RHB Singapore cut FD rates dramatically... 6M and 12M now 3.5% p.a.

https://rhbgroup.com.sg/rhb/personal/fixed-deposit-campaign

Source: HWZ

ELIGIBILITY
Nationality: Singapore citizen / Singapore permanent resident / foreigner
Age requirement: Minimum 18 years old
Eligibility
Singaporeans or Singapore Permanent Residents

18 years and above

Foreigners with Employment Pass or Work Permit Holders
Ah, I browsed through 3 of the links you shared.
- Standard Chartered looks A-OK as long as we have the required documents listed for foreigners.
- RHB one doesn't allow it
- Bank of China one I couldn't find anything about eligibility so I'm not sure...

I only have CIMB SG to test it myself, that's why I could only confirm for this

For those who are thinking of investing in foreign currency FD and don't mind doing so in the domestic banks, I think RHB MCA account is really a good option.

Pros
1. Possibly the best rate in the market, it's even better than Wise for sure.
2. All balances receive very competitive interest, calculated daily, credited monthly. (no lock-up period, but rate is lower than FD).
3. Insured by PIDM up to RM250k.

Cons
1. Only useful for keeping foreign currencies in your own RHB account
2. Outward TT will incur fees, inward TT is free though. So conversion from different currencies between different bank accounts across countries, Wise would be better.
3. Limited to 24 currencies, Wise have more currencies.
4. Each conversion must involve Ringgit. IE say to convert between USD and EUR, U need to convert USD to MYR first, then MYR to EUR, so you lose on the double spread. Wise is better for direct conversion between any pair of currencies not involving ringgit.

Every month, on salary date, I just put some money into the high yielding currencies of AUD, CAD, GBP, NZD, SGD and USD.

Call rate as of today: AUD (3.25%), CAD (4%), GBP (4.1%), NZD (4.5%), SGD (3.4%), USD (4.95%).

Comparison of rates between RHB and Wise as at 25 May 2023 morning, of conversion from Ringgit into the respective currencies. Rate from Wise website is taken at the same time I did conversion from Ringgit.

USD125: RHB (RM576.13), Wise (RM580)
AUD125: RHB (RM377.66), Wise (RM380.21)
GBP125: RHB (RM712.16), Wise (RM716.59)
CAD125: RHB (RM424.40), Wise (RM427.94)
NZD125: RHB (RM352.58), Wise (RM355.36)
SGD125: RHB (RM427.59), Wise (RM431.47)

I don't put into FD in RHB MCA account as it required 2000unit foreign currency for initial deposit, and interest will only be credited after tenure is completed. Plus, there's only small difference in interest rate between call account and FD account for most currencies.

https://www.rhbgroup.com/personal/deposits/...view/index.html

which bank and how the spread

that means if people willing to do this despite all the spread and bank commissions, that says alot on their future outlook of the country, this is basically like calling for short for the country

but yeah, the development of recent affairs really made me disappointed enough

i might join in the bandwagon of the fund outflow of the country

I also wish to contribute. These are the rates for 12 months I'm enjoying with NAB & HSBC Premier in Australia:

NAB Term Deposit Rates

HSBC Premier Term Deposit Rates

However, you'll need an ATO and there may be residential requirements to qualify.

Indian banks are offering 8.6% for FDs now.
Meanwhile Vietnamese banks have dipped below 7%.
New Zealand banks offering above 6%.

Lots of choices.

Is that in the NZD ?

Thank you,... hmm,... not too confident of holding the NZD, tho'....

Any particular reason to allocate more in CAD vs AUD?

GSX Digital Bank has new promo capped at 40k SGD:



Source: AlvinDj/HWZ

No, GXS will match the interest paid, effectively doubling the rate to 5.36% p.a. for those under 40k SGD.

But for selected users only, I think it's by invitation.

GSX Digital Bank has new promo capped at 40k SGD:



Source: AlvinDj/HWZ

basically PIDM is still useful if it's only RHB that failed. if Ringgit ship tenggelam then haha

dwRK Can you elaborate on this? Thanks

Thanks. Sigh. Yeah, tax form asking how much money bring back to Malaysia. Really wish Malaysia would not be so restrictive. They should actually encourage people to bring back money to Malaysia. Its especially important if country is in trouble.

Why you count when rm goes to 3.00 to usd 1?

why don't you see in positive as 5.00 to usd 1 in future?

Checked this morning : The SGD is stronger than the Canadian Dollar this morning.

Good news pour moi. My daughter is in Canada now and needed to use CAD,.......

SGD is GOD vs the JPY and the AUD (my needed currencies), and today,... the SGD is beating the CAD too,... yeah,... Majulah,...

It it's a full-blown war,... could be better,.... I'd like to buy the CAD cheaper.

I have a contrarian opinion,.......With the interest rates so high now, then we 'couple' this with a fullblown war in Gaza. the world will be very cautious, economic activities will slow down drastically,... oil demand will drop.

Resulting in oil price plunging.