What kind of risks? I am am not planning to take back these money. It's main purpose is to hedge with a high interest rate as bonus.

Default and counter party risks

If you mean RHB MCA in Malaysia, then you need to be aware of FX spread charged by RHB. There are 2 options I recall. One is without debit card, and the spread is somewhere around 5% and you don't need to pay any annual card fee. The second option comes with debit card, annual fee RM 20, but spread from interbank rate is lower at 0.5-0.6%.

As for potenial risks. The 2 biggest risks are FX risk and regulatory risk. FX risk is obvious as USD may depreciate against MYR during your deposit tenure, even though the rates paid are higher. (The forward currency market already shows this is the case). The second risk is less obvious because we aren't close to depleting FX reserve anytime soon. But your USD FD is considered part of BNM's foreign reserve and is at the mercy of BNM's foreign exchange rules. If Malaysia runs out of USD to pay importers, your USD FD is obviously the first in line to be "sacrificed". Singaporeans learnt that the hard way during the CLOB saga which happened in the midst of the Asian Financial Crisis. https://www.singaporememory.sg/contents/SMA...98-35b268e0ab4d

The only funny thing about foreign currency FD in Malaysia is that is it protected under PIDM, which is very unusual for Eurocurrency markets. In Singapore, USD, CHF etc deposits at Singapore banks are not insured as is the case in London and New York etc.   
Surely have to be higher since it's riskier.

I just had an idea. Foreign FDs in Malaysia generally have high interest rates, but not really favourable to us because we need to exchange MYR to foreign currency at bad FX rate. Eg right now USD 12 month FD rate at CIMB MY is 5.3%.

However I just noticed that CIMB MY foreign deposit account does allow deposit via TT/Swift

Also, it is possible to send USD or EUR direct to Malaysian bank account from Wise, via TT/Swift. It won't be instant, takes several days. (Only these two currencies available to send to Malaysia this way). In the app, Wise told me that it would cost USD2.90 extra.

As far as I understand, the only MYR to USD conversion using CIMB rate, that is required as per cimb website is the initial deposit of RM10,000.

If cimb can accept directly USD from Wise via TT/Swift, then I think it's really worthwhile to do it. Inward remittance fee at CIMB MY is also 0, just like CIMB SG. Other costs would probably the other additional TT costs charged by intermediaries etc.

Here you go and fyi, wise MY account can only do Ringgit transfer ... So if someone sent you USD, you need yo convert into ringgit ...

If you converted USD into your wise USD account, you cannot transfer out to someone abroad except yourself

According to Wise. It will only charge USD2.90 for transferring USD to countries outside US. I tried input the transfer inside my wise app, and it shows only USD2.90 additional cost.

https://wise.com/help/articles/2946451/send...-outside-the-us

When we predict that no correspondent fees will be charged, we only charge a sending fee of 2.90 USD. When we predict that some fees will be charged, we charge 14 USD.

Anyone knows whether one can uplift/withdraw DBS (SG) eFD on the maturity date itself (like local Malaysian eFD)?
I have my first DBS eFD maturing today and the interests credited to my saving account today but the principal is still intact in the FD account (showing same maturity date).
Unfortunately I don't remember which of the following maturity instructions I opted for when I placed the eFD:
1) Credit interests and principal to saving account
2) Credit interests to saving account and renew the principal at the same tenor
3) Renew the interests+principal at the same tenor.

Do I have to wait until tomorrow, i.e. maturity+1 day to see the update?

Possible for Malaysian to have DBS?

I'm only interested with FD and im not a worker in SG. still possible?

Hi.

I went to MBFC today. They denied me account opening as they no longer open account for ppl without EP. Then I received a call from DBS call centre telling me that it’s possible if I talk to the investment and wealth planning manager. I went back and talked to them, they referred me to a relationship manager who then tried to sell me unit trusts and savings plans. If I bought any of these, he’s willing to open a normal savings acc for me. 😞

He didn’t give me any brochures but when I asked what amount he’s talking about, he said 30k to 50k.

The regular savings plan means you have to save like 30k every year for 5 years. No withdrawal is allowed. It’s like savings plan offered by insurance companies. Return is like 3.42% according to him.

CS is having lots of problems,.. I wouldn't put into their FD.

The new deposit rates are higher than Credit Suisse's lending rates in Asia, one of the two sources said, adding that it raises concerns about how the business can sustain such a funding gap.

The third source said the offers are valid until the end of this quarter and only apply to new cash deposits, not to existing portfolios.

DBS still have a "secret" onshore SGD FD ongoing.

4.88% P.A. 3-MTH S$FD ($20K - $1M) (not a typo, it's 4.88)

Promo code SR1B



Source: https://forums.hardwarezone.com.sg/threads/...#post-146257720

Does Singapore bank still use SMS for online verifications or has they switched over to app?