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Money stuck in Malyasian bank.

iamanisland
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iamanisland Senior Member

iamanisland

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My wife has money from previous employment in Malaysia still in maylasian bank account.

What is the best thing todo with it??

She would prefere to transfer the money to a euro account somewhere and leave for when she needs euros in europe.

Is this possible??? Can thai ppl open offshore bank accounts in europe??

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iamanisland Senior Member

iamanisland

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The default is no but apart from this no bank is going to be interested in small amounts of spending money.

 

Ah so default is no. I know us falang regard about 120000 RM as pocket money but unfortunatly my wife does not.

So what to do she wishes to move the money away from RM and does not want to convert it to THB.

I cant help as I do not want that kind of pocket money appearing in my bank account.

Any helpful advice welcomed

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sas_cars Gold Member

sas_cars

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The default is no but apart from this no bank is going to be interested in small amounts of spending money.

Ah so default is no. I know us falang regard about 120000 RM as pocket money but unfortunatly my wife does not.

So what to do she wishes to move the money away from RM and does not want to convert it to THB.

I cant help as I do not want that kind of pocket money appearing in my bank account.

Any helpful advice welcomed

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Let her open a foreign currency account of her choice at this same bank where she holds the funds in RM. And then transfer the RM into the foreign currency account and hold them there. Very easy.

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davejones Gold Member

davejones

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The default is no but apart from this no bank is going to be interested in small amounts of spending money.

Ah so default is no. I know us falang regard about 120000 RM as pocket money but unfortunatly my wife does not.

So what to do she wishes to move the money away from RM and does not want to convert it to THB.

I cant help as I do not want that kind of pocket money appearing in my bank account.

Any helpful advice welcomed

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

If you don't want it in your account, then send it to mine. I have a Euro account. I'll only charge 10% handling fee.

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snake24 Silver Member

snake24

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Buy some BITCOINS, high risk/returns. Maybe a pleasant surprise next year. Look at the charts.

ROFL at bit coins do u know you can mine them too using high powered pcs with many gfx cards and you can buy some drugs from the internet silk road.

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AyG Platinum Member

AyG

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An offshore account probably won't be of much use since most of them don't come with a ready way to withdraw the money as cash - particularly when depositing such a relatively small amount of money. (In other words, she's unlikely to be able to open an account with a debit card with such a small amount of money.)

If she simply wants to avoid exposure to MYR and THB, then a foreign currency account with a Thai bank would be the obvious answer. However, when it comes to taking the money out, that can only be done after converting the money to THB AFAIK. There will therefore be a quadruple exchange rate hit (MYR to THB, THB to EUR, EUR to THB, THB to EUR), which is crazy. Personally, I'd be inclined to leave the money where it is. (Using a Malaysian bank's foreign currency account improves things, but you still have a triple exchange rate hit.)

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iamanisland Senior Member

iamanisland

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Ok. Thanks for the advice. I think her main concern is the exposure to the myr and thb. As for access dont think she is to bothered about accessing that money in any great hurry. It just you know thai ppl and there money. 1% change in any rate and they think they will lose money so panic panic.

The main concern of hers is that it is a Malaysian bank account that she has no direct access to without making a trip to kl. I forget the name of that bank for now but its a small local malay bank.

I think she should move it to somewhere more accessible even if it is another bank in Malaysia.

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davejones Gold Member

davejones

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She doesn't want to be exposed to THB or RM, but doesn't mind being exposed to EURO. Out of the frying pan and into the fire comes to mind. I shifted all my money out of the EURO. Way to scary to have my money in Euros in a Eurozone bank. Just look what happened in Cyprus. I bet they're all glad they converted their cash to Euros.

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yoshiwara Platinum Member

yoshiwara

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She doesn't want to be exposed to THB or RM, but doesn't mind being exposed to EURO. Out of the frying pan and into the fire comes to mind. I shifted all my money out of the EURO. Way to scary to have my money in Euros in a Eurozone bank. Just look what happened in Cyprus. I bet they're all glad they converted their cash to Euros.

MYR has declined ~ 10% against the euro in the last 12 months.

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davejones Gold Member

davejones

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She doesn't want to be exposed to THB or RM, but doesn't mind being exposed to EURO. Out of the frying pan and into the fire comes to mind. I shifted all my money out of the EURO. Way to scary to have my money in Euros in a Eurozone bank. Just look what happened in Cyprus. I bet they're all glad they converted their cash to Euros.

MYR has declined ~ 10% against the euro in the last 12 months.

Looks like she's trying to close the stable gate after the horse has bolted.

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iamanisland Senior Member

iamanisland

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Not really. I tend to disagree there. The protection of that money is not for the currency slide/fluctuation but for the protection of the access to that money.

Malaysia has now become a very high risk and when it comes it will come hard and when the banks start restricting the amount of cash you can remove from your account there i would rather not have an account there.

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iamanisland Senior Member

iamanisland

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She doesn't want to be exposed to THB or RM, but doesn't mind being exposed to EURO. Out of the frying pan and into the fire comes to mind. I shifted all my money out of the EURO. Way to scary to have my money in Euros in a Eurozone bank. Just look what happened in Cyprus. I bet they're all glad they converted their cash to Euros.  

Euro is fine fairly stable well as stable as any other currency is right now and like all stand alone currencies prone to fluctuations.

The euro is here too stay and will not be allowed to collapse. When the euro first entered remember the rate was around 1.89 euro to the sterling. After a few years it settled down to a happy 1.40 to 1.50. After 2008 it lost ground agian and nearly went almost 1 to 1 with the pound. Now it sits quite happy at around 1.20. Where it hurt ppl was those mainly who changed what is there life saving to euro at a time of 1.50 now at a rate of 1.20 ppl have lost if you try to convert back to sterling.

How many times in resent history have we heard buy usd its nearly 2 usd to the pound. Or everyone must go to the US on holiday just because its 2 to 1?????

And yet a few months later when the rate is back down to 1.50 avg no one mentions it anymore.

As for cyprus...

Well I wish I was living there at the time when they changed currency. Intro offer of 1.86 euro to the cyp pound!!!!! And intro rate was for the first 18 months. Many ppl made a good deal from this. I know a few expats there dealing in money exchanges for ppl. At the time if I remember think normal rate was around 1.34 to the sterling at that time.

I earnt money in chf many years ago when the rate was arouns 2 to 1 to the euro. I choose to leave it there in the bank now in the last few years I made quite a bit of money just on the exchange rates alone.

The euro is fine if you are earning euro and spending euro. Most problems seem to be coming from ppl who wish to mix sterling with euro and have done in the past. Biggest problems for brit expats still on insisting in dealing in sterling when the pound is quite a week currency for now.

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build6 Advanced Member

build6

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the larger malaysian banks ought to have the "standard" internet banking options, though for the 2-factor authentication requirements they probably won't allow Thai phone numbers.

Seriously I think if the problem is "difficulty of going to Malaysia" then having money in a Malaysian bank really isn't a good idea under any circumstance, internet banking/access or no.

I'm hearing a lot of stuff about hot money exiting Indonesia (and Thailand too? nothing makes me more worried about a country's finances than having the finance minister say there's nothing to worry about), if there's an en masse exodus... hrm, Chinese Yuan?? Currencies... there's really not many good options. Euro risk seems to have tapered off *for now*, but the problems with Spain, Italy etc. haven't quite been solved, who knows if it'll flare up again... . Gold, US$, everything is bad.

Ok. Thanks for the advice. I think her main concern is the exposure to the myr and thb. As for access dont think she is to bothered about accessing that money in any great hurry. It just you know thai ppl and there money. 1% change in any rate and they think they will lose money so panic panic.

The main concern of hers is that it is a Malaysian bank account that she has no direct access to without making a trip to kl. I forget the name of that bank for now but its a small local malay bank.

I think she should move it to somewhere more accessible even if it is another bank in Malaysia.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

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12DrinkMore Platinum Member

12DrinkMore

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However, when it comes to taking the money out, that can only be done after converting the money to THB AFAIK. There will therefore be a quadruple exchange rate hit (MYR to THB, THB to EUR, EUR to THB, THB to EUR), which is crazy. Personally, I'd be inclined to leave the money where it is. (Using a Malaysian bank's foreign currency account improves things, but you still have a triple exchange rate hit.)

MISS-INFORMATION ALERT!!!!

I do get annoyed when somebody makes an incorrect statement and then goes on to unnecessarily expound all the problems associated with it.

You can withdraw foreign exchange from a Forex account in Thailand without having to convert to THB.

However Bangkok Bank charge 2% for EUR withdrawals and also 2% for EUR cash deposits.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx

Needless to say, the first time I did this with USD (inward electronic transfer, withdrawal in cash) the cashiers all rallied around and said I could not take out physical greenbacks (1% charge for USD's), but would have to convert to THB.

One call to the manager set them right.

Edited by 12DrinkMore
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wilte Newbie

wilte

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The easiest way would be to get a so-called 'Travel Card' which allows you to hold up to 5-10 different currencies. These are no-interest cards but this is made up for by the convenience factor. I have one issued by Commbank in Australia and I keep US/AUD/EURO/THB/SGD/GBP/ and five others if I so choose depending on my needs. So your wife should get one of these cards then take all her ringits and deposit these as euros into travelcard. NO NEED FOR THAI BANKS!

See following link for more info:

http://www.finder.com.au/travel-money?utm_source=google_ppc_tmcs&utm_medium=cpc&utm_campaign=FIN+-+Travel+Money#travel-money-cards

I have attached pic of card I use.

Cheers and good luck!

post-164086-0-02485200-1378103829_thumb.

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MrWorldwide Platinum Member

MrWorldwide

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Why doesn't she just withdraw the money. Not sure why she wants to keep in in Europe.

For the poster above, not many people would regard 120,000 RM as pocket money. Isn't that about $35,000?

Somewhere around that, and I'd love to be in a position where I regarded ~35K USD as 'pocket money'. The last person I know who spent like that was Michael Jackson, and look where he ended up.

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yoshiwara Platinum Member

yoshiwara

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Why doesn't she just withdraw the money. Not sure why she wants to keep in in Europe.

For the poster above, not many people would regard 120,000 RM as pocket money. Isn't that about $35,000?

Somewhere around that, and I'd love to be in a position where I regarded ~35K USD as 'pocket money'. The last person I know who spent like that was Michael Jackson, and look where he ended up.

$350K is worth talking about, but $35k? No bank red carpets for that.

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CHRISTIANa9 Senior Member

CHRISTIANa9

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My wife has money from previous employment in Malaysia still in maylasian bank account.

What is the best thing todo with it??

She would prefere to transfer the money to a euro account somewhere and leave for when she needs euros in europe.

Is this possible??? Can thai ppl open offshore bank accounts in europe??

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Previous employment allows her to safe RM120,000 in a bank?

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