Exchange Rates for RM

[DREAMorACTION]

Ok, got it. Thx sis!

rates not gd due to long weekends , try to change large amount after puasa ....

 

[vincentck]

if you know where taman seri orkid is, the money changer give quite good rate. their rate comparable to JB town one, if not better.

Bro, do u have the address? Can google the address and see whether the location is convenient or not. Thanks.

 

[hippoheyhey]

so far they prefer cash , depends yr msia acct is singaporean or malaysian acct ? no limits for msian accts but now they totally stop remittance for singaporean accts. u can do in parkway too .
read thru this thread , it has been discussed many many times liao .

Can anyone explain what is the difference between a Malaysia banking account that is Singapore and a Malaysia account that is Malaysia? Confused.

 

[crystal_tiong]

Can anyone explain what is the difference between a Malaysia banking account that is Singapore and a Malaysia account that is Malaysia? Confused.

singaporean open a malaysia savings/current/home acct , Raffles dont do remittance anymore
malaysian open a malaysia savings/current/home acct , Raffles can still remit.

 

[Mingchye]

So crystal where do you do your remittance now since Raffles JP cant remitt for sporeans with msian accts anymore?

 

[crystal_tiong]

So crystal where do you do your remittance now since Raffles JP cant remitt for sporeans with msian accts anymore?

i haven do any remittance after i settled my downpayment , still searching a gd one without admin fee....
some recommended parkway with SGD6k abv with no admin fee but its a bit far for me ....

 

[hippoheyhey]

singaporean open a malaysia savings/current/home acct , Raffles dont do remittance anymore
malaysian open a malaysia savings/current/home acct , Raffles can still remit.

Thanks for clarifying crystal.

BTW, anyone knows is it true that generally for SG open malaysia saving/current account link to home loan need to pay set up fee of RM500 for the bank account?
What about if malaysian open malaysia saving/current account link to loan still need to pay RM 500?

 

[crystal_tiong]

Thanks for clarifying crystal.

BTW, anyone knows is it true that generally for SG open malaysia saving/current account link to home loan need to pay set up fee of RM500 for the bank account?
What about if malaysian open malaysia saving/current account link to loan still need to pay RM 500?

nope , not all banks required set up fees ... some just need u to open with a min sum of RM300....
I was cheated by my banker to pay RM500 set up fees when i signed up the loan docs .... he didnt mention to me at all , else i would have taken another bank loan .....
so be careful before u sign up any loan package , check any other misc fees ! mine also have to pay for postage fees of RM80/yr !!!!

 

[hippoheyhey]

nope , not all banks required set up fees ... some just need u to open with a min sum of RM300....
I was cheated by my banker to pay RM500 set up fees when i signed up the loan docs .... he didnt mention to me at all , else i would have taken another bank loan .....
so be careful before u sign up any loan package , check any other misc fees ! mine also have to pay for postage fees of RM80/yr !!!!

Thanks for the tips!

 

[butadesu]

Today Raffles at JP. 2.50

 

[butadesu]

Hi all, I have some questions regarding legal fee and stamp fee.

I'm paying stamp fee of 10k+ to my developer lawyer. According to the letter is stamp fee is because I'm a foreigner.
Then my banker also charged me 10k+ for legal fee plus stamp fee.
My question is, why is my banker charging me a stamp fee??? How many stamps fee are there?

 

[Mingchye]

Hi all, I have some questions regarding legal fee and stamp fee.

I'm paying stamp fee of 10k+ to my developer lawyer. According to the letter is stamp fee is because I'm a foreigner.
Then my banker also charged me 10k+ for legal fee plus stamp fee.
My question is, why is my banker charging me a stamp fee??? How many stamps fee are there?

The term "stamp fee or duty" is a tax on legal, commercial and financial instruments e.g. transfer of property, SPA, loan agreement, tenancy agreement etc. Each of such instrument has a 'stamp duty' which is collected by the Malaysian Inland Revenue Dept. In your case, the first stamp duty is for the Foreigner consent document while the other one is probably for the Loan Agreement.

 

[butadesu]

The term "stamp fee or duty" is a tax on legal, commercial and financial instruments e.g. transfer of property, SPA, loan agreement, tenancy agreement etc. Each of such instrument has a 'stamp duty' which is collected by the Malaysian Inland Revenue Dept. In your case, the first stamp duty is for the Foreigner consent document while the other one is probably for the Loan Agreement.

oic, so thats normal?
Thanks for the info

 

[Mingchye]

Yep, it is. Stamp duty also makes that document legal and binding.

 

[RedsYNWA]

oic, so thats normal?
Thanks for the info

Stamp duty for foreigner is a must. But for legal fees associated with new properties purchase, some developers will subsidise that part. But according to a local lawyer, though it is a 'subsidy' in name, in practice, the developers will have priced the 'free legal fees' in their pricing...

 

[Investor]

The term "stamp fee or duty" is a tax on legal, commercial and financial instruments e.g. transfer of property, SPA, loan agreement, tenancy agreement etc. Each of such instrument has a 'stamp duty' which is collected by the Malaysian Inland Revenue Dept. In your case, the first stamp duty is for the Foreigner consent document while the other one is probably for the Loan Agreement.

Are u a lawyer? From the terms you used in your explanation above, you do sound like one
4 Rep Points for your sharing.

 

[butadesu]

I got my S&P lawyer to explain to me about the stamp duty.
There is this state levy (10500 + few hundreds of traveling and admin fees) paid to the S&P lawyer.
Then there is this 0.5% x loan amount + legal fee of banker (nego one) paid to the bank for loan.

 

[DREAMorACTION]

Take note there will also be transfer fee for title

I got my S&P lawyer to explain to me about the stamp duty.
There is this state levy (10500 + few hundreds of traveling and admin fees) paid to the S&P lawyer.
Then there is this 0.5% x loan amount + legal fee of banker (nego one) paid to the bank for loan.

 

[etmusic]

Hello Mingchye,

With the cheque payment, can they TT large amount of money to a Singaporean account in Malaysia? We are due for our 9% soon and also the balance 90% in 3months. Base on our amount, It will take months for them to TT RM10K per day.. Anyone tried Demand Draft in RM?

Cheers

Eddy

 

[Mingchye]

Are u a lawyer? From the terms you used in your explanation above, you do sound like one
4 Rep Points for your sharing.

Thanks, but am not a lawyer heheh

I copy and pasted some of the terms from the Msian Inland Revenue Dept website and added my interpretation/understanding of stamp duty