Opening a Bank Account in Kuala Lumpur
#151
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Joined: Oct 2014
Location: Penang
Posts: 618
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/
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/
#152
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Joined: Jan 2017
Location: Kuching, Sarawak
Posts: 674
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.
#153
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Joined: Jan 2017
Location: Kuching, Sarawak
Posts: 674
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/
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 $2.5million in an account to reach that.
#154
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Joined: Mar 2011
Posts: 1,274
Re: Opening a Bank Account in Kuala Lumpur
So you want to first establish a non-Fixed Deposit account (to bring in your US$ @$40k) THEN withdraw that money in US$ 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.
#155
Forum Regular
Joined: Dec 2016
Posts: 188
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.
#156
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Joined: Mar 2011
Posts: 1,274
Re: Opening a Bank Account in Kuala Lumpur
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.
#157
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Joined: Dec 2016
Posts: 188
Re: Opening a Bank Account in Kuala Lumpur
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).
#158
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Joined: Mar 2011
Posts: 1,274
Re: Opening a Bank Account in Kuala Lumpur
Ok, so now buy price on coinbase is $11281. Sell price on coins.my is MYR44473. So would be rate USDMY 3.9422. But some fees on coins.my end (not sure how much) and the bitcoin transfer fee (will vary).
So it's definitely not a fixed rate, but could turn out quite good. Especially if you keep some bitcoin to act as "buffer", so you could sell in Malaysia at the same time as you buy in US (or other exchange).
So it's definitely not a fixed rate, but could turn out quite good. Especially if you keep some bitcoin to act as "buffer", so you could sell in Malaysia at the same time as you buy in US (or other exchange).
That's my point...the devil is in those details and it's the same with many other forex traders. That's why I prefer TransferWise...it is a guaranteed net amount when you click 'send'.
#159
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Joined: Dec 2016
Posts: 188
Re: Opening a Bank Account in Kuala Lumpur
Yes, however with bitcoin there is a possibility to get better than interbank rates, because of the difference in Bitcoin prices between markeds.
#162
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Joined: Oct 2014
Location: Penang
Posts: 618
Re: Opening a Bank Account in Kuala Lumpur
From post 152:
''So you want to first establish a non-Fixed Deposit account (to bring in your US$ @$40k) THEN withdraw that money in US$ 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
''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
#163
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Joined: Mar 2011
Posts: 1,274
Re: Opening a Bank Account in Kuala Lumpur
Come on stepen lets face it.....your bitcoin idea to do forex is ridiculous unless you're money-laundering.
#164
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Joined: Aug 2015
Location: Penang
Posts: 959
Re: Opening a Bank Account in Kuala Lumpur
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.
#165
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Joined: Oct 2015
Posts: 464
Re: Opening a Bank Account in Kuala Lumpur
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.