This article is a follow-up to the “RS232 and Raspberry Pi” (link)
The same MAX board that I had also worked with Arduino at 5V although it was designed for 3.3V operation (capacitors onboard were sized for 3.3V operation – page 10 of MAX3243 datasheet). Still, it seemed to work fine up to the 28800 baud rate. Any faster and the software starts detecting data framing errors and the data becomes corrupted.
However, that was purely a design limitation of that particular RS232 board that I had.