QUOTE(MilesAndMore @ Apr 6 2012, 12:18 AM)
Eventually you intend to remit the money to Australia for your daughter to use right ? Then i believe you can open a foreign currency account in either Malaysia or Singapore, then debit the money directly from your AUD account and remit it to Australia. I know this is possible in Singapore. Not too sure about Malaysia but i read a while ago that you can do the same too in Malaysia. Once your foreign currency FD matures and you do not intend to renew it, you can transfer it to your foreign currency account (if you have any) in the same bank.
U could do it in M'sia the same way as the banks offer it
QUOTE(Gen-X @ Apr 6 2012, 01:18 AM)
That's what I was thinking but
gsc mentioned need to convert back to RM upon maturity. I was thinking of depositing into OCBC promo and earn 8.67% for a month and then continue with their Foreign Currency Time Deposit (NOT Dual Currecny Account). I am going to OCBC to find out more and then report here. And also, I guess I got to have an Australia account too first before I can remit. That's another problem right now.
Opening an aussie account will suprise u less hassle as well
QUOTE(cherroy @ Apr 6 2012, 10:45 AM)
For foreign currency FD, it can be renewed indefinitely or stay in foreign currency current account which can be remitted if one wish to, just cannot withdraw in hard cash form.
Added on April 6, 2012, 10:45 amYes.
u r right bout that
QUOTE(stchan @ Apr 6 2012, 01:38 PM)
The big 4 banks in Australia are Commonwealth, NAB, ANZ and Westpac. So presumably they have the most branches and ATM.
HSBC is also a good choice as it allows you to use Westpac's ATM free of charge.
If you are HSBC Premier customer even better - free instantaneous global transfer.
At the moment, some savings accounts in Australia is offering higher interest rates than FD. But the downside is that the savings interest rates can be revised downwards any time.
HSBC Serious Saver: 5.95% for first 4 months, 4.75% after that.
ANZ Progress Saver: 5.76% with conditions (no withdrawal and must increase deposit by $10 a month)
CBA GoalSaver: 5.65% with conditions (one withdrawal a month but must increase deposit by $200 a month)
The most ATM at Australia would b by Commonwealth bank based upon the number of atms they hav leveraged thru BankWest which is partly owned by them that has a major ATM presence at most the convinient stores all over the country itself
QUOTE(MilesAndMore @ Apr 7 2012, 12:17 AM)
Bro, i just read your blog and you mentioned about the interest earned from term deposit in Australia is taxable. Anyway, just to inform you that you can actually deposit your money in Citibank Australia through Citibank IPB Singapore. The catch is you must be a Citibank IPB Singapore Citigold Private Client customer
(maintain a deposit of no less than USD1 Million at all times). I understand that the interest earned would not be taxable if you do it this way
i did thru that method juz that on a normal account thru ANZ in sg as well so that i could transfer some money 2 my parents n spend when i'm back
the most easiest way of all would b opening anz account in sg as well as in aussie as u would get instant transfer n preferential rates
gen-x i would suggest u go 2 ambank as they hav a getset account which could open an education acount in m'sia thru anz as their partner n if u need more info let me know
Apr 7 2012, 01:08 AM
Quote
0.0369sec
0.29
6 queries
GZIP Disabled