Home-Swapping - Stay Anywhere in the World for Cheap!

Don’t be surprised but home-swapping is not exactly a new concept, having started back in 1953 by
Intervac International
, a group of European teachers who had an ample amount of holiday leave in their hands.

Options such as
couch-surfing and vacation rentals
 did not exist back then, making traditional travelers rely on cheap hotels, motels, B&B’s, and inns for a few night’s stay, all of which requires a form of payment.

However, being the savvy travelers that they are, these European teachers proposed the idea of staying in people’s homes and in return, host the people whose home they have stayed in. Everything was fine and dandy despite initial worries such as language and cultural differences as well as the element of mutual trust in an era whereby safety locks and surveillance cameras is not really a standard requirement for home security.

Fast-forward to the early 90s, an American man named
Ed Kushins
 started
HomeExchange
, the first home exchange experience available online and the rest was history from there.

For the uninitiated, there are three types of home exchanges:

Simultaneous exchange

This is when both members will exchange homes at the same time. For instance, the family that you will be exchanging with will stay at your place for a week while you head to their home in say, Canada for a similar duration of stay too.

Non-simultaneous exchange

This is when the home exchange will be done in two parts. For instance, you will stay in another person’s home for a week in June during the short-term holidays and the other person will be staying in your home in the month of December as they escape the winter blues. In short, you and the other party (as hosts) will be staying elsewhere during each visit.

Hospitality exchange

This is when you act as a host and welcome another family into your home for a duration of stay that is previously agreed upon or vice versa. The advantage of this exchange method is that you will be able to act as a tourist guide to the family that you host (and
earn some extra money on the side!
)

What Are The Home-Swapping Sites Available?

Home Exchange

The pioneers of home exchanging services,
Home Exchange
 boasts of 65,500 home listings in 150 countries complete with the all-encompassing ‘If you don’t do an exchange in your first year, you get a second-year free’ guarantee. Fees are a standard USD150.00 for 12 months with a 14 Day Free Trial for those who can’t decide if they should stick to Home Exchange.

Love Home Swap

Love Home Swap
 claims to be the leading home exchange club with over 65,000 properties in 160 countries that allows members swap homes with other members. An annual fee is charged to join the swap and membership prices start from USD$20 per month.

ThirdHome

ThirdHome
 is a premier second house sharing service of vacation homes that cater to a niche market of luxury homeowners who would like to exchange their homes. You will need to fulfill a number of requirements prior to receiving acceptance into this club. Once accepted, you will need to pay an exchange fee that ranges between USD$395 to USD$995 per week.

Is Home-Swapping Safe?

Although there are a number of individuals who are dissatisfied with their home-swapping experiences, these incidences are far and few so don’t let it discourage you from trying it out. The main idea of home-swapping is that it is a two-sided procedure and as such, there are a number of measures that have been implemented by home-swapping sites as safety measures to protect their member’s personal details.

To join a home-swapping site, you will need to create a detailed member profile and undergo a series of verification (phone numbers, email addresses, and Facebook accounts) before you can dive right into listing your home.

Just like AirBnB, there is also a section for Guestbook Reviews so that you can view the references received by the person that you are planning to host, giving you an idea on what to expect when hosting them. You can also request a phone or Skype video call to get to know them better before calling the shots as to whether these members are people that you would like to host.

Furthermore, privacy and confidentiality are of utmost importance to the home swapping community. Therefore, most home swapping sites now come with an individualized messaging system that enables members who are using their services to communicate with other members as well, be it as a host or guest.

What Are the Best Practices for Home Swapping?

If you are planning to participate in a home-swapping soon, here are a few things that you would need to keep in mind:

Present Your Home as It Is

Just like how you dislike places that overpromises their facilities and services, do note that the same concept applies to you as well. It does not matter if your address is not exactly in a prestigious location or that the square feet of your residence is smaller than most, there are other ways that you can make your home attractive and desirable to potential guests.

Keep Calm and Clean On

Don’t forget to ensure that your home is tidy and neat for the person that you are planning to swap homes with as you’d like their home to be for you.

Respond in A Timely Manner

Although it is not compulsory to reply to all the inquiries that you have received, it is common courtesy to let people know if your listing is not available or open during their preferred duration of stay. You would not want someone to leave you hanging either, right?

Avoid Cancelling Once an Agreement Has Been Reached

From flight tickets to other non-refundable arrangements, there are many things the people you are planning to host would need to consider should you back out on your decision to host them. So don’t burden them with this once you’ve agreed on a swap. It might give you a negative rating, too.

This Sounds Like A Great Idea..I Want to Try This Out!

Can’t wait to start your home-swapping adventure? That’s great but don’t forget to cover all bases before you begin to list and leave your home. For peace of mind, consider getting your home insured as an extra step of precaution in the situation that the unforeseen (such as a fire or flood!) occurs.

Simplify your home insurance policy searching process by making use of our
comparison tool
. Just list down what are the things that you would like the home insurance policy to cover and you will be able to check and compare between different insurance providers with just a few clicks, it’s that easy!

Do you have any experiences with home-swapping that you would like to share with us? Let us know in the comment box below.

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Arnie Ruxana

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Luno Offers Bitcoin Deals Worth Up To RM200 On Shopee

If you’re looking to invest in cryptocurrency, you may want to tap into the ongoing promotion that has resulted from Luno’s recent partnership with Shopee. Through this collaboration, Luno – Malaysia’s first legitimate cryptocurrency exchange – is making it possible for you to get special Bitcoin deals, discounts, and vouchers on the e-commerce platform.

If you are a new Luno customer, then you will be entitled to vouchers that let you get additional Bitcoins when you buy a specified minimum amount of Bitcoins on your new Luno account. Currently, Bitcoin vouchers worth RM15, RM30, and RM200 are on sale at prices between RM0.88 to RM8.88.

Here’s how to redeem your vouchers as a new Luno customer:

Register on the official Luno app, which you can download from the
Apple App Store
 or
Google Play
. Note that the identity verification process may take up to two days.

Once you’re verified, go to “Rewards”, and choose “Enter Code” to key in your Shopee voucher code.

Next, go to “Wallets” on your home screen, tap on “Deposit”, and transfer an amount to your account. Be sure to deposit enough so that you can purchase the minimum Bitcoin stipulated in your voucher.

Go back to your home screen and tap “Buy” to purchase the required amount of Bitcoin.

Receive your additional Bitcoins!

For existing customers, on the other hand, there are vouchers that let you purchase Bitcoins at a discounted price. For instance, you can purchase Bitcoins worth RM100 at the price of RM93.88, and Bitcoins worth RM200 at the price of RM189.88.

Through this partnership, Luno hopes to leverage on Shopee’s large user base to help them drive awareness and adoption of cryptocurrencies. It also hopes to make Bitcoins more accessible to the public via the e-commerce platform.

Luno, which is based in London, has been operating in Malaysia since 2015, dealing exclusively in Bitcoin and Ethereum. In early 2019, however, they went through a stint of break until it
successfully obtained its licence
 from the Securities Commission in October 2019.

If you’re interested, do visit
Luno’s official Shopee page
 for more details before its promotion ends on 10 February 2020.

(Source:
FintechNews Malaysia
,
Lowyat.NET
)

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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 Wins Double Awards At The Global Finance Sustainable Finance Awards 2023

Maybank has become the first Malaysian bank to win the Outstanding Leadership in Sustainability Transparency (Asia Pacific) award at the Global Finance Sustainable Finance Awards 2023 event, in recognition of its efforts to address climate change issues and to promote a more sustainable future. On top of that, it was crowned the Best Bank for Sustainable Finance (Malaysia).

In a press release, Maybank said that its win for the Outstanding Leadership in Sustainability Transparency (Asia Pacific) award, specifically, can be attributed to its comprehensive Sustainable Product Framework (SPF). In addition to providing clear metrics and guidelines for green, social, and sustainability-linked financing, the framework also included the methodology and procedures used to classify and report on financial products and services that the bank has labelled as “sustainable”.

Maybank further highlighted that its SPF – which was developed in partnership with research firm Sustainalytics – contains a more exhaustive and stringent list of criteria than those used by most of other banks. It is also in line with marketplace best practices.

The Best Bank for Sustainable Finance (Malaysia) award, meanwhile, recognises Maybank’s strong progress in sustainable finance. The bank had initially aimed to mobilise RM50 billion in sustainable finance by 2025, but this target was subsequently revised to RM80 billion in the first quarter of 2023. In 2021 and 2022, Maybank had already successfully mobilised a total of RM34.4 billion in sustainable finance.

(Image: New Straits Times)

“Winning the Best Bank for Sustainable Finance (Malaysia) and the Outstanding Leadership in Sustainability Transparency (Asia Pacific) awards by Global Finance is a tremendous honour for us and is in line with one of Maybank’s M25+ strategic thrust of driving our leadership position in the sustainability agenda,” said the chief sustainability officer of Maybank, Shahril Azuar Jimin. He added that the awards validate Maybank’s commitment to the cause, and serves as another milestone in its journey to create positive impact on the world.

Global Finance – a monthly magazine that sought to provide updated information for corporate leaders, bankers, and investors – was founded in 1987 and is based in New York. It also has several awards that serve to acknowledge and recognise the best financial institutions around the world, with the Global Finance Sustainable Finance Awards being one of such awards. This particular award was
first organised in 2021
.

(Source:
Maybank
)

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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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KFC Introduces Self-Ordering Kiosks That Accept E-Wallet Payment

KFC Malaysia has rolled out self-ordering kiosks (SOKs) with options to pay using various e-wallets.

The SOKs support payments via multiple e-wallets including Kash Wallet, Maybank QRPay, Alipay, WeChat Pay, Boost, and TNG e-Wallet. In addition, customers can also pay for the meals using their credit and debit cards at the kiosks.

(Image: Amanz
)

It is now more convenient for customers to make payments with the multiple e-wallet options available. The wait time at queue lines will also be reduced for KFC customers. With the SOKs, they can choose to get the orders delivered to them or pick it up themselves after payment is made.

KFC SOKs are now available at multiple locations in the Klang Valley, but it is still not known when it will be implemented at other KFC outlets across Malaysia.

(Source:
Amanz
)

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Teaching Your Child Real World Money Lessons

Many children see their parents as ATM machines throughout life, giving them whatever they want. This is especially true in Asian families where parents sacrifice their retirement funds to send their kids to an ivy league equivalent college.

Whilst there is no problem in giving your children the best in life; it’s also important to equip them with the right attitude about money. It’s easy enough to tell a child to value money; to save and to be prudent but just telling them is not always effective.

Sometimes, the best way is via real world experience and life lessons. We give you some practical simulations you can do for your child to help them learn real world money lessons from the get-go. But before that, you might pose the following question.

When Should I Start Teaching My Child?

Every child will mature at a different rate. Whilst some growth benchmarks such as walking and talking may be somewhat universal; comprehension isn’t.

The best time to start teaching your child is when they are able to grasp concepts and start analysing the world around them. For some children, this can begin as early as at age 4-5 but others may take longer.

The best time to teach is entirely up to you as only you know if your child is ready. But if we were to weigh in: Its always better to start teaching your child at as young an age as possible, as the saying goes, “melentur buluh biarlah dari rebungnya”.

With that out of the way – on to the lessons!

1. The Shopping Comparator

Comparison shopping is something many people will start doing in life thanks to increasing prices. As such, why not get your child in on the comparing action?

Choose a supermarket which gives a variety of products with various discounts. When you enter the supermarket, hand your shopping list to your child and ask him/her to comparison shop. Give him/her a challenge to pick the cheapest price among the many brands of the items available.

Don’t worry about duds; you can always weed through the products as you go along and remove items that are not suitable. You can then explain to your child when it is important to find the best price and when it is more crucial to buy the better product.

Real world comparison shopping will teach your child to hunt for deals but also when to fork out for quality.

As an added bonus; give them a small token amount of say RM5 or RM10 to put in their piggy bank at the end of the day. Tell them it’s the money they saved from choosing wisely and show them how they now are able to purchase something else with the saved amount!

2. The Lemonade Stall Lesson

It’s simple enough to tell a child that money is valuable and a by-product of hard work but how much of this point is actually sinking in for them?

Sometimes, explaining something to your child isn’t enough to make the kind of impression you want. Instead, let them try their hand at earning their own pocket money too.

You can start by localising the American “lemonade stall” technique.
Kids’ lemonade stalls are awesome ways American children learn about earning money and entrepreneurship
 so why not give your child a similar headstart?

You can help your child set up an
kuih
 or sandwich stall right in front of your house or at the local flea market. You can even sell drinks or
nasi lemak
 packs.

Although, it’s not about you taking a profit from your children; you can teach them real sales’ lessons by cutting the requisite overhead costs for making the items from their profit. You can secretly stick the additional money into their savings.

This simple activity teaches them how hard it is to earn money and how much work really goes into a business. You never know; you may be nurturing a budding entrepreneur!

3. Show Them the Money

Although most parents eventually start giving their kids pocket money to manage; the practice is often started too late. Kindergarten and pre-school children can already be given a small allowance for attending classes diligently.

Just as adults go to work to earn their ‘pocket money’, this practice can be similarly taught to kids.

As most kindergartens do not have canteen concepts, the money given to the child can go towards the ice-cream treat he wanted at the mall or if saved enough; the toy he’s been wanting.

Giving your child pocket money is a good step for learning initial money management.
If you’re afraid they would make spending mistakes, let them
. We learn from our mistakes, and so do children.

4. To a Bank We Will Go

Banking is often not a fun activity for anyone of any age but taking your child to a bank to show them where you pay credit card bills, loans and receive money can give them an idea of what money management looks like.

Although, you probably make all your payments online; try the branch run at least once to give them a lesson.

While you are there, open a
savings account
 for them. They can deposit their allowance savings into this and see how their money grows in the bank.

Doing this not only allows them to witness the joy of having their bank balance light up on the ATM screen; but also to show them that credit cards aren’t magic money and need to be paid!

Often, the show-and-tell or experience method works better in teaching children than simply repeating a value.

What are the ways you teach your child the value of money?

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Heeral Bhatt

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Affin Bank Launches Mobile Bank Initiative, Dubbed AFFIN Mobile Financial Centre

Affin Bank has announced the launch of a new initiative to provide easier access to banking services for its customers in selected areas, dubbed the AFFIN Mobile Financial Centre. Essentially a mobile bank on wheels, it will begin operating along selected routes and locations starting from today.

In its Facebook announcement post, Affin Bank said that the AFFIN Mobile Financial Centre is “part of our continued effort to expand our presence in providing the best service for our business in the locality”. It also shared the schedule and routes for its Mobile Financial Centre:

As you can see, the AFFIN Mobile Financial Centre will focus on five key areas across Selangor (dubbed Pemulih Routes), visiting a selected area on every designated day of the week. Operating hours start from 10am until 4pm each day at these selected places.

While it is not certain if Affin Bank will expand its AFFIN Mobile Financial Centre to other states in the future, the initiative was listed as
one of several efforts that the bank hopes to roll out
 by the second quarter of 2022 (2Q22). Other plans that were also scheduled to be rolled out as part of Affin Bank’s targets for 2022 include the opening of several new branches and the kick-off of a new carnival.

To note, the Sarawak state government had also previously collaborated with several banks to launch a
mobile bank initiative for rural folks in Sarawak
. The effort – which began in mid-2021 – involved four banks, namely Bank Simpanan Nasional (BSN), Bank Rakyat, Agrobank, and RHB Bank.

(Source:
Affin Bank
)

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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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Malaysia Airlines Offers 20% Discount For Domestic Travel Fair

Malaysia Airlines (MAS) is offering 20% discount on flights to all domestic destinations in Malaysia. The promotion is being given under the Malaysia Airlines Domestic Fair (MADF) 2020, which runs from 23 to 30 September 2020. It is valid for a period of immediate travel up until 30 June 2021.

The 20% promotion can be applied on bookings made via the airline’s official website or the Malaysia Airlines Mobile App. However, purchases made on the mobile app are entitled to an additional 5% off on top of the main offer – so you can easily get a total of 25% off thanks to the MADF promotion.

CIMB debit, credit, and prepaid cardholders have their own special set of benefits to enjoy from the MADF. These cardholders can also enjoy an extra 5% off if they make payment using their
CIMB cards
 or through the CIMB 0% Easy Pay instalment plan. You can access this additional discount by keying in the promo code MH20CIMB5 when booking via the MAS official website.

Additionally,
CIMB Enrich World Elite
,
CIMB Enrich World
, and
CIMB Enrich Platinum
 credit cardholders can earn extra Enrich Miles from their MADF purchases. You can get an award of 500 Enrich Miles with a cumulative minimum spend of RM500 or 1,000 Enrich Miles with a cumulative minimum spend of RM1,000.

“In line with our Fly Malaysia campaign, we are committed as the responsible national airline to promote local destinations all year round to speed up the revival of domestic tourism and hence this MADF offer of 20% discount for all seats and flights,” said Malaysia Airlines Berhad’s group chief marketing and customer experience officer, Lau Yin May.

“We will continue to offer premium service with unparalleled flexibility to ensure convenience and comfort in mind while travelling, without compromising the safety and health priorities of our passengers throughout their journey with us,” she further said. “Do not miss out on this excellent opportunity to go for your well-deserved holidays and discover the hidden gems within our backyard such as Penang, Langkawi, Kota Kinabalu, Sarawak, Johor, Terengganu, and others!”

You can find out more about the
general
 and
CIMB-specific
 MADF promotions on the MAS website.

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Jacie Tan

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CIMB Credit Card Dining Deals at Yuzu

Enjoy authentic Japanese food cooked with fresh meat, fish and vegetables and learn about the secrets of the citrus fruit in Yuzu’s mouth-watering dishes. If you’re looking to try something beyond sushi and ramen have a go at their
chawan mushi
 (egg custard) and
nimono
 (simmered dishes).

And if you’re a CIMB credit cardholder you’re also entitled to 10% off ala carte menu items. This offer only applies to Yuzu Japanese Restaurant in Gardens, Midvalley however. Promotion runs from 1 January till 31 December 2013 so you still have until the end of the year to enjoy these savings.

For further details please refer to the
Terms & Conditions
.

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WhatsApp Launches Payments Service In Brazil

Facebook subsidiary WhatsApp has launched its new in-app payments service in Brazil, allowing users to transfer money or pay for purchases from small businesses on the platform itself.

The service is free for consumers to use, but merchants will need to pay a processing fee of 3.99% to receive payments from their customers. To use it, WhatsApp users have to link a credit or debit card to their WhatsApp account, and transactions will be completed with a six-digit PIN or fingerprint authentication.

A statement provided by WhatsApp reads, “Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth. In addition, we’re making sending money to loved ones as easy as sending a message, which could not be more important as people are physically distant from one another.”

The new payments service is enabled by
Facebook Pay
, a payments system rolled out earlier to facilitate transactions across Facebook’s social networks and apps. WhatsApp’s payments service will also be facilitated by Cielo, an e-payment solutions provider in Latin America, and it will be able to support debit or credit cards from several Brazilian banks on the Visa and Mastercard networks. Its current bank partners include Banco do Brasil, Nubank, and Sicredi.

WhatsApp further commented that its payments service is built on an open model, allowing it to add more partners in the future.

The messaging app also reassured its users that it will not automatically use their payment account and transaction details for tailored advertisement purposes. However, individual businesses may use certain user information for advertising purposes. “The business has a responsibility to ensure that it handles your data in accordance with its privacy policy and applicable law,” said a WhatsApp representative.

(Image: The NEWS Minute)

WhatsApp’s digital payments service
 has actually been developed for a while now. Prior to this, a closed beta version of the service was launched in India in 2018, but was hampered by various regulatory issues.

Mark Zuckerberg, who is also the CEO of WhatsApp (which is owned by Facebook), commented earlier this year that they will prioritise the launch of the payments feature for India, Brazil, Mexico, and Indonesia. Brazil is WhatsApp’s second largest market after India.

(Source:
TechCrunch
,
Financial Times
)

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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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Lazada Now Accepts Touch ‘n Go eWallet As A Payment Option

Effective immediately, Lazada now accepts payments made using Touch ‘n Go eWallet. The e-commerce giant is the first online retail partner that accepts TNG eWallet.

First spotted as a payment option
last Friday
, both Lazada and TNG eWallet have officially confirmed this via an official statement today. While other e-commerce platforms have supported e-wallets including GrabPay and Boost, the two major online shopping sites in Malaysia, Lazada and Shopee, have zero support for e-wallet payments besides their own solutions (Lazada Wallet and
ShopeePay
 respectively).

It probably shouldn’t be too much of a surprise, of course: Chinese conglomerate
Alibaba has a 83% controlling stake in Lazada
, while TNG Digital is a joint venture between Touch ‘n Go Sdn Bhd and Ant Financial Group, which Alibaba owns.

(Image: Lowyat.NET)

It is surprisingly seamless how to pay using TNG eWallet on Lazada. Just like other sites that have integrated e-wallet payments, paying for items via mobile apps is a simple affair – when users select to pay using TNG eWallet, users will be redirected to a payment gateway that requires verification to TNG eWallet via the user’s phone number and a six-digit one-time password. If the user’s TNG eWallet has enough funds, the payment will be confirmed.

Meanwhile, for desktop payments, users who pay using TNG eWallet will be redirected to a page after checkout which will contain a QR code to scan using the TNG eWallet app.

The announcement comes just in time for the year’s biggest online shopping day, 11 November, where all e-commerce sites in Malaysia are already gearing up for. HSBC cardholders stand to gain the most from this announcement, as the bank is offering a
sweet 20% cashback deal for topping up the TNG eWallet
 using HSBC cards.

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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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    Hingsan kong

    3 years ago

I made an order on lazada. And paid with TNG ewallet. But both TNG ewallet and Lazada Wallet had deduct my money.

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Mr DIY Opens Online Store, Offers Special Promotions and Discounts

MR DIY, a popular Malaysian home improvement retailer with over 500 stores across Asia Pacific, has launched its new online shopping website. With the
new MR DIY e-commerce platform
, you can now buy a bunch of stuff for your home without having to leave it.

The online catalogue covers virtually all the hardware, electrical, and household items you can find at your average MR DIY store, and the home page highlights the best-selling items from seven product categories: hardware, electrical, household, car accessories, stationery, toys, and miscellaneous. Following its motto of “Always Low Prices”, there’s even a dedicated section for the best deals and items under discount. Right off the bat, the MR DIY online store accepts FPX bank transfers from all major banks in Malaysia, as well as Visa and Mastercard credit cards.

MR DIY is known for stocking virtually everything you need for your home at affordable prices, and the opening of the online store makes it easier than ever to get that replacement washer or shower head you’ve been meaning to buy but never found the time.

MR DIY shipping policies

The standard cost of delivery throughout Malaysia is a reasonable RM5, with additional charges for some heavier or bulkier items. You’ll receive your order within 2–4 working days after your order has been despatched for West Malaysia, and 5–8 working days for Sabah and Sarawak. You can also track your order on the MR DIY website.

Right now, MR DIY is offering a “Free Shipping Promotion” for customers in Peninsular Malaysia, so you can enjoy free shipping for all your online orders.

MR DIY Express

If you live in the Klang Valley and need that electric drill delivered pronto, you also have the option to use MR DIY Express. For an extra RM10 or so, you can have your ordered items in your hands within the next working day (or on the day itself for orders placed before noon). However, the shipping terms state that if no one is available to accept the parcel, your order will be cancelled and your express shipping fees forfeited, so make sure someone is at home to receive it.

Collect @ MR DIY

Another alternative for customers in the Klang Valley area is to opt for the Collect @ MR DIY method, which is free of charge. Simply order online, select the closest of the 24 participating stores near you, and your parcel will be ready for collection at said store within 1–3 working days. If you don’t collect your order within seven calendar days after its arrival, your order and payment may be forfeited.

MR DIY Guarantee

MR DIY’s refund and exchange policy applies to all products purchased on its website and is valid for seven days from receipt of item. If the product is unsatisfying, damaged, or you’ve simply just changed your mind, you can request a 100% refund or exchange by taking a photo of your item and submitting it online. Exchanges must be made in-store.

MR DIY online promotions

If any of you needed an extra push to click onto the website and start shopping for affordable knick-knacks and household items, have a look at some of the promotions MR DIY is running to kick off its website.

From June to August, first-time sign-ups for a MR DIY online account will get a RM5 voucher code that can be used with no minimum spend. Successful online transactions during this period will be entered into a lucky draw for over RM68,888 worth of prizes. The monthly giveaways of this lucky draw consist of an iPad, iPhone X, and Macbook Pro, whereas the daily prizes are RM50 online vouchers.

In addition to the regular “smashing deals” of up to 40% off on the sales section of the website, MR DIY is also having an online exclusive promotion with P&G for the month of July. In case you’re not familiar, Procter & Gamble (P&G) is the company behind household brands like Oral-B, Head & Shoulders, and Downy, so you may want to see if you can go and cop yourself a discount.

Do you think MR DIY’s website will be as popular as its numerous physical outlets? If you’ve tried the online site for yourself, let us know what your experience was like!

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EPF Announces Latest Details For Its i-Sinar Withdrawal Facility

The Employees Provident Fund (EPF) has announced the updated details for its i-Sinar facility, which was
expanded to cover more than eight million contributors
 following the winding down speech of Budget 2021 by Finance Minister Tengku Zafrul Abdul Aziz.

Here are the highlights of the revised i-Sinar facility by the EPF:

How much can you withdraw?

(Image: Focus Malaysia)

As before, the withdrawal amount allowed for i-Sinar is still subject to the member’s Akaun 1 balance, but the criteria have been updated to the following:

Contributors with RM100,000 and below in their Akaun 1 are allowed to withdraw
up to RM10,000
, with payments to be disbursed over a maximum period of six months. The first payment provided is up to RM5,000.

Contributors with more than RM100,000 in their Akaun 1 can withdraw a
maximum of 10% of their Akaun 1 savings, up to RM60,000
 (whichever is lower). The amount will also be disbursed over a maximum of six months, with the first payment being up to RM10,000.

Note that all withdrawals are also subject to maintaining a minimum balance of RM100 in Akaun 1. Here’s a summary from the EPF to help you better understand the mechanics of the i-Sinar facility:

Prior to this, the criteria for i-Sinar stated that members with RM90,000 and below in Akaun 1 will have access to any amount up to RM9,000. Meanwhile, those who have above RM90,000 can access up to 10% of their savings (capped at RM60,000).

Who can apply?

(Image: Bernama)

Aside from updating the withdrawal amount allowed, the latest statement from the EPF on i-Sinar also cleared up some questions regarding the facility’s eligibility criteria. While it was previously limited to members who have lost their jobs, are on unpaid leave, or have no other source of income, the facility has now been expanded to include those who fall under the two following categories:

Category 1

Members who fall under Category 1 include workers in the formal sector, self-employed workers or workers in the gig economy, housewives, as well as those who have not contributed to the EPF in a while, lost their jobs, and had to take unpaid leave.

Those in this category are eligible to withdraw from i-Sinar if they meet either one of these two criteria:

Have not contributed to the EPF for at least two consecutive months on application; OR

Still working, but base salary was reduced by 30% or more starting from March 2020

Members in Category 1 are not required to present any supporting documents during their application, and approval is automatic based on the EPF’s internal data. Applications for the facility for this group will open on 21 December 2020, and members can apply online via the i-Sinar website.

Payments for approved applicants will be disbursed starting from mid-January 2021.

Category 2

(Image: Malay Mail/Choo Choy May)

Meanwhile, Category 2 encompasses those who saw a
reduction of 30% and more in their total income, including base salary and other benefits (such as allowances and overtime), starting from 1 March 2020
. These reductions must be verifiable via supporting documents.

According to the EPF, members who fall under this category will need to provide the following supporting documents during their application:

Salary slip before and after reduction of income

Employer’s notice of suspension or reduction of allowances and/or overtime claims

If you’re unable to provide these documents, however, the EPF is also willing to consider other relevant documents, including bank statements or a written acknowledgement from employers.

Members who fall under Category 2 can start applying online via the i-Sinar website starting on 11 January 2021, and they will be notified about their application status within two to three weeks after their submission. The EPF also clarified that payments will be carried out before the end of the following month, after the application has been approved.

***

(Image: The Star/Azman Ghani)

To ensure a smooth application process for the i-Sinar facility, members are advised to register for i-Akaun, as well as update their mobile number at an EPF kiosk or counter to receive the Transaction Authorisation Code (TAC) required. Additionally, they need to also make sure that their bank account number is active as payments will be directly credited to your account.

Given the current financial challenges faced by many Malaysians, the i-Sinar facility can come across as
a timely financial aid
. However, it is crucial that individuals who tap into the facility remember that there are certain implications to be considered, such as
potentially missing out on compounded returns
.

As such, do think twice before submitting your application for the i-Sinar facility. If your options are severely limited, however, then head on over to the EPF’s
i-Sinar website
 for more information.

(Source:
EPF
)

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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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Public Bank Revamps Its PB engage App, Offers Better Mobile Banking Experience

Public Bank has revamped its PB engage mobile banking app, offering new and improved features as well as a fresh user interface for an enhanced mobile banking experience.

Highlighted in this revamp is the inclusion of the Quick Balance feature, which lets you access your account balance summary through fingerprint or face ID authentication. You’ll have to activate this function on each mobile device before you can use it, and you’re allowed to activate up to three devices per user. Note, however, that Quick Balance allows quick access to your account balances only. If you’re using other services on the PB engage app, you’ll still be prompted to enter your password.

That aside, Public Bank’s improved app now also supports the DuitNow QR, the nation’s universal QR standard which enables payments from all participating banks, e-wallets, and merchants. Technically, this is a re-launch as the feature was already enabled when Public Bank
enhanced the PB engage app back in September 2019
, becoming the first bank in Malaysia to introduce the DuitNow QR. For convenience, you can also enable fingerprint or face ID authorisation for transactions below RM250.

Other notable new features include future-dated transfers and the SecureSign token. With the future-dated transfer feature, you can now schedule transfers and payments for a later date. Meanwhile, the SecureSign token is a digital signature service that generates a dynamic, time-sensitive security code for transaction performed via Public Bank’s online/mobile banking channels. The token typically costs RM50, but it is currently waived until further notice.

Another enhancement is the Quick Action Menu, located in between the Account Details and Transaction History sections. This serves as a navigation shortcut to help you access transfer or payment functions directly from your account balance page, allowing for faster and more convenient transactions. Additionally, it is now possible for you to share transaction receipts with your friends and family via email and other supported communication apps (e.g. WhatsApp, WeChat, etc.) from the app itself.

Finally, if you wish to personalise your PB engage app, you can do so by selecting your preferred theme background and by uploading your profile picture to the app.

The enhanced PB engage app is available for download on
Google Play
, the
App Store
, and Huawei’s
AppGallery
. You can also head on over to the
PB engage app page
 on Public Bank’s website to find out more.

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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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    PBengage

    2 years ago

user interface looks better than old app but transaction is slower

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4 Things Worth Spending on

Oftentimes, we are told to spend wisely and save. So we make money resolutions and attempt to take charge of our finances by formulating budgets and being conscious not to waste money on things we don’t need. While excessive spending isn’t good for your bank account, some spending is more than justified. These are four things you should do your best not to scrimp on.

1. Education

Knowledge is power. In fact, education is one of the most important investments you will make in your lifetime. Pursuing an education broadens knowledge and also creates a launching pad for a better career path. However, going to a college or university doesn’t come cheap unless you can manage to score yourself a scholarship. But it will all be worth it even if it means having to juggle a part-time job; or taking up a student loan to pay off tuition fees.

Education doesn’t end in college or university, it is a life-long experience. Books, newspapers and magazines provide additional learning. Some reading materials online may be free (like this article you’re reading right now) while some costs an arm and a leg; however the amount of knowledge you gain is priceless. Besides, investing in an education or books and magazines will give you annual tax reliefs of up to RM5,000 and RM1,000 respectively.

2. Bulk Buying

Bulk buying may be more expensive from the outset but if you’re able to afford it; many brands offer cheaper prices if you buy bigger packs or multiples of the same product. In the long term; this definitely saves you money and justifies the additional spending on the day in question.

If your regular household needs such as laundry detergent; toothpaste; or shampoo are on offer; it’s worth purchasing in bulk even if it means you need to fork out more compared to buying just one.

3. Health and Fitness

Your health is one thing you shouldn’t take for granted. Without it, we can’t enjoy life and strive for whatever we wish to achieve. But medical billscan be expensive; health supplements a bank-breaker and healthy food a lot more expensive than greasy, mamak fare but that doesn’t mean you should balk at spending. Again, if funds permit; it’s helpful to have at least the basic vitamins and to opt for cleaner food often. This can be made inexpensive if you are able to cook meals yourself and buy supplements in bulk with friends or by choosing the important ones.

Splurging on more expensive health food such as quinoas, flax seed, and asparagus aren’t always necessary. Instead, hunt for affordable health food such as oats, broccoli, lettuce and bananas at your nearest supermarket; it works just as well. Imported food comes at premium prices, opting for locally grown food not only save you money, essentially you help improve the economy by doing so.

If all should fail and you find yourself falling ill; it’s best to see a doctor ASAP. Many people delay doctor visits because they feel the fee is unjustified if they aren’t really too ill but a small ailment could turn out to be a big one later one. It doesn’t mean you need to see the doctor over every stubbed toe or aching shoulder; but if you do find you have symptoms of something much more serious – it is worth a doctor visit. In any case, any illness is cheaper and easier to treat at the early stages so save yourself the trouble and money by going early.

4. Maintenance

Hearing rattling noises coming out from the air-conditioner; or have a leaking roof? Some of us would rather delay it and allow the problem to persist in order to save some money. Or perhaps your car is making sounds it doesn’t usually make. Whilst most of the time, these problems are small and can be easily fixed; there are instances when an
electrical fault
 in the home or creaky car could prove fatal.

Repair and maintenance are the things you shouldn’t avoid spending on especially on things as important as the roof over your head or the car that you travel in. Allowing the problem to sit any longer will cause more damage in the long run and if you’re terribly unlucky,
lead to a dangerous situation for you
. If caught on early, hiring a repair man could easily fix the problem in your home.

Having to splurge on unexpected maintenance can be a pain but the peace of mind that comes with it is more than worth the price.

We usually love to tell you to save money and we still do but not all spending is bad for your wallet. Sometimes spending more could be of good value to you in the long run. Preparation is key; and setting a savings aside for these purchases could avoid burning a hole in the wallet.

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FOMCA: Switch From Blanket Fuel Subsidy To Targeted Subsidy May Backfire

(Image: New Straits Time/Mohd Asri Saifuddin Mamat)

The Federation of Malaysian Consumers Associations (FOMCA) has cautioned that the government’s plan to remove the current blanket fuel subsidy may backfire and increase inflation within the country. This is especially as Malaysians are faced with a rising cost of living.

The chief executive officer of FOMCA, T. Saravanan explained that the government’s plan – while well-intentioned – may fail because suppliers and traders are very attuned to fuel prices, and will raise the prices of goods whenever it increases. This is regardless of whether they are affected by the subsidy removal.

“Even if they also enjoyed the subsidy, their [the traders’ and suppliers’] excuse would be that everything else has gone up, and they too have to hike their prices. In times of such severe inflation, this is likely to backfire,” said Saravanan, adding that consumers – especially those in the M40 and B40 groups – are already being overwhelmed by challenging living conditions, such as an uncertain economy, declining purchasing power, and currency fluctuations.

(Image: Malay Mail/Shafwan Zaidon)

That said, Saravanan concedes that a targeted subsidy system can be a good move, provided that it is transparent and not abused. “Many countries have implemented a targeted subsidy system, and it is about time Malaysia does the same, but the implementation requires transparency on the part of consumers and suppliers,” he said.

Among other things, Saravanan stressed that there must be a clear system to identify consumer groupswho can benefit from the subsidy, and that the implementation of the system must be careful and fair. “The other thing that will be a big issue is the paperwork and bureaucracy when it comes to claiming the subsidy. I hope the government will reduce the red tape and don’t give people the runaround,” he further said.

(Image: Bernama)

Additionally, Saravanan commented that the government will also need to look out for the middle-income group during the implementation of the targeted subsidy as some of them may lose out on the perk. Supplementary measures should be carried out to ensure that their purchasing power does not lessen, he said, especially since many middle-income households are now also experiencing financial difficulties that afflict low-income families.

Earlier this week, the International Trade and Industry (MITI) minister, Datuk Seri Mohamed Azmin Ali had reiterated that the government is planning to
switch over from the current blanket fuel subsidy to a targeted fuel subsidy
. Other ministers who have also highlighted the matter include
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz
 and
Minister in the Prime Minister’s Department (Economic Affairs), Datuk Seri Mustapa Mohamed
.

(Sources:
FOMCA
,
New Straits Times
)

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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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Top 7 Life Insurance Myths That You Need to Stop Believing In

Showering your loved ones with care comes in many ways.
Starting a savings account
 in their name is one,
buying a house
 for them to stay in is another. And yes, safeguarding your family with life insurance counts too as, after all, your dependents will be the one who’d be enduring the hardships in your absence.

Still, it’s no surprise if you have reservations about life insurance policies, be it term life or whole life, so read on as we help debunk the top 7 myths surrounding life insurances that have been constantly repeated ad infinitum.

Myth 1 – You don’t need it if you have no health problems

Sure, you may be thinking what’s another 30 years of hustling since your health is in tip-top condition and that shouldn’t stop you from leading your life the way you’re doing it now. The truth is, it is best to plan for all possibilities as unfortunate events do not discriminate in terms of age, gender or ethnicity.

A
life insurance policy is more affordable
 when you are young and healthy so start early before your age-related ailments make it difficult for you to receive any form of coverage.

Myth 2 – You can’t apply for it if you have health problems

Even with pre-existing conditions such as high blood pressure and heart disease, it is still possible to get yourself insured. You will need to declare this to your insurers and they will perform a health check-up in order to determine the premium that you will be paying.

Remember that honesty is the key here as in the scenario that it is revealed that you did not disclose correct background information,
insurance companies will have the right to legitimately refuse your claim
.

Myth 3 – You don’t need it if you’re single

Staying single may mean that you will have no dependents under your care and if you have applied for specific insurance such as credit card insurance to ensure that no debt is left unpaid, that’s fine.

However, it does not cover other additional miscellaneous charges such as funeral and burial costs which is usually excluded from a medical insurance policy. As your funeral and burial costs will be borne by your relatives, taking a life insurance can help them to shoulder the expenses without leaving them in financial ruin.

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
 insurance plans”>

Myth 4 – You should invest in an annuity instead

An annuity is a financial investment product offered by the insurer to you that is created to ensure that you will receive a steady stream of income after your
retirement
. The features of an annuity may look the same when compared to a life insurance in which it does come with a death or total permanent disability benefit and monthly premiums are expected but that is where the similarity ends.

The focus of an annuity is to provide the policyholder/annuitant income whereas as for life insurance, the goal is to ensure financial security for your dependents.

*
Myth 5 – It is expensive *

It may sound like a chore but do take time to look for the right insurance policy as there is a selection of basic, no-frills life insurance in Malaysia that is created specifically to offer coverage at an affordable cost.

The type of coverage plan that you select as well as the type of riders that you add on will affect how your insurance premium is calculated. After all, it boils down to what are your long-term financial needs and how much are you willing/can afford to pay for a life insurance. In fact, the government recently announced the
GST rate of 6% will be reduced to zero percent
, with effect on June 1, 2018. Seize the opportunity to get insured!

Myth 6 – Personal accident/medical insurance is sufficient

Feel that your existing personal accident/medical insurance is sufficient for your current needs? Term life insurance policy is not important? As the saying goes, “Getting an insurance for when you get sick is easier to swallow than for when you die – which is true, to a certain extent.

A medical insurance will take care of your hospitalization bills and a personal accident insurance will safeguard you in the situation of death or permanent disability because it is designed to do so. Different insurance policies cater for different needs and for a life insurance policy, you are ensuring that the future of your dependents is looked after even after something unfortunate happens to you.

Myth 7 – Life insurance is haram as it consists of
riba
,
 gharar
 and
maysir

Conventional life insurance
 prohibited in Islam as it involves in
riba
,
 gharar
 and
maysir
, all of which that can be loosely translated as interest, uncertainty and gambling. As such, the investments and operations of conventional insurance being based on debt and equity as well as interest-based transactions.

Still, that doesn’t mean that you should shun life insurance completely. You can opt for
takaful
, which is a co-operative insurance policy where funds are contributed by donations from participants. In turn, the pooled funds can be used to protect other participants from risk and rest assured that operators will only invest in sharia-compliant instruments.

Anything Else That I Should Know?

Apart from the myths that we have dispelled above, there’s one more myth that we will dispel. For both conventional and
takaful
 life policies, it is tax-deductible whereas, for add-on riders such as critical illness, those are not GST-exempted. Now that you know, you can use your premiums and contributions to
claim for tax relief
 and save more while protecting the needs of your family.

Want to know about life insurance policies? Head on to our
comparison page
 to discover the most affordable plans with the best insurance policy terms in Malaysia for your very own peace of mind.

Are there any other myths concerning life insurance that you would like for us to dispel? Let us know in the comment section below.

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All Year Citibank Discounts At Shu Uemura

Discover your natural beauty with Shu Uemura range of skincare and makeup products. Based on the philosophy of complementing our natural features, Shu Uemera cosmetics are based on elements from art, nature and technology.

Citibank credit cardholders will receive a 10% discount when they shop at any Shu Uemera outlet in Malaysia. Discount does not apply discounted items and other on-going promotions.

This offer is valid until 31 December 2013.

Now go get that look you always wanted!

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Maybank Service Interruption – Online Banking, Cards, TAC Services All Currently Affected

[email protected]
:
Maybank has confirmed that its services are fully restored.

Maybank is currently facing a severe service interruption, affecting most of its services. The bank has confirmed that this affects most of its online banking, credit card, and even TAC SMS delivery.

It isn’t clear when this issue began cropping up, but this interruption appears to have been going on for at least several hours.
According to Maybank
, customers will face intermittent issues with instant interbank fund transfers via Maybank2U, credit card TAC (for all telcos), reloads, as well as MEPS services that will affect ATMs as well.

Maybank did not share more details about what is causing the service disruption, nor any timelines on a fix. Given that today is also Lazada’s 17
th
 birthday sale (and Shopee’s 273 Mega Sale), this service disruption will likely see plenty of angry shoppers.

Maybank customers affected by this issue unfortunately will need to wait for updates from Maybank via its social media channels. If you need to transfer money, the interbank GIRO option is still available, and if you need to shop, you should use a different bank’s credit card to avoid any payment issues.

[email protected]
:
At 9.20pm, Maybank announced that its services were back to normal, and apologised for the inconvenience caused. It did not, however, explain the cause of the outage. Those who faced issues during the disruption (especially with regards to instant fund transfers) should speak to Maybank’s customer service via hotline or social media channels.

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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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Netflix Introduces RM 17 Mobile-Only Plan In Malaysia

Netflix has released a new mobile-only subscription plan in Malaysia for only RM17 a month. This plan, which is supposedly a limited-time trial, is almost half the price of the lowest-tier Basic subscription – but still offers unlimited streaming on the platform.

Under the new Netflix Mobile plan, subscribers can enjoy unlimited streaming across the entire Netflix catalogue of movies and TV shows on the platform – but can only stream on a phone or tablet. There are some limitations, of course: those under this plan can only stream on one device at a time, and will only stream on standard definition (SD) resolutions. Still, that’s likely an acceptable trade-off for some consumers, especially when the next subscription tier costs almost twice the RM17 monthly fee.

With the new Mobile plan, Netflix’s subscription prices looks a lot more extensive, covering a larger group of people. Here’s the breakdown of all Netflix subscription tiers available for Malaysians:

Each tier unlocks more perks, such as additional screens as well as higher-quality HD and UHD resolutions, which would benefit those viewing on larger screens. You can choose from a range from the Basic plan (RM33), Standard plan (RM42) and Premium plan (RM51). The Basic plan only allows you to view one screen at a time on SD, the Standard plan allows subscribers to view up to two screens simultaneously at in High Definition (HD), and lastly the Premium plan allows four screens to be viewed at the same time in ultra-high definition (UHD).

Interestingly, those who wish to subscribe to this plan can only view it when accessing the
sign-up page
 on a mobile device. If viewed on a desktop or laptop, the Mobile tier is replaced with the Basic plan. Therefore, if the Netflix Basic plan is suited for your needs, be sure to sign up soon as the company has indicated that this is part of a larger trial it is working on globally.

(Source:
The Star
,
Malay Mail
)

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    Bernadette de Rozario

    3 years ago

Can I watch Grimm S4 to S6

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Introducing Fixed Deposits in Malaysia

Instead of saving your money in a normal savings account where you earn merely peanuts, why not put some of that money into a low risk fixed deposit account where it will help you earn much more substantial gains?

In Malaysia, we practice a dual banking system, so naturally, we would have two types of fixed deposits: Conventional and Islamic.

It is a fixed term

Firstly, fixed deposits, as its name suggest, is a deposit account where you place an initial opening balance for a fixed period of time. Most banks in Malaysia offer a term as short as one-month, or as long as 5 years.

As it is a fixed term, the general rule is that you cannot withdraw your money until your investment has reached the date of maturity, where your principal deposit will be repaid to you along with the interest earned. So when you select a tenure for your fixed deposit, be sure that the money is not going to be needed for that period of time in order for you to maximise your profits.

Of course, if you really really really…really need the money, then you can request from the bank for an early withdrawal, but more about that later.

On interest rates and tenure length

The shorter the tenure, the lower your interest rate will be. This is to encourage you to keep your money with the bank longer. Comparing a month’s tenure to one that’s locked-in for a year; the difference can range from 0.15% p.a. to 0.4% p.a. on average. It may not seem like much when you look at it but can make a real difference if you have a significant amount of money and you wish to keep it in the deposit account for a long time.

A degree of flexibility

You may wonder, what flexibility? Well, some banks do allow you to withdraw some of the cash in the fixed deposit before it matures. Yes, you can partially cash out some of the money in your fixed deposit account without forfeiting your interest on the whole sum. What this means is:

you don’t have to terminate the account in order to access some money;

you don’t have to wait until the fixed deposit has matured to withdraw the money;

you can continue to earn interest on the remaining balance;

you may even get a portion of the interest on the cash you have withdrawn.

Generally, the banks will entitle you to 50% of the quoted interest if you have completed at least three (3) months of your tenure at the time of withdrawal. Of course, like everything else, this will be subject to the bank’s terms and conditions.

If you have signed up for a fixed deposit product without this added flexibility, you still can terminate your fixed deposit early if you really need but it is not advisable as you may end up forfeiting ALL of the potential interest.

Automatic FD renewal

Most fixed deposits allow automatic renewals. The bank will automatically renew your fixed deposit under the same terms together with the principal amount plus the interest earned if:

you don’t cash out the fixed deposit on maturity;

you have not given specific instructions to the bank on what happens after maturity. The good news is the bank will notify you in writing when this happens.

This rollover feature can be both convenient and cumbersome. If you have selected a short tenure and have no intention of visiting the bank every few months, it would be beneficial. On the flipside, if you have selected a 5-year tenure, you will have to wait for another 5 years in order to cash out without forfeiting the interest if you have somehow forgotten to withdraw on maturity date. That is the frustrating part!

Keep your certificate safe

When you sign up for a fixed deposit, the bank will issue a fixed deposit certificate/statement in return. On the document, there is information regarding the principal amount, the placement period, and the agreed interest rate as well as the maturity date.

You can only withdraw your money or terminate your account by presenting the certificate, so do keep the certificate safe. If you lose it; you must inform the bank as soon as possible. The bank will issue you a new receipt upon verification. Of course, it is NOT free! You will be charged stamp duty of RM10 and service fee or RM5-15 once again!

Linked financial products

As of late, banks have started to link other, usually more complex investment products to fixed deposit accounts where you will stand a chance to receive attractive returns. But bear this in mind; you will have to purchase a unit trust or invest in gold in equal amounts. The interest rate will entice you, but it is NOT guaranteed!

These kinds of add-on products are usually all too risky as the price of unit trust and gold will fluctuate daily and sometimes very widely. How much your return is, is based on the capability of your fund manager, the fund itself, and volatility in financial markets. If you have little idea about these products, best to stay away from fixed deposits of this nature.

Now that you have some basic understanding about how a fixed deposit works, let us delve into the minute details that will help you avoid the common pitfalls often associated with fixed deposits, and in turn, your savings and current account.

Spread your eggs in different nests

Most fixed deposit accounts are eligible for protection by
Perbadanan Insurans Deposit Malaysia
 (PIDM). This means your deposit is insured against loss in the event of the bank shuts down or mismanages your money. It is free and your deposits are automatically protected for up to RM 250000 per person per bank. The RM 250000 limit includes both the principal amount and the interest. Therefore, we would advise that you limit each fixed deposit to a maximum of RM 250000 or less per bank and spread your risks with different banks. This is called diversification, even if it is within the same investment type.

Not all banks are members of PIDM. Financial institutions like
MBSB
,
Bank Rakyat
,
Agro Bank
 and
BSN
 are not covered. However, these 3 banks are regulated by both
Bank Negara Malaysia
 (under the Development Financial Institutions Act 2002) and Suruhanjaya Koperasi Malaysia (under the Cooperative Societies Act 1993), so you get direct protection from our Ministry of Finance instead.

Dormant accounts

A dormant account is an account with no recorded transactions (deposit or withdrawal) continuously for a period of time. Bank Negara has decided that all dormant accounts shall be categorised under Unclaimed Moneys and any balance in this account will be transferred to the Registrar of Unclaimed Moneys in accordance with the Unclaimed Money Acts 1965. In short, your money will be gone if it is found that your account is inactive for some time.

In the realm of fixed deposits, if the product has an auto renewal feature, you will be given a 7 year buffer before the account is declared dormant. (Bank Negara does not encourage you to sign-up for an auto-renewing 5 year tenure FD) However, if the fixed deposit has NO auto renew feature, your money will go to the government if the bank does not hear from you in 12 months from the maturity date. So remember to mark an X on you calendar!

The good news is that the bank will notify you via snail mail when your account becomes dormant. The bad news is you have to pay fees to reactivate it. The bank charges RM 10 per year as service fee. If your money ends up in the Unclaimed Moneys department, you can write to Jabatan Accountant Negara Malaysia and request for it, if there is any left!

The bank has the right to pay itself

The bank has the right to set-off, consolidate and to debit. These rights gives the bank authority to consolidate all your accounts, and the right to debit any account that is deemed fit. Meaning, if you have outstanding payments to the bank, the bank has the right to debit from your fixed deposit to pay off your debt. Likewise, if the bank owes you money, they have the right to automatically credit the money into your account.

Islamic Investment account

In general, Islamic banks have many products similar to those offered by conventional banks. However, conventional banks have a liability to pay back the principal together with the interest earned even if the bank lost money on an investment. In Islamic banking, that isn’t the case. The bank is contracted by you as your agent to invest on your behalf. Any profits earned are shared between you and the bank according to the pre-determined profit sharing ratio. The profit on the investment is not guaranteed, leaving you open to the risk of losing all of your capital.

Like any investment, you may encounter two types of risk:
market risk
 and
income risk
.

You encounter
market risk
 when and if there are losses arising from the investment as it shall be borne by you; unless it is proven that the bank has mismanaged the fund.

Income risk
 is when the profit earned may vary from the published rate as what you earn solely depends on the rate of return of the investment.

Of course, all banks, whether conventional or Islamic, are concerned about their investment performance; so they will strive to find the most secure (as secure as investments can be) and profitable portfolio for your money. After all, both you and the bank stand to profit.

To rollover or not to roll over, that is the question

You may wonder if it is wise to place a short-term deposit and have it roll over or to sign up for a longer term to earn higher interest. Here are some rough calculations based on a fixed deposit of 1 month (at 3% interest) and 12 month (at 3.40%) tenure.

Let’s say Mr A decides to deposit RM5000 into a fixed deposit account which offers the rates mentioned above. If Mr A places his fixed deposit for 1 month at a rate of 3% and continuously let it roll over for one year, he will earn RM150 in interest. As banks usually offer higher rates for longer tenures, the same RM5000 in a deposit account with a 12 month tenure at 3.40% interest will earn RM170 in interest. The difference between the two is RM20 but that is also because the interest rate is 0.40% higher for the 12 months placement. Doesn’t seem like much does it? Of course if you have more money kept in the account for a longer time, this will be more.

If the interest rate for 1 month and 12 months are the same, then the difference will vary even less.

At the end of the day, it is most important that you are comfortable with your savings and how much flexibility you need when choosing the right tenure. There are tons of fixed deposit accounts to choose from, so the time taken for researching and comparing interest rates and terms and conditions is crucial.

Tip 1: Spread your savings into three parts, using the 3:3:4 or 4:4:2 ratio. 30% of savings in Savings account, 30% in short term fixed deposit and 40% in mid-long term deposit. On festive months, you can change the ratio to 4:4:2.

Tip 2: Try to place the fixed deposit before credit card repayment due date so in case you reward yourself that month with some retail therapy, you will have enough time to cash out on your short term deposit to pay for your credit card bill.

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Boost Refreshes Shop Malaysia Online Cashback Campaigns After Overwhelming Demand

Boost has refreshed three of its Shop Malaysia Online cashback campaigns for the month, allowing users to earn up to RM15 cashback when they make purchases from selected brands and meet specified minimum spend requirements.

These campaigns – which was originally supposed to last between 1 August to 30 September 2021 – saw their allocated rewards fully redeemed by 10 September. In response, Boost decided to refresh all three campaigns, this time to run from 15 September to 5 October 2021.

The terms and conditions of the three Shop Malaysia Online cashback campaigns from Boost are updated as follows:

Shop Malaysia Online Top Key Partners RM15 Cashback Campaign

Customers who spend a minimum of RM100 in a single transaction with
selected Boost online partners
 via the e-wallet will earn themselves a cashback reward of RM15. Participating merchants include Aeon Online, BIG Pharmacy, and Signature Market. Provided on a first-come first-served basis, the reward is capped at 30,000 eligible transactions.

Each user is allowed to win a maximum of four cashback rewards under this campaign, and they will be credited immediately into the Shop Malaysia Online Wallet within the Boost app. Note that these cashback rewards must be utilised by 31 October, or they will be automatically forfeited. No minimum spend is required to use them, but you can only apply one cashback reward in one online transaction with
selected participating online partners
.

(Image: Harian Metro)

Shop Malaysia Online “Offline To Online” RM5 Cashback Campaign

Earn RM5 cashback when you spend a minimum of RM30 in a single transaction via your Boost e-wallet at the physical outlets of
participating traders
. These include popular brands such as Bake With Yen, Coffee Bean & Tea Leaf, and Hero Market.

Limited to the first 100,000 eligible transactions throughout the campaign period, each user can receive up to eight cashback rewards from this campaign, which will be credited immediately into their Shop Malaysia Online Wallet within the Boost app.

Unlike the Top Key Partners campaign mentioned above, a minimum spend of RM10 is required to utilise these cashback rewards via online transactions at
selected stores
. All the rewards have a validity period of until 31 October 2021, and you can only redeem one cashback reward at a time.

Shop Malaysia Online RM5 Cashback Campaign

Similar to the “Offline To Online” RM5 Cashback campaign above, you will also be able to earn RM5 cashback when you spend a minimum of RM30 in a single transaction via your Boost e-wallet. However, in this particular promo, you must spend it with
participating online partners
 instead, such as Innisfree, Courts, and GSC Online.

The cashback rewards under this promo are capped at 60,000 eligible transactions, with each user allowed to receive a maximum of five rewards. They will be credited immediately into your Shop Malaysia Online Wallet in the Boost app upon successful transaction.

There are no minimum spend requirements to use these cashback rewards, but you must apply them in online transactions with
these selected merchants
. Remember to use them by 31 October 2021, or they will expire.

—

These cashback campaigns will be a good opportunity for you to save as you stock up on daily necessities or support your favourite traders. Be sure to stay safe as you make your purchases, and take note of the validity period of the cashback rewards!

(Sources: Boost [
1
,
2
,
3
])

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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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Electricity Bill Discounts For Residential Properties, Up To 40% For Three Months

Prime Minister Tan Sri Muhyiddin Yassin has announced another round of electricity bill discounts for residential properties under the new PEMULIH stimulus package. It will see discounts ranging from 5% to 40% based on the home’s electricity usage, and will apply for the months of July until September 2021.

According to the Prime Minister, this discounts will be worth RM346 million and will benefit all residential properties. However, while the discounts will be tiered based on the home’s total monthly electricity usage, the full breakdown for the discounts have not been disclosed.

Based on the Prime Minister’s speech, the higher discounts will apply to residential homes that consume less electricity – the lower the consumption, the higher the discount rate. Residential homes that consume less than 200kWh per month will receive the highest 40% discount, while the next tier is 15% for homes that consume between 201-300kWh per month. The other discount tiers was not mentioned.

In addition, the electricity bill discounts is capped at a maximum of 900kWh per month per residential home. That means that any additional usage beyond that cap will be charged the full rate as per the electricity provider’s tiered rates.

This electricity bill discount for residential homes is the third such measure from the government. Previously, it was introduced in the
Prihatin stimulus package
, before a one-off rebate was announced under the
Bantuan Prihatin Elektrik
.

On a related note, the Prime Minister also announced that selected businesses in the tourism sector will receive a flat 10% discount on electricity bills from October until December 2021, a three-month extension from the current discount under PEMERKASA+. The selected businesses are hotel operators, theme parks, convention centres, shopping malls, local travel agencies, and travel and tour agencies.

In total, these electricity bill discounts is estimated to cost RM1 billion.

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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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Maybank Islamic Launches Online Gold Investment Account

(Image: The Star)

Maybank Islamic has launched an online investment product called the Maybank Islamic Gold Account-i (MIGA-i). It allows customers to conveniently open an account, as well as buy, sell, and transfer gold, completely online via Maybank2u.

MIGA-i lets customers own physical gold with 999.9% purity as accredited by the London Bullion Market Association, without the hassle of storing it physically or worrying about its safe custody. According to Maybank Islamic CEO Mohamed Rafique Merican, MIGA-i differs from conventional gold accounts as this Syariah-compliant account allows customers to redeem their available gold balance with physical gold – in denominations as small as 1g minted gold bar to 1kg cast gold bar.

Moreover, the bank is the first financial institution in Malaysia that will deliver the physical gold to its customers following redemption. The account is also said to be the first of its kind in the market that allows customers to enjoy real-time market price to buy and sell gold, with an upcoming feature that will allow customers to place future orders to buy or sell based on their preferred price via Maybank2u.

Other benefits that customers may enjoy include the lower spread between the bank’s buying and selling price, as well as no additional charges for transfer of gold in grams from one MIGA-i account to another.

“Everyone can invest in gold with an initial investment of as low as RM10. An upfront preferential rate will be given to customers with investment of 100gm and above to ensure customers get the most attractive gold prices in the market,” said Rafique. “There is now an uptrend in gold investments among consumers. The Covid-19 pandemic has driven investors who are risk-averse to assets such as gold which they consider a stable investment.”

Maybank Islamic is currently running a referral campaign where you and your referrals can earn a complimentary 0.01g of gold each. Find out more about the
Maybank Islamic Gold Account-i
 here.

(Source:
The Sun Daily
)

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Tan Chong Motor’s GoInsuran Launches Its Official Store On Shopee

Online insurance aggregator GoInsuran has launched its official online store on e-commerce platform Shopee, making it easier for its customers to purchase and renew their insurance. Exclusive vouchers will also be available for purchase on its official Shopee store.

In a statement, GoInsuran – which is wholly owned by Tan Chong Motor Holdings – shared that customers will be able to purchase numerous types of insurance plans via its store, including travel, medical, home, and personal accident insurance. This is in addition to its usual and better-known service of car insurance and road tax renewal.

Customers may also purchase exclusive vouchers or promo codes on Shopee to help them gain some savings as they purchase or renew their insurance online; for instance, there is an e-voucher that lets you save 5% on your insurance renewal, costing only RM2. More than 24,000 unique vouchers will be available online for customers’ benefit.

The head of insurance business stream for Tan Chong Motor, Joshua Yong said that this move will enable the company to reach out to a wider customer base. “The current offering is just the beginning; we are already planning for more exciting items to be made available in the near future,” he said.

Meanwhile, the head of marketing campaign for Shopee, Kenneth Soh commented that this partnership will encourage more Malaysians to tap into the convenience offered by GoInsuran, on top of offering attractive discounts. “This collaboration also underlines Shopee’s commitment in helping brands reach new customers and unlock growth opportunities,” he said.

Tan Chong’s GoInsuran digital platform was originally developed to offer motorists an improved experience in renewing car insurance and road tax. It taps into latest technologies to provide a seamless process, from obtaining free quotations to making payments via various online payment methods with little hassle. Customers are also able to compare prices between various insurance providers at a glance.

(Sources:
GoInsuran
,
New Straits Times
)

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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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Investing In Digital Assets Effectively Through Traditional Strategies

It goes without saying that investing is a proven method to achieve long-term wealth creation and preservation. It is a core principle that should be part of everyone’s personal finance journey, because quite simply, you need your money to work hard for you over an extended period of time to achieve financial freedom.

In my experience as a certified financial charterholder, the most burning question asked by those who are just starting their investment journey is simply:
what should I invest in?

It is a deceptively simple question, and to be honest, there is no single answer to it. That’s because every individual investor should have his or her own investment plan that’s tailored to suit their risk tolerance and investment goals. That said, there are two strategies that every investor should learn which will help them in their investment adventure.

Diversify Your Investments

The first is the concept of diversification, and the art of diversifying your investments. Diversification is the process of investing in a mix of different asset classes to build a well-balanced portfolio. Ever heard of the old adage, “don’t put all your eggs in one basket”? Yup, the reasoning is exactly the same.

By diversifying your investments across asset classes such as equities (or stocks), bonds, properties, commodities, and cryptocurrencies, your investment risk is spread over multiple asset classes so that in the event one part of your portfolio performs poorly, the impact to the overall portfolio’s performance is minimised. In other words, if one investment doesn’t do well, you would want the other parts of your portfolio to “hold the fort” – you don’t want all your investments to have high correlation to one another.

Digital Assets and Diversification

Today, when most people think about investment asset classes, it has expanded beyond traditional assets like stocks and properties. Newer asset classes, especially digital assets, have continued to become more widely adopted as alternative assets, which has attracted the younger generation of investors in particular. This group of tech-savvy investors have taken notice of the exceptional returns of digital assets such as Bitcoin, which has been the best-performing asset over the past decade, and are willing to brave the high levels of volatility that digital assets are currently known for in order to potentially earn higher returns compared to traditional asset classes.

The main reason behind the interest in digital assets is in their potential utility value in the future through potentially game-changing technologies such as blockchain technology, smart contracts, non-fungible tokens (NFT), and more. Nevertheless, it is likely that it is not just young investors who have dipped their toes in this space – it is estimated that
there are around 295 million people globally
 who are currently invested in digital assets.

Data shared by Luno Malaysia in its 2021 recap

This trend is also seen in Malaysia, where we are seeing a growing number of digital asset investors. Luno, the leading regulated digital asset exchange in Malaysia, saw a user growth rate of more than three times from 2020 to 2021, rising from around 180,000 users in 2020 to
more than 600,000 customers in 2021
. This indicates that more investors are turning to digital assets as another asset class to invest in (and hopefully for better portfolio diversification), and it is highly likely that the number of digital asset investors in Malaysia will continue to grow as public awareness of digital assets increases.

What makes digital assets useful as a diversification tool is their general low correlation to other assets in the market. This means that having digital assets in an investment portfolio may result in higher risk-adjusted returns. However, given its high level of volatility, it is generally not wise to allocate a high amount of digital assets in an investment portfolio. Instead, by mixing in a small percentage of digital assets, we can increase the potential annualised returns while still maintaining a manageable annualised volatility of the overall portfolio – thus tapping into the potential high gains of digital assets without substantially increasing the portfolio’s risk.

On a related note, diversification can also be done within your digital asset portfolio. This can be straightforward or fairly complex, depending on how much exposure you wish to have in the digital asset space and your risk tolerance. It can be as simple as investing in the “blue chips” like Bitcoin and Ether, or a wide mix of digital assets that encompasses various tokens and even NFTs.

Don’t Just Buy The Dips – DCA Is The Way

An illustration of how DCA is a more effective strategy than buying lump-sum (via RinggitPlus Academy)

The other investment strategy is called Dollar-Cost Averaging (DCA). This strategy involves buying fixed amounts of a particular asset on a regular schedule, regardless of its price. This means you purchase more of the asset when prices are low and less when prices are high, but always at the same currency amount. This takes emotion out of the investment equation, and lets you ride out large price fluctuations while maintaining the act of accumulation of the particular asset.

DCA is a time-proven strategy that allows you to take advantage of volatile price movements in a much more effective way than to just “buy the dips”. In the digital asset market, it is fairly common for bull or bear markets to last over a prolonged period, and DCA helps you stay disciplined in both scenarios – you will not get tempted to invest more in a bull market when prices are high, and in a bear market, you will have funds to spare to accumulate more of the asset when prices are low.

Always Stick to the Basics

But of course, like any other asset class, you must always do your research before investing in digital assets. The risk of capital loss is much higher due to the inherent volatility of the market. Further, a digital asset that is lower in price does not necessarily mean it can potentially yield higher returns, so do take some time to research on the asset you are interested to invest in, and find out its potential utility in the real world – which is the key to its future value.

The goal of any investment is to gain a high return over the long term, so make sure you choose the right assets to invest in, both digital and traditional. Additionally, you can consult with a licensed financial planner for detailed advice on digital assets as an investment option and your optimal investment portfolio based on your financial goals and risk tolerance. Finally, regardless of which option you choose, only invest what you can afford and don’t over-stretch yourself financially.

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Versa Extends Versa Cash, Versa Cash-i Promo Offering 4% p.a. Return Rate Until August

Digital wealth management app Versa has said that it is extending its ongoing Versa Cash and Versa Cash-i promotion that allows users to earn 4.0% p.a. net returns on the funds within their accounts. With this, the promo will run for another three months until 31 August 2023.

For context, the 4.0% p.a. net return promo for Versa Cash – which was the continuation of a
previous campaign that offered a promotional net return rate of 3.2% p.a.
 – originally
began in November 2022
. It was supposed to end in January 2023, but was subsequently extended to May. With the end of the promo approaching soon, it seems that Versa has decided to extend it once more. The promo is also applicable to
Versa Cash-i
, the
shariah
-compliant version of Versa Cash – which was rolled out earlier this year.

Aside from extending the promo to August, no other changes will be made to the existing terms and conditions of the campaign. All new and existing users will still be able to enjoy the 4.0% p.a. promotional rate on the first RM30,000 balance in their Versa Cash and Versa Cash-i account (after fees); any subsequent balance above RM30,000 will continue to earn the base net return rate.

Versa also clarified in its FAQ that the RM30,000 does not need to be new funds to qualify for the promo. “As long as you have funds in Versa Cash and/or Versa Cash-i, you will automatically enjoy our promotional net return rate of 4.0% p.a.,” it shared.

Users are also allowed to save with both Versa Cash and Versa Cash-i at the same time to earn from the 4.0% p.a. promotional rate on the first RM30,000 in each fund, respectively. Note as well that the earnings from this campaign will be disbursed on a monthly basis, with the returns gained each month to be deposited into your account in the following month. Returns amounting to less than RM0.01 will not be paid.

Finally, the campaign rewards will be disbursed on a first-come first-served basis. If Versa’s allocation for the campaign has been fully utilised, your funds will continue to earn the base net return rate (although Versa did not share its budget for the campaign).

(Source:
Versa
)

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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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