countries with and without tax treaty

exchange rate and fees sucks...

Send to wise and use it.

what I meant was the source company pays the income tax according to the rate in that country, once the taxed money is repatriated to Malaysia, is it subjected to tax in Malaysia?

I will look up for the guidelines you mentioned. Thanks.

a foreign/source company will not pay your income tax... you are not employed by them... you are also not a tax resident in the foreign country so have no income tax obligations to it

as for repatriation of taxed money... it is subjected to tax if it wasn't sufficiently taxed

Not much of a choice, what with our falling MYR value

the awareness of there is a better way to make a living by taking advantage of the internet.

as an employee, the best way is to earn salary is from developed countries and live in developing country.

This post has been edited by skty: May 15 2024, 12:45 PM

Yes that would be one way but not the only way.