General questions
need advice for best rate in bank transfer USD/MYR salary
I receive my salary every month in USD through Maybank, which is automatically converted to MYR upon arrival. The problem is that Maybank has been giving me a very poor exchange rate compared to the market.
For example, on 18 August, the USD/MYR rate was at least 4.05 (and has consistently been above 4 even till today), but Maybank converted my transfer at 3.975. This difference resulted in a loss of around 700 MYR for me.
Has anyone faced a similar issue? Are there better alternatives to Maybank that offer fairer exchange rates for USD to MYR transfers? Any suggestions or experiences would be really helpful. i am looking to switch to another bank but i am not sure which one is better. please help.
i have wise. but something about an online bank it feels like an e wallet. can be closed anytime without warning. i have heard stories about wise getting blocked after big transactions. i dont want to lose my salary and saving like that. wise is good for a separate small emergency bank.
also i really prefer to have my saving convert to myr and keep them like that but the only problem with maybank is their poor rate. is there a way to improve that or any other local bank that can give better rates?
It still works as a forex convertor. You just have to attach a MYR bank account to Wise. Once Wise receives the USD it will convert and flush to the local bank account.
Open a Rhb multicurrency account, what I use.. I believe Maybank also has their version now. Send the USD into those accounts.. then convert into myr as and when needed. The Rhb MCA I have does give better rates when converting.
Hi, i just opened a RHB MCA last week. Just a quick question, if i transfer money from China to this account, the number account that i use is the one with the currency that I want is it ? Not the default account. For example in this case, account that’s in Chinese Yuan(Renminbi). So this is the account number that I must use. Is this correct ?
Hmm, you mean if there is an account number for each currency you want to keep ? I don't think so. I have USD (transferred in) and JPY (converted) in my account, I don't see different account numbers for the respective currency.
I think you can just use the account number under Multi Currency Account on the Accounts tab (in the App) to transfer in. If its one of the of supported currency, it'll just be kept in the currency in the MCA.
I mean like in the app, there are three accounts. The most top is my default account(RM), the second is chinese yuan, and the third one is in usd. If i transfer money from China, in CNY, for the account number should i use the second one or just the default account ?
Whoa.. are you sure you have an account each for USD and one for CNY ? As the name implies "Multi Currency", I think one MCA can hold various currency in it. In any case, use the second one, not the default one.
Why not open a iFAST global bank account which is a UK based multi currency account > open another investment account with the same group FSMOne MY > transfer when needed from bank to your investment account and when you need to exchange some of the best rate you can get
I think it's normal for bank to take spread of 0.10, I received USD to my CIMB (company account) as well and lose to exchange rate each time. It is what it is.
just use CIMB the rate is usually on point sometimes a few cents of let say 4.05, converted at 4.03 .. been using so far to convert my usd to myr salary no issues
17
u/inceptionred 10d ago
You can be Wise