So I got like 500k ringgit in liquid form..

Looking at msia economy and devalue in terms of usd.

I figure it's better to park in usd or sgd

Easiest way is to buy sgd and bank in my sg cimb account

But I live in penang, quite difficult,

Another way is I wise transfer to my ibkr but transaction is 0.2%, later change back ringgit again 0.2%?

Is there any other way?

Actually, what is the reason to do this against say, just putting in EPF or local bank? I also have a little extra funds, but I also think about the conversion rates to and from the currency of choice, and then think if it is worth it. Is it because you think the other currency will have higher interest rate, or it won't devalue so much over time?

u can open rhb multi currency account (got both conventional and islamic)

no currency conversion fee (33 currency only)

just that, debit card annual fee is 20/year

What's the exchange rate? Only can put ringgit then covert usd, then usd convert back ringgit?

with 500k u can get the premier acc, which has better rates
after conversion you can even opt to put tat currency in FD

the rate now is rm 4454.50 = usd 1000

FD for usd 3 months 4.25%, 6 months is 4%, 9 month 3.8%, 12 months 3.6%

Don’t worry about the fees. Aim for convenience.

I use HSBC. With that amount, open premier account, then call relationship manager say you want preferential rates.

Try to change mindset from picking pennies to looking at big picture. Pay for the convenience and security.

exchange rate by rhb,

as usual, bank like to use word "attractive interest rates" haha

u can convert, or u can also use that currency with the debit card.
example u buy gbp, and when in london, it will deduct ur gbp balance (provided u have enough balance of gbp), if less, it will deduct myr balance + 1% conversion fee.

https://www.rhbgroup.com/treasury-rates/mul...card/index.html if you already paid for the RM20 annual debit card, can look at Multi Currency Account/-i Debit Card Special Counter Rate*



btw, use sunway money for IBKR (via sg banks). cheaper
https://wise.com/my/pricing/hold-fees?sourc...USD&track=false
https://wise.com/my/pricing/hold-fees?targe...SGD&track=false

How to fund my sg account?

Previously I funded my ibkr account using sgd

I buy with my closed friend who are working in Singapore, after awhile, they also don't layan already.

Is there anyway to buy sgd with ringgit online?

Can I use the account to receive in USD?

My salary is received via usd then auto convert to ringgit now with maybank savings account.

If I use HSBC, would it retend as USD?

Can I use the account to receive in USD?

My salary is received via usd then auto convert to ringgit now with maybank savings account.

If I use HSBC, would it retend as USD?

If you are going to park your ringgit overseas
Rule 1
1. Don't itchy hand convert here and there. Treat your money as one way ticket, not going to come back Malaysia for few years. Make it minimum of 10 years. The exchange rate movement can kill you in you think short term (within 1y)
Rule 2
2. Don't put in bank account. They are not earning you any returns. Please put it to work.

already given hint. Open Sunway money account and send online to sg

should receive salary with RHB MCA. Won't be auto converted

Actually, if you receive salary in USD, why not ask them to send to your Wise acct? Straightaway deposit into IBKR. Unless your employers are not based in USA

This post has been edited by Medufsaid: Feb 14 2025, 12:55 PM

Yes.

sgd saja la

Sgd is about 60-70% pegged to USD so should be it’s convenient for u just do it

I dont remember RHB MCA can received funds, can advice?

rx330 https://www.rhbgroup.com/-/media/Assets/Cor...account-faq.pdf

Deleted

This post has been edited by Pain4UrsinZ: Feb 14 2025, 02:38 PM

this one apply to corporate kan? not for personal