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Help needed in OANDA + users from Malaysia 105 replies

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Malaysia

  • #24,281
  • Jul 12, 2016 2:11am Jul 12, 2016 2:11am
Quoting weisik123
Hi there am new here, couldn't fund my fx account with Maybank card, any other bank card could easily to fund without issue?

RHB is the best. Maybank got problem funding and withdrawal
  • #24,282
  • Jul 12, 2016 6:15am Jul 12, 2016 6:15am
I'm new to forex , I have 2 important question to ask about it:

1) Is that illegal in Malaysia? if it is what will happen?

2) being a full time trader to get income from it, can i buy property/car/loan anything??

Lastly, do have any suggestion for a newbie(me) ?
  • #24,283
  • Jul 18, 2016 11:29pm Jul 18, 2016 11:29pm
Maybank is the best... can fund and withdraw from broker (XM)... RHB rate is like shit... charges very expensive.
  • #24,284
  • Jul 20, 2016 9:05am Jul 20, 2016 9:05am
If Maybank is the best, how come so many cannot send money over to their brokers via telegraphic transfer? I have come across 2 people who said that.

And if they do allow, do they want us to show proof of documents of the brokers?
  • #24,285
  • Edited 11:08pm Jul 20, 2016 10:43pm | Edited 11:08pm
Will climb back to price 4.2
May impact
#Forex - Good currency conversion trading in profit
#Life - Bad Expence

1MDB, BNM, Scandal, Sh*t
Attached Image (click to enlarge)
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study of behavior and mind,conscious and unconscious
  • #24,286
  • Jul 20, 2016 11:01pm Jul 20, 2016 11:01pm
Hi guys, I have a question that have been wondering in my mind. I'm a new trader and I have been trading(small scale) like 4 month and the most that I had withdraw is like 2k usd that I separate them to 2 acc due to daily transfer limit of my IB. My question is how do you guys process large amount of transaction? Do you guys transfer it under company or something? Wouldn't Bank Negara case us for tax evasion or alike? Worrying about this has been making me unsure to deposit large amount of money into my acc. Thank you in advance.
  • #24,287
  • Jul 21, 2016 1:57am Jul 21, 2016 1:57am
Quoting Leonf
I'm new to forex , I have 2 important question to ask about it: 1) Is that illegal in Malaysia? if it is what will happen? 2) being a full time trader to get income from it, can i buy property/car/loan anything?? Lastly, do have any suggestion for a newbie(me) ?
1. Yes trading forex in illegal in Malaysia. But you trade from home, your broker normally OZ UK and US for money deposit or withdraw all by online. When bank inquiry just explain to them I trade forex, this is my statement and my broker is the regulated broker. So bank have no right to seize your money.

2. Yes you can, this fall under self employed, you need to open one current account to prove your cashflow and profit. I advise you to open one Enterprise company with SSM and the company pay your salary as Financial Consultant. As long you are not collecting people money to trade then it should be no problem.
Artist lead and hacks ask for a show of hands.
  • #24,288
  • Jul 21, 2016 1:58am Jul 21, 2016 1:58am
Quoting sclpzmalay
Will climb back to price 4.2 May impact #Forex - Good currency conversion trading in profit #Life - Bad Expence 1MDB, BNM, Scandal, Sh*t {image}
haha, spread is to high to buy.
Artist lead and hacks ask for a show of hands.
  • #24,289
  • Jul 21, 2016 2:04am Jul 21, 2016 2:04am
Quoting jomi998
Hi guys, I have a question that have been wondering in my mind. I'm a new trader and I have been trading(small scale) like 4 month and the most that I had withdraw is like 2k usd that I separate them to 2 acc due to daily transfer limit of my IB. My question is how do you guys process large amount of transaction? Do you guys transfer it under company or something? Wouldn't Bank Negara case us for tax evasion or alike? Worrying about this has been making me unsure to deposit large amount of money into my acc. Thank you in advance.
I have this experience, If it is too large you need to do it by batch, dont withdraw the whole amount at one time. Diversify your account in Singapore or OZ. You can explain to the Bank that the money that you received is from Forex Broker. Prove to the bank your broker are regulated and the source is clean.

If you want to play big without hassle, open one account in Australia. Today everything is online, you can wire your money from anywhere to you account in Malaysia.
Artist lead and hacks ask for a show of hands.
  • #24,290
  • Jul 21, 2016 2:05am Jul 21, 2016 2:05am
Quoting Wannabi
If Maybank is the best, how come so many cannot send money over to their brokers via telegraphic transfer? I have come across 2 people who said that. And if they do allow, do they want us to show proof of documents of the brokers?
May I know which broker. I have a few friend who are IB for regulated broker. So far we never had this experience. Normally i depo using my debit card Maybank, my withdrawal also in Maybank.
Artist lead and hacks ask for a show of hands.
  • #24,291
  • Edited 6:25am Jul 21, 2016 6:03am | Edited 6:25am
Quoting al_yaqen
{quote} I have this experience, If it is too large you need to do it by batch, dont withdraw the whole amount at one time. Diversify your account in Singapore or OZ. You can explain to the Bank that the money that you received is from Forex Broker. Prove to the bank your broker are regulated and the source is clean. If you want to play big without hassle, open one account in Australia. Today everything is online, you can wire your money from anywhere to you account in Malaysia.
Q1)
"If you want to play big without hassle, open one account in Australia"
Why must the broker be in Australia if want to play big? Why not UK?

Q2)
Then you contradict yourself with the first sentence: "If it is too large you need to do it by batch, dont withdraw the whole amount at one time. Diversify your account in Singapore or OZ"

So, can we or cannot we make large withdrawals consistently to a Malaysian bank, regardless of where the broker is in Australia or UK?

And, all regulated brokers I know of will only allow us to withdraw to banks in our country of residence (proven by utility bill, or credit card bill at opening of acct). They won't let us withdraw to 3rd countries in S'pore or Australia where we do not reside. That opens up ways to tax evasion and money laundering, they would say.

And if we open an Australian bank acct, and keep sending money back from there, wouldn't the local bank not question the source of that money? That is more difficult to answer than direct withdrawing from a broker and let the transparent money trail comes from this regulated broker.

Just come clean on the very first time, then no problem. After all, we didn't do anything wrong, did we? we only trade forex. We can also tell the banks that we trade stock indices or gold or crude oil or stocks ETFs. Those are all legit, and are all available in the brokers' platforms. You can't escape forex nowadays

Which brokers in the world in all the reputable financial centers do not offer forex in their trading portfolio? There are none, except the screwed up Malaysian BNM la.

Q3)
Quote: "Yes you can, this fall under self employed, you need to open one current account to prove your cashflow and profit. I advise you to open one Enterprise company with SSM and the company pay your salary as Financial Consultant. As long you are not collecting people money to trade then it should be no problem."

We can trade using our own name, is it not? Why must set up a company purposely to trade? Being paid as financial consultant and withdrawing profits are separate and distinct. Opening a company looks like attempting tax evasion.

Q4)
You said "As long as not collecting other people money", but then you have friends' who are Introducing Brokers (IB). Being an IB already has elements of 'collecting other people money' in that you are persuading people to deposit money into your broker of choice and you earn commission on that.
  • #24,292
  • Jul 21, 2016 11:04pm Jul 21, 2016 11:04pm
Quoting Wannabi
If Maybank is the best, how come so many cannot send money over to their brokers via telegraphic transfer? I have come across 2 people who said that. And if they do allow, do they want us to show proof of documents of the brokers?
I fund and withdraw from XM & FXDD... not sure what broker your friend uses... FXPrimus?

Some selected brokers are banned by banks.
  • #24,293
  • Jul 21, 2016 11:06pm Jul 21, 2016 11:06pm
Quoting al_yaqen
{quote} May I know which broker. I have a few friend who are IB for regulated broker. So far we never had this experience. Normally i depo using my debit card Maybank, my withdrawal also in Maybank.
I just received 28k USD from XM...into Maybank last month.
  • #24,294
  • Jul 21, 2016 11:07pm Jul 21, 2016 11:07pm
Quoting Wannabi
{quote} Q1) "If you want to play big without hassle, open one account in Australia" Why must the broker be in Australia if want to play big? Why not UK?
I think he meant because Australia is closer and therefore closer to monitor. Plus Australia's ASIC is not a bad regulator.
Quoting Wannabi
Q2) Then you contradict yourself with the first sentence: "If it is too large you need to do it by batch, dont withdraw the whole amount at one time. Diversify your account in Singapore or OZ"Â
No contradiction here. Playing big and withdrawal issues are two different topics.
Quoting Wannabi
So, can we or cannot we make large withdrawals consistently to a Malaysian bank, regardless of where the broker is in Australia or UK?
You won't find consistency as conditions and regulator requirements change all the time. But dealing with an established retail broker regulated in Australia, UK or Singapore or Switzerland (i.e. not Cyprus, Russia, New Zealand, or some obscure offshore tax haven) does make things smoother.
Quoting Wannabi
And, all regulated brokers I know of will only allow us to withdraw to banks in our country of residence (proven by utility bill, or credit card bill at opening of acct). They won't let us withdraw to 3rd countries in S'pore or Australia where we do not reside.
This is true only if you trade under your own name. If you incorporate offshore with an offshore address, and trade under that corporation name, then it's no problem.
Quoting Wannabi
That opens up ways to tax evasion and money laundering, they would say.
I invite you to look up the difference between tax evasion and tax avoidance, and satisfy yourself if you think you're doing one or the other. If you think (under advice) that what you're doing is tax evasion, then I encourage you to stop what you're doing. In all cases, you're advised to refer to a professional tax adviser.
Quoting Wannabi
And if we open an Australian bank acct, and keep sending money back from there, wouldn't the local bank not question the source of that money?
"Questions" come in the form of the BNM forms you have to fill in to declare the intent of incoming/outgoing funds (even in the US, such rules exists, and they don't complain much either). That only happens if the amount is above a particular reporting threshold which nowadays varies from bank to bank in Malaysia. If you repatriate funds in batches below the reporting threshold, no "questions" will be asked, but please note that ALL transactions are tracked electronically REGARDLESS of amount size. This occurs not just in Malaysia but also First World economies like the US and UK.
Quoting Wannabi
That is more difficult to answer than direct withdrawing from a broker and let the transparent money trail comes from this regulated broker. Just come clean on the very first time, then no problem.Â
It's not difficult to answer at all. It's just a form.
Quoting Wannabi
After all, we didn't do anything wrong, did we? we only trade forex.
You're not really trading forex. Institutional traders trade forex. What you're trading are CFDs and CFD-like contracts, which are technically derivative products.
Quoting Wannabi
We can also tell the banks that we trade stock indices or gold or crude oil or stocks ETFs. Those are all legit, and are all available in the brokers' platforms. You can't escape forex nowadays Which brokers in the world in all the reputable financial centers do not offer forex in their trading portfolio?
Agreed.
Quoting Wannabi
There are none, except the screwed up Malaysian BNM la.
No need to screw up BNM. They are just enforcing existing rules. Currently retail FX brokers do not exist in Malaysia, not because they are banned but because no licences have been issued and no laws in Malaysia exist to regulate them. As an analogy, flying pigs do not exist, so banning flying pigs don't matter.
Quoting Wannabi
Q3) Quote: "Yes you can, this fall under self employed, you need to open one current account to prove your cashflow and profit. I advise you to open one Enterprise company with SSM and the company pay your salary as Financial Consultant. As long you are not collecting people money to trade then it should be no problem." We can trade using our own name, is it not?
Yes, you can.
Quoting Wannabi
Why must set up a company purposely to trade? Being paid as financial consultant and withdrawing profits are separate and distinct. Opening a company looks like attempting tax evasion.
Another reason can be to establish evidence of regular payments recorded in black and white for income tax return submissions which can later be used as evidence of income for the purpose of applying for bank loans and similar credit applications. Traders set up companies for a variety of reasons, not all of which are as nefarious or as shady as you imply.
Quoting Wannabi
Q4) You said "As long as not collecting other people money", but then you have friends' who are Introducing Brokers (IB). Being an IB already has elements of 'collecting other people money' in that you are persuading people to deposit money into your broker of choice and you earn commission on that.
No comment as I don't recommend the IB business model.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #24,295
  • Jul 21, 2016 11:16pm Jul 21, 2016 11:16pm
Quoting Wannabi
{quote} all regulated brokers I know of will only allow us to withdraw to banks in our country of residence (proven by utility bill, or credit card bill at opening of acct). They won't let us withdraw to 3rd countries in S'pore or Australia where we do not reside. That opens up ways to tax evasion and money laundering, they would say.
You are wrong... broker can do wire transfer into any account under your name anywhere in the world.

Provided total deposit amount have been return to original source... I been withdrawing to account outside M'sia since last year.

If you keep the record of the money source. Why worry about tax invasion? Forex income is not taxable. You can asked LHDN. I did.
  • #24,296
  • Edited 11:43pm Jul 21, 2016 11:27pm | Edited 11:43pm
Quoting hello966
{quote} You are wrong... broker can do wire transfer into any account under your name anywhere in the world. Provided total deposit amount have been return to original source... I been withdrawing to account outside M'sia since last year. If you keep the record of the money source. Why worry about tax invasion? Forex income is not taxable. You can asked LHDN. I did.

No, you yourself is wrong. I have asked a dozen regulated brokers, and trade with real money or has live accounts in a nnumber of them, ALL said they can only wire back to your country of residence. Yours must be an unregulated broker, where anything goes. For me, that's a definitely 'no touch', too risky.

Unless, as Skenobi said above, you set up an off shore company elsewhere. But I don't do that.
  • #24,297
  • Jul 21, 2016 11:34pm Jul 21, 2016 11:34pm
Quoting Wannabi
{quote} No, you yourself is wrong. I have asked a dozen regulated brokers, and trade with real money or has live accounts in most of them, ALL said they can only wire back to your country of residence. Yours must be an unregulated broker, where anything goes. For me, that's a definitely 'no touch', too risky. You seems to be offering all kinds of 'advise', and some are wrong, some are conflicting, and many are muddled. To the newbies, you just add more confusion to them.
I think you never withdraw to any account outside malaysia. Which broker you use? so dumb?

I use XM... you can ask the live chat...if we can withdraw to other account.
  • #24,298
  • Jul 21, 2016 11:58pm Jul 21, 2016 11:58pm
Quoting Wannabi
{quote} No, you yourself is wrong. I have asked a dozen regulated brokers, and trade with real money or has live accounts in a nnumber of them, ALL said they can only wire back to your country of residence. Yours must be an unregulated broker, where anything goes. For me, that's a definitely 'no touch', too risky. Unless, as Skenobi said above, you set up an off shore company elsewhere. But I don't do that.
Here is the reply from XM (regulated broker la)... for you "newbie"..

Attached Image
  • #24,299
  • Jul 22, 2016 12:08am Jul 22, 2016 12:08am
This is hilarious.

I saw a Facebook post that some guy can't deposit on FXCM via Maybank as it bars this kind of transactions.

You also have Weisik123 here saying he can't fund using Maybank.
Quoting "Hi there am new here, couldn't fund my fx account with Maybank card, any other bank card could easily to fund without issue?"

Then Zackgallardo recommends use RHB, because Maybank has withdrawal and funding problems.

But then, Al Yagen said he can transacts with Maybank using his debit card.
Quoting "Normally i depo using my debit card Maybank, my withdrawal also in Maybank"

Next you have Helo966 telling us that his Maybank is the best, and RHB is shit, and Maybank allows him with fund and withdraw with no problems.
Quoting "Maybank is the best... can fund and withdraw from broker (XM)... RHB rate is like shit... charges very expensive"
He can withdraw US$28k, ie. RM112,000 at one go through Maybank.

Told you this forum is a haven for smart alecs.




Quoting weisik123
  • #24,300
  • Jul 22, 2016 12:12am Jul 22, 2016 12:12am
Quoting Wannabi
This is hilarious. I saw a Facebook post that some guy can't deposit on FXCM via Maybank as it bars this kind of transactions. You also have Weisik123 here saying he can't fund using Maybank. Quoting "Hi there am new here, couldn't fund my fx account with Maybank card, any other bank card could easily to fund without issue?" Then Zackgallardo recommends use RHB, because Maybank has withdrawal and funding problems. But then, Al Yagen said he can transacts with Maybank using...
Only way to find out?... go try it out yourself... personally.....don't be scared..... LOL.
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