Remittance to Singaporean's bank account in Malaysia only RM10k max?

[sgcount]

Hi guys,

I went to a remittance company and wanted to remit RM to my Malaysian bank account.

However, I was told as a Singaporean, my limit is only RM10k a week! According to him, it's the rule of Malaysian banks. My amount is more than RM10k.

I went to another remittance company and was told there is no limit on the amount I can remit.

I'm confused now... :( Is there really such a limit?

Appreciate any advice or help from you all. Thanks.

 

[FHBH12]

Hi guys,

I went to a remittance company and wanted to remit RM to my Malaysian bank account.

However, I was told as a Singaporean, my limit is only RM10k a week! According to him, it's the rule of Malaysian banks. My amount is more than RM10k.

I went to another remittance company and was told there is no limit on the amount I can remit.

I'm confused now... :( Is there really such a limit?

Appreciate any advice or help from you all. Thanks.

If you remit more than $10k, some remittance companies can help you to remit over a few days to overcome the $10k limit.

Alternatively you can use Internet banking to remit yourself. To set up Internet banking, you can just contact your bank to send you the online banking token and follow the instructions on the token package to pair it to your bank account, and you are good to go.

E.g. https://www.dbs.com.sg/ibanking/help/dbs-malaysia-remit.html

 

[sgcount]

If you remit more than $10k, some remittance companies can help you to remit over a few days to overcome the $10k limit.

Alternatively you can use Internet banking to remit yourself. To set up Internet banking, you can just contact your bank to send you the online banking token and follow the instructions on the token package to pair it to your bank account, and you are good to go.

E.g. https://www.dbs.com.sg/ibanking/help/dbs-malaysia-remit.html

Thanks FHBH12 for your kind advice.

But at only RM10k a week limit, I'm not sure if the remittance company can spread it out a few days. The amount is quite huge, like RM80k.

If I have a DBS Singapore account, do I still need to apply any extra feature to transfer the money to my Malaysian account? I hope the bank can give good exchange rate.

I just did a search and realize can also do bank TT, but the service charge is like 0.125% of amount and again, not sure if their exchange rate is as good as or close to remittance company.

 

[toyohon]

Thanks FHBH12 for your kind advice.

But at only RM10k a week limit, I'm not sure if the remittance company can spread it out a few days. The amount is quite huge, like RM80k.

If I have a DBS Singapore account, do I still need to apply any extra feature to transfer the money to my Malaysian account? I hope the bank can give good exchange rate.

I just did a search and realize can also do bank TT, but the service charge is like 0.125% of amount and again, not sure if their exchange rate is as good as or close to remittance company.

Usually not as good as moneychangers but hassle free and safe. No extras but DBS transfers are free only till end of the year, as advertised.

 

[FHBH12]

Thanks FHBH12 for your kind advice.

But at only RM10k a week limit, I'm not sure if the remittance company can spread it out a few days. The amount is quite huge, like RM80k.

If I have a DBS Singapore account, do I still need to apply any extra feature to transfer the money to my Malaysian account? I hope the bank can give good exchange rate.

I just did a search and realize can also do bank TT, but the service charge is like 0.125% of amount and again, not sure if their exchange rate is as good as or close to remittance company.

You pay for the remittance service so just let the company sort out the problems themselves.

Currently DBS is having promotion until the end of this month with no TT fees.

The ability to time the more favourable exchange rate is the key advantage of online TT over remittance company, where you have to prepare the cheque and physically visit and accept whatever rate is quoted.

 

[bakkuttay]

actually is rm10k/day/account.

eg:- if you have saving n fixed deposit = 2 accounts. therefore can deposit rm20k total

this is personal otc experience.

 

[xebay11]

Bring in cash and deposit in Malaysia bank account

 

[sgcount]

Thanks a lot guys. I appreciate all the good input.

I think I will look at the DBS TT first.

xebay11: Did consider this. But at about RM80k, feel really uncomfortable to be walking around with the cash.

 

[yinyang]

There are forex controls in remitting ringgit (by non-residents).
As non-resident, you can only transfer foreign currency into Msia.
So effectively, you are SELLING your SGD to buy MYR (or converting in Msia).
As opposed to BUYING ringgit here (as with physical hand carry).

It's all about (cost of) changing money, or the spread buy/sell

 

[xebay11]

Thanks a lot guys. I appreciate all the good input.

I think I will look at the DBS TT first.

xebay11: Did consider this. But at about RM80k, feel really uncomfortable to be walking around with the cash.

Yep if not comfortable, don't risk.

 

[bakkuttay]

Thanks a lot guys. I appreciate all the good input.

I think I will look at the DBS TT first.

becareful of being landed in holland, excess of us$10k or equivalent cash need to be declared in malaysia.

 

[angmokio]

May I suggest and help out on this.

Bring your cash over to Johor and change at 2nd floor, Komtar as they offered most of the time good rates. Shop name JB Central Trading and they are big players as they have about 5 shops in Johor.
You may wish to whatsapp her before going down.
After that, deposit into UOB, OCBC as they offered 4.2/4.5% fixed deposit rates (10k myr per day) or Hong Leong Bank at Bukit Indah no limit on fixed deposit (not sure about jalan wong ah fook). Reason maybe UOB, OCBC are not local banks.
Maybe a good time to change sometime in Jan, Feb 2016 as was told fixed deposit maybe at 5% and above.
hoped it helps

 

[Organic]

You may want to deposit directly into your loan account as there's no limit thru money changer. I've loan with OCBC btw.

 

[sgcount]

You may want to deposit directly into your loan account as there's no limit thru money changer. I've loan with OCBC btw.

That was what I tried to do. But the remittance company outright rejected because I am a Singaporean. He said it's not about the account. It's the account holder's nationality.

Could you please share with me which remittance company/money changer you went to? Thank you.

 

[Tekkun]

That was what I tried to do. But the remittance company outright rejected because I am a Singaporean. He said it's not about the account. It's the account holder's nationality.

Could you please share with me which remittance company/money changer you went to? Thank you.

UOB Wealth Banking might help you.

 

[sgcount]

I have finally TT money from POSB to my account in Malaysia.

But when I checked, the amount is still not in the Malaysian bank account. I called POSB and they told me it is usually immediate or at most a day. Mine is slightly more than a day.

Anyone knows generally how long it will take for the money to get deposited over to the other side?

The POSB website doesn't allow special characters like brackets () but my name has that on the Malaysian account. I excluded that. Hope it's ok...

Thanks.

 

[FHBH12]

I have finally TT money from POSB to my account in Malaysia.

But when I checked, the amount is still not in the Malaysian bank account. I called POSB and they told me it is usually immediate or at most a day. Mine is slightly more than a day.

Anyone knows generally how long it will take for the money to get deposited over to the other side?

The POSB website doesn't allow special characters like brackets () but my name has that on the Malaysian account. I excluded that. Hope it's ok...

Thanks.

About half a day to clear.

 

[Tekkun]

You r lucky to get it 1/2 day. It all depends if you transfer straight from yr account or you used a cheque. Then you need for the cheque to clear. Sometimes remitting bank do not hv direct transfer corresponding bank and hv to go through third party bank. That take time.

 

[sgcount]

Ok thanks guys. It's an online transfer I did yesterday morning. From POSB account to Malaysian bank account. Shouldn't be so long delay right?

Not sure who to call to check at Malaysia side. Think will call them if I don't see the money by this afternoon.

 

[FHBH12]

Ok thanks guys. It's an online transfer I did yesterday morning. From POSB account to Malaysian bank account. Shouldn't be so long delay right?

Not sure who to call to check at Malaysia side. Think will call them if I don't see the money by this afternoon.

Most Malaysia banks should have online banking too. You can call them to verify if you have not applied for online banking. Let the fingers do the walking.