Best Multi-Currency Accounts in Malaysia
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- เผยแพร่เมื่อ 17 พ.ค. 2024
- Find out the best multi-currency account in Malaysia! 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mk...
🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mk...
🔵 𝗚𝗲𝘁 𝗙𝗥𝗘𝗘 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘄𝗶𝘁𝗵 𝗪𝗶𝘀𝗲 ➡️ wise.com/invite/u/weif84
🔵 How to open a Wise account ➡️ • WISE Multi Currency Ac...
⬇️ Timestamps:
0:00 → Introduction
0:33 → Wise
3:17 → RHB Multi-Currency Account
6:24 → HSBC Everyday Global Account
8:38 → Maybank Master Foreign Currency Account
10:42 → Paypal
12:20 → Hong Leong Pay&Save Account
14:20 → Conclusion
We compare six leading options by their features, fees, requirements, and special perks to help you make an informed decision!
WISE:
WISE stands out with its transparent fees and mid-market exchange rates. Key highlights include low conversion fees (0.4-0.7%), no transaction fees, and convenient features like a prepaid VISA card and a virtual card option! Having said that, it does have daily transaction and maximum holding limits.
RHB Multi-Currency Account:
RHB requires an initial Ringgit account and offers a high-interest savings option. Fees include a one-time debit card charge and potential annual fees, with zero conversion and transaction fees under certain conditions. However, it does have a currency conversion spread, with additional charges for outward telegraphic transfers.
HSBC Everyday Global Account:
HSBC's account covers 11 currencies - appealing for its minimal fees, free debit card, no account opening or annual fees, and no conversion fees for supported currencies. However, charges apply for unsupported currencies.
Maybank Master Foreign Currency Account:
Primarily an online savings account, it offers transactions in 16 currencies but lacks a debit card. With free account opening and no annual fees, it still has undisclosed conversion and ATM withdrawal fees. However, a notable initial deposit is required.
PayPal:
PayPal suits international business transactions but has a higher fee structure, with conversion fees around 3.5-4.0%. It's free to set up an account and make bank transfers, but international payments incur charges. Despite its costs, PayPal remains a favorite for its convenience and integration with e-commerce platforms.
Hong Leong Pay&Save Account:
This account offers transactions in 12 currencies with a debit card for a nominal annual fee. Its conversion rates are competitive, with standard ATM withdrawal fees. The account requires a modest initial deposit and maintains a low minimum balance!
Choose the one that aligns best with your financial needs and preferences!
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Wise
RHB Bank
HSBC
Maybank
Paypal
Hong Leong Bank
Multi-currency account
Store foreign currency
USD
MYR
#MultiCurrencyAccounts #MalaysiaFinance #WiseAccount #RHBbanking #HSBCGlobal #MaybankSavings #PayPalBusiness #HongLeongBank #CurrencyExchange #FinancialTips #OverseasSavings #TravelFinance #DigitalBanking #MoneyTransfer #ForexSavings #ExpatsInMalaysia #FinancialPlanning #InvestmentTips
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Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
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With you all the way .. the intel is much appreciated .. keep it going
Great video. One question, i can assume any multi-currency account in malaysia can be used as an account for interactive brokers trader account, right?
Many thanks for the detailed analysis and comparison! Even though I only need Wise but I appreciate the information about the alternatives.
Yayyyy glad you liked our research!
Just wanna say i really enjoy your vids whenever i watch them. The info, the edit, the explanation, everything you do makes the video very easy for viewers to understand even if they have very basic knowledge of finance & banking. Plus it really helps that you focus a lot on the Malaysian financial industry and also adding in bits of international finance too. Keep it up! 💪
Glad you like them! That's exactly my goal ❤️ to help more Malaysians to make informed financial decisions, and maybe expanding their investment beyond the borders of Malaysia!
Would you compare trading accounts that cover both domestic and international stocks in the same way?
So hong leong and Rhb conversion rate which one better ya as i want to convert usd to myr. As hsbc is sucked , and my funding company paying me through bank transfer so i cannot choose wise.
Ziet , do you know about Rhb bank USD call deposit interest rate ? And how does it work ?
Perfect timing, Ziet. I recently opened a Wise account because of my family want to transfer money and don’t want to deal with the bank fee. Good to know other banks have foreign currency savings account too
Glad you liked it!! Hopefully Wise can handle all of your needs😁
@@ZietInvests Hi Ziet, on wise I found it very convenient too, but unfortunately I recently realised I’m unable to use wise for my usd withdrawal on moomoo app to wise, and ended up incurring hefty conversion charges when I withdrew to my conventional mbb savings acc recently!
Moving forward, should I be looking at other options as you noted here in your video as better solutions? Thanks!
Hello may i ask.. i already have RHB multi currency card and how should i activate it before going overseas?
if i hold usd in wise is any fee availabale ?
Great sharing and tips on foreign currency account in Malaysia for viewers. Wise is probably the best as I have one since I travelled a lot and Wise multi foreign currency accounts allow you seamless payment without surprises. You can link your Wise to your Malaysia bank accounts for easy and instant transfer at market rate. With Wise you can dump the Banks that charge ridiculous fees and sucked exchange rate spreads and other surprises on your foreign currency needs.
Good to know there are options for a multi-currency account with higher balance.
Also, about Wise business account, do you have any experience? I'm interested to know if is it a good idea to have the Wise business account to have a higher balance or not.
Anyway thanks for the video.
Woohooo glad you liked it! As for Wise Business, I've set that up but never used it for my business thus far; so far the personal balance is more than enough for my use cases
hi Ziet wanna know if we Malaysian can top up our wise account thru credit card? i see there's only 2 option for now which is FPX and bank transfer
hi, cannot topup through credit card ya, yes only fpx and bank transfer due to their limited license here in malaysia
In your comparison table 14:22 , you've stated the Paypal has a debit card.
Do we have Paypal debit card available in Malaysia? I think only in US.
Ahh yes, thanks for pointing that out! You're right, the PayPal Debit Card is only available for US residents 🥲🥲🥲
Hai brother, waiting for your content about GX Bank in Malaysia.
Thank you so much for being so thoughtful!
Very good video, thank you, wuestion, where can I get the excel comparison?
Thank you suckling; at this moment I haven't plan to upload the excel comparison yet :x maybe next time!
Pro and con about annual fee and service monthly charge
Rhb and hong leong bank has service charge if account has 0 balance and has annual fee
Wise and Hsbc has zero service charge if account 0 balance and no annual fee
Ziet, have you heard of Payoner? What you think of it?
Hi Stan! As far as i know their multi-currency accounts are mostly used for businesses to pay their wages internationally, though not much from the retail front, maybe not the cheapest on that end
I still use Wise because of the minimal fees to xfer funds abroad for education. Just do it bit by bit with the max limit of 20K. The 20K is due to Bank Negara control. The exchange rates win it all!
Yes! Glad you're having a blast with it 🔥
I got an adsense setup directly to my maybank account. As they’re paying in USD, will it be better to open a multi currency account or leave it as it is?
I personally leave it as it is, because the verification takes a long time, so better just let it roll with the current bank if it's already established!
After I took lessons in options, I am trying to sell call options against the stocks that I own, but I cannot do that because Interactive Brokers did not give me the license to trade options. How do you get this license from Interactive Brokers?
Apply for options trading permissions! You can reach there by typing "Trading Permissions"
Is there an account where we can deposit or transfer foreign currencies into the multi-currency account itself?
If we would like to have the salary credited into wise account directly and let’s say the amount is more than RM20K, how does the wise account responds to that? Is there any buffer time for us to do the necessary transfer to keep the balance below RM20K?
"Malaysian residents can hold no more than 20,000 MYR in their account by the end of each day."
Although I've nvr tried it myself, I'd think you're safe as long as you keep the balance within RM 20K by the end of the day.
Can watch my Wise video here too if you'd like to get a card from Wise, cheers!
th-cam.com/video/8-2kIL1V5zs/w-d-xo.html
Alright thanks for the update. Will watch your video on the Wise as well. Thanks man 👍🏼
Does Wise foreign currency balances earn interest? 😊
For now only eligible US customers earn interest :((
Thanks!
Woahhhhh too kind leh you all, thank you so much🙏🏻🙏🏻
can you help us to look into the feature such as Fixed Deposit in foreign currency on their interest rate return?
Woah that one actually quite straight forward coz their rates are...let's just say you would barely stay on top of inflation after the banks take the cuts! (not really worth it, but ok, will look into it to do it justice!) - hopefully im wrong!
Because I keep my emergency fund in USD and not in MYR. 😅
@@ZietInvests Make sure to include CIMB in that video...
@ZietInvests looking forward on this 1 too
I accepting commission around the world. PayPal is definitely most convenient. Almost everyone around world able pay me in a lot of currency. I can’t find a better platform.
Kind of off topic tho.
Not off topic at all - in fact it was mentioned in the video too! Glad to know Paypal works best for your use case😄
Im with hsbc amanah. Not too bad 👍
wooo thanks for sharing!
@@ZietInvestsYou could also link local and foreign FD deposit accounts as well as unit trusts. So it's great! 👍
Is this the 600GB one?
Nope!😂 that one to be uploaded next Wednesday haha
Can make video wise vs instarem? 😂
i dont use instarem tho :x maybe one day!
Setiap kali deposit 250 ke?
nak deposit brp pn boleh
Which is your favourite multi-currency account? Let us know below!
Ziet we know that Bond ETF will be tax for dividend payout 30%. What about US individual treasury bills, notes or Bond. We will pay tax or not for the interest we gain from the individual Bond because we are resident alien
Ziet another question. What is IBKR account type, Direct Account or Nominee Account. I know if Nominee Account dividend will credit to broker trust account, what about Direct Account how dividend were pay.
Hsbc rate is suck
So i heard! 2-3% margin?
Yes, throughout 2023, HSBC's forex rates have been the worst, a significant change from their previously favorable rates before 2023, whereas RHB has consistently offered the best rates.
Is Hong Leong bank vs Rhb which one is good ya
This is useful, I'm receiving money from upwork to malaysia locak bank at significantly lower than real fx usdmyr rate, less money for me.
Nice! Hope this saved you extra money!
Wise vs Hong Leong Pay n Save vs HSBC Everyday Global (I hope this helps someone!):
Best conversion rates:
1. Wise to convert from foreign currency into MYR.
2. Hong Leong to convert from MYR into foreign currency. (Great to do forex trading lite lol. The interest in this account is another great bonus!)
Worse conversion rate:
HSBC. Unequivocably the worst, no contest.
You also have to go to the branch to open the account. Takes 45+ mins. And you need to show proof of income, and sign a bunch of documents.
Great info!! Love it👻👻👻