RedApe

In Indonesia they call it "Bunga Mas" (Gold Flower) or "Bunga Uang" (Flower Money). The concept goes way back in Malay tradition. They rationalize it as a "service fee " paid to the original investors. You had to go through some procedures (i.e. work) to make the investment/account and thus deserve a share of the service fee.

StillSearching

- Very interesting!

ngmh

Hi, as MYR is a restricted currwncy, when remit the FD from oversea, will the foreign bank able to convert the foreign currency I.e. USD into MYR, or the foreign bank can only remit the USD to Malaysia local bank, and the Malaysia bank will convert the USD into MYR by the Malaysia bank?

Gunnar45

The forex is converted to MYR in Malaysia.

Epicurious

Not necessarily. Recently Transferwise happily converted my GBP to 100,000 MYR and transferred it to a Malaysian bank. No problems, though I did ensure that TW were provided with full documentation about the reason for the transfer.

SushiFan

I don't know how new fintech companies like TransferWise handle international money transfers. However, in case of a "conventional bank" is the currency transfer from a foreign currency to MYR done in Malaysia. I'm not sure how ngmh intended his/her question.

ngmh

Thanks for your reply. In your case, did you transfer the GBP into your borderless GBP account at TransferWise first, then did the FX at TW and TW sent the MYR out. I assume it is safe to have TW to keep the big $GBP for few days as usually you can't withdraw such a big amount through online banking direct for the MYR100,000 FX.

And how many days the local Malaysia bank credited to your MYR account?

ngmh

I have friend working at HSBC Hong Kong and she said HSBC HK does not have quote for MYR FX and MYR cash available. They can only remit HKD or USD to Malaysia local bank and let the Malaysia bank do the FX. In that case, no one will know what the FX rate will be.

I also plan to remit the FD to Malaysia to complete the MM2H visa processs. But I wouldn't get the bank account at CIMB until I am at KL, then take another two or three days if lucky to get the MYR either from TW or remittance from HSBC HK (Depend which way is faster) and move on to the MM2H office.

Epicurious

Yes, that's how I did it, with the slight difference that I never held MYR in my borderless account at TW - it's not possible. You just load up with enough GBP, send 100k MYR and TW takes the equivalent GBP (FX at market rate) from your borderless account, plus the fee which was about 0.6%.

I set up the transfer on Friday and the money arrived first thing Tuesday morning. Without the weekend it would have been faster.

ngmh

Have anyone experience issue at TransferWise when you try to make a transfer, the TW system shows "We cannot currently accept payments to this recipient.". I just had this issue and stopped me moving forward. This is the thing I am worry and don't want it happen when I need to do the FX and get the MYR account to move forward while I am so KL for just a few days.

RedApe

It could be that banking info is off somehow...Swiftcode, act. number, etc. Alternatively the recipients account may be red-flagged for some reason. Transferwise barred transfers to bitcoin dealers a few years ago.
OR it could be that the amount is simply too high. As an experiment try a smaller quantity under US$1000 (or just a dollar or two.). See if it goes through. You may need to subdivide your transfers - it may have something to do with Federal banking(i.e. government issues...anti-money laundering limits).
https://transferwise.com/contact

StillSearching

Can you just call to your bank for your international transfer to go through?
Probably, it is not working because the amount is too high. It is a security feature protecting your account.
Smaller amount transfers will probably not work because a bank probably also has a limit for daily amount transferred. Also, don't you pay a fee for each transfer?
So, the best option is to talk to your bank.

SushiFan

I recently transferred money from a US bank (in USD) to my account at CIMB. To my disappointment I found that CIMB took 3% in the exchange rate. Checking online afterwards I noticed that they actually have a webpage where they list the exchange rates they use. Their exchange rate is 3% worse than TransferWise. I've learned my lesson and will try TransferWise, or a similar company, in the future.
https://www.cimbbank.com.my/en/perso...&n=forex-rates

ChrisC1955

Epicurious

In the case of Maybank I guess they are assuming you have a LTSVP on account of being married to a Malaysian, in which case she/he would be your joint account holder. In any case, I heard they have a 200K minimum for new foreigner accounts now.
CIMB - try a different branch and get a different answer. MM2H holders can definitely open an account - don't see why you should be treated any differently.