MCA that supports MYR

[alanjw55]

Is there any MCA that supports MYR?

im using DBS MCA seems that it doesn’t have the option to convert to MYR.
Youtrip also dont seems to have that option though

 

[BBCWatcher]

Wise offers an account that supports MYR. Bear in mind there's no deposit insurance on any foreign currency deposits in Singapore.

 

[alanjw55]

Okay, i’ll read on WISE

 

[CrashWire]

Wise offers an account that supports MYR. Bear in mind there's no deposit insurance on any foreign currency deposits in Singapore.

I just checked, and I don't think Wise allows people to hold MYR balances.

Sounds like it's a Malaysian policy:

 

[BBCWatcher]

That's correct. BNM imposes significant restrictions on its currency. But in fairness so does the MAS. Are Singapore dollar bank deposits available from banks on the other side of the causeways?

So, "What are you trying to accomplish?"

 

[sohguanh]

That's correct. BNM imposes significant restrictions on its currency. But in fairness so does the MAS. Are Singapore dollar bank deposits available from banks on the other side of the causeways?

So, "What are you trying to accomplish?"

If you are in the Msia forum they talk of how to open SG bank acct to fund their IBKR US account. Some Msian are using Spore bank acct as proxy to wire monies to overseas broker becuz I guess some brokers only accept SGD ? Or it is cheaper via this route than wire MYR to broker not sure

So yes both countries ppl make use of each other for various needs this is life.

 

[reddevil0728]

So yes both countries ppl make use of each other for various needs this is life.

Which is strategic defensively

 

[revhappy]

That's correct. BNM imposes significant restrictions on its currency. But in fairness so does the MAS. Are Singapore dollar bank deposits available from banks on the other side of the causeways?

So, "What are you trying to accomplish?"

It is simple. It is about whether a currency is convertible or not. SGD is a convertible currency, so no restrictions, just like AUD, NZD etc.

MYR is not convertible currency like like IDR, KRW, INR. You cannot convert them freely.

That is all there is to know.

 

[silverbomb]

It is simple. It is about whether a currency is convertible or not. SGD is a convertible currency, so no restrictions, just like AUD, NZD etc.

MYR is not convertible currency like like IDR, KRW, INR. You cannot convert them freely.

That is all there is to know.

yeap i know alot of Msian just to invest in IBKR have to open SG bank account to transfer MYR here then convert SGD then convert USD. it's the next door convenience to latch on our currency to hop onboard IBKR.

SGD is common currency in the world, not every currency is easily obtainable/convertable so i believe that's one common reason why this qn is posed.