DBS remit still cannot beat CIMB SG rate. Tested so many time (didn't initiate the transfer). Just key in value.

This post has been edited by Ramjade: Jan 18 2023, 11:07 AM

Mind sharing a screenshot of dbs remit rates today for $50k? Thanks!

1k SGD



50k SGD



Do not forget about incoming remittance charges for receiving banks (Malaysia side may have charges too). Time when screenshots are taken is around 12:18 pm.

This post has been edited by TOS: Jan 18 2023, 01:04 PM

CIMB intrabank 3.2679 nett flat rate, no other fees
Maybank intrabank 3.2483 nett flat rate, no other fees
DBS remit 3.24412 @50k SGD, possible inbound remittance fees by receiving bank
Wise transfer 3.2534 @50k SGD nett after deducting fees. Midmarket rate at 3.27416.




This post has been edited by gooroojee: Jan 18 2023, 01:30 PM

Great comparative discussions in the above,... bros TOS, gooroojee and Ramjade,...

I have a rhb multi currency account. Would it be worthy to convert and get a foreign currency fd? maybe usd? what are the potential risks?

Not worth to convert as the banks will charge you a higher spread 🤦‍♀️

If you convert and save defeat the purpose but if it to invest overseas make sure your gains are factored in the bank fees and spread

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

CIMB 4.15%@12mths. Higher than some local banks. Gonna put more in SG next month when some FDs mature.

This post has been edited by CommodoreAmiga: Jan 25 2023, 07:13 PM

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.

This post has been edited by TOS: Jan 25 2023, 07:55 PM

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

Ya as what xander says, the same reason why RHB, MBSB, Affin bank in MY offers better rates than the big and larger ones like Public/Maybank.

The difference is more pronounced in the Singapore side since the local banks are "really" safe. Kiasu kiasi Sporeans won't easily move money into MY banks after their 1998 AFC lesson.

Of course one can always argue the deposits are insured anyway (the smaller banks like CIMB SG will pay higher premium for their bank deposits insurance than DBS/UOB/OCBC). But the market prices them as riskier still.

This post has been edited by TOS: Jan 26 2023, 09:23 AM

As long as the bank is not established in Singapore hence risks

Which is why CIMB can anytime decide to shut their operations in Singapore

If you want the best of FD and security always put in the banks that is established in local jurisdiction

RHB SG Cecil Branch opening special SGD FD promo:

https://rhbgroup.com.sg/rhb/personal/cecilopening

4.28% p.a. 12 month, 20k SGD minimum, "free" 1 RHB Ang Pao Pouch for FD placement S$50,000 and above. Limited to 1 Ang Bao Pouch per customer.

(While stocks last)

An example happening in real life right now in Pakistan: https://www.sinchew.com.my/20230127/%e5%b7%...b4%a9%e6%bd%b0/

Foreign enterprises and airlines have difficulties bring USD out of Pakistan. Goods pile up in ports as importers run out of USD to pay them.

This post has been edited by TOS: Jan 27 2023, 01:35 PM

OCBC SGD FD 8 month 4.08%, min 20k SGD.

Source: https://forums.hardwarezone.com.sg/threads/...#post-146109305

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.



This post has been edited by Mr Gray: Feb 4 2023, 11:53 AM

Not possible because BNM doesn’t allow direct FX currencies into the banking system hence RM is the only way to go 🤦‍♀️

Which is why we all been opening overseas to direct deposit the currencies rather using useless banks in Malaysia which charge you arm and leg 🤦‍♀️

What about transferring out? Say to Wise USD cash balance. Any charges?

Banks usually advertise 0 fees for receiving TT monies, but they usually don't tell you the intermediary correspondent banks will charge 10-35 USD per transfer.

Your SG friends learnt that the hard way and is now grumbling. https://forums.hardwarezone.com.sg/threads/...#post-146097120

I also learnt that the hard way too... a few months back... Can anyone confirm that Wise will cover the correspondent bank charges? (I don't think so personally.)

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


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