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Remittance to Singaporean's bank account in Malaysia only RM10k max?

FHBH12

Alfrescian
Loyal
You r lucky to get it 1/2 day. It all depends if you transfer straight from yr account or you used a cheque. Then you need for the cheque to clear. Sometimes remitting bank do not hv direct transfer corresponding bank and hv to go through third party bank. That take time.

TT is supposed to be from the comfort of your chair. Why still bother to send cheque at the branch :confused: It is just a few hours from my experience but I stated half a day as a buffer.
 

Tekkun

Alfrescian
Loyal
TT is supposed to be from the comfort of your chair. Why still bother to send cheque at the branch :confused: It is just a few hours from my experience but I stated half a day as a buffer.

Malaysian banks are not as open and well connected as Singaporean banks. Some of them do have to go through 3rd party banks or some TT can only be done through their HQ. You may had submitted and got the printout but it actually go through at the end of the day. HSBC is notorious for this even it is Premier to another Premier account. I do not have problems with my Spore account as I use UOB Wealth from my KL account. But I do encounter delays when sending money to Taiwan which is routed through Bank of New York.
 

sgcount

Alfrescian
Loyal
Most Malaysia banks should have online banking too. You can call them to verify if you have not applied for online banking. Let the fingers do the walking.

Yes, I have online banking.

For some weird reasons, their phone lines are always down in the afternoon. Will call tmr morning to check.
 

shctaw

Alfrescian (Inf)
Asset
My preferred way if amount more than RM100,000.

I have open a UOB Malaysia privilege banking account at City Sq branch in JB.

I will issue a UOB Singapore Dollar cheque to the UOB Malaysia privilege banking officer and write them a instruction letter.

After the cheque is cleared, they will call me to covert to ringgit.

No limit.

Pro:
Access account online.
Place FD online.
They issue me a debit card and ATM card. I can withdraw cash in Ringgit up to any amount I have in my account. No daily limit if I withdraw over the counter.

Con
Rate not most favourable. (at least no one will disappear with you hard earn cash)
 
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gooddebt

Alfrescian
Loyal
My preferred way if amount more than RM100,000.

I have open a UOB Malaysia privilege banking account at City Sq branch in JB.

I will issue a UOB Singapore Dollar cheque to the UOB Malaysia privilege banking officer and write them a instruction letter.

After the cheque is cleared, they will call me to covert to ringgit.

No limit.

Pro:
Access account online.
Place FD online.
They issue me a debit card and ATM card. I can withdraw cash in Ringgit up to any amount I have in my account. No daily limit if I withdraw over the counter.

Con
Rate not most favourable. (at least no one will disappear with you hard earn cash)
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pslim

Alfrescian
Loyal
May I suggest and help out on this.

Bring your cash over to Johor and change at 2nd floor, Komtar as they offered most of the time good rates. Shop name JB Central Trading and they are big players as they have about 5 shops in Johor.
You may wish to whatsapp her before going down.
After that, deposit into UOB, OCBC as they offered 4.2/4.5% fixed deposit rates (10k myr per day) or Hong Leong Bank at Bukit Indah no limit on fixed deposit (not sure about jalan wong ah fook). Reason maybe UOB, OCBC are not local banks.
Maybe a good time to change sometime in Jan, Feb 2016 as was told fixed deposit maybe at 5% and above.
hoped it helps

Hi,
Anyone know the current fd rates at uob Jb? or any bank with higher rates?.

thanks
 

Tekkun

Alfrescian
Loyal
Hi,
Anyone know the current fd rates at uob Jb? or any bank with higher rates?.

thanks

Hong Leong - 4.2% (3 mths)
Alliance - 4.35 (9 mths)
Maybank - 4.2 (12 mths)
CIMB - 4.2% (12 mths)
HSBC - 3.3%
UOB - 4.18 (10 mths)

But these are rates last month. You got to check again this month.
 

snowbird

Alfrescian
Loyal
Everyone please take note that the ATMs in JB are not quite like the ATMs in SG.
Most ATMs in JB are not 24/7.
Many are "closed" or out of cash around midnight while others are usually out of cash on weekends.
 

pslim

Alfrescian
Loyal
Hong Leong - 4.2% (3 mths)
Alliance - 4.35 (9 mths)
Maybank - 4.2 (12 mths)
CIMB - 4.2% (12 mths)
HSBC - 3.3%
UOB - 4.18 (10 mths)

But these are rates last month. You got to check again this month.

btw, all the above bank, can do subsequent renewal /placement online?
 

Tekkun

Alfrescian
Loyal
btw, all the above bank, can do subsequent renewal /placement online?

I think yes. But my wife is still the old school type. Cos banks give special promotion rates at certain times of the year. So we play the merry go round placements for the highest rates. In that case, we do not use internet banking. There will be a minimum placement amount to get good rates.
 

pslim

Alfrescian
Loyal
I think yes. But my wife is still the old school type. Cos banks give special promotion rates at certain times of the year. So we play the merry go round placements for the highest rates. In that case, we do not use internet banking. There will be a minimum placement amount to get good rates.
Thanks. I visit only JB CIQ. Most of the banks have branches there. Will check them out.
 

snowbird

Alfrescian
Loyal
Some banks in SG are already offering FD @2.1% for 12mths - Maybank and Bank Of China.
As the exchange rate for RM is still quite volatile, one has to consider carefully before putting their $$$ in MY.
Assuming the rate in MY is around 4%

If left $20,000 in SG for 2.1% for 12 mths FD - interest = S$420
Principal + interest = S$20,420

In MY $20,000 = RM58,600 (1:2.93)
Interest @ 4% = RM2344.
If RM appreciate, rejoice!
But if RM dip to 1:3
Principal + Interest = 58,600+2344= 60,944 @ 1:3 = S$20,314!

So, take a risk, put your $$ in MY and hope for the best.
 
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