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

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.

id prefer to live in a developed country

better way

nowadays developed countries have high inflation and safety issue.

Not necessarily better. Just different.

Yea the exchange rate can be sux at times like now when RM is going strong against USD.. So the increase in BTC is basically offset by the strengthening RM

its all relative... and each country/locality has its own pros and cons...

ive worked in many countries... have considered migrating too... depending on job and pay, one can have very good quality of life overseas...

but if one is not eligible to immigrate, then do the best locally lor like you said...

To be fair, Malaysia isn’t a bad place to retire. It’s got near first world standards for health care (at least for mid tier complexity procedures) and close to third world standards of cost of living in kampungs (although that’s getting more expensive by the day with our falling MYR).

The politics and the racial, religious divisions are my major turn offs and since I can afford to retire elsewhere, I am exercising that option.

actually, many ppl don't know to appreciate what they have in Msia until they lost it, or when they need it as we grow older


https://www.verywellhealth.com/understandin...tourism-4069869

Someone I know returned back to KL to retire. PR never took up sg citizenship. Of course an easy choice to make if you don't have a sg wife

same... i know a few went to Aus n NZ... all now back home... lol

a lot of older generations migrate overseas so the kids have cheaper schooling and better future... but younger folks who go overseas nowadays quite sure most wont come back liao...

this thread is going off track...

Or, like in my case, an ex Malaysian now Singaporean wife. She can apparently get a special visa based on the fact that she’s an ex citizen wanting to return… so, never say never.