How to move money after the RV
By Muhammad Ali
This article I wrote for my group here in Malaysia. Most of the information pertains to Malaysians and Singaporeans, however, the general concept of moving money can apply to anyone, anywhere.
For some of you, after the RV, you will have hundreds of millions of RM (Ringgit Malaysia) or Dollars and for security reasons you may want to park your funds in several banks in several countries.
For example, you may have an account in Malaysia, Singapore and Brunei, as well as have an IBC (International Business Center) in Labuan.
As the English express goes, don't put all your eggs in one basket.
Diversification of your money in other countries or in other currencies (as in multi-currency accounts) may be a very good thing to do.
If you kept all of your money in Malaysia Ringgit and the Ringgit takes a dive and drops considerably in value, this may affect your net worth. So having money in Canadian Dollars, Australian Dollar, Singapore Dollar etc., might be a wise thing to do.
I will particularly focus on those living in Malaysia and Singapore.
As it is today, banks from one country to another do not share account details with each other, unless you are an American citizen or you have committed a crime.
So what this means, if you are in Malaysia, and you park some funds in Singapore, your Singapore bank will not reveal nor inform Malaysia.
So that's the first thing as to why we want to put money in other countries.
Now if you have an account in Singapore and you want to move money to Malaysia or Canada or any other country. Here are several ways you can do so.
1. Bank to bank transfer. From your account in Singapore, you can transfer to any bank account in any country.
2. When you open your account in Singapore you will receive a debit/ATM card, in which you can withdraw funds from any ATM in any country of the world.
3. You can use the money changers to move money across the border. Let's say you have money in Singapore and you want to move $250,000 SGD to Malaysia. Go to a money changer with the cash or transfer to their bank account and tell them you want to pick up the money in Malaysia. The money changer will give you a pick up code and the location in Malaysia to pick up the money. So then you travel across the border hassle free and then you can pick up the money in Malaysia.
4. You can take out large sums of money from Singapore ATMs and then just drive over the border with the cash in your pockets but do not travel over via any public transport methods for example, bus, train, flight as the money will be detected thru travel scanners.
Ok, why am I sharing this information, as I said, for some of you, you will have hundred's of millions of RM or SGD after RV. You will be considered ultra-high-network individuals. You need to understand and keep all your options open and make it part of your exchange plan.
Taking money across the border is usually limited to about $10,000 USD for most countries. Singapore it is $20,000 SGD. If you are searched and found with money above this amount you will be charged and/or fined for not declaring the amount you have brought over the legal amount.
Why do we not want to declare? When we have nothing to hide? That is the question. The reason why we don't want to declare is because at the checkpoint or border they will make you fill in a form with all of your personal details, name, passport number, home address etc. This information will be put into a computer system and printed paper versions left in the immigration systems and office with public access to your personal details by immigration officers.
So this is why, if we want to move money, we do it without declaring via the above methods.
Now let's say it's already RV and you want to take you 100 notes bundle of Iranian Rials (10 million Rials) over to Singapore to exchange at HSBC Singapore. But you are scared to travel with that large amount of money. Or for some of you guys who are overseas and I am holding your currency and you want to come to Malaysia and then bring your currency back to your country to exchange.
Now this becomes difficult because the value of the Rial now has increased and way above the $10,000 limit to fly back with.
There is another solution to this problem. You would take your currency to a local bank (in Malaysia) and ask to exchange the currency to SKR. (Safe Keeping Receipts) the bank will exchange the currency at the current rate but not deposit the money into your account but will give an SKR for the amount.
Now you can travel safely with the SKR, these are just paper receipts and non-trackable at the airports or border crossings.
When you arrive to your home country you take the SKR to your bank, and they will convert it to your local currency and deposit to your account.
So this is how you can move your Dinar, Rial or Zim after the RV, without any worries at the border.
I hope my article brings awareness and helps you to if you plan on moving money across borders.
I am the creator of the Currency Exchange Planner, an excel spread sheet, which is the most advanced and affordable planning tool for the Dinar Community.
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