RHB Partners With TNB To Encourage Adoption Of Green Energy Solutions

RHB Bank has partnered with Tenaga Nasional Berhad (TNB) to encourage the adoption of renewable energy and energy efficiency solutions among small and medium enterprises (SMEs) as well as individuals. It is the first bank in Malaysia to enter into such a partnership with TNB for this purpose.

The collaboration will see TNB providing technical advice and installation of various green solutions to interested customers, while RHB – as the bank partner – will offer the green financing facilities required for clients to adopt the solutions that they prefer. For SMEs, specifically, some green financing schemes from RHB that they can look into include:

SME Green Renewable Energy Financing

SME Green Construction Financing

SME Green Commercial Property Financing

SME Green Working Capital Financing

SME Green Capital Expenditure (CAPEX) Financing

Meanwhile, individual customers can check out RHB’s personal financing for solar panels, as well as electric vehicle (EV) financing (with a complimentary one-year ChargEV membership).

In addition to this, RHB and TNB will also organise roadshows in the third quarter of 2023 (3Q23) to reach out to SMEs in major cities, in a bid to increase awareness regarding renewable energy and energy efficiency solutions. This is in line with the government’s ambition to become a low-carbon economy by 2050, as indicated in the recently launched National Energy Transition Roadmap (NETR).

“We are proud to be the first financial institution to collaborate with Tenaga Nasional Berhad in nurturing, supporting, and advancing SMEs in their sustainability journey. This collaboration aligns with our Sustainability Strategy and Roadmap to help SMEs build a sustainable business by adopting greener practices,” said group managing director and group chief executive officer of RHB Banking Group, Mohd Rashid Mohamad, adding that RHB is expanding its team with ESG sector specialists, whose expertise will cover industries like renewable energy, palm oil, healthcare, and property.

President and chief executive officer of TNB, Dato’ Indera Ir. Baharin Din, also echoed similar sentiments, noting that green financing and investment plays a crucial role in TNB’s commitment to advance its green agenda.

“We are delighted to join forces with RHB for maiden green financing facilities to encourage rooftop solar installations among SMEs and residential customers who are looking for long-term savings on their electricity bills, fostering a low-carbon economy,” said Dato’ Indera, who took the opportunity to invite other like-minded financial institutions to join the effort as well.

If you’d like to find out more about RHB’s available green financing facilities, you can head on over to the bank’s
dedicated webpage here
.

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Dato’ Indera Ir. Baharin Din

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Mohd Rashid Mohamad

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Renewable Energy

RHB

RHB Bank

SMEs

Tenaga Nasional Berhad

TNB

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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KPDNHEP Investigating AirAsia’s Flight Delay And Rescheduling Issue, To Receive Feedback Within 24 Hours

(Image: The Malaysian Reserve)

The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) has begun investigating AirAsia’s issue of flight delays and rescheduling of domestic flights, with the airline agreeing to provide feedback within 24 hours.

The minister of KPDNHEP, Datuk Seri Alexander Nanta Linggi said that his ministry has made a preliminary study into the numerous complaints raised by consumers regarding the matter, and contacted AirAsia’s management for feedback. Among some of the consumer grievances that were highlighted by KPDNHEP to the airline during this discussion included flight delays, review of flight schedules up to more than six hours, and consumers’ eligibility for compensation in the event of flight delays.

(Image: AP)

“For the convenience of consumers, I asked AirAsia to provide a flow chart on the process of filing a formal complaint for compensation, subject to the guidelines set by the Malaysian Aviation Commission (MAVCOM) as the regulatory agency on the issue,” Datuk Seri Alexander further said, adding that although the aviation industry is technically under the jurisdiction of the Ministry of Transport (MoT), he – as the minister of KPDNHEP – will intervene if the matter impinges on consumer rights.

Just yesterday, the minister remarked that he has taken note of AirAsia passengers’ grievances with the many flight delays and rescheduling of flights as of late, and will look into the matter. He also noted that the issue – which is still ongoing – began since the end of last month. Additionally, he reminded consumers that they have the right to claim compensation from airlines if the situation warrants it, based on the
guideline by MAVCOM
.

(Source: The Edge Markets [
1
,

2
])

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Nur Adilah Ramli

Nur Adilah Ramli

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Dealing with the Raya Overspending Aftermath

Once all the
lemang
has been eaten and the last of the
duit raya
given out, you’ll find that once again the Raya festivities have flown by in a blink of an eye. Unfortunately, some of you might find that this comes together with the dawning realisation that your bank balance is a lot lower and debts a lot higher than you would like. Perhaps you spent too much on your
baju raya
? Or perhaps you bit off a bit more than you could chew with the new furnishings for the house?

Don’t panic! What’s done is done but now, it’s important to set things right before the remaining months resemble a budgeting nightmare. Here are some tips to dealing with the aftermath of Raya overspending.

Get All the Numbers Together

The first thing to do to tackle the problem is to figure out just how much you owe and what the monthly repayments look like. To do this, you need to first gather the credit card statements, loan agreements, and of course your bank statements.

Once you’ve got the numbers, you can plan your course of action. Is your problem mainly with your credit cards, cash flow, or is it a combination of both? Perhaps you really went all out for the festivities and your problem lies in everything from credit cards and personal loans to whittled bank accounts.Why is this important? Well, knowing where the problem lies is the first step to fixing it.

For Credit Card Debt: Get a Balance Transfer

Did you somehow manage to rack up so much debt on your multiple credit cards that you know you can’t make the repayments each month? Well, this isn’t something to take lightly as we all know what happens when you fall terribly behind on credit card payments: compounding interest rates.

One way to get around this is by turning it all into one easy payment and saving on interest by getting a balance transfer. Balance transfers usually offer super low to sometimes zero percent interest rates for a fixed number of months. Not only do you save on interest; you can combine all card balances and have yourself only one repayment to make a month.

Make sure to use our RinggitPlus comparison tool on our website to find the
best balance transfer plans
 to suit your needs. Need to find out more about balance transfer plans before you make a decision? Here’s
everything you need to know about balance transfer plans
.

For Cash Flow Issues: A Quick Loan

Okay, we’re not saying all your problems will be solved by taking a loan when you’re in a bit of financial trouble. It sounds like bad advice. The wisest course of action for cash flow issues would be for you to dip into your savings or your emergency fund. But if you don’t have any savings to fall back on – what are you to do with less than RM200 in your bank account, mouths to feed, and petrol to purchase for a good while before payday?

If you are turning to a loan to solve cash flow problems, we ask that you exercise caution. Make sure the situation cannot be solved by simply tightening your belt for a few weeks. When you’ve decided that you really cannot survive on the amount in your bank,
a fast approval loan may help
.

When taking such a loan, do remember that interest rates are higher on fast approval loans. As such, try to take as small an amount as possible and for the shortest duration that you think you can manage. For example,
AEON ICASH Personal Financing
 can help you with personal financing for an amount as low as RM6,000 over 6 months – which is really all you need to plug the gap until you’re flushed again.

Again, we remind you to exercise caution with this bit of advice. It is meant to offer you emergency cash – not a second celebration.

For Combination Debt: The Consolidation Loan

Your situation might be considered rather dire compared to the ones above. From credit cards to personal loans and a pretty dismal bank balance, you’ve got it all. In such a predicament, the multiple repayments will strangle your cash flow in coming weeks – making you only that much more susceptible to resorting to a loan or your credit cards once more! So, what are you going to do now?

Fix the problem in one fell swoop with a consolidation loan. A consolidation loan allows you to pay off your multiple debt balances under one single consolidated loan so you don’t need to keep track of different payments and interest rates each month. Not sure where to start? You can check out the
Standard Chartered CashOne Debt Consolidation Plan
 or the
Bank Rakyat Personal Financing-i For Debt Consolidation
 to get a better idea.

If you do have a home loan, taking a top-up loan may be another option. Top-up loans linked to your home loan usually feature lower interest rates and larger sums disbursed because of the collateral attached. This will depend on the bank with which you have your home loan, so you’ll need to pay them a visit.

We hope these tips do help you out of a bind if you happened to overspend this Raya. Just make sure that the next time the festive season rolls around, you spend a bit more wisely and don’t fall into this trap again!

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Yasier Mahayudin

Yasier Mahayudin

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Travel Planning Tips to Help You Get More For Your Money

Travelling is most people’s choice way to unwind and with the Year End break coming up – you’re probably looking forward to a swinging vacation too. For the next two months, Ringgitplus is going to give you an entire series of articles to help you #GetMore for your travel money.

This week, we kick off the series with tips to help you budget and plan your way to a value for money vacation. Whether travelling for business or leisure, with family or by your lonesome, a little planning goes a long way towards alleviating much of the stress that comes with it.

Here are our 7 must-dos during planning and budgeting to #GetMore out of your upcoming travel.

1. Craft a Budget

Start with an estimate of how much your trip is going to cost. Be sure to include expected expenditure for the flight and transport, accommodation, food and dining, sightseeing and other miscellaneous expenses like souvenirs and gifts.

Don’t forget to keep an emergency fund for unexpected events or carry a travel credit card to complement the cash.

A good budget helps you identify just how much money you have to begin with. How can you #GetMore if you don’t know the amount you are attempting to maximise?

2. Do Your Research

The next step on your to-do list should be research, research, research! Call up friends who’ve visited the locale before; look up long lost relatives or acquaintances who live there (if any) and of course, don’t forget the internet!

The research should yield basic prices so you have a benchmark you can now squeeze and trim.

The research should also help you find out where to find bargains, tips on shopping/dining like a local and how much you can turn on your haggling mojo.

3. Prepare Your Itinerary

Trips to local tourist haunts? Must see monuments or wild extreme sport adventures? Have a clear plan delineating what you want to do when you arrive and throughout your stay.

It doesn’t matter if you don’t follow it to the T – the point is in knowing which of these items are must-dos and if it is all realistic in the time (and with the budget!) you plan to spend there.

This will also help you with point 4.

4. Book Early

Where possible – book early! Be it flights or accommodation – early bird discounts are real. Ask the hotel if any apply during the time you want to travel and put down your booking.

You can even go so far as to book tours and other smaller logistical arrangements in your itinerary if it means you can make the most of pre-booking discounts and rebates. Of course, here’s where point 3 comes in real handy. Can’t book a tour if you’re still undecided what to see!

5. Exchange Enough Currency

It might be tempting to wait and watch the currency exchange fluctuations but whatever you do – make sure the sum you exchange is sufficient. Nothing wastes money more than having to change currency at your holiday destination (overseas money changers rarely give the ringgit a good rate).

Always change more rather than less – you’ll be glad you did if you find things just that much more expensive than you anticipated.

6. Purchase Tourist Passes

Many countries offer tourist passes for entrance to tourist spots and transportation. Tourist passes offer you savings off the one-time entry fees if you use it for a few consecutive days.

If you researched the country you are visiting from the beginning; you may be well aware of the types of passes available to you at your destination. Some can be bought online but even if not – allocate the amount to get the pass the minute you arrive.

You will definitely #GetMore for your money if you purchase a bulk pass rather than one-off tickets every time you want to enter a place or take public transport.

7. Bring Your Travel Credit Cards

Often times, your credit cards offer special travel perks you may not have known yourself. Search redemption newsletters or simply call up your bank to ask if there are any travel promos available to you.

Specific travel credit cards
 will obviously have benefits but even regular cards will have
something or the other you can use on your trip
 such as discounts on hotel booking sites, free travel insurance or free lounge access.

Using the free services, discounts and perks offered by your credit card is the simplest way to #GetMore for your vacation money! If you don’t have a card that is doing you justice in the benefit department – it’s time to switch! Check out our
credit card comparison page
 for the best cards in the market.

Now that you know what to do, go ahead and start planning so you can #GetMore out of your travels.

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ringgitplus

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5 Weirdest things money can buy

It seems true that one never really knows what will sell in this crazy world of ours. Check out these oddball ideas that actually have a decent following.

Irish Dirt

Not English; not Scottish, not even French but Irish Dirt. Yes, if you haven’t been able to touch Irish Soil in Ireland, fear not! You can have the soil shipped to you. Perhaps the years of feeding nations with lovely potatoes have made Irish soil some of the most coveted in the world that there is an official website dedicated to selling the stuff, nicely packaged in a full colour carton.

So if you are Irish and missing home, don’t worry – now home can be sent to you. Well, part of it anyway.

A Sock Subscription

Is your washing machine a sock black hole? Do sock thieves lurk in the dark recesses of your laundry basket? Your mismatched sock pair woes can now be cured with an $89 (prices vary depending on sock type and frequency of delivery) subscription to, you guessed it, a year’s supply of socks. The base package of $89 will give you 9 pairs of basic calf-length socks divided and delivered 3 times a year. And since the nice guys behind
sockscription
 know how valuable it is to have a decent pair of matching socks when you need it; they’ve thrown in free shipping worldwide.

Rent-A-Friend

In the 80’s and 90’s, you would cure boredom by renting a video tape or a book. Now you can rent a companion. Even if you are the most boring, annoying person on earth, you can have your own best friend (who isn’t imaginary!) for a mere $10 an hour. A quick look through
the site
 confirms that there are Malaysian friends you could buy too so no worries about long distance rented friendships.

Fancy a Cuddle?

If you’re in need of a cuddle, it is now a service you can buy too. Gone are the days when people only paid for sex, now you can pay for something as simple and platonic as a cuddle. Jacqueline Samuel started
the Snuggery
, where she and a friend offers snuggle sessions to strangers for a fee. Book the lowest price package at $45 for an hour of snuggling or go ‘all the way’ with a full night cuddle at $425 a night. Strictly non-sexual contact is part of Jacqueline’s rules and you will be allowed to meet your snuggle buddy beforehand to do away with any awkwardness. Although, if you are willing to pay a stranger to cuddle you for even an hour; you’re likely not the easily embarrassed type.

Own a Skull

Just when we thought we had seen it all; that everything that could possibly be sold, has been. Then we found
Skulls Unlimited
 and realised how naïve we were. With Skulls Unlimited, you can buy animal and human skulls online to furnish your macabre home or make your Halloween haunted house a tad realistic. For a genuine human skull; all you need is spare change of $1350 (prices vary depending on the condition and source of the skull). Choose from mammals, birds, amphibians, fish, humans and even dinosaurs (if any are in stock at the time). The site assures visitors that all bones are ethically and legally obtained so it’s unlikely that a haunting should follow your newest acquisition. But if you were considering a human skeleton as part of home décor, you probably don’t mind.

Gee, I wonder what we Malaysians could sell for a quick buck…

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Diana Chai

Diana Chai

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Google Play Gift Cards Are Now Available In Malaysia

Google Play gift cards
 are now available to purchase in Malaysia. Consumers are able to purchase a gift card from 7 Eleven stores to redeem the Google Play credits to your personal Google Account.

Available in denominations of RM50, RM100, and RM200, these gift cards are similar to those also offered by MOL and sold in 7 Eleven, such as Netflix, Starbucks, and Spotify. Google Malaysia has confirmed that these are official gift cards and are only available at 7 Eleven stores. The roll-out will be gradual and will soon be available nationwide. Customers can use these gift cards to purchase apps, books, as well as rent movies after redeeming the credits to their accounts. Each Google account can store a maximum of RM2,999 in credits.

In case of faulty gift cards, customers are recommended to request for a receipt upon that will contain MOL’s customer service’s phone number, reference card number, and authentication ID.

(Sources:
Soyacincau
,
Lowyat.NET
,
Google Support
)

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Olivia Song

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Are You Really Too Busy To Work Out?

With the hectic lifestyles of today, it’s true that many of us working adults don’t have the time to get the amount of exercise that we need. Still, it’s important that we make an effort to carry out some form of physical activity as often as we can – even if that means fitting in little workouts throughout the day. Research has shown that frequent mini workouts lasting even just 15 minutes per session can be just as effective as one long workout session.

Here’s an example of how you can schedule in some exercise sessions, no matter how light and simple, throughout your average day.

7:00a.m. – 30 minutes of HIIT

High-intensity interval training (HIIT) consist of workouts that involve short bursts of intense exercise, alternated with some periods of rest. HIIT exercises force you to push yourself to the maximum during every set, which is why you can get promising results despite a shorter workout time.

You can try the following 30-minute HIIT workout with these five movements: burpees, jump squats, push-ups, crunches, and side lunges. Do 2 minutes of each movement, followed by 1 minute of rest between each exercise, and then repeat the whole circuit again. Timing is important here, so make sure to keep an eye on the time and go all out during your exercises.

8:30a.m. – Arrive earlier and take the stairs

Did you know that climbing stairs actually burns more calories per minute than jogging? You can burn up to 5 calories per minute just by walking slowly up the stairs and 11 calories per minute if you climbed at a faster speed. Besides raising your heart rate, climbing stairs also builds up muscle mass and improves bone density. If your office happens to be on an impossibly high floor, don’t use that as an excuse – you can climb the stairs for about 5 flights or so, and then ride the elevator the rest of the way up.

12.30p.m. – 10-minute lunch workout

Numerous studies have shown that sitting too much is bad for your health. A sedentary lifestyle is linked to an increased risk of diabetes, heart disease, and weight gain. While waiting for your work buddies to make a move and head out to lunch, get up and fit these quick exercises in to get your body moving and make better use of your muscles.

If you have something heavy lying around, pick it up and do some quick bicep curls. Do some squats or lunges to work your legs, or bend one leg behind you and grab onto your foot to stretch your quads. Something as simple as standing with your feet together and lifting both heels up and down can also gently work your whole body.

4.00p.m. – Continuous desk exercises

Yes, you can exercise without even getting up from your desk! If your shoulders are feeling tense, do some simple shoulder rolls: keep your back straight and your chin tucked in, roll your shoulders forward in a circular motion, repeat, and reverse. You can also gently tilt your head sideways to your shoulder and hold for 10 seconds to relieve some tension off your neck. Glutes squeezes are also another inconspicuous option for you – just contract your butt muscles and hold tight for five seconds, before relaxing and contracting again.

6.30p.m. – Swim for 45 minutes

Now that you’re free from the confines of your working hours, make a real commitment to your fitness goals by going for a proper workout session. If conventional gym workouts aren’t for you, why not consider going for a swim instead?

Swimming is a full-body workout that brings you all the benefits of a run, without the negative impact running inflicts on your bones and joints. If you have a water-resistant watch, you can time yourself as you do your laps and push yourself to burn more calories in a shorter period of time.

Lack of time isn’t an excuse

As you can see, there’s no such thing as having “not enough time to work out” – there’s always a way to slip in some form of exercise throughout the day with very minimal effort on your part. And if you happen to be on the lookout for a watch to help you keep track of the time throughout your active workday, why not check out the limited-edition Reebok Square Element watch?

The Reebok Square Element watch is a one-time only model that comes in five different colours. It is a digital display watch with a silicone and stainless-steel strap, with all the normal functions of a digital watch and water resistance up to 100m. Functional and sporty, it’s the perfect watch designed for fitness lovers and those with an active lifestyle.

So, make some changes in your daily lifestyle and incorporate more physical activity into your workday – and you can do it all with your Reebok Square Element to time your sessions. Check out the limited-edition
Reebok Square Element here
 or head on over to
Facebook
 to find out more.

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A Savings Account For Every Stage of Your Life

First Off; What is a Savings Account?

At its most basic, a savings account is an effective financial management tool, allowing you to safely store your cash, and earn interest on the balance. From that statement alone, you can glean two advantages to using a bank account as opposed to hoarding your money at home:

It is safe
 – All commercial banks, both local and foreign that falls under the
Banking and Financial Institutions Act 1989
, including Islamic banks under the
Islamic Banking Act 1983
, are members of PIDM, ensuring your deposits for up to RM250,000. On the other hand, cooperative banks, like Bank Rakyat, is insured by the government via the Ministry of Finance under the Development of Financial Institution Act (DAFIA).

Earn interest on your balance
 – The bank pays you interest on the money you deposit and leave in that account, usually compounded daily (though some can be monthly or even annually, which is actually not a very good savings account) and credited into your account.

How do I earn interest from a savings account? Explain to me like I’m 5 years old

Imagine all the savings accounts from all banks as different patches of soil, and the money that you deposit as flower seeds. These patches of soil will help the seed to flower at different speeds, and some don’t grow at all! – this depends on the fertility of the soil.

The more fertile the soil, the faster your flowers grow and bloom. In banking terms , this is the
 interest rate
 on the savings account – the better the interest rate, the faster you accumulate more wealth.

Other than a basic savings account, there are specialised accounts offered by banks that cater to either children, teenagers, and senior citizens. Let’s take a look at each type.

Top Saving Accounts According to Type

Basic Accounts

It is required that every bank in Malaysia provide at least a basic current and savings account for their customers, as outlined by Bank Negara Malaysia (BNM). A basic savings account is a simple deposit account that anyone can apply, hassle-free, and comes with minimal operating and maintenance fees.

Account-holders will be able to enjoy commonly used banking services freely, such as:

cash deposit machines

account enquiries

cash withdrawals

fund transfer

automated bill payments

interbank-GIRO

What better way to introduce a basic saving account than one from undoubtedly the biggest and most decorated bank in Malaysia, Maybank? With the Maybank Basic Savings Account, you will earn interest irrespective of your remaining balance, at a rate of up to an impressive
1.66% p.a.

There will be no service and maintenance fees, as long as you keep a balance of at least RM20. Paying an annual fee is a choice for convenience, as you will have two options on your ATM and Over-The-Counter (OTC) withdrawals:

Option 1
 – RM8 annual fee, with unlimited OTC and ATM withdrawals

Option 2
 – Pay as you use. Free only for first 8 ATM withdrawals, and 6 OTC transactions in a month.

Want to know how much you need to save to earn 1.66% p.a.? Read more about the
Maybank Basic Savings Account
.

For Juniors (1 – 12 years old)

When exactly is the right time to start thinking about saving money? It is never too early to start educating yourself or your children about the importance of saving each ringgit, and how integral financial planning is to their future. The perfect place to start is definitely opening a junior savings account for your little one.

Your child won’t be handling the account themselves, so you will open it on their behalf as a trustee. Your child’s saving account can be used for many purposes, namely as an emergency fund, spare cash, and of course, as savings for your child. A great account to open would be the
RHB Junior Savings Account.
 This account, believe it or not, can fetch up to 3.02% p.a. on interest earnings for deposits below RM100,000.

Other than that, your child will be provided with complimentary Personal Accident Insurance, of up to RM50,000, as long as you have a minimal balance of RM500 in the account. But opening the account is even easier, all you need is a deposit of RM1 – There’s probably a ringgit sitting in your pocket right now!

To secure your precious child with a comprehensive PA insurance coverage right now, check out the
RHB Junior Savings Account.

For Teenagers (up to 18 years old)

It may not come as a big surprise that a teenager’s brain is particularly good at remembering and learning new things, more so than the adult brain – they are also very curious and are very influenced by their environment. It might be a missed opportunity if you do not help your kid to develop the habit of saving at this point in their lives.

While these kinds of accounts don’t necessarily have the highest

interest rates, it will be a great learning and motivational tool for

your child, with cash rewards for your future Einstein for achieving

outstanding results in public exams such as UPSR and SPM. Take for example the
Maybank imteen Account
, made for those 12 to 18 years old – on top of earning interest at up to 3.01% p.a., this savings account will grant access to online banking via Maybank2u, and up to RM30,000 Personal Accident coverage.

Maybank will be giving up cash rewards for account-holders who have worked hard and obtained excellent academic results for SPM, STPM/A-Levels and Degree level.

Examination

Cash Reward

PMR (7As)

RM100 per

accountholder

SPM (8As /

A+)

RM200 per

accountholder

STPM/A-Levels

(5As / 4As and MUET Grade 6)

RM300 per

accountholder

University Degree

(1st Class Honours)

RM500 per accountholder

Think a RM200 cash reward will motivate your child enough to study harder? Look no further than the
Maybank imteen Account.

For Seniors (above 50 years old)

“Never put all your eggs in one basket” is an old adage that rings true, especially for a person’s savings and investments. You may have other savings accounts and fixed deposits working your money’s worth, while you enjoy the years after retirement, but it always helps to diversify and spread out your savings into multiple accounts, as you can save for multiple goals faster. A good place for seniors, pensioners, and retirees to start would be the
Hong Leong Senior Savers Savings Account
.

It offers you great

interest rate, compounded daily for up to 1.55% p.a., with a minimum deposit starting at only RM3,000. You can carry out your banking using Hong Leong branches nationwide, ATM network, Phone Banking and Hong Leong Connect. Lastly, you will be instantly protected with complimentary Personal Accident Insurance of RM30000.

Want to kick back and relax after all those years of hard work? Find out more about the
Hong Leong Senior Savers Savings Account.

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Banking and Financial Institutions Act 1989

Basic Accounts

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Should You Rent a Car For Your Balik Kampung Trip?

Although you have your own car, you might be thinking about renting a more appropriate vehicle (i.e. in terms of size, long-distance driving performance, etc.). But there’s quite a bit to consider when it comes to cost, safety and other issues. How to decide? Check out these pointers as you consider your options!

You Should Drive Your Own Car if…

It’s in good condition and has recently been serviced.
 A well-maintained car should give you fewer problems on the road and make for a smoother drive.

You are not comfortable driving another car.
 If you are a relatively new or inexperienced driver who is only used to zipping around in your own vehicle, it might not be the safest option to switch it up and drive an unfamiliar car on a long-distance trip.

You want to save money.
 Driving your own car will definitely be cheaper than renting because you’ll have to consider rental costs and insurance on top of the usual travel expenses such as petrol and toll. Moreover, if the car you are planning to rent is larger and heavier than your own, then prepare to pay more in fuel costs as well. For instance, if you own a compact car like a Perodua Myvi but decide to rent a multi-purpose vehicle like a Proton Exora for your journey, here’s what the added costs (excluding toll expenses) will look like:

Rental Car

Own Car

Model

Proton Exora 1.6 (A)

Perodua Myvi 1.3 (A)

Travel Distance

500 km

500 km

Average Fuel Consumption
(based on average car owner reviews)

9.1 litre/100 kilometre

5.9 litre/100 kilometre

Total Petrol Costs
(based on RON95 fuel price of
RM1.98
 as of June 15th, 2017)

RM90.09

RM58.41

As you can see, there is a rather significant cost difference when renting vs driving your own car for a
balik kampung
 trip, but here are some reasons why a rented vehicle might be worth the extra cost:

It’s Better to Rent a Car if…

You need a bigger car.
 If travelling with a lot of luggage, your kids and the extended family, a small car isn’t going to cut it. Furthermore, if your family decides to drive down in multiple vehicles, then costs would be higher. If using two or three cars instead of simply renting a more accommodating vehicle, you might need to double or triple petrol and toll costs.

Non-essential parts of your car aren’t functioning well.
 If your car is a little aged, the radio isn’t working right and is “equipped” with AC problems, the ride may be safe, but not as smooth or comfortable as it could be. For short distance trips, this might not be a big issue, but when you’re stuck on the road for hours on end, you might wish you went with a rented vehicle instead.

Your own car doesn’t have special insurance perks.
 If your own vehicle is not covered by comprehensive insurance or enjoys the extras that come with, such as free towing and roadside assistance, then a rental car that provides such complimentary services might be a better fit for a long-distance drive. For instance, both
Hertz
 and
Mayflower
 offer emergency roadside assistance, replacement cars (in case your rental can’t be repaired quickly) as well as free towing if the vehicle is stalled due to mechanical issues and can’t be repaired onsite.

A Word of Caution on Rental Cars

You have no way of knowing the actual condition of a rented car. Tires could be retreaded and maintenance may not be up to date. Thus, it’s best to prep a rented car the same way you would your own before starting on your journey.

If you have a little extra time before your trip, take the car to a mechanic to inspect the tires for punctures and air pressure; it doesn’t cost much and will typically take less than thirty minutes. You can check the water levels, battery, windshield wiper fluid, transmission and engine oil by yourself.

As a precaution, be sure to ask for the service records of the cars you rent and do keep the phone numbers of tow-truck and customer service personnel handy in case of a breakdown.

In addition, do note that insurance for rented cars may not cover persons not named in the policy to drive the car. Thus, the person who registered for the car could be fully liable to cover the cost of damages if he or she allows someone else to drive and an accident occurs.

Now you have all the information you need to make the right decision! If you’ve decide to go with your own car, you already know what to do, just make sure to have it checked or serviced before you leave.

But if you’ve decided on renting, here are a few more tips for getting the best deal!

Compare prices and services with at least three to four dealers.

Ask for a quote without the insurance fee and be prepared to negotiate.

Read the insurance policy terms carefully to understand what is and is not covered.

Find out what extra services is being offered that could add to your convenience i.e. pickup and drop-off services, etc.

Read reviews and choose a reputable, licensed car company, even if it costs a little more.

Book in advance as some companies offer discounts for early bookings.

Lastly, do use your credit card to take advantage of special
discounts and privileges
. Don’t already have a credit card or simply looking for one with better perks? Then head on over to our
comparison page
 to find the best card for you!

Here’s wishing you a safe and happy
balik kampung
 trip!

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Visa, Tourism Malaysia Collaborate To Boost Malaysia’s Tourism Industry As Borders Reopen

Visa has entered into a long-term partnership with Tourism Malaysia to support the Ministry of Tourism, Arts and Culture (MOTAC) in promoting Malaysia as a preferred travel destination. This involves the provision of travel discounts and campaigns, among other incentives.

Under the partnership, Visa will be rolling out the Visa Preferred Merchant (VPM) Programme, offering Visa cardholders exclusive deals for air tickets, accommodation, dining, shopping and medical wellness. According to Visa, the VPM programme will be made available to domestic as well as international travellers via
Tourism Malaysia
 and
Visa Malaysia
 websites during selected tourist travel seasons.

In line with Tourism Malaysia’s Strategic Plan 2022-2026, Tourism Malaysia and Visa will also promote tourism within the country by launching a domestic travel campaign. On top of that, the two parties will join hands to encourage international tourists to travel to the country and enjoy a diverse shopping experience as well.

(Image: Malay Mail/Ahmad Zamzahuri)

“Visa is excited to extend our partnership with Tourism Malaysia and launch a specially curated ‘Home Away from Home’ campaign. With the reopening of borders, we are looking forward to being a driving force in boosting tourism growth and promoting Malaysia as a tourist destination post-pandemic,” said Visa Malaysia Country Manager Ng Kong Boon.

Aside from that, Visa will also share its data analytics and insights with Tourism Malaysia to help the agency better understand tourists’ preferences. For instance, key data from Visa’s latest Consumer Payment Attitudes Study that may be shared include statistics such as:

Almost six in ten Malaysians believe that they will likely travel within the country
20% of Southeast Asian consumers – especially Singaporeans (40%) – are eager to spend on international travel to Covid-19-safe countries

(Image: Lim Huey Teng/Reuters)

Meanwhile, Tourism, Arts and Culture Minister, Dato’ Sri Hajah Nancy Shukri said that the tourism industry is excited with the reopening of Malaysia’s borders as it is a sign of opportunities for economic recovery. She further noted that the collaboration with Visa is “the perfect opportunity to provide consumers and merchants with the best offers available to truly experience Malaysia while adhering to SOPs and public health and safety”.

Malaysia finally reopened its borders on 1 April after more than two years of closure in its fight against Covid-19.
The government initially planned to transition to the endemic stage last year
 but decided to postpone it due to another surge in Covid-19 cases brought on by the spread of the Omicron variant.

(Source:
Tourism Malaysia
)

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Nur Adilah Ramli

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9 home loan rules you must read

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Sudy Yeo

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Fi Life Expands Term Life Insurance Plans To Include 10- To 30-Year Terms

Fi Life has expanded its existing 20-year term life insurance policy to include 10, 15, 25, and 30-year terms as well. With these additions, customers will be able to enjoy fixed premiums for a period of up to 30 years with no increases in the premium price.

As explained by Fi Life, these different level term durations give flexibility to customers to select the term duration that is best suited to their needs. “For example, a parent with very young children might opt for a 20 or a 25-year level term policy, where the coverage period lasts until his children reach working age,” Fi Life said on its website. “For the same reason, another parent, but with teenage children, might select a shorter 10-year level term policy.”

Fi Life and its underwriter Tokio Marine revealed that they co-developed the new level term policies based on feedback from customers and financial planners. According to Fi Life, its term-life policies can provide a price saving of up to 57% for a 30-year term premium in comparison with a yearly renewable term plan for a 40-year-old non-smoking male.

Illustration provided by Fi Life on the potential savings achieved with a level term policy

Fi Life also provides yearly renewable term policies, where the premiums start out lower but increase slightly every year with the policyholder’s age. Both
types of life insurance policies
 provided by Fi Life come with a critical illness add-on option.

Thanks to our partnership with Fi Life, RinggitPlus readers can enjoy an exclusive 10% rebate on their first-year premium! Simply
purchase a Fi Life policy through this link
 and enter the code RPLUS10 at the payment section.

(Source:
Fi Life
)

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Prudential PRUcancer X Insurance Plan Offers Up To RM2 Million In Coverage With Affordable Premiums

Prudential Malaysia has announced PRUcancer X, a new critical illness insurance plan that addresses the financial impact of cancer. With a basic sum assured that goes as high as RM2 million, the non-participating insurance plan has surprisingly low premiums that start from just RM400 per annum.

Cancer is the second-leading cause of death globally. In Malaysia, about 100,000 people suffer from cancer each year, and the Ministry of Health estimates that one in four Malaysians are expected to develop cancer by the age of 75. While that’s a commonly-discussed statistic, few address the financial impact of cancer to an individual and their loved ones. Cancer treatment costs go beyond medication and hospitalisation expenses, and includes other expenses including post-treatment care, caregiver’s costs, and hidden costs such as loss of income.

On top of that, current critical illness insurance policies don’t provide enough coverage to offset the costs of cancer. Depending on the aggression and stage during detection, cancer treatment can go anywhere from the middle five-figures and can go past the million-Ringgit mark.

Enter the Prudential PRUcancer X insurance plan. It is designed as a solution that covers the high treatment expenses and potential income loss if one has to stop work to focus on the recovery. Prudential claims that the coverage of up to RM2 million is the highest so far on any cancer-specific insurance product available in Malaysia, which is considerably useful for those who consider seeking treatment abroad.

The Prudential PRUcancer X plan offers four levels of coverage: RM250,000, RM500,000, RM1 million, and RM2 million. Its annual premium is detailed in the table below. Note that the premiums shown is not absolute, as it is determined by risk factors determined by the insurer based on the underwriting questions.

Like other critical illness plans, PRUcancer X also pays out a portion of the coverage amount upon the diagnosis of specific types of cancer. This plan also offers a compassionate benefit, which provides a fixed benefit to the policyholder’s family in the event of death to assist with funeral expenses.

In addition, the plan is available to everyone aged 1 to 60, and has a 10-year coverage term. It also has an automatic conversion mechanism to a new 10-year plan at the end of the 10
th
 year of the current policy, which ensures coverage is valid up until the age of 70.

Finally, Prudential also makes it easy to enrol for PRUcancer X by reducing the number of underwriting questions to those that are specific to cancer risks only. Head on to Prudential’s website for more information on the
new Prudential PRUcancer X
 critical illness insurance plan.

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Pang Tun Yau

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Grab Implements New E-Hailing Fares, Rides May Cost Slightly More During Peak Hours

(Image: New Straits Times)

Grab Malaysia has updated the peak hour fares and incentive structure for its e-hailing service, with the aim to provide its drivers with fairer compensation, especially for their time spent stuck in traffic during peak hours.

Effective immediately, Grab’s new fares during peak hours will now be based primarily on the time needed to complete a ride, while the distance covered plays a secondary role. With this, the fare per minute will be increased from the existing 20 sen to 43 sen, whereas the fare per kilometre is reduced from 70 sen to 25 sen in the Klang Valley. Meanwhile, the base and minimum rates remain unchanged at RM2 and RM5, respectively.

Here’s a quick look at how the new fares compare to the previous rate:

In a statement, Grab explained that this update is driven by comments from its driver partners, many of whom highlighted that the existing fares do not offer sufficient compensation for the time spent in a jam during peak hours. “Please note that we need to balance the higher fare per minute with a lower fare per km as maintaining the existing fare per km will result in a significant increase in fare levels, causing a drop in demand from passengers,” it further explained.

With this compromise, Grab said that passengers should see little to no change in what they have to pay, with only minor increases or decreases depending on the hours of their rides. To better illustrate this point, Grab also shared the current and new fare calculations for two scenarios where passengers travel a similar distance (10km), but at different hours (peak versus regular hours). The fares are calculated based on the formula: base fare + (trip distance x fare per kilometre) + (trip duration x fare per minute)):

With the new fare structure, customers will likely need to pay slightly more during peak hours when riding in busy areas, where traffic is heavy.

 Meanwhile, customers who make trips that take faster to complete, such as trips on clear highways during regular hours, will enjoy lower fares.

In response to this update, vice president for the Grab Drivers Malaysia Association (GDMA), Mohd Azril Ahmat said that the fare adjustment is disappointing, given that most drivers prefer to work during non-peak hours. “Based on the feedback I’ve gotten from some drivers today, they are expecting at least a 30% reduction in earnings. This is because they reduced the earnings based on distance, which is down to just 25 sen. My concern now is that other ride-hailing companies will follow the same fee structure,” he said.

Founder of online radio station Ehailing.fm, Fazal Kamarudin also said that the fee adjustment was shocking. “From 70 sen per kilometre to 25 sen doesn’t make sense. I hope that Grab can study the fee structure again, and the relevant authorities should look into the matter,” he added.

(Image: The Star/Azman Ghani)

Aside from introducing the new fares, Grab also rolled out two new incentives – namely the Far Pickup Bonus and Hourly Cashback – to replace existing initiatives (Time Booster and Cashback Bonus) and to better motivate its driver partners. Specifically, the Far Pickup Bonus incentive will offer Grab drivers a compensation of 25 sen to 35 sen for each minute of pickup after five minutes. Meanwhile, the Hourly Cashback incentive rewards drivers with cashback multipliers of up to 2x, based on the number of rides that they’ve completed in the previous four weeks, on a rolling basis.

(Sources:
Grab
,
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Maybank To Hold First-Ever Virtual Treats Fair To Shop With TreatsPoints & Amex Membership Rewards

Maybank is set to hold its popular Treats Fair event virtually for the first time ever. In light of current Covid-19 developments in the country, the bank is prioritising safety and embracing the new normal with a fully virtual event.

Exclusive to Maybank debit,
credit
, and charge cardholders, the Maybank Treats Fair is an event where cardholders can use their accumulated Treats Points or Membership Rewards points to pay for items at the event. Cardholders can also redeem special items of the day, bid for high-value products, and enjoy better redemption rates.

The Maybank Treats Fair 2020 will be held from 2-4 July 2020, and the entire event will be hosted online at
www.treatsfair.com
. Cardholders can look forward to over 10,000 e-vouchers to be redeemed, as well as multiple flash sales.

In addition, there will be a one-day special on 3 July, which will feature a reduced points conversion rate of 400 points = RM1 – a 20% discount from the usual points conversion rate of 500 points = RM1. On top of that, purchases made with Maybank 0% EzyPay Instalment Plan will be rewarded with 5x points, which will be a big benefit as they only normally earn 1x point.

Other interesting events happening on the one-day special include the TREATS Bidder, which lets you bid for items with your Treats Points or Membership Rewards points. There’ll also be a TREATS Virtual Wheel, as well as flash sales offering gadgets up to 50% off and quite possibly the best news for durian lovers: 1kg of Musang King at just 3,960 points (that’s just RM9.90!)

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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You’ll get stuck on Sticky Fingers Bangkok Bistro with Citibank

If you’re a Citibank credit card holder and you’re feeling a little adventurous, why not pay Sticky Fingers Bangkok Bistro at Pavilion KL a visit?

You can savour their unique Thai fusion cuisine such as tom yum pasta amidst a chilled out ambience with your partner or pals. Best part is, you’ll get
20% off the total bill with a minimum spend of RM150 in a single receipt.

This deal will go on until 31 December this year.

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EPF: B40 Group Makes Up Majority Of i-Lestari Applications

(Image: The Star)

As many as 4.1 million members of the Employees Provident Fund (EPF) have applied for the i-Lestari Withdrawal Scheme, with the majority coming from the B40 income group. This has raised some concerns for the dwindling retirement funds of its members from this group.

“We are fairly worried because some of our members have already exhausted their Account 2 after two months. That’s only RM1,000 in Account 2 (RM500 per month for two months),” said the chief executive officer of EPF, Tunku Alizakri Alias. He added that RM1.94 billion has been withdrawn as of 5 June 2020.

For reference, the i-Lestari facility allows EPF members aged 55 and below to withdraw between RM50 to RM500 per month from their EPF Account 2 for 12 months (1 April 2020 to 31 March 2021). The withdrawable figure is, however, subject to the available funds in the members’ account. The EPF has begun
disbursing the approved withdrawals
 into its members’ bank accounts from 4 May, a month after it started accepting
applications from 1 April
.

That said, Tunku Alizakri commented that applications for the i-Lestari withdrawal facility are still incoming. As such, it is still too early to draw conclusions or to release further details on the profile of the applicants.

Tunku Alizakri further reminded EPF members to
be prudent with their applications
 as the i-Lestari withdrawal scheme dips into their retirement savings. He also said that they can meet the EPF’s retirement advisory services officers for advice to plan their retirements.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    leeyc

    3 years ago

if EPF able to provide stable return range 7%-10%, this might discourage members to withdraw their fund from EPF.

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Fitness Tracker Battle: Mi Band 2 vs Fitbit Charge HR

The Mi Band 2 was recently launched and it has captured the attention of the masses. The brand behind these wearables, Xiao Mi has strongly established themselves in the market as the cheaper alternative which is still able to provide great quality gadgets.

In a revenue management perspective, their strategy has always been to keep prices low and subsidise their revenue by selling accessories that are affordable. Powerbanks, headphones, screen protectors and phone covers are all relatively on the the lower end of the price spectrum as compared to premium brands like Apple which sell accessories with a bigger price tag. This strategy also helps to curb the consumers from hunting down and buying accessories from other sources.

So what is so special about the new Mi Band 2? How does it stack up against its predecessor or the industry benchmark of a
Fitbit
?

Mi Band 2

The new
Mi Band 2
 tracks steps, calories burnt, monitors sleep patterns and has a great battery life just like its predecessor, the
Mi Band
. It also still vibrates as an alert when you receive calls and text messages.

What they have added on to the new Mi Band 2, is that the gadget has an optical heart rate monitor as well as a better pedometer algorithm that is supposed to track your steps and movement better. To top it all off, it now comes with a 0.42 inch OLED screen. The screen is also scratch resistant and dust proof. The screen can display the time, number of steps, heart rate, distance walked, calories burnt and battery information. Best part is, you can customise what you want it to display.

Any other smart wearable company would charge a good chunk of your salary for one. However, this is made by Xiao Mi, who have a reputation of selling their products at a bargain. They have launched it only in China thus far, at an insane price of 149 Chinese Yuan (Approximately RM92).

Mi Band vs Fitbit

If you were to compare it against a product with similar features in the market such as the
Fitbit charge HR
, it provides a huge amount of savings while having a product that gives you similar features. This is how they stack up against each other.

Features

Fitbit Charge HR

Mi Band 2

Step Tracker

Yes

Yes

Sleep Monitor

Yes

Yes

Call & Text Alert

Yes

Yes

Sleep Alarm

Yes

Yes

Heart Rate Monitor

Yes

Yes

Screen

OLED

OLED

Connectivity

Bluetooth 4.0

Bluetooth 4.0

Water Resistant

Yes

Yes

Battery

5 days

20 days

Phone Requirement

Over 150 devices on IOS / Android / Windows Phones

Android 4.4 or iOS 7.0 and above

Smart Unlock – Mobile Phone

No

Yes *Only with Xiao Mi Phones

Price

RM690

Approximately RM 92

Information sourced from
Fitbit
 &
MIUI

While features of the device are similar, the Fitbit has a far better developed app which automatically detects your workouts, helps you set up goals, keeps you on track with badges, progress notifications, compete against other people, and other grand features. It also has a food log you can track your calorie intake with. The Fitbit app also has a huge food database which allows you to quickly scan barcodes which input the food data for you effortlessly.

Which is Better?

At the end of the day, it really depends on what your fitness goals and needs are. While the Mi Band 2 has some good features, it does lack a few amazing features as mentioned above.

If you find all the added features redundant as you only would like to log your sleep and your walk to the car before and after work, then maybe you don’t need any activity tracker at all. However if you are on a budget and think you would like to start somewhere, then the Mi Band 2 seems like a great option and value for money.

However, you have to be a little patient as they have yet to launch the Mi Band 2 in Malaysia at this point in time. In the mean time, opt for the cheaper Mi Band which is retailing on their website for RM59 and you can upgrade your device at a later date. Even if you did that you will still end up with savings as compared to buying a Fitbit.

Image Sources: Image 1 from
Wareable
; Image 2 from
MIUI
; Image 3 from
Wareable

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Gavin Pereira

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CIMB Partners With Poptron To Host Bazaar Featuring Over 100 Micro Brands

CIMB Bank has entered into a partnership with local startup Poptron, aimed at accelerating the growth of home-grown micro brands through Poptron’s new social commerce platform. The two parties have collaborated to host the #ExtraNotOrdinary Bazaar, which takes place at Publika Shopping Gallery from 4 to 10 September.

The bazaar will feature a range of curated lifestyle brands available on Poptron’s platform while paying tribute to local products in conjunction with Malaysia Day. Meanwhile, it also encourages cashless transactions by providing extra rewards via the newly launched CIMB e Credit Card.

“CIMB’s partnership with Poptron is based on our shared values and desire to accelerate the growth of local micro enterprises,” said Samir Gupta, CEO of CIMB Group Consumer Banking. “Poptron aims to make ethical and socially conscious micro brands accessible via its social e-commerce platform, which is perfectly aligned with our aim to promote cashless lifestyles.”

Samir added that CIMB aims to encourage both its customers and the public to embrace cashless payment methods in their daily spending as the way forward, and that they can do so while making use of the rewards offered by the CIMB e Credit Card.

To make the Poptron shopping experience more compelling and accessible for shoppers looking for extra value, Poptron and CIMB are offering 15% discount at
Poptron.co
 sitewide for CIMB e Credit Cardholders. On top of that, CIMB e Credit Cardholders will also get 12x Bonus Points instead of the usual 5x Bonus Points for normal, non-e Day online transactions. Meanwhile, other CIMB debit, credit, and prepaid cardholders will enjoy 10% off.

The special promotions will run from 4 to 10 September. For more information on the
#ExtraNotOrdinary Bazaar
, you can check the event page on Facebook. You can learn more about the
CIMB e Credit Card
 here or read our
in-depth review on the CIMB e Credit Card
 here.

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How to Avoid Vacation Rental Scams

Everyone loves a good deal when making plans for their vacations. But sometimes, some deals are too good to be true. Instead of getting ahead, you waste your hard earned money and end up with a sub-standard accommodation or worse, no accommodation at all.

Since the majority of us divert ourselves from tour agents and try handling our reservations on our own to save on agent fees, here are a few pointers to help you avoid getting scammed.

Low Prices
 – The first sure way to tell that a listing may be a fake, is the price of the accommodation. If the price is significantly cheaper as compared to the other units listed in the area, you may want to steer clear of the unit. It never makes sense that amongst the listed range, there is a little gem within the same building offering a price that is 30% to 40% discounted rates unless it is a smaller place. You could try taking a look at
Agoda
 to compare as this website helps travelers save up when they make bookings for accommodations and hotels at the best rate possible.

Stolen Descriptions
 – Sometimes, the scammers use legit properties and
steal the description
 and pictures displayed online. They then claim to be the owners and request for you to bank in a deposit for your booking. You only find out that the unit is not even up for rent when you show up at the doorstep with your luggage in hand.

To avoid this from happening, copy and paste the title as well as the first line of the description and do a Google search. If the same property shows up, request for additional pictures from both parties. The actual agent or owner should have no problem getting additional pictures for you as compared to the scam artist.

Photography
 – In addition to asking for pictures, be wary of overly photo-shopped pictures. If you think the property does seem a little polished up in the pictures, try asking for a virtual tour. Get a video of the place. Unless this person has worked for Michael Bay or Steven Spielberg, chances are you will get the real picture.

Comments
 – Never underestimate the power of comments, be it on the website itself or possibly social media. People are more likely going to display dissatisfaction as well as authentic pictures of problems they encountered during their stay. Always take some time to run through them to ensure you are paying for what you are searching for.

Payment
 – The best way to make payments would be using a credit card to minimise the chances of losing your money
in case of a scam
. In the case you find out that the transaction was bogus, you can inform the credit card company and reverse the said transaction.

Another red flag to look out for at the point of making payment, are agents who are insist for full payments in cash. Most genuine owners and agents request for a deposit and would request you make the balance of the payment on arrival or upon checking out.

Websites
 – Where ever possible, try your level best to use reputable websites. Websites such as
Craigslist
 may be a little dangerous as it connects buyers and sellers without hosting any liability for transactions that go wrong. Websites such as
airbnb
 on the other hand, hold your payments in escrow. Meaning they hold the money paid until you receive the keys and occupy the unit.

Be Safe & Happy Travels

The internet not only brought about more convenience and options for vacation rentals but it also opened up a new tool for the scammers to take advantage of. Do your research and stick to the tips above, you are more than likely to have yourself a proper holiday without the worries of getting scammed.

If you are planning your holiday, don’t forget to use a credit card when you are doing so. It not only is better for fraud protection, it also allows you to earn some rewards at the same time. If you don’t have a credit card, head on down to our
comparison tool and apply
 for one today.

Also, for a limited time only, we running our travel getaway campaign where you get awesome gifts
by applying for selected credit cards
 so what are you waiting for?

Do you have anything to add to the tips to avoid vacation rental scams? Tell us in the comments below.

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Gavin Pereira

Gavin Pereira

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PSA: UK £20 And £50 Paper Notes Will No Longer Be Legal Tender From 1 October 2022

The Bank of England (BoE) has recently issued a reminder that the £20 and £50 paper notes will no longer be legal tender from 1 October 2022. First announced by the BoE back in June 2021, this means that the paper notes will soon not be accepted for payment of goods or services in the UK.

With a little over two months to the deadline (72 days from today to be exact), Malaysians who still have £20 and £50 paper notes in hand from previous trips to the UK may want to take action soon – especially if you do not have a UK bank account. Geographical challenges will be an issue, but one option would be to exchange them at a money changer. A check by our team with a money changer in the Klang Valley revealed that it is still accepting £20 and £50 paper notes only until this August, but do check if your usual money changer is offering the same.

Alternatively, you may also exchange your notes by sending them via post to the BoE’s London headquarters, and the BoE will transfer the equivalent amount to your bank account. As a security measure, you are advised to insure the notes against loss or theft. For transfers to an overseas bank account (including Malaysia), the BoE will transfer the equivalent amount via SWIFT transfer. However, this is only possible if you have a foreign currency account, as the BoE cannot transfer to a bank account that does not accept GBP. You will also need to provide your bank account’s SWIFT code in addition to your bank account number. You may find more information about it
here
.

Finally, you may also exchange the paper notes in person at the Bank of England’s headquarters in London. This option will remain possible even after the 30 September deadline.

(Image: BusinessMatters)

If you do own a UK bank account, your situation will not be as complicated as the BoE states that many banks in the UK will continue to accept the paper notes as deposits even after the 30 September deadline. Similarly, some posts offices will also continue to accept paper notes as deposits into bank accounts accepted by them.

The rush to remove the £20 and £50 paper notes before the deadline will be intense, as there are still billions of pounds worth of them still remaining in circulation. According to the BoE, there are 314 million £20 paper notes (as of 27 May 2022) and 163 million £50 paper notes (as of 10 June 2022) still in circulation, with a combined value of £14.5 billion.

The £20 and £50 paper notes are the last of their kind in the UK. The BoE had begun shifting to
polymer notes since 2016
 as they come with improved security features and are more durable. With the addition of the
£50 polymer note
 last year, all banknotes (£5, £10, £20, and £50) issued by the BoE are now printed on polymer.

(Sources: Bank of England [
1
,
2
],
Bloomberg
)

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Nur Adilah Ramli

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    Keldif

    1 year ago

Hi how do I change some earlier series of notes. I have some older version of pound notes, like Series D, and Series E notes. These notes had been ceased in 2010 and 2014. Thank you

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Transforming Cities For Malaysians Today & Beyond

Businesses require many different factors in order to pull together and be successful. They need to be forward-thinking, resourceful, and at the same time, those within the business need to support one another thoroughly. It’s important to envision the same future because it’s that particular thing that brings everyone together, no matter what their job description may be. For one of Malaysia’s multi-award-winning property developers, the purpose is as simple as to ‘Make Living Better’.

SkyWorld was originally founded in 2008 under NTP World Group of Companies. Fast forward to the 2010s, the company underwent a rebranding exercise and launched a successful first master development, otherwise known as SkyArena @ Setapak. Following that success, SkyAwani 1 was launched as a CSR and affordable home series in Sentul that impressively recorded 100% sales just months after its launch.

Believing In The Power Of Financial Literacy

As a city developer, SkyWorld has always believed in the potential of transformed cities and the living experience it could offer homeowners but besides that, they also advocate for smart consumerism. In fact, they are one of the renowned sponsors of RinggitPlus Malaysian Financial Literacy Survey (RMFLS) for 2021, an annual survey that strives to underline the importance of financial literacy and to empower Malaysians to make better financial decisions.

The survey revealed that the biggest factor that influences property purchase are location, connectivity & environment. SkyWorld typically offers homes that are based in mature neighbourhoods to provide an established range of facilities and amenities close to home. SkyVogue, for example, is located within 5km away from business hubs like KL Sentral, KL city, and TRX. This also means that education, shopping malls, and hospitals would not be an area of concern for residents.

Besides that, SkyWorld offers residences of various price points to cater to homebuyers of all backgrounds and preferences. This also means that 36% of Malaysians who indicated that their budget for a property lies between RM300k to RM600k would also be able to find homes that would suit their needs.

Through RMFLS 2021, SkyWorld hopes to encourage Malaysians to practice better financial habits and make smart financial decisions.

Educating Malaysians About Quality Workmanship

Part of how SkyWorld champions smart consumerism is through quality assurance. As a matter of fact, SkyWorld has spent over RM3.8mil to build a first-of-its-kind quality centre that hopes to educate SkyWorld business partners, homebuyers, and the public about the quality of certified workmanship in Malaysia.

The 13,000sqft SkyWorld Quality Centre explains the difference between the QLASSIC or CONQUAS-compliant finishing against a non-compliant finishing so Malaysians know what to look out for during the key handover. With that, SkyWorld ensures all its projects will be certified to QLASSIC rating of 70% and above.

In 2020, two SkyWorld projects were completed with the highest QLASSIC score in Malaysia, namely SkyLuxe on the Park in the high-rise residential category, and SkyAwani 2 in the affordable home category.

Specially-Curated Sky Living Experiences With Sustainable Features

SkyWorld is creating new, sky-high standards in the realm of sustainable city living as well as the environmental, social, and governance (ESG) frontier by pioneering innovative sustainable living features and maintaining its drive as the best city developer while also empowering urban communities and safeguarding the environment for the future through its cutting-edge developments.

Homes by SkyWorld are embedded with sustainability living features like Thermal Comfort, Enhanced Daylighting, Green Renewable Energy, A.I. Automation, and App-based Smart Control.

SkySanctuary

To create a living experience that is not only enjoyable but also convenient, SkyWorld offers a multitude of properties located in accessible locations such as near major highways, shopping malls or LRT/MRT stations for easy connectivity. If nature is what homebuyers seek out, a home like EdgeWood Residences @ SkySanctuary comes with a private 3-acre Central Park that residents can enjoy just steps away from home. SkyMeridien, on the other hand, makes travelling a breeze as it is located just 300m from the Sentul Timur LRT station. SkyVogue Residences offers sizes up to 1,400sqft complete with a sizeable balcony for one to step out and enjoy beautiful views.

EdgeWood Residences @ SkySanctuary

Facilities also contribute to the living experience when it comes to buying a new home. Each SkyWorld residence comes with its own uniquely abundant offering from more common ones like pavilions, gyms, and sun decks, to the likes of mini cinemas, skyjacuzzis, and co-sharing spaces. There are surely activities to be done whether you want to take things slow and relax, or pick up the pace and be active.

***

To date, SkyWorld has won over 50 local and international awards with their most recent win being Top Property Developer in Malaysia by BCI Asia Awards 2021 and Kincentric Best Employer Malaysia 2021. Following the handover of over 3800 units, they continue to strive to achieve the company’s vision ‘Always Best City Developer’.

Learn more about SkyWorld’s city-transforming projects by
visiting their website
.

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Lisa Ameera Azman

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CIMB will have you savouring exotic Thai cuisine

Don’t you just love the distinctly wonderful aroma and flavour of Thai cuisine? Its tom yam, green curry, basil minced meat and mango sticky rice dishes were designed to transport you to culinary cloud nine after a meal.

If you’re passionately in love with Thai food, and are a CIMB Bank credit or debit card holder, you’re in for a yummy treat.
The SEA Cuisine group
 is giving you a
15% discount at all of its restaurants
 until 31 December this year!

So make your way to Celadon, Amarin Heavenly Thai, Good Evening Bangkok or any of the group's other charming establishments soon to satisfy your Thai cravings.

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John Royce

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MOF: EPF Members’ Savings At A Worrying Level, Many With Less Than RM10,000

(Image: Bernama)

Deputy Finance Minister I Datuk Mohd Shahar Abdullah has once again highlighted the worrying level of savings of Employees Provident Fund (EPF) members, revealing that 52% of the total 12.78 million EPF members aged under 55 had savings of less than RM10,000 as of 30 June 2022. This is equivalent to 6.62 million members.

Of the number, 75% (4.99 million members) are
bumiputera
 members. At the same time, 3.2 million members under the age of 55 are also at a very critical level of savings, with less than RM1,000; 81% of these members (2.58 million) are
bumiputera
members.

“As a relative comparison, the number of
bumiputera
 members of 8.22 million people is 64% of the total of 12.78 million EPF members under the age of 55. This shows that most
bumiputera
 members are concentrated among members who have a low level of EPF savings compared to other races,” Datuk Mohd Shahar further elaborated.

(Image: The Star/Raja Faisal Hishan)

The deputy minister said that this worrying level of savings was exacerbated by the implementation of four Covid-19-related withdrawal facilities, namely
i-Lestari
,
i-Sinar
,
i-Citra
, and the
RM10,000 special withdrawal
. This is on top of a
reduced statutory contribution rate
 for members for a period of 27 months, from April 2020 to June 2022.

“Overall, the impact of these programmes related to Covid-19 on members’ savings is estimated at RM155 billion, which consists of RM145 billion withdrawn by members under the four withdrawal programmes, and almost RM10 billion from the impact of the employee share statutory contribution rate reduction programme,” said the minister.

In an effort to help members increase and rebuild their retirement savings, Datuk Mohd Shahar said that the EPF has prepared numerous channels to make it easier for members to contribute. For instance, members who are employed can choose to contribute beyond the standard 11% rate, as well as make voluntary contributions at any time (maximum RM60,000 per year).

(Image: Free Malaysia Today/Miera Zulyana)

Similarly, self-employed members and members with no fixed income or are outside the labour force can also contribute to the EPF voluntarily at any time under the i-Saraan programme. “As an incentive to encourage this group to save under i-Saraan, the government provides a contribution of 15% of the total contribution, or up to RM250 per year,” said Datuk Mohd Shahar.

Eligible housewives under the eKasih database, too, can make voluntary EPF contributions under the Program Kasih Suri Keluarga Malaysia (previously known as the i-Suri programme). Those who contribute at least RM5 per month under this programme are eligible to receive an incentive of RM40 per month from the government.

Finally, Datuk Mohd Shahar said that the EPF will continue to emphasise the importance of financial planning among its members, so that they can balance their financial needs for the present, and their retirement in the future.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Win An iPhone 14, RM300 E-Wallet Credit When You Protect Yourself With Allianz

One of the common finance advice that friends and family would always remind us of is to have insurance protection. During the pandemic, many Malaysians struggled to pay for high hospital costs, especially as
medical inflation has been rising
.

If you want to keep yourself protected in the new norm, HealthInsured is a plan that protects you and your family with comprehensive medical coverage. Its flexible and affordable coverage is able to give you comfort in knowing that you have adequate protection such as No Overall Lifetime Limit and High Overall Annual Limit up to RM5 million and more.

Besides that, you can also keep your family’s financial future protected with Allianz PremierLink. Its affordable monthly premiums and a minimum sum assured of RM 500,000 can ensure your legacy is kept secure.

For a limited time, you can stand to win the brand new iPhone 14 or RM300 worth of E-Wallet credit when you apply for HealthInsured or Allianz PremierLink through RinggitPlus!

Win The iPhone 14 or RM300 Worth of E-Wallet Credit

The recently unveiled iPhone 14 gathered millions of views during its live launch event. If you’re somebody who enjoys Apple products or could simply use the upgrade, you’ll be glad to know that you could
stand to win the iPhone 14
 when you protect yourself with HealthInsured or Allianz PremierLink.

The battery life has been extended for even longer use so you won’t have to worry about long days out. There are a handful of new features, including Crash Detection, which will know when your car is in a crash and can quickly communicate the situation to offer quick assistance.

The iPhone 14 has an IP68 rating for resistance to water and dust intrusion. It is able to withstand a depth of up to six metres for up to 30 minutes. The new 12-megapixel front-facing camera on Apple’s iPhone 14 models has an f/1.9 aperture that lets in more light than before for better selfies and FaceTime video calls. Perfect for those dim venues!

Apply with RinggitPlus and you may just take the brand new iPhone 14. Besides the iPhone 14, you may also win an RM300 from Grab or Touch ‘n Go.

HealthInsured, The Medical Coverage Designed To Give You Peace Of Mind

With so many Malaysians having the unfortunate experience of falling ill to COVID-19, it’s not surprising that there has been a rise in people seeking financial protection from it, in case they were to get infected. With HealthInsured, you’ll receive full coverage from COVID-19 if you fall under Category 3, 4, and 5, so there would be no hefty medical bills for you to foot.

Besides that, there is No Overall Lifetime Limit and you will enjoy a High Overall Annual Limit of up to RM5 million. Extensive Cancer Coverage is also offered, including access to genomic testing of common and rare cancer types, and extended out-patient cancer treatment cover, if you ever need it. Not only that, you can also utilise Allianz Care@Home as it provides medical-assisted support at your home, allowing you to get the medical attention you require without leaving home.

On top of that, if you appreciate flexibility, HealthInsured ensures you’re provided flexible deductible options for your medical expenses with Retirement Option
1
 at age 60. Sometimes you prefer having a second opinion on your medical conditions, and thankfully, with HealthInsured, you’ll receive coverage for that so you can stay empowered and well-informed with your decision-making.

Your little ones, including your preborn child of 13 weeks to 36 weeks during pregnancy, will also receive proactive protection. Additionally, you can say goodbye to troublesome paperwork during admission and discharge, because thanks to the all-in-one medical card, that’ll all be a thing of the past.

Protect Your Family’s Financial Future With Allianz Premierlink

When you think of the future, you may worry about your family’s financial future. To safeguard your loved ones, you may consider Allianz PremierLink, with its affordable monthly premiums and other attractive features.

With Allianz PremierLink, you can enjoy a minimum coverage amount of RM500,000 for peace of mind. In terms of coverage, you will get high coverage for death, as well as up to RM8 million for Total and Permanent Disability (TPD)
2
. To make the deal sweeter, your coverage can be stretched up to 100 years old.

You’ll also enjoy a flexible coverage term
3
 so you can adjust according to your financial situation. Alternatively, you could top-up your premium whenever you’d like to maximise your investment value, where 95% of the amount will be allocated for investment.
4

If you have any balance in your account, you’ll receive it when you surrender
5
 your policy or when it matures. Plus, you’ll have the option to partially withdraw
6
 the funds in your investment account if you need to. You can also switch between funds
7
whenever you want to better suit your investment goals and needs.

***

Having insurance protection is critical, especially in today’s times where medical and general inflation is constantly on the rise. HealthInsured is a good fit for those who want adequate protection if they were to ever get infected with COVID-19. Meanwhile, Allianz PremierLink helps those who have worked hard over the years to protect their legacy and their family’s future.

If you want to be one of the lucky winners of the iPhone 14 or RM300 worth of e-wallet credit, simply apply for HealthInsured or Allianz PremierLink and you might just win! Keep yourself protected and stand to win these exciting rewards.

Click here to apply
 for HealthInsured or Allianz PremierLink.

1
Retirement Option allows the policy owner to convert the current deductible plan to a zero deductible plan when the Life Assured attains age sixty (60) nearest birthday on the Policy Anniversary without further underwriting or to continue with the current deductible level. The Retirement Option must be selected upon application and only applicable for Plan 200 and above.

2
Coverage amount for TPD is up to RM8 million and until age 71. In the event your coverage amount is more than RM8 million, the remaining balance will be paid out upon death.

3
Your maximum coverage term will be determined by your selected coverage and annual premium. The minimum coverage term is 20 years and maximum coverage term is up to age 100.

4
Minimum ad hoc top-up is RM500.

 5
Surrender penalty applies.

6
Withdrawal penalty applies. By performing partial withdrawal, the sustainability of your policy may be affected, which in turn may result in the shortening of the coverage term.

7
Free fund switching is limited to 5 times per policy year, RM10 will be charged for any subsequent switch.

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Lisa Ameera Azman

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Fuel Prices To Be Cheaper In January 2019

The government has announced that prices for RON95 petrol and diesel will decrease from early January 2019, in line with global crude oil prices. Moving forward,Finance Minister Lim Guan Eng stated that petroleum product prices will be changed monthly while fuel prices will be done weekly from January 2019.

Currently, RON95 is sold at RM2.20 a litre while diesel at RM2.18 per litre. The government has fixed the prices of both fuels since 7 June 2018, as it promised that the prices will not change despite the upward trend in global crude oil prices in 2018. During the increase of global petroleum product prices this year, the government’s total fuel subsidy totaled RM7.14 billion as of November this year, with a huge chunk (RM5.82 billion) spent from May to November 2018 alone. Now that the recent crude oil price has decreased, the government will be adjusting petroleum product prices including RON95 next year onwards to reflect the current prices.

The Malaysian Finance Minister also said that due to the monthly automatic pricing mechanism (APM) for fuel prices, the lower fuel prices can only be reflected in the following month. The switch to a weekly APM system which will be introduced next year will avoid the same problem. Not to forget,  the
targeted subsidy system to help those in the B40 category
 will be introduced later on in 2019.

(Sources:
Free Malaysia Today
,
New Straits Times
)

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Olivia Song

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JPJ Offers 70% Discount On Summonses In August For Merdeka Month

(Image: The Star)

The Road Transport Department (JPJ) will be offering a 70% discount on summonses for the entire month of August, in conjunction with Merdeka month.

“A 70 per cent reduction is being offered based on the current compound rate available in RTD system and as stipulated for cases under the Acts,” announced Transport Minister Datuk Seri Dr Wee Ka Siong.

“The discount is given to all compoundable summonses issued by JPJ and the Land Public Transport Commission (SPAD) for offences under the Road Transport Act and Commercial Vehicles Licensing Board Act and other rules and orders under it,” he added.

(Image: Malay Mail)

Wee said that the discount will be given at all JPJ branches nationwide, including various urban transformation centres (UTC) and other payment channels like JPJ’s mySIKAP portal, JPJ Kiosk, and JPJ Mobile.

According to Wee, the discount is also applicable to cases that are still blacklisted. However, blacklisted offenders are required to come in person to a JPJ branch or state office for documentation processes before payment can be made.

(Source:
Malay Mail
,
The Star
)

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MOF Deputy Minister: Eligible Individuals Can Register For BKM From 1 January 2022

(Image: Bernama)

Deputy Finance Minister 1 Mohd Shahar Abdullah has said that individuals who believe they are eligible for the Bantuan Keluarga Malaysia (BKM) initiative can register or update their information starting from 1 to 31 January 2022.

The deputy minister said that this update is in reference to individuals who are eligible for the aid, but are currently not included in relevant databases, such as the Bantuan Prihatin Rakyat (BPR) database. These include those who were previously categorised under the M40 income group, but have now fallen into the B40 group. Affected individuals can apply, register, or update their details through the Inland Revenue Board (LHDN) website.

“We have a month for them to do so, and more information related to BKM can be found on the LHDN website,” said Mohd Shahar, adding that existing BPR recipients are not required to submit any applications for BKM as they are automatically eligible for the assistance. The first BKM payment is expected to be made in March 2022.

(Image: Mashable)

BKM was initially
announced during the tabling of Budget 2022
, and is offered as an improvement from the BPR programme. Under the BKM programme, eligible households can receive
up to a maximum of RM2,500 cash aid
.

Aside from that, the deputy minister also stated that the payment for the final phase of the Covid-19 Special Assistance (BKC) will be disbursed as scheduled, in December 2021. This involves an allocation of RM1.2 billion for 3.8 million hardcore poor and B40 households. The BKC was introduced during the PEMULIH stimulus package, offering
up to a total of RM1,300 cash aid
 (via three staggered payments) to those who are in need.

(Sources:
LHDN
,
M
a
lay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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