What is the minimum amount should I deposit in a foreign currency account ? I am not looking for FD. Just wanna park the money in USD.
All the banks websites not very helpful

Usually rm5000. Some require rm1-3k only.

if open a foreign currency FD, do we also need a foreign currency bank account for when the FD expires, it will credit it to this bank account??

if use a foreign currency bank account, do they charge USD$4 per transaction?

Normally expired FD will be auto-roll over.

While if not wish to roll over, then one can open a foreign currency current account to keep those foreign denominated currency.

i want to convert my salary saving to nzd or usd.. any good bank recommend? i.e 10knzd

Now is the time?
Long term investment - checked
Buy low - checked
which currency - SGD< AUD?

if earning malaysia ringgit definitely is not the time now

Which bank gooding for opening foreign denominated currency account - r they mostly current n not saving? and can we also withdraw money in the other country?

Most banks offer foreign currency accounts but Maybank, CIMB etc you can only use your account to either send / receive TT payments or transfer to / from your RM account.

You won't have a card for foreign withdrawals, and can't withdraw / deposit cash.

Citibank does offer withdrawals in foreign currencies overseas and over the counter with a charge (can't recall what those charges are) and you have minimum balance requirements too.

Thanks! Say if you are receiving income from Amazon(say mostly pound and dollar). What wud be the best account for this?

If Amazon pays out in USD/GBP then most foreign currency accounts are about the same.

If you can deposit more (say RM150k+) you can open in Uk also which can give you debit cards too - depends what features you need.

Amazon will normally send a cheque in foreign currency, also EFT. Do these accounts accept this type of deposit without conversion? Also do they have eft feature too? Looks like Citibank is the place to start then?

EFT is used in US to US based accounts I believe, not USD accounts held outside of the US

Cheque in foreign currencies I have no idea - I wouldn't accept cheques because they're a pain!

My salary are in US/Eur/GBP and normally transferred into Maybank current account. Will I benefit more if I open a multi currency foreign account? But, that means every time I need to use the money, I will be charged an exchange fees, no?

This post has been edited by nyunyu: Dec 2 2017, 07:19 AM

Guys, i need some advice.
Maybank told me to open foreign currency account you need a reason, such as kid studying in US or something. Can someone tell me if this is a rule for all the bank?

Please advice any bank that i can easily open a foreign currency account easily.

TY

Yes, you need to state the purpose of having a foreign currency account.
Be it investment, kids education, business whatever etc.

Maybank give me the same excuse, while HLB needs referral.

You can try Public Bank, I placed AUD FD with them without any hassle. they don't ask you much question. Minimum placement for any currency must be equivalent to RM10k. The only problem is that you can only withdraw back in RM, not in foreign currency. As the bank rate are lousy, you have to take these into account.

Good luck.

This post has been edited by Amanda85: Jan 5 2018, 10:32 AM

Hey thank you there...its helpful. Ill give it a try.

Good afternoon, forummers,....

Just enquiring here if any of you guys have brought back any foreign currencies to be entered into our Msian Banks' foreign currency fixed deposits (FCFDs) ?

I noticed our Msian Banks' FCFDs have higher interest rates than my banks do overseas.

Hoping for some opinions and advice here,... thank you, bros and sis,....

Been there done that. Suffered loss. Hong leong was offering aud FD at about 5%p.a last time. Due to markup exchange rates (both ways) + fall in AUD = loss. However even if AUD didn't fall, would still make a loss (markup exchange rates (both ways) > 5%)
Drop in AUD further increase mu losses

This post has been edited by Ramjade: Nov 23 2019, 01:49 PM