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

Bro, wa dapat 8E in my addmaths k ? wahlau

This is not add maths but normal maths. Don't worry was in your shoe learn it the hard way with real money.

Kindergarten kids mia maths pun better i think hahaha

Just Info:

SG Maybank minimum $22k effective interest rate 1.85%
CIMB FD minimum $10k
Online rate 1.90% pa
Walk in 1.55%pa

This post has been edited by csbong87: Jun 2 2019, 11:33 AM

This one no need add maths also can la .. common sense maths.

haha, Yeah

U better put in US FD 3.2%..


Then 3.2%*4=12% effective interest...so nice.

Wahlau, 😂😂

Some ppl really no common sense.
Not refering to you. Laughable.

Yalah no common sense at all..

This post has been edited by csbong87: Jun 4 2019, 05:34 PM

My friend is not confident with myr
He suggest to transfer all his 1 million ringgit saving to SGD
What is the best way and to which bank
Thank you all.

after having moved his saving to spore,....
then do what with it?
park in Saving a/c or FD a/c??

FD

https://sunwaymoney.com/howitworks
sunway money??.....but mostly ppl use https://wise.com/my/ ask me.......i suggest aje............

but singapore FD oso SUPER x10000 low ................right ?

This post has been edited by ironman16: Jul 12 2021, 08:23 PM

Yes
But everyone know myr is not stable
Foreign investor if remove investment then myr will die

If you have account in Spore bank SGD FD is a possible consideration. Compared to Msian FD of course Msian interest rate is higher but possible exchange gain may offset this. So do you think SGD will go higher in the future? Do you trust our govt and the ringgit? FYI MBB spore has been offering zero charge if you transfer funds back to MBB Msia for the past few months. My policy is when ever bank offers you something check and check again. Often it is too good to be true and you may lose out in the long run

Maybank sg have lousy rates. Avoid. If you really want to bring back money to Malaysia use fintech or CIMB sg. Their rates are more or less same.

Sgd is very stable currency
Look at foreign currency reserve
Myr will depreciate

Zero charge is just a gimmick. I have DBS and SCB and both also zero charge for remittance. But i only use SCB for remittance back to Msia. Reason is obvious.

Why bother you will be better off holding RMB or USD or JPY or SF instead

Putting SGD into FD is the stupidest move ever with low interest rate as will get 0.01% soon

Better off put into index fund, MMF, dividend stocks instead

If you think Malaysia going to be next Venezuela, then yes. If it stays the same, then maybe not. Are you good at seeing the future?

Cause Malaysians only know FD. Especially uncle and aunties. I have given up FDs a long time ago and I am not going back there.

This post has been edited by Ramjade: Jul 14 2021, 01:30 AM

SOme opinions,... if really keen on FD-level of security & safety,... do consider :-

1) Singapore Savings Bond (SSB).
2) Highest FD amt in SG could be offered by foreign banks operating in SG, eg the ICICI Bank (originated from India). No worries, your FDs are guaranteed by the MAS up to a certain amt..

Do explore such foreign banks,... don't look at the standard DBS, UOB and OCBC, Stanchart.

For us Malaysians CIMB SG is the best option. They always offer better than market FD rates in SG and the process is very easy if you have account ab CIMB MY already. Rate is 0.55% for 12 month and 0.75 for 24.

But never a good idea to put all eggs in one basket. If you are not confident with MYR, reduce your MYR exposure, but don´t bring all to Singapore.

Not just the older folks but the younger ones as well some of them

When OPR was below 5% it is the time to give up FD because of the locked up period

Unless it giving 5% pa which is not gonna happen ever in our lifetime anyway

Can consider putting in Syfe SG Cash+
or Stashaway SG Simple

Can we open account in Sg? Or can we convert our money to usd? How to do it in msia? (Not investment purpose)

All you need is a CIMB Malaysia acocunt to open CIMB sg account.

Then all you need is interactive broker to convert your SGD to USD. This blogger wrote a step by step procedure in her blog.

https://ringgitfreedom.com/banking/opening-...for-malaysians/
https://ringgitfreedom.com/investing/invest...station-global/

it's not mentioned clearly whether we need to have a SG address for FD in CIMB SG



reference: https://www.cimb.com.sg/en/personal/banking...it-account.html

Just trust us. We have applied and managed to get it. So that's that's. It's not mentioned but we are proof that Malaysians can open account.

Just go ahead and apply

If you don’t try how would you know as there hundreds if not there thousands done successfully

Now so convenient. last time i have to fly to singapore...meet their officer in Orchard Road branch...then "interrogate"by them "why u r moving ur money here??" fill this fill that, declare this, declare that..
after half day , only done.
I put minimum amount only leh.... check until like that.

Same here la. My CIMB sg only have sgd0 10 inside. Lol.
I went there by train, got rejected multiple times.

This post has been edited by Ramjade: Jul 20 2021, 02:03 AM

Myr keep on depreciating
Now 3.12
Facepalm