Re: Opening a Bank Account in Kuala Lumpur
Hello qwert,
Regarding US tax liabilities, the below might be of interest. And the MY banks ask for this in their customer questionnaires. https://1040abroad.com/faq/who-is-a-...-tax-purposes/ |
Re: Opening a Bank Account in Kuala Lumpur
So you want to first establish a non-Fixed Deposit account (to bring in your US$ @$40k) THEN withdraw that money in US$ currency and take it to a money changer to convert it to RMY? Then bring that back in to CIMB to establish your RMY Fixed Deposit account? There may very well be additional transaction fees involved in all of this (e.g. removing your regular deposit below the minimum to make it a free account) besides being dangerous security-wise. And, as you say, VITAL is only telling you what their exchange rates are...not their service charges.
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Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by Gunnar45
(Post 12454902)
Hello qwert,
Regarding US tax liabilities, the below might be of interest. And the MY banks ask for this in their customer questionnaires. https://1040abroad.com/faq/who-is-a-...-tax-purposes/ Ironically, most US holders of bank accounts are not making the amounts of income that would even require paying US taxes. The movement of US assets abroad are on accounts that are already paid for (salaries previously taxed)...and the interest (say 4.5%/annum) is not likely to reach the $110k Foreign Asset Waiver. One would have place about $2.5million in an account to reach that. |
Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by RedApe
(Post 12454907)
So you want to first establish a non-Fixed Deposit account (to bring in your US$ @$40k) THEN withdraw that money in US$ currency and take it to a money changer to convert it to RMY? Then bring that back in to CIMB to establish your RMY Fixed Deposit account? There may very well be additional transaction fees involved in all of this (e.g. removing your regular deposit below the minimum to make it a free account) besides being dangerous security-wise. And, as you say, VITAL is only telling you what their exchange rates are...not their service charges.
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Re: Opening a Bank Account in Kuala Lumpur
Have anybody tried with Bitcoin? To buy from coinbase, etc and sell on Malaysia exchange? The rates seems slight higher in Malaysia, so could effectively be the best exchange rate available.
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Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by stepen
(Post 12454968)
Have anybody tried with Bitcoin? To buy from coinbase, etc and sell on Malaysia exchange? The rates seems slight higher in Malaysia, so could effectively be the best exchange rate available.
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Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by Davita
(Post 12454987)
Why not give us an example like I did in my post # 145 yesterday where a guaranteed amount would be deposited within a stated time.
So it's definitely not a fixed rate, but could turn out quite good. Especially if you keep some bitcoin to act as "buffer", so you could sell in Malaysia at the same time as you buy in US (or other exchange). |
Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by stepen
(Post 12454988)
Ok, so now buy price on coinbase is $11281. Sell price on coins.my is MYR44473. So would be rate USDMY 3.9422. But some fees on coins.my end (not sure how much) and the bitcoin transfer fee (will vary).
So it's definitely not a fixed rate, but could turn out quite good. Especially if you keep some bitcoin to act as "buffer", so you could sell in Malaysia at the same time as you buy in US (or other exchange). That's my point...the devil is in those details and it's the same with many other forex traders. That's why I prefer TransferWise...it is a guaranteed net amount when you click 'send'. |
Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by Davita
(Post 12454995)
Re; Highlight.
That's my point...the devil is in those details and it's the same with many other forex traders. That's why I prefer TransferWise...it is a guaranteed net amount when you click 'send'. |
Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by stepen
(Post 12454997)
Yes, however with bitcoin there is a possibility to get better than interbank rates, because of the difference in Bitcoin prices between markeds.
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Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by Davita
(Post 12455010)
Or Worse
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Re: Opening a Bank Account in Kuala Lumpur
From post 152:
''So you want to first establish a non-Fixed Deposit account (to bring in your US$ @$40k) THEN withdraw that money in US$ currency and take it to a money changer to convert it to RMY?'' As far as I know, you are not allowed to withdraw forex cash from a forex account in Malaysia. In Singapore it is however possible, but at a fee. CIMB SG charges for example around 0.8%-1% for withdrawals of EUR, USD, AUD, JPY or CAD |
Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by stepen
(Post 12455013)
If you have a buffer so you can buy and sell at the same time then you would know and would only go ahead when you see what you get.
Come on stepen lets face it.....your bitcoin idea to do forex is ridiculous unless you're money-laundering. |
Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by qwert
(Post 12454459)
I am actually a Canadian citizen who had been working in US for many years until my recent retirement. Hopefully being also from Commonwealth country, I would not encounter the difficulty from Malaysian banks as US person.
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Re: Opening a Bank Account in Kuala Lumpur
Originally Posted by Gunnar45
(Post 12455033)
As far as I know, you are not allowed to withdraw forex cash from a forex account in Malaysia. In Singapore it is however possible, but at a fee. CIMB SG charges for example around 0.8%-1% for withdrawals of EUR, USD, AUD, JPY or CAD
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