Showing posts with label MYR. Show all posts
Showing posts with label MYR. Show all posts

Monday, 16 May 2016

Transferwise: the best way to transfer money from overseas to Malaysia

Sometime ago I want to transfer some money from Australia to Malaysia. I researched for many companies to look for the best (cheap and effective) way. Here it is.

Trasnferwise is the best company you could possibly find for fund transfer from Australia to Malaysia (and I believe for other major currencies to MYR too). Established in the UK, Transferwise supports all major currencies and is invested by Sir RichardBranson, the founder of Virgin group. 


Advantages:

1. It uses mid-market rate. This means that your transfer rate is even better than BNM's buyer rate, i.e., the exchange rate they offer is exceptional. In contrast, traditional telegraphic transfer (TT) using banks comes with a 5-10% spread as compared to BNM forex rate.

2. Small transaction fee and no other hidden fee will be incurred. For AUD-MYR, you will be charged 0.7% of the amount you transfer. And because you do not "lose" in forex rate,  this means that the money you receive is only 0.7% less compared to the "optimal amount". I bet you can find any company doing better than this.

3. Fast and efficient. From my experience, the service is very impressive. I received the fund the next business day after they received my fund.

4. Reliable and secure. In the process of fund transfer, you will be updated at each stage about your fund status. This gives you peace of mind. You can read some review here. I am not surprised that this company receives 9.5/10 for their service. 

If you want to transfer fund from overseas to Malaysia, abandon the exorbitant fees charged by banks and start using Transferwise by registering here. Yes, I have to tell you that this is my referral link. If you signed up using this link you will have a free transfer of up to GBP 500. And if you successfully refer your friends and they have made a transfer, you will be rewarded with cash.



Wednesday, 28 October 2015

Ringgit depreciation: what will I do?

A lot of people are (discussing about) converting MYR to foreign currency. You can see this from the foreign currency account offered by some banks, e.g., Maybank and Public bank. This was what I thought a few months ago. I have a second thought now: I decided to do nothing.

Firstly, the current exchange rate is about 4.2. I believe there is really not much room left for depreciation.

Secondly, it is really too little too late to convert to foreign currency now. This should have been done before it broke 3.8.

Thirdly, I speculated that the BNM will raise the overnight policy rate in September's meeting, as a move to "save" the currency. But BNM kept the interest rate unchanged. On surface, it shows that BNM does not want to intervene the movement of MYR. On a deeper level though, perhaps they see that MYR will go back to its reasonable value after those "exogenous factors" are gone?

Finally, I can profit from the KLSE to cover the currency depreciation. :D

Now that MYR seems to stabilize around this value, which is not that bad. A possible trend is to lingering around this point for sometime before changing direction. Whatever direction it goes, MYR should still be "safe" in a few years to come.