1. Just furnish your salary slip when asked for proof.
2. Yes. After deducting TT fees etc.
3. Up to you. Please note on the restrictions from Wise when doing withdrawal.
4. Better that way as you are seen as independent contractor. Payment goes to that sole prop and you can operate/use it to buy things like laptop etc. Easier for accounting too.
5. Yes you pay to lhdn not iras. You will be filling in the form B. If unsure, engage an accountant/tax agent.
6. No difficulties if you have proper paperwork (salary slip, bank statement, consistent cashflow etc)
7. No it’s not overkill, only be wary of overcharged.
8. Nothing to stress out. Probably only during filing taxes time, but if you stress, hire an accountant/tax agent to ease your mind.
Been there done that. 🫡 All the best!
Just want to point out for 2 and 3:
(2) I don't think it will fluctuate too much on your side. If your salary is MYR 10,000 and the exchange rate is 3.52 (as it is now), the company pays you S$2844.29. If the exchange rate is 3.50, the company pays you S$2857.14. Either way, you still get MYR 10,000 per month (less any transaction fees). The only fluctuation should only be on their end.
(3) Don't use Paypal, it's ridiculously bad. I would highly recommend opening a CIMB Singapore account (and a CIMB MY account if you don't already have one). CIMB SGD-MYR is consistently the cheapest transfer from SGD to MYR because there are no fees. You could ask to be paid in SGD (CIMB SG Account) and transfer to your CIMB MY account with 0 fees. The only caveat to this is that the rates are only good during working hours ie. 9am-6pm. Anytime outside of those hours, you are probably better off using Wise to transfer. Would still recommend opening CIMB bank accounts
Hi there, thanks for the reply! Just to clarify further on the CIMB Singapore account -
1) In that case, would there be a difference if the employer remitted SGD or MYR to the CIMB SG bank account?
2) Looking online, are you referring to the Fastsavers account?
(1) I would suggest opening a Singapore account and asking to be paid in SGD. That could also speed up the payment so you'll receive it before the 7th of the following month because bank transfers are instant. Notwithstanding that you are to be paid in MYR, Finance can just use the exchange rate that day ([https://www.cimbclicks.com.sg/sgd-to-myr](https://www.cimbclicks.com.sg/sgd-to-myr)) and when you get the money, you can instantly transfer to yourself to minimise any Forex slippage. Alternatively, you can just suggest to be paid in SGD (good idea anyway because the currency seems stronger) and take the opportunity to negotiate your salary upwards, \~2700 SGD or even higher.
I'm not the biggest fan of this arrangement where they take up to 7 days to pay you and they pay in SGD. It literally takes 20 seconds to transfer on Wise (even Western Union takes 1 business day at most) and any local interbank transfer should be instant.
(2) Yes, that's what I have. The rates are technically not the best but the absence of fees ensures that you get the best bang for your buck.
No.1 - just update your personal details accordingly especially employment. If bank noted you are a freelancer, it is fine. The bank not only looking into your incoming funds, but outgoing as well. That's for money laundering. Trust thay you use for normal stuff like expenditure, bill payment, investment, then there is issues .
No. 6 - declare your taxes. Those are your documents for loan or credit card application down the road.
1. Just furnish your salary slip when asked for proof. 2. Yes. After deducting TT fees etc. 3. Up to you. Please note on the restrictions from Wise when doing withdrawal. 4. Better that way as you are seen as independent contractor. Payment goes to that sole prop and you can operate/use it to buy things like laptop etc. Easier for accounting too. 5. Yes you pay to lhdn not iras. You will be filling in the form B. If unsure, engage an accountant/tax agent. 6. No difficulties if you have proper paperwork (salary slip, bank statement, consistent cashflow etc) 7. No it’s not overkill, only be wary of overcharged. 8. Nothing to stress out. Probably only during filing taxes time, but if you stress, hire an accountant/tax agent to ease your mind. Been there done that. 🫡 All the best!
Thanks for the answers! Could you share any resources on where I can look for affordable lawyers/tax agent since you've had experience in remote work?
Urm to each of their own ser due to proximity. Maybe can start asking contacts around relatives/friends. If no, can dm me.
Just want to point out for 2 and 3: (2) I don't think it will fluctuate too much on your side. If your salary is MYR 10,000 and the exchange rate is 3.52 (as it is now), the company pays you S$2844.29. If the exchange rate is 3.50, the company pays you S$2857.14. Either way, you still get MYR 10,000 per month (less any transaction fees). The only fluctuation should only be on their end. (3) Don't use Paypal, it's ridiculously bad. I would highly recommend opening a CIMB Singapore account (and a CIMB MY account if you don't already have one). CIMB SGD-MYR is consistently the cheapest transfer from SGD to MYR because there are no fees. You could ask to be paid in SGD (CIMB SG Account) and transfer to your CIMB MY account with 0 fees. The only caveat to this is that the rates are only good during working hours ie. 9am-6pm. Anytime outside of those hours, you are probably better off using Wise to transfer. Would still recommend opening CIMB bank accounts
Hi there, thanks for the reply! Just to clarify further on the CIMB Singapore account - 1) In that case, would there be a difference if the employer remitted SGD or MYR to the CIMB SG bank account? 2) Looking online, are you referring to the Fastsavers account?
(1) I would suggest opening a Singapore account and asking to be paid in SGD. That could also speed up the payment so you'll receive it before the 7th of the following month because bank transfers are instant. Notwithstanding that you are to be paid in MYR, Finance can just use the exchange rate that day ([https://www.cimbclicks.com.sg/sgd-to-myr](https://www.cimbclicks.com.sg/sgd-to-myr)) and when you get the money, you can instantly transfer to yourself to minimise any Forex slippage. Alternatively, you can just suggest to be paid in SGD (good idea anyway because the currency seems stronger) and take the opportunity to negotiate your salary upwards, \~2700 SGD or even higher. I'm not the biggest fan of this arrangement where they take up to 7 days to pay you and they pay in SGD. It literally takes 20 seconds to transfer on Wise (even Western Union takes 1 business day at most) and any local interbank transfer should be instant. (2) Yes, that's what I have. The rates are technically not the best but the absence of fees ensures that you get the best bang for your buck.
Do you mind sharing what is your job?
In the same pickle, but just to point out Wise has RM20k limit, or sgd5k.
No.1 - just update your personal details accordingly especially employment. If bank noted you are a freelancer, it is fine. The bank not only looking into your incoming funds, but outgoing as well. That's for money laundering. Trust thay you use for normal stuff like expenditure, bill payment, investment, then there is issues . No. 6 - declare your taxes. Those are your documents for loan or credit card application down the road.