cokak1e.. i'm a forex investor.. when u said that forex risk is negible i totally disagree.. 1st of all.. u will lose rm25 on wireless transfer to the bank.. and when the bank receives ur money.. another 10-20 (EURO/USD/NZD) is deducted.. and u add in the spread when converting.. from there u earn interest rates do u think its enough to cover ur cosT? lets not forget when u transfer ur money back here ur subject to the spread, wireless transfer again.. i'll give u a real life exmaple of how much our currency changes a day

MYR > USD = 3.44

the next day..
MYR >USD = 3.49

thats how much it changes in a single day.. i was unlucky enough to get caught in it..

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Added on September 30, 2008, 4:07 pmand lets not forget.. ur looking at a global financial crisis here.. how many banks have u seen got closed down? r u sure ur money is safe?

This post has been edited by kelvin_tan: Sep 30 2008, 04:07 PM

If you don't know how it works, and you're putting money into it, it is called GAMBLING
If you know how it works, and you're putting money into it, it is called INVESTING

i agree with bbjslee.. u dunno how it works then it is called gambling.. my money i put it into JP Morgan Chase New york.. u could put ur money into an australian bank or new zealand bank.. it is not worth it to just put money into a FCFD without investing it.. unless you got like feww hundred thousands and u plan to put it in there for 10-15 years without touching it.. even then u are exposed to risk of exchange rate which is unavoidable..

Read the threads I provided and start from understanding the discussion going on there.
Than ask again on what you do not understand from there.

Further threads if you're interested upon:
You can see I've previously listed the top 3 topics you can refer to.

This post has been edited by b00n: Sep 30 2008, 08:04 PM

oooo..sigh...just lost 100pips

There are plenty of discussion on foreign currency FD in the old thread, kindly google it up.

It can be a good place to disversify and hedging purposes but it depends on individual aims and purposes. Different investment product serves different purposes and associated with different risk profile. Can't say FCFC which one is good or not good totally which applied across all investment tools.

Do remember to invest only when you fully know what is it about. Otherwise, keeping in FD first. Don't make a move until you understand it will my my 2 cents advice. What you need is to explore it and understand it. None of investment tools are perfect.

hmm...i just checked it out fr pbb...

when the FCY FD reached maturity,u will not need to convert back to RM (ur Aus money still at AUs) but instead,u can proceed to choose ur option to change the duration term. The Bank applied a NON-AUATO renewal on the first renewal FCY FD sheet only because customer are given the special interest. Auto -Renewal only appllied after the first sheet reaches maturity.

i just placed an AUS FCY FD today at forex exchange counter rate 2.725 for 1 month (7.0+1.0 speacial rate=8.0%).

hopefully it'll get to my target benchmark before i withdraw it

This post has been edited by calvin00cool: Oct 4 2008, 03:22 AM

anybody tried OCBC foreign FD before ? Public bank or OCBC ? which one is better?

right watch out for exchange risk.

I usually send money overseas but when exchange rates is low - lock in FC deposit

Also watch out - different bank have different selling and buying rate.

Some time Maybank rate higher than Public, sometimes Public rate higher.

DCI? Dual Currency Investment?

Here's a product from Maybank:

http://www.maybank2u.com.my/mbb_info/m2u/p.../INV-Investment

This post has been edited by David83: Nov 1 2008, 08:35 PM

Can i take out my Efixed deposit money if its just 1~2 months ?

If yes, how long it would take ? instantly ? n whats the procedure

Wow, I didn't know you had 3 milion

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Added on November 10, 2008, 2:47 amGrief.. five minutes with a banker could have answered these questions. They'll probably impose a penalty.

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Added on November 10, 2008, 2:55 amMYR/AUD is at 5-year highs. It's almost vertical. So hopefully the AUD won't crash within the first term (or am I looking at the wrong chart?)

http://au.finance.yahoo.com/currency/conve...=AUD&amt=1&t=1y

Tell me if I'm looking at the wrong chart because it seems kind of high to be buying now.


This post has been edited by wodenus: Nov 10 2008, 02:55 AM

Yes, MYR/AUD is at 5 years high, means that AUD is at 5 years low. FOr AUD/MYR, it has plunged down form 2.90-3.00 to now around 2.30-2.40 due to global financial crisis and commodities bubble bursting.

MYR/AUD chart is invert with AUD/MYR. Normally people look at AUD/MYR as your base currency is MYR.

Oh thx for that.


This post has been edited by wodenus: Nov 15 2008, 05:52 PM

Don't know if i should post up here but here's my situation

I'm going over to UK around June next year, since the pound rate is kinda low now i was thinking of changing some amount first and keep it in case it goes up.

My question will be can i FD the money with local banks as in pound?Or there's any other better suggestion?

Sorry if i ask in the wrong place

Yes, you asked/post at right place.

Almost all banks here got GBP FD (foreign currency account/fd) already. So if you think it is low now and wish to exchange to GBP then you can do so locally and park the money in GBP FD first then only withdraw when going to UK time.

Thanks for the feedback, any idea how's the interest rate will be like?Just like ordinary FD?

Another issue, i was looking at bank's exchange rate and there's this term "Selling TT/OD" which has a lower rate compare to "Currency Note Selling", may i know what's the differences as the rates difference is kinda significant.

For example from Maybank's website, 1 Sterling Pound

Selling TT/OD : 5.6590

Selling (Currency Notes) : 5.9980



This post has been edited by bearbear: Nov 10 2008, 05:04 PM

Don't look at the currency notes one. Currency notes exchange rate is for physical currency ie, you are getting physical pound notes in your hand. Look at TT rate whereby you are not intended to get physical notes in your hand.

When you are going to UK times, I reckon you are taking the GBP with you in term of remittance/bank draft or travel cheque, right? So TT is the right way to do it.
If really want GBP notes then better go outside money exchange which is much cheaper, banks always charge astronomical high rate when dealing physical notes.

Interest rate depends on UK interest rate there, just last week UK slashed interest rate from 4.5% to 3%. So expect around 2-3% which varies from bank to bank.

Ya it will be another 6 months before i go off so i won't wanna get the cash and i won't wanna hold so much cash even when it's time to go, guess TT is the way to go for me.

Thanks for the replies

calvin00cool placed an an AUD FCFD at 2.725 for one month on Oct 4. The exact quote is below



Link is here : http://forum.lowyat.net/index.php?showtopi...20&p=20368247&#

Let's calculate the results :

The first term of the FD is one month, and then there's a forced uplifting. He placed it Oct 4, so it would be uplifted Nov 4. On November 4 the price was 2.3881 (from Oanda.) Assuming this happens, we'll see how it went. We'll assume Rm50,000.

Rm50,000 converted into AUD = Rm50,000 x 0.36980 = AUD18,490

Total Interest Earned = (AUD18,490 x 8%)/12 = AUD123.26

Total at end of term = AUD18,490+AUD123.26 = AUD18,613.26

AUD18,613 converted into MYR = AUD18,613 x 2.38880 = Rm44.463.35

Total Loss in RM = 50.000-44463.35 = 5536.55

Total Loss (%) = (5536.55/50000) * 100 = 11.07%

He just lost, in one month, what would take two and a half years (at current FD rates) to make. And he actually works at the bank.

This post has been edited by wodenus: Nov 16 2008, 12:06 AM