really? true or not??

I think those USD FD in Cambodia etc have higher interest rates.

wah.... I didn't know you save in FD in foreign currencies. Might as well just use AUD to buy stocks in ASX?

That was last time during form 5 when inexperienced. Tried my hands on what ever banks investment instrument. Turns out the only winning person is the banks. Hence I am anti-banks since then. Only good things about banks last time was FD at 4.5-4.8% for 5 years!!!


Nowadays when banks try selling me stuff I tell them no thank you. I do my own investments.

This post has been edited by Ramjade: Nov 23 2019, 02:00 PM

Tq for being among the first to reply, bro,...

Hehehe,... I know, bro,... I saw too. But I don't want to go to Cambodia to open account,...

"that fella action a lot",...

I undetdand where yuo are coming from. My friend 'kena' this too.

Well,... I'll speak a bit more : Among the tactics with which I started my investing life with was with FCFDs - converting my RMs in Msia into foreign currencies and then parking those RMs into FCFDs in Msia,... this was before I came up with the idea of opening bank accts everywhere in the world.

I talked abt this to my friends over dinner and one fellas put a substantial amt into the NZD FCFD which garnered, I think 7+% then,... I told him he must not convert back quickly,... he must be able to let the money stay inside till he has use for that NZD one day.

He had to take out a few months later and suffered exchange loss plus big spread. .... similar to your predicament,...

On my part, after I put into the FCFD, I started opening accounts in Australia, then in SG and Canada. Whatever I had in my AUD FCFD was wire-transferred out to my bank acct in Aust, hence, there is no exchange rate loss. Till today, part of that AUD is still being used in investing in the ASX to generate dividends. My family is using the AUD now in Australia.

Hence, even if the AUD FCFD interest dropped, we need not fear abt exchange losses and big spreads if we have a backup plan in place.

I believed I have addressed your issue.

Added : Bro,.. tq for being the first to reply.

This post has been edited by Hansel: Nov 23 2019, 02:19 PM

I wonder if those FinTech companies like Transferwise, Revolut, InstaRem, MoneyMatch etc will offer FCFD in the future....

it seems like a direction that they could explore.

Needed banking licence and deposit-taking licence, bro,....

Transferwise is already taking deposit by providing virtual bank acc details in USD, GBP, EUR, AUD, NZD.
That means, someone can transfer money to you using these details, as if it were your own bank acc.

maybe FD could be their next step, I hope.

Well,... we're not very sure of the finer details of a banking licence and a deposit-taking licence. The deposits that Transferwise is taking from us is for remittance purposes, ie to be sent out again to a counterparty offshore. These deposits are not to be kept inside Transferwise as FD for loaning out to a borrower, ie to earn a net interest margin (NIM).

I'm sure a licence will want to distinguish all these.

is this thread for discussion related to foreign currency FD or normal FD in a foreign country ?

It's for Foreign Currency Fixed Deposit placements within banks inside Msia,... any opinions can share here ?

thanks bro, guess wrong thread then.
nope sorry cant help you there, i do not have interest in FCFD, my interest is in FD in foreign country which is more profitable.

do you know any thread on "FD in other countries" or foreign country banking for that matter ?

Emm,... which ctry are you keen on, bro ? Maybe I can help if I know that ctry,....

May not be true the statement below :-
nope sorry cant help you there, i do not have interest in FCFD, my interest is in FD in foreign country which is more profitable.

But,.. I may not know everything,... which ctry, bro ??

Moved the discussion here as highlighted by Mod:

just go to CIMB sg site to see.

For CIMB, first open local CIMB account. Even the most basic SA account with no ATM card and charges will do.

Then follow this link open CIMB SG account. Everything online.

h t t p s : //n o m o n e y l a h . c o m / 2 0 2 2 / 0 2 / 1 5 / s i n g a p o r e - b a n k - a c c o u n t /

Mine is new account can't post link . Just remove the spaces....lol...

oldkiasu,
Jfyi, Here is the more appropriate thread for your kind of interest

Check in 🙏

Seriously didn't know Foreign FD thread exist 😁

Thank for the link. Too much spaces

Err..no...whether it's Malaysia or Foreign FD, still the same. No need that kind of nonsense here, thank you.

Stumbled across this just now:



With USD rates going up and up, isn't it a good move to put FD in USD? Hedge your money and at the same time get good FD rates!

12months usd fd at 3.2% isnt it a good deal ? rate is similar to malaysia's

Wonder if ever consider Spore FD? The MYR to SGD rate is well-known (as in it can only go up usually). Furthermore Spore so close when go to visit or travel can easily use the SGD no need to change back to MYR.