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 foreign currency saving account

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TSbokbokchai
post Jan 9 2017, 09:26 AM, updated 8y ago

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newbie here.
looking for advice in foreign currency saving account.
anyone here know any good account to begin with?
Ramjade
post Jan 9 2017, 09:51 AM

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QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM)
newbie here.
looking for advice in foreign currency saving account.
anyone here know any good account to begin with?
*
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.
T231H
post Jan 9 2017, 09:52 AM

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QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM)
newbie here.
looking for advice in foreign currency saving account.
anyone here know any good account to begin with?
*
While waiting fir responses....you nay want to try ask google
NightHeart
post Jan 9 2017, 11:25 AM

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QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM)
newbie here.
looking for advice in foreign currency saving account.
anyone here know any good account to begin with?
*
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.

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
Aztec
post Jan 9 2017, 10:59 PM

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i have a Foreign Currency account with HSBC..kinda useless though as I can only withdraw in Ringgit..
Ramjade
post Jan 9 2017, 11:08 PM

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QUOTE(Aztec @ Jan 9 2017, 10:59 PM)
i have a Foreign Currency account with HSBC..kinda useless though as I can only withdraw in Ringgit..
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That's malaysia standard policy. If you want to withdraw in foreign currency, try having a account with Singapore banks.
wengherng
post Jan 13 2017, 01:22 AM

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QUOTE(bokbokchai @ Jan 9 2017, 09:26 AM)
newbie here.
looking for advice in foreign currency saving account.
anyone here know any good account to begin with?
*
That really depends on what is your purpose to hold a foreign currency savings account in the first place.
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.


maxwong85
post Jan 13 2017, 01:59 AM

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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
Ramjade
post Jan 13 2017, 02:08 AM

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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
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Check out this page.
https://forum.lowyat.net/topic/1440794

This post has been edited by Ramjade: Jan 13 2017, 02:08 AM
jutamind
post Jan 13 2017, 11:18 AM

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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
maxwong85
post Jan 14 2017, 11:07 AM

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QUOTE(Ramjade @ Jan 13 2017, 03:08 AM)
Thanks , checking it out and found out there really is an alternative.

Ramjade
post Jan 14 2017, 11:11 AM

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QUOTE(maxwong85 @ Jan 14 2017, 11:07 AM)
Thanks , checking it out and found out there really is an alternative.
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Of course. See whether you want to travel down there or not. If don't want to travel try Maybank 1 Utama.
wengherng
post Jan 16 2017, 11:52 PM

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QUOTE(Ramjade @ Jan 13 2017, 02:08 AM)
Thanks for sharing.
This is interesting.

vseries
post Jan 23 2017, 01:13 AM

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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?
Ramjade
post Jan 23 2017, 07:45 AM

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QUOTE(vseries @ Jan 23 2017, 01:13 AM)
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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Conversion. You want to deposit/withdraw, it can only be done in RM ranting.gif
evilizlan
post Sep 23 2018, 06:23 PM

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QUOTE(Ramjade @ Jan 23 2017, 07:45 AM)
Conversion. You want to deposit/withdraw, it can only be done in RM  ranting.gif
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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.
jack2
post Sep 23 2018, 09:23 PM

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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.

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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Still any vacancy?
Ramjade
post Sep 23 2018, 10:59 PM

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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.

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.
*
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?
Withdrawing USD from your foreign currency account > MYR incur high forex rates + extra transaction fees biggrin.gif
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. biggrin.gif

 

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