Malaysia’s Financial Blogger | Financial Freedom Ideas | imDavidLee.Com

KWSP Malaysia for Monthly Housing Loan Payment

I heard a lot of forumer keep on discussing about this issue recently - KWSP steal citizen money! KWSP allow monthly withdrawal from EPF account 2 for the monthly housing loan repayment. But, from their discussion, some of them said that the withdrawal plan is actually a SCAM! I am sure you will feel keen to know more on this issue, right? Let me share with you what I’ve heard:

We take an assumption here:

If you have RM50,000 in your EPF account 2 and your monthly housing loan’s installment is RM1000/month. KWSP will approve your application of withdrawal from your EPF account 2 of RM50,000 and pay you RM1000/month for the next 50 months.

The only thing that KWSP did not inform us in detail is that when the application was approved, will the total amount RM50,000 is removed from EPF account 2? In the other words, it appears to be transferred to an unknown account to effect the monthly payment?

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Maybank vs Public Bank Savings Account Interest Rate

Do you know how much interest will you get if you keep your money in your bank savings account nowadays? Someone has asked me which bank savings account work best, MayBank or Public Bank? I told him that basically, all savings accounts are the same. The main purpose is for us to save money only. Without consuming lot of time, I told him that he should open a savings account at a bank, which is convenient for him to do transaction or finding the one that is near to his home. This is because there is slight difference in interest rates.

Here are some of the savings account interest rates obtained from the banks’ latest updated information:

So, from this comparison, you will found that Maybank Basic Savings Account offers better interest which is 0.25% for balance <= RM10,000.

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Why Malaysian Employee Prefer Working In Singapore?

Recently, my closest friend of secondary school had shared with me that nearly 5 of his classmates are in Singapore now. I’d say the biggest reason for most of the people work there is due to the currency. Meanwhile, my fellow blogger also have had the same mentality like me.

Honestly, I’m one of those Malaysian who love Singapore too! Though I knew working in Singapore is much more stressful and tough compared to Malaysia, but I think that’s what really challenging about it and eventually we’ll be exposed to more useful working experiences. I believe Singapore provides a better foundation for solid working experiences, especially in multi-national company.

Based on my personal experiences, Singapore is very safe too! I can feel that there will be lower crime rate. In addition, Malaysians working in Singapore has a better deal than Singaporeans because they don’t have to do national service.

Hence they move higher and faster than Singaporean, what do you think? Singapore is a good place to work in due to everybody is treated equal. Although I am not like about Singapore living expenses but I believe that there’s great place for you to get the job satisfaction.

How Singaporean Employers View A Malaysian Employee?

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High Income Earner Financial Management

Last time, my ex-employer manager told me that his friend can earn RM20k salary per month. But, do you feel that he can save lot money from his income? Based on his situation, after deducting tax and EPF, he gets only RM12k++ per month, and he mention that his living cost is quite high as he owns a Honda Accord and a RM600k home in KL. He likes to play golf as well and all in all expenses about RM11k per month. Thus, he manages to save only less than RM1k per month for a rainy day. Do you think he is good in financial management?

In my opinion, if the job that a person is doing now is for his/her passion, then it’s fine. With RM 20k income per month, monthly EPF should be around RM 4,600 (RM2,200 + RM2,400) and around RM 55,200 per year. After retired, the EPF amount probably will be around RM 1 million. Probably that is the reason he/she saves only RM 1k per month.

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Withdraw PayPal Funds To Malaysia Bank Account

I usually leave my PayPal funds until I need a little bit of extra cash then only cash out, it is not good to practice like that. Now, as a Malaysian, we are not just only can withdraw the Paypal fund into credit card/debit card but also can withdraw into local bank account directly.

Those Internet savvy now can withdraw their PayPal fund to Malaysia Bank Accounts through bank swift code. Based on the information that I’ve obtained from Paypal official site, I only know that the transaction will take up to 2-3 days, and a fee of RM3 will be charged if your withdrawal is below RM400. If your withdrawal is above RM 400, you will be waived from the fees.

Below is a step-by-step guide on how to withdraw funds to your Malaysia bank account:

Step 1: Login your PayPal account.
Step 2: Click “My Account” then “Withdraw”.
Step 3: Then, click “Withdraw to your bank account” link under the options.

Step 4: Next, enter the amount in USD you want to withdraw and select your bank account. If you still not yet add the bank account, then proceed to step 5 else go to step 7.
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CIMB Bank Fixed Deposit Campaign

2 days ago, my friend Thian Thian come to visit me and from the conversation, i only know that she is working in CIMB bank now and provides me the latest information about the CIMB newly launched product - “Go for Gold” which is a nationwide deposit campaign. I never heard about this campaign before but I am eager to get more details from her, she said that you would stand a chance to win the prizes if you make deposit with CIMB Bank.

She also explained to me that with every incremental deposit of RM1,000 during the campaign period, you will entitled to get 1 entry for the contest.

As an fixed deposit account holder, they will enjoy added bonus during this campaign period, customers will get the interest of 2.45% per year on their 8 months fixed deposit placement. For me, the idea is very simple which encourage more people to deposit in bank; the more they put into fixed deposit the higher chances of winning.

CIMB “Go For Gold” Campaign

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