A Guide for Expats in Malaysia: 7 Essential Tips to Comfortably Settle In

Malaysia is a global country, home to big conglomerates and a booming startup scene. Thousands of expats move to Malaysia to work and ride the growing economy. If you happen to find yourself on a plane to live and work in Malaysia, the move can be quite daunting because of the new surroundings and culture. Here are seven tips to comfortably settle down in Malaysia.   Join a Club or Organization Making friends can be difficult when moving to a country full of new people and a new culture. A quick way to meet like-minded folks is to join expatriate groups and societies. Luckily, Malaysia is home to a slew of organizations whether you’re from Asia, the US or Europe.   Set a Routine To feel comfortable in a new country, be sure to continue certain habits you had back home. If you work out in the gym every morning, find a gym you like in Malaysia. If you spend weekends hiking, Malaysia is home to hiking trails. Continue doing what you love to adapt comfortably.   Set Up a Bank Account It’s advisable to open a Malaysian bank account because of the change in currency. A Malaysian account will also help you in managing different income flows and alleviating the risk of exchange rate fluctuations.   Tour Around the City It can be daunting to settle down in a new country. There are many places you are unaware of and need to know before Malaysia feels like home. Join a professional tour or get a friend to bring you around. Deliberately exploring the Malaysia is the best introduction....

7 Essential Travel Safety Tips to Stay Safe and Connected

The world is becoming smaller. Affordable flights, travel options, and applications are making it easier to fly around the world. Wanderlust is overflowing with the ease provided by technology. While travel has never been this available, it’s important to always be safe. While there are tons of travel tips out there, here are seven essential tips that the on-the-go and mobile traveler should not forget to stay safe and connected.   Download transportation applications Public transportation is different in every country, from the ubiquitous cabs to tricycles. Transportations applications like Uber, Grab and Lyft allows you to book vehicles from cars, motorcycles and even helicopters. The plus point is the companies have screened and approved the drivers for your safety.   Save a digital footprint In case you lose your passport or leave behind a credit card, for safety purposes, scan a copy of these important documents and save it on your mobile phones. You never know when you’ll need ID.   Always have Google Maps Google Maps allows you to save locations, create an itinerary, and select the safest route to get there. Whether by foot, bike or car, Google Maps can adopt different methods to get you to that museum or hole-in-the-wall fast and safe. Since you can’t always have a reliable internet connection, load your itinerary when connected via Wi-Fi (for example at your hotel). You’ll then be able to consult the map even offline.   Be travel-insured What are the chances of a complication on your flight? Not only travel insurance protects you from medical accidents, but it also provides protection in the case of...

Big Business – 5 Smart Ways to Fund Your Business Expansion

Among the most encouraging countries when it comes to SMEs is Malaysia. Understanding how these small and medium-sized enterprises work wonders for the economy, the Malaysian government has enacted countless policies and bills that make it much easier for start-up companies to find their place in the Malaysian market. Of course, while starting off with a small or medium-sized business might seem easy and profitable at the start, business owners often hunger for growth once they reach their maximum potential as a small enterprise. While dreaming up potential expansion and growth can be easy, finding the funding to do so isn’t quite as simple. Discover how you can finance your business expansion by checking out these smart methods that will guarantee success. Crowdfunding – If the public likes your idea, they might just decide to pitch in to help make it a reality. That’s the basic principle that fuels crowdfunding. There are multiple platforms that allow this kind of business financing, and all business owners need to do is put up their project details and set a funding goal. Those who read about the project have the option to donate whatever amount they want to in order to help the enterprise to its objective. If the budget is met, the fund goes to the business owner. If not, then the platform absorbs the accumulated fund. Loans – The most common business expansion funding option that enterprise owners use is the humble loan. Because lenders know how successful SMEs can be in the Malaysian market, they’re often very willing to put out hefty loan amounts to help out business owners....

Sticking to a Savings Plan – 4 Ways to Monitor, Manage, and Multiply Your Finances

Whether you’re navigating the adult world as a single professional or as a working married man or woman with kids, saving is likely at the top of your list of goals. That’s because your future financial security and the comfort of your family depend on how well you’re able to set aside funds. While money is hard to earn, it’s easy to spend, so you may have found that sticking to your savings plan hasn’t worked out so far. If you’re wondering what you can do to maximize your finances and grow your savings account, these 4 tips should start you off on the right foot. Explore Interest Schemes – Lots of people tend to look over the interest earning options offered by banks when clients open accounts. But there’s a great deal you could be missing out on if you skip the fine print. Interest basically means the money you put in your account will earn a certain percent depending on the amount inside, which ultimately means you can grow your money simply by setting it aside. A savings account with higher interest rates means you can earn more over time for the money you put in. Be Specific – Often, people tend to set vague goals that are difficult to stick to. Simply saying “save more” could mean saving just some spare change every month, and that won’t do much for your goals. Learning to set specific goals will help you set aside more substantial amounts that will bring you closer to your objectives. For instance, telling yourself to set aside $20 every week will make it...

Millionaire Mentality – 6 Ways of Thinking that Set the Wealthy Apart

According to a report published in 2014, Kuala Lumpur trumped all other cities worldwide when it came to the number of millionaires. With over 13,800 high net worth individuals residing in the city, Kuala Lumpur managed to surpass even western localities that were expected to top the ranks. When asked, these millionaires claimed that they owe their success to the different wealth management products in Malaysia as well as their own clever and quick thinking. These numbers prove that becoming a millionaire in Malaysia is nothing short of a very likely possibility, but it still depends on how well you manage your finances and play your cards. Experts say that to be rich, you have to think rich. Are you thinking like a millionaire? Find out how the minds of the rich tick by reading this list. Don’t Spend, Invest – If you were handed a large sum of money that you could spend however you want, what would you do with it? Many of us will answer that we’d buy this and that, but millionaires would do otherwise. Instead of spending money on things that won’t generate returns, shift your mentality to investing so your money can earn you more. Dabble in All Industries – When we find an industry we love working in, we tend to stay there. But look into the cash flows of the rich, and you’ll see money coming in from all directions. Explore your horizons and dabble in different industries to keep your finances safe. This way, you’ll know if one fails, you’ll always have different sources of funds to keep your finances...

What Foreigners Need to Open a Malaysian Bank Account

If you’re a foreigner living in Malaysia, or planning to come over soon, then you’ll be glad to know that it is fairly easy to open a Malaysian bank account. Most banks in Malaysia do not set overly difficult terms and conditions for foreigners wanting to start bank accounts, whether they are savings accounts, current accounts, fixed deposit or investment accounts. There can be several reasons why a foreigner would want to start a Malaysian bank account. Some of the most common reasons include:  – Migrating here as an expatriate worker  – Retiring here under the Malaysia My Second Home (MM2H) programme  – Desiring to buy a house in Malaysia  – Pursuing tertiary education at a local college or university Applications from foreigners are subjected to certain terms and conditions. You would first need to show a valid international passport. Additionally, you’ll have to have a residency permit to show to the banks. In the absence of a residency permit, a reference from your Malaysian employer of Malaysian contact is required. This is to add to the credibility of your identity. Usually, foreigners that have a work permit or proof that they are here under the MM2H programme will have an easier time applying for a bank account. Identification requirements are subject to the policies of the banks. Some banks allow you to open an account merely with a passport, while others require more visas like a work or residency permit. As a general rule of thumb, if you’re able to produce the following documents, you’ll stand a higher chance of being successful: A valid international passport 2. Documents...