Can use Wise to transfer money to Malaysian banks’ foreign currency accounts? Instead of letting the bank do the direct conversation at the respective bank rate.

5 months 3.8%?

How come I don't see it here? https://www.dbs.com.sg/personal/rates-online/sgdfd.page

That's board rate. The 3.8% 5-month FD is promo rate. It's only published and discussed in certain sources.

Like here: https://www.foodiesg.com/archives/52459

and here: https://forums.hardwarezone.com.sg/threads/...575909/page-556

-----------------

Anyway, the 3.8% p.a. 5-month promo from DBS has ended, according to sources from HWZ (second link above).

Is sgd 1 year 4.45% high enough ?

I see. So could these FDs be placed online or must be done over the counter?

The DBS 3.8% promo can be done online. You need to enter the specific promo code. You can see some screenshots over here: https://forum.lowyat.net/index.php?showtopi...ost&p=105819043

For other banks, most can be done online (like the 3 local S-banks), some needs to be done OTC, especially for first time FD account opening at the banks/financial institutions.

*Extra info:

Not sure about Malaysia's case, but for withdrawals, some can be done "over the phone", like RHB Singapore's FD, see: https://forums.hardwarezone.com.sg/threads/...#post-144827092

Which Spore bank offers 1 year 4.45% SGD FD? That's high.

From what I found as of now, the highest promo rate quoted is 3.9% p.a. for OCBC premier private clients and RHB Singapore. Minimum 20k SGD.

There are other banks in Singapore offerring lower rates of 3.7-3.8% p.a. with lower minimum placement thresholds of 10k, 5k or even a few hundred SGD.

https://sgfd.neocities.org/

which bank offers such a high IR?

Can see here. I just placement. Some more ada pidm.
https://www.rhbgroup.com/treasury-rates/mul...osit/index.html

lol that's Malaysia's RHB foreign currency FD rates, not the Singapore side. Technically that's Euro-SGD FD., i.e. SGD deposited outside of Singapore and not subject to MAS regulations.

You will incur forex conversions loses of 0.5-0.6% or 5%, depending on whether or not you apply for the debit card. https://www.rhbgroup.com/treasury-rates/mul...card/index.html

So, if you don't use the multicurrency debit card, all your FD returns are eaten up completely by the bank, plus some loses of (4.45%-5%), assuming forex level remains the same 12 months later.

If you apply for the multicurrency debit card, you will have to pay 20 ringgit card fee annually, though you get a better, 0.5-0.6% FX spread.

For reference, the onshore RHB SG Fixed deposit, insured by SDIC, offers 3.9% p.a. for a 12-month placement. https://rhbgroup.com.sg/rhb/personal/fixed-deposit-campaign

This post has been edited by TOS: Nov 21 2022, 10:25 PM

From BT 211122, onshore SGD FD-related stuffs.

Must be done over the counter?

How does it work?
1. Need a basic savings acc in MYR and also a foreign currency savings/current account?
2. Use MYR to buy USD but any charges other than the forex rate?

Currently parking monthly FD, +/- 3% P.A not too bad...

This post has been edited by MystiqueLife: Nov 22 2022, 11:38 PM

https://www.cimb.com.sg/en/personal/banking...it-account.html

4.2 for 18 months. Not long before I would have walked from Perak to SG to get this rate. But 3 clicks is certainly perferred

Can

Its bad, too small

sg banks rates rise in tandem with US rate increase..

i also lock in 4.2 for 18mths..

I don't lose any conversion rates through banks. It's direct placement and transferable to Wise for conversion back to MYR if required. Also, waiting for final FOMC rates hike for 4.75% 12 months later on.

Waiting above 5% sgd. Usd already 5.3%

DBS SG has new SGD FD promo. 3.6% for 5 months. https://www.dbs.com.sg/personal/deposits/pr...lSerNov17Group8



This post has been edited by TOS: Nov 23 2022, 01:42 PM