Has anyone practice this ? Need enlightment

What's your goal, amount, age, expectations, etc?

Singapore FD give like 0.4%

If you want risk free investments in Singapore, consider Singapore Savings Bonds.

But can you even open a bank acc in SG? Maybank scraped their iSavvy opening in Malaysia since 1MDB expose.

Not worth as SG FD rate is very low. If converting SGD to invest in SG stocks Yes, worth it. If FD no. Our amanah saham fixed price fund = better returns than SG FD. Of course if they offer like 4%, then better than our amanah saham.

Actually is still active.

SG currency better, economy rather better mayb ?

Ic, say CIMB Sg FD rate is 1.8%, theorytically can it multiply by 3 while converting Sgd back to Myr ? Like getting 5.4% after conversion ? Total noob on this.

Say you have RM50k and exchange rate is 3.00

Put in amanah:
RM50000 x 4%pa = RM2000 interest

Put in cimb sg:
RM50000/3 = S$16667
S$16667 x 1.8%pa = S$300 interest = RM900 interest.

So no, you won't get better returns placing in SGD.

This post has been edited by azores85: May 31 2019, 07:05 AM

I query about the FD conversion as of 1.8% × 3 thus FD convert back to MY would be 5.4%. Is this even legit

< double reply >

This post has been edited by Duperaider: May 31 2019, 07:11 AM

Don't it's not worth it, KLSE bonds is better, 4 - 8% return

am stucked with ASNB

This post has been edited by csbong87: May 31 2019, 07:15 AM

You can't count like this, you already convert yr MYR to SGD already.

Need to use the same currency..

Borrow my friends explanation.
Put in amanah:
RM50000 x 4%pa = RM2000 interest

Put in cimb sg:
$16667 (RM50000) x 1.8%pa = S$300 (RM900) interest.

Your x 3 is the conversion rate, not the multiplication of interest.

XP or else I'd go pound (x5) or USD (x4)

Fantastic explanation. Thanks

It don't work that way. Say 1SGD = RM3. You put in SGD10k = RM30k (let's use SGD1= RM3 for easy calculation). After one year you get SGD180 (1.8%). Total SGD you have = SGD10180. Assuming exchange rate stays the same, you convert back, you get RM30540. Rm540/30000= 1.8% of course you havent factor in bank fees for transferring. Markup exchange rate by banks. If you include that all in SG think you get 1% only.

But there are people who's doing what you are thinking. Instead of SGD, they going for India rupee (Malaysian indians) or Indonesian rupiah. Both India and Indonesia FD % is way higher than us.

What do you meant am stucked with ASNB?
Correction. Amanah saham is not 4%. Min now is 5.5%

This post has been edited by Ramjade: May 31 2019, 10:41 AM

How is it scraped? I just submitted my iSavvy account opening form to my branch. So it must still be valid.

OK I could be wrong there, coz I couldn't find any more information about it on Malaysia site.

It is in the Singapore site. There is a form dedicated only for Maybank Malaysian customers.

https://www.imoney.sg/fixed-deposit

highest FD rate in SG is cimb and maybank

i contacted SG CIMB through email, minimum need S$10k

cimb.assists.sg@cimb.com

you may email them and ask

we can open bank account even we are in MY

As mention their rates only 1.5-1.8% which is very unattractive.

I read your calculation like this and I am very sure you failed your maths.

If I applied your maths to UK FD, say 2% per annum and their currency rate is 1:5, then their return would be 2%*5% =10%

LoL