Hi, i might get a job posted in Qatar, and since qatari riyal is pegged to USD, to transfer qar outside to USD account seems like is the best way to go as the exchange rate of qar to usd is fixed and probably like 1 cent diff. May i know in Malaysia, is there any bank with multi currency account offer to be able to receive USD?

Wanna ask those who experienced working abroad in middle east what is the best way to transfer money back to malaysia.

I saw hsbc premier and advance account can do seamless instant transfer with no fees but to maintain the account is difficult.

This post has been edited by ben3003: Apr 17 2025, 09:36 AM

RHB multi currency account? (update: i think only the RHB MCA corporate version can receive, RHB MCA personal cannot. you can try to ask)

MBB also released their own version of multi currency acct recently

This post has been edited by Medufsaid: Apr 17 2025, 08:55 AM

orang minyak?

rhb mca personal confirm can receive usd...

any banks with mca will receive usd...

also check out hsbc everyday global account... they should have a bank in qatar... you can move funds between qatar/malaysia with zero fees... but i dunno about their fx conversion rates...

btw... i would maintain an overseas usd account and won't transfer everything back...

have you received funds in USD personally? the last time me and another forumer researched on this we realise we might need to go RHB and personally ask

This post has been edited by Medufsaid: Apr 17 2025, 10:11 AM

qatar do have HSBC, but need premier and advance account only can get everyday global account for free transfer. Probably have to work for few months baru can.

Need to pay loan etc in Malaysia side so have to transfer some money back lol.

thanks for the sharing. i saw somebody shared for maybank one, more like for u to use ur myr in foreign country. receive maybe diff story. gonna go check out at hsbc. now just do some research for heads up

probably can receive for MBB, bcos if you see the chart i added, USD4 fee for inward telegraphic transfer (sending out is USD22) https://www.maybank2u.com.my/maybank2u/mala...-account-i.page

just whether u want to swallow the USD4 fee every time

This post has been edited by Medufsaid: Apr 17 2025, 10:22 AM

great, thanks for the info. the rate direct qar to myr is quite bad from what i can see from those qatar bank forex rate. seems like the best way is to send out via USD.

Open wise account maybe? Easier to manage.

since dwRK confrimed that can receive into RHB MCA, u can use that. inward USD TT for RHB has zero fees (not sure if any fees from sender bank)

This post has been edited by Medufsaid: Apr 17 2025, 10:56 AM

WISE is easier
or keep oversea and transfer back when rate is good

transfer back to local bank, FX rate n charges is ridiculous

ahchun Wise USD is located in USA, TS' USD salary comes from Qatar. if deposit from overseas into Wise USD (in USA), wise will charge inward fee

unless of cos the qatar salary can be given to TS in a local usa bank, then it's a local ACH transfer into Wise

This post has been edited by Medufsaid: Apr 17 2025, 10:58 AM

If Qatar pay in USD currency, they can transfer directly to wise USD currency account with no charge/fee.

With wise, you may choose to pay in any currency directly to the currency you prefer with no cost.

Pat89 FOC if it's domestic to USA https://wise.com/my/pricing/receive

is ur MCA personal or company?

Care to share how to receive if personal? do you have a set of account numbers so others can TT to u?

the thing is i need the fund to be in myr for local bank transfer (loan repayment, family management) so i think wise susah sikit, convert from USD to myr got charges also. maybe the rate is quite good so need to some calculation la.

ben3003 if you can send USD to Wise USD, can convert to Wise MYR, then use their debit card to move RM to your TnG ewallet for free (forex fees to convert to MYR is 0.3% i thnk)

Wise MYR withdrawal to local MY banks has some fee

This post has been edited by Medufsaid: Apr 17 2025, 11:42 AM

i tried wise duitnow transfer got like rm2.34 fee. but tng got maximum annual limit etc. i would probably go for maybank global account route, less hassle.

so far the money deposited to me from USA-USD to wise i think there is no charges
but then mine is not salary. maybe is different

this is what i understand as well


rate is reasonable and alot better than local bank FX charges and rate

Qatar is pegged with USD hence the conversion rate to USD is a fixed rate. but since is outside USA so i believe the transfer in charges applies. but i use the conversion to calculate more or less same like maybank global acc currency converter la. maybe by rm20-30 diff. if 1 go transfer big amount no much different.

yea... ahchun needs to realise that TS' usd might need to use swift/wire (USD6.11 fee) to send to Wise USA. so better use MBB or RHB (RHB pending confirmation)

This post has been edited by Medufsaid: Apr 17 2025, 12:17 PM

individual... just the usual swift code mca account number and name...

i stopped using wise long time liao... rhb mca is simpler/better imho especially for my case...

the rhb conversion rate is Multi Currency Account/-i Debit Card Special Counter Rate* this one?

yes

thanks bro, this is better compare maybank cos extra usd4 saving. conversion rate wise similar also. will keep this in mind.

This post has been edited by ben3003: Apr 17 2025, 12:40 PM

also pls check with your company expat services... some companies, payroll can be split to say usd and myr... and they can bank in the myr per usual locally... but dunno what exchange rate they will use...

yeah finger crossed everything goes well then go over and see how is it. i dont think they can do myr over there. only QAR if not mistaken. cos when i ask for expectation is in USD but they offer is in QAR.

yeah... they probably have the best fx rates locally...

so meaning my fren in usa wanna transfer me USD from his account, he just need key in our MCA account number n swift code? but will they or us be charged?

i believe need to see the bank tariff, normally will charge both side for TT. but since then RHB MCA/debit card account mentioned no fees transferring in, so most likely only charge USA side, not unless their bank also offer free TT.

sending/outbound and receiving/inbound... both got fees unless waived or absorbed by the banks...

banks may ask for a little bit more info... but yeah the crucial ones are swift code, mca account number and your name...

never knew this acc can outbound as well, thanks for the info

need to go xxxx my banker dy, told me cannot inbound

yeah... really depends on the companies and their expat packages... i dont mean they pay myr over in qatar... some companies can split your expat pay, pay usd in qatar and myr in malaysia... this way you don't have to worry about transferring money from qatar to malaysia...

anyways, good luck and all the best

And your understanding is correct as mine, and I love wise!

Wise not good as limit only RM20k so can't really keep money inside it.

You set up local HSBC premier and ask your RM to setup HSBc premier for Qatar from here with your employment documentation. And setup EGA for both account.

Then you can get paid USD into Qatar HSBC and transfer it to MY HSBC as MYR without charges. You can also do the DCI to take advantage of fluctuating FX rate by earning short term interest at a selection of FX rates table when converting USD back to MYR.

This is based on my experience with HSBC when I set up my kid banking for UK.

there are 2 fees involved in transfer+forex

1. transfer fee
2. marked up forex rate

usually when financial entities say no charges they just meant item 1 is waived. if you can prove 2 is FOC (via real time screenshot with HSBC vs actual mid-rate quote from wise, as wise will show both the mid-rate + the actual cut they are getting from you) that'll be great

This post has been edited by Medufsaid: Apr 18 2025, 09:58 AM

since you have it... what is the latest buy/sell USD exchange rate for EGA?

I think if u send usd to usd account, there shouldnt be any forex involved.

Premier eliglibilty very high lol. But my friend got it last time dunno is promo or not, only need monthly got 10k in out acc then ok already.

correct.

i'm replying to his post

This post has been edited by Medufsaid: Apr 18 2025, 06:19 PM

Based on yesterday morning..
USD to MYR the rate is from 4.43 to 4.41

And MYR to USD from 4.3813 to 4.4026.

With DCI, you are given a table with ranges from 4 to 10% with tenure of 1 week up to 3M. It changes by the hours so need to call RM. Minimum RM50k for DCI.

Say you don't hit the FX rate with the committed tenure, you get back your 50k unconvert with the % for the period.

the rates are quite good... if i take mid point 4.42 and 4.39, these are comparable to rhb...

rhb mca is interest bearing, usd currently is 2%... one can park to fd from 1 wk to 12 mths... am doing 3 mths @ 4.25% pa...

thanks again for the info...

The hsbc premier ega also can transfer fund at zero fees between multicurrency acct. I transfer from my ega GBP to my kid ega GBP with no charges and when making foreign payment, the bank charges is also lowered.

Also can do multi currency FD like yours... but no 1 week.. min 1month

Not necessarily.... you can park FD to meet their premier min amount.

yup... my 1st reply to ts i said this too and ask him to check ega out...

hsbc has good gbp remittance rates ... sometimes they have promo making it even better...

sounds like ega suits you perfectly...

Do take note for inbound foreign funds into Malaysian Bank accounts, they will ask you for documents. depending on the amount, it can get sticky if you dont have the proper papers. Smaller amounts too many times is also not good.