Best Multi-Currency Accounts in Malaysia

[@benjaminsway1982]

With you all the way .. the intel is much appreciated .. keep it going

[@Myvi95]

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

[@ZietInvests]

Glad you liked it!! Hopefully Wise can handle all of your needs😁

[@sher_241]

@@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!

[@yeesunher6278]

Many thanks for the detailed analysis and comparison! Even though I only need Wise but I appreciate the information about the alternatives.

[@ZietInvests]

Yayyyy glad you liked our research!

[@sooklingyap80]

Very good video, thank you, wuestion, where can I get the excel comparison?

[@ZietInvests]

Thank you suckling; at this moment I haven't plan to upload the excel comparison yet :x maybe next time!

[@rayceeepeng7926]

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.

[@jwm2568]

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?

[@OMG996]

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! 💪

[@ZietInvests]

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!

[@kubeyran]

Hai brother, waiting for your content about GX Bank in Malaysia.

[@ZietInvests]

Thank you so much for being so thoughtful!

[@ilmudunia3142]

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.

[@ZietInvests]

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

[@クチクサイカラシャベルな]

Hello may i ask.. i already have RHB multi currency card and how should i activate it before going overseas?

[@michel_witty]

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!

[@ZietInvests]

Yes! Glad you're having a blast with it 🔥

[@jaylee7871]

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.

[@deebaanbascaran]

How to save foreign currency in wise ?

[@GhibliRacing]

Would you compare trading accounts that cover both domestic and international stocks in the same way?

[@oOoMrZzoOo1990]

Ziet , do you know about Rhb bank USD call deposit interest rate ? And how does it work ?

[@xcalypsostudios]

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

[@ShanksComparisons7394]

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?

[@ZietInvests]

Apply for options trading permissions! You can reach there by typing "Trading Permissions"

[@IshaqDanial]

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?

[@ZietInvests]

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!

[@arvinkumar4050]

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?

[@ZietInvests]

"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! kzbin.info/www/bejne/bl6VnHyCZrtosNU

[@arvinkumar4050]

Alright thanks for the update. Will watch your video on the Wise as well. Thanks man 👍🏼

[@wongsk3113]

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

[@ZietInvests]

hi, cannot topup through credit card ya, yes only fpx and bank transfer due to their limited license here in malaysia

[@sambrucejoseph]

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.

[@ZietInvests]

Ahh yes, thanks for pointing that out! You're right, the PayPal Debit Card is only available for US residents 🥲🥲🥲

[@SKC-tu3ld]

Does Wise foreign currency balances earn interest? 😊

[@ZietInvests]

For now only eligible US customers earn interest :((

[@asusamjad]

if i hold usd in wise is any fee availabale ?

[@northstar_8827]

For me I prefer Malaysia bank that gives me convenient plus safe and also less worries.

[@ZietInvests]

That’s a solid choice! Local banks do offer convenience and peace of mind.

[@wmokk]

Is there an account where we can deposit or transfer foreign currencies into the multi-currency account itself?

[@stanlee6436]

Ziet, have you heard of Payoner? What you think of it?

[@ZietInvests]

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

[@SaadonAksah]

Im with hsbc amanah. Not too bad 👍

[@ZietInvests]

wooo thanks for sharing!

[@SaadonAksah]

​​@@ZietInvestsYou could also link local and foreign FD deposit accounts as well as unit trusts. So it's great! 👍

[@alexong1896]

Can make video wise vs instarem? 😂

[@ZietInvests]

i dont use instarem tho :x maybe one day!

[@sarahsamsuri6628]

Setiap kali deposit 250 ke?

[@ZietInvests]

nak deposit brp pn boleh

[@stineldo]

Is this the 600GB one?

[@ZietInvests]

Nope!😂 that one to be uploaded next Wednesday haha

[@fluviusy2404]

can you help us to look into the feature such as Fixed Deposit in foreign currency on their interest rate return?

[@ZietInvests]

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!

[@fluviusy2404]

Because I keep my emergency fund in USD and not in MYR. 😅

[@OutSider5112K]

​@@ZietInvests Make sure to include CIMB in that video...

[@CastielSem]

@ZietInvests looking forward on this 1 too

[@PalataoArmy]

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.

[@ZietInvests]

Nice! Hope this saved you extra money!

[@Flowey-THEflower]

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.

[@ZietInvests]

Not off topic at all - in fact it was mentioned in the video too! Glad to know Paypal works best for your use case😄

[@rodneyfcm]

Thanks!

[@ZietInvests]

Woahhhhh too kind leh you all, thank you so much🙏🏻🙏🏻

[@bappe5028]

Hsbc rate is suck

[@ZietInvests]

So i heard! 2-3% margin?

[@XOKP]

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.

[@jaylee7871]

Is Hong Leong bank vs Rhb which one is good ya

[@ZietInvests]

Which is your favourite multi-currency account? Let us know below!

[@muhammadkhairunizarfarizar9489]

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

[@muhammadkhairunizarfarizar9489]

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.

[@christinanaidu4127]

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.

[@ZietInvests]

Great info!! Love it👻👻👻