newbie here.
looking for advice in foreign currency saving account.
anyone here know any good account to begin with?
foreign currency saving account
foreign currency saving account
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Jan 9 2017, 09:26 AM, updated 8y ago
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#1
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Junior Member
432 posts Joined: Jun 2012 |
newbie here.
looking for advice in foreign currency saving account. anyone here know any good account to begin with? |
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Jan 9 2017, 09:51 AM
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#2
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All Stars
22,199 posts Joined: Feb 2011 |
QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM) newbie here. No point you are holding Foreign currency account in Malaysia. Why? All deposits/withdrawal are done in RM and exchange at bank's rate. Better to use Paypal. Unless of course you are using it to pay something in foreign currency over long term.looking for advice in foreign currency saving account. anyone here know any good account to begin with? |
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Jan 9 2017, 09:52 AM
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#3
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Senior Member
5,143 posts Joined: Jan 2015 |
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Jan 9 2017, 11:25 AM
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#4
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Senior Member
3,988 posts Joined: Mar 2009 |
QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM) newbie here. May I know what's the purpose? Foreign Currency Account has its own benefits. It's a good way to save the currency of your choice especially if you're planning to spend that currency in the future while expecting to MYR to continue its free fall. If I'm not mistaken, 1 of the key difference is that the interest is calculated on a daily basis.looking for advice in foreign currency saving account. anyone here know any good account to begin with? The minimum deposit varies according to each bank individual banks, same goes with the interest rates, transaction cost etc etc. These are some basic info from the banks; RHB - http://www.rhb.com.my/malaysia/products-an...urrency-account PBB - https://www.pbebank.com/Personal-Banking/Ba...nt-Account.aspx MBB - http://www.maybank2u.com.my/mbb_info/m2u/p...d=/mbb/Personal |
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Jan 9 2017, 10:59 PM
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#5
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Senior Member
2,362 posts Joined: Mar 2006 |
i have a Foreign Currency account with HSBC..kinda useless though as I can only withdraw in Ringgit..
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Jan 9 2017, 11:08 PM
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#6
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All Stars
22,199 posts Joined: Feb 2011 |
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Jan 13 2017, 01:22 AM
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#7
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Senior Member
1,865 posts Joined: Jun 2008 |
QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM) newbie here. That really depends on what is your purpose to hold a foreign currency savings account in the first place.looking for advice in foreign currency saving account. anyone here know any good account to begin with? It serves its purpose, but is only beneficial over the long term and only if you are confident that the RM is going to depreciate significantly against that currency you are holding. |
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Jan 13 2017, 01:59 AM
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#8
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Junior Member
18 posts Joined: May 2011 |
off topic : how to open an hong leong bank account in Singapore , if i don't have EP , but i do have Malaysia Hong Leong Bank Account . I want to save in SGD
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Jan 13 2017, 02:08 AM
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#9
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22,199 posts Joined: Feb 2011 |
QUOTE(maxwong85 @ Jan 13 2017, 01:59 AM) off topic : how to open an hong leong bank account in Singapore , if i don't have EP , but i do have Malaysia Hong Leong Bank Account . I want to save in SGD Check out this page.https://forum.lowyat.net/topic/1440794 This post has been edited by Ramjade: Jan 13 2017, 02:08 AM |
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Jan 13 2017, 11:18 AM
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Senior Member
2,203 posts Joined: Jul 2007 |
so of the banks that offer FCA accounts, which is the best in terms of number of currencies covered/least spread/least cost charged/better interests given?
This post has been edited by jutamind: Jan 13 2017, 11:19 AM |
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Jan 14 2017, 11:07 AM
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Junior Member
18 posts Joined: May 2011 |
QUOTE(Ramjade @ Jan 13 2017, 03:08 AM) Thanks , checking it out and found out there really is an alternative. |
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Jan 14 2017, 11:11 AM
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22,199 posts Joined: Feb 2011 |
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Jan 16 2017, 11:52 PM
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1,865 posts Joined: Jun 2008 |
QUOTE(Ramjade @ Jan 13 2017, 02:08 AM) Thanks for sharing.This is interesting. |
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Jan 23 2017, 01:13 AM
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Junior Member
127 posts Joined: Nov 2013 |
Generally Foreign Currency account in Malaysia can only withdraw in RM. How about deposit? Can we deposit foreign currency directly or still go through conversion?
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Jan 23 2017, 07:45 AM
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22,199 posts Joined: Feb 2011 |
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Sep 23 2018, 06:23 PM
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10 posts Joined: Aug 2007 |
QUOTE(Ramjade @ Jan 23 2017, 07:45 AM) U sure? I've called maybank yesterday, and the guy said that people from outside can deposit USD to the foreign account.The reason I'm asking is, I am a Malaysian, working at a neighboring country, and my pay is in USD. So if my company can deposit in USD, that'll be sweet. |
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Sep 23 2018, 09:23 PM
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14,363 posts Joined: Oct 2004 |
QUOTE(evilizlan @ Sep 23 2018, 06:23 PM) U sure? I've called maybank yesterday, and the guy said that people from outside can deposit USD to the foreign account. Still any vacancy?The reason I'm asking is, I am a Malaysian, working at a neighboring country, and my pay is in USD. So if my company can deposit in USD, that'll be sweet. |
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Sep 23 2018, 10:59 PM
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22,199 posts Joined: Feb 2011 |
QUOTE(evilizlan @ Sep 23 2018, 06:23 PM) U sure? I've called maybank yesterday, and the guy said that people from outside can deposit USD to the foreign account. Of course you can deposit USD into your foreign currency account. Ever think about how are you going to withdraw out the USD into MYR? The reason I'm asking is, I am a Malaysian, working at a neighboring country, and my pay is in USD. So if my company can deposit in USD, that'll be sweet. Withdrawing USD from your foreign currency account > MYR incur high forex rates + extra transaction fees Now if go via TW, USD > MYR exchange rate is low, fee also small. Your choice. If you want to give free money to banks, be my guest. |
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