Any advantage to have Msian bank account/chequebook compared to TT money?

[sgcount]

Hi,

Hope the experienced members here can kindly advise:

I understand some of you (non-Malaysians) opened a Malaysian bank account with chequebook and use it to make progressive payments for your Malaysian properties.

But is there any advantage compared to TT your money over to Malaysia?

I opened an account last year thinking that it would be useful for payment purposes. Later, I realized TT the money over gets the job done easily also. Moreover, Malaysia banks now charge for every cheque issued.

One thing I feel very significant is that, throughout the past few years, the Malaysian Ringgit has become gradually weaker. So just when I thought the Ringgit I deposited was at a good exchange rate back then, I am actually losing money now due to the weaker currency. (The bank interest earned may not cover the loss from currency exchange.)

Thanks in advance for your advice!

 

[kawan2sgmy]

I opened a/c with one of their local banks:
savings - tenant bank in cheque
current - for cheque issuance - pay maintenance charges, and all other misc fees/charges
internet banking - transfer money, place fd, pay Tenaga bills, etc
TT from Sg - only when necessary esp big amts
For convenience, need to have all the above

 

[sgcount]

oh i see! thanks for sharing.

This makes sense cos you are already renting and need to make small payments.

I think I opened a current a/c with cheque too early. thinking of whether to close it now as losing money actually.

 

[cow138]

Good thread.. Should make it sticky..
Good info and advice.