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-   -   Opening a Bank Account in Kuala Lumpur (https://britishexpats.com/forum/retirement-mm2h-205/opening-bank-account-kuala-lumpur-899598/)

Gunnar45 Mar 3rd 2018 1:05 am

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/

RedApe Mar 3rd 2018 1:10 am

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.

RedApe Mar 3rd 2018 3:22 am

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/

Yes the definition of a "US Person" who must report foreign bank and investment holdings for tax purposes is quite broad. It's not simply a US Citizen. But I understand that these reporting requirements are now becoming widespread internationally. The US began it, other nations are now implementing it as well.

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.

Davita Mar 3rd 2018 3:22 am

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.

A very good point. That's why I use TransferWise...you know exactly how much will net into the account before sending. I've done it many times, in many different currencies, and it always worked... often ahead of their predicted time for the deposit to appear.

stepen Mar 3rd 2018 3:23 am

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.

Davita Mar 3rd 2018 5:11 am

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.

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.

stepen Mar 3rd 2018 5:24 am

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.

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).

Davita Mar 3rd 2018 5:50 am

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).

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'.

stepen Mar 3rd 2018 5:58 am

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'.

Yes, however with bitcoin there is a possibility to get better than interbank rates, because of the difference in Bitcoin prices between markeds.

Davita Mar 3rd 2018 6:40 am

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.

Or Worse

stepen Mar 3rd 2018 6:51 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Davita (Post 12455010)
Or Worse

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.

Gunnar45 Mar 3rd 2018 7:35 am

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

Davita Mar 3rd 2018 7:43 am

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.

So what is that buffer...a bitcoin you bought for US$20,000 and now trying to sell for US$11,500?

Come on stepen lets face it.....your bitcoin idea to do forex is ridiculous unless you're money-laundering.

SushiFan Mar 3rd 2018 8:42 am

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.

I don't think that the Malaysian bank cares much about your Canadian passport, or the shared Commonwealth identity. My guess is that they fear more the US penalties they may face if they make a mistake in handling you as a customer, given the fact that you have clearly a relationship with the US tax authorities. And thus that the bank may face obligations to hand over certain information pertaining to you to those US tax authorities.

eCdD Mar 3rd 2018 8:43 am

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

Yes, Malaysian banks will not do any cash transactions with foreign currencies. Expect moneychanging with extremely shitty rates. You can have a USD or EUR account but cannot withdraw in cash.


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