Five practical methods for Malaysians to convert Ringgit into US Dollars! 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ [ Ссылка ]

🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ [ Ссылка ]

🔵 𝗚𝗲𝘁 𝗙𝗥𝗘𝗘 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘄𝗶𝘁𝗵 𝗪𝗶𝘀𝗲 ➡️ [ Ссылка ]

⬇️ Timestamps:
0:00 → Introduction
0:34 → Foreign Currency Fixed Deposit
2:47 → Multi-Currency Accounts in Malaysia
5:08 → WISE
6:54 → Invest in US stocks and ETFs
10:09 → Invest in US​​ Treasuries
12:12 → Conclusion

It's no secret that MYR has been depreciating with USD for quite some time, but why not be benefited from it? Here's 5 ways to convert your MYR into USD!

1- Foreign Currency Fixed Deposit (FCFD) offers a safe haven, similar to your regular fixed deposits. They allow you to profit from favorable exchange rates and earn higher interest than typical Ringgit deposits, protected up to RM250,000 by PIDM. However, they come with higher spreads and lock-in periods, so if flexibility is what you long for, move on to the next one!

2- Multi-Currency Accounts allows everyday transactions in multiple currencies. They're ideal for those handling foreign currencies regularly. But, do watch out for few things - minimum deposits, transaction charges, and the facts that they usually offer subpar exchange rates, which could defeat the purpose of depositing our money in the first place.

3- Digital platforms like WISE revolutionize the game with low-cost transfers and superior exchange rates, plus they can also be your multi-currency accounts. They transparently display fees (ranging from 0.4% to 0.7%) and allow transactions in over 70 currencies. However, there are limits to how much you can hold or send daily.

4- Investing in US stocks and ETFs offers an opportunity for your USD to not only sit still in your account, but to grow. By participating in legit businesses as a shareholder, you ride along with their growth. Platforms like Interactive Brokers (my favorite!) offer low fees and fractional shares, investing has never been so easy!

5- If risk is a concern, US Treasuries are a lower-risk option. Basically, you're lending money to the US government, with repayment at a 'risk-free' interest rate. Recent hikes by the US Federal Reserve make this especially attractive now, offering over 5% annualized return with almost zero risk. Quite a deal, huh?

Do you think MYR will drop further or rebound? Let me know in the comment!

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MYR
US Dollar
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Ringgit drops
How to buy USD
How to turn Ringgit into USD in Malaysia
Keep USD
How to convert Ringgit to USD
US dollar rise
Save in USD
MYR to USD

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Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.

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