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

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,....

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?

Yes, seems like it. But i think the problem is the conversion rate. I am not sure how it is. If we can keep the money in USD it's great, if need to convert back to RM and then convert again to USD, then jalat. Anyone has experience?
Yeah, thinking of this, but SGD rates not as high as the USD shown. I have already opened a CIMB SG account and activated yesterday.

maybank's rate is so good. is this mbb sg or my ?

can we transfer usd directly from wise into malaysian multi-currency account and then make foreign fd placement thereafter ?

FD ended up negative return is becuz when you convert back to MYR using the bank rate correct? If don't convert means you are positive correct? But then that means the AUD stuck there I see.

Thanks for the reply.

Btw, i have found something here. CIMB claims to have the best SGD rates conversion with no additional fee.

Even based on the rates alone of RM 3.20xx, it is really better than my WISE (i did a quick check) which is at RM 3.22 and not counting the Conversion fee yet!

So those who thinking the WISE route maybe double check the rates and compare before you transfer.

Somehow,... I wouldn't want to lock-up my funds in a Fixed Deposit. I'd want to average down when I feel like it,...

Hence, I've chosen to put my SGD into FSM's Cash Acct... 0.55% p.a., calculated daily and banked-in every quarter. For other foreign funds, yes, into 1-mth FDs. ...

I've also applied for the SSB, November Tranche,...

What have you guys done ?

MMF got principal risk,... at the point of taking-out, you may not get back your full principal, let along any 'interest' to be earned.

Ok bro,.. don't know-lar,... frankly, I'm still for the higher-risk instruments,... buying-in when I feel like it. Hence, I would want my funds to be liquid and capital-secured.

You mean United SGD Fund Cl A? It has dropped 3% for the past 1 year vs. other mmf funds.

Can anyone confirm that OCBC SG does not have foreign time/fixed deposit rates?

I only found UOB and DBS USD FD rates, but couldn't find comparable data from OCBC's SG website. https://www.ocbc.com/personal-banking/depos...rest-rates.page (It shows 0% for all currencies).

I have decided to move my HKD funds over to DBS SG for short 1-2 months USD FD parking as the rates are quite favourable compared to the 0.3% p.a. rate given by Mox.

Uhm... https://www.fullertonfund.com/investment-fu...ss_currency=USD

If you check the fact sheet for Class A:

1.
2.
3.

So DBS still the way to go.

Ok, according to my recent study of "risk", we have different views on the meaning of "safest'.

I look at tenure, counterparty, underlying assets etc. You are more concerned with tenure alone.

Perfectly fine. :thumbsup:

That will be good, in Malaysia we have KDI save @ 2.5% p.a. (until year end) with same day deposit/withdrawal (cutoff time at 11am during weekdays).  Anything similar in Singapore (especially >2.5% p.a.)?

Uhm... SSB is a totally different product vs KDI Save. SSB is a government-guaranteed saving bonds. The directly-comparable product in Malaysia is Sukuk Prihatin offerred 2 years ago if you still remember.

KDI Save operates like a money market mutual fund in the backend, like Versa's Affin Hwang Enhanced Deposit Fund. Its direct counterparts in SG include:

1. Stashaway SG Simple
2. Endowus SG Cash Smart
3. Syfe Cash+ (harmonics3 Can consider this, there is quick withdrawal possible within same day and next business day: https://help.syfe.com/hc/en-us/articles/441...-does-it-work-)

And SG brokers offer similar products:

3. Moomoo/Futu SG SmartSave
4. Tiger Broker SG Tiger Vault
5. FSM SG Auto-Sweep Account
6. POEMS SG Smart Park

But we cannot open DBS account easily, can we?

But can you transfer from SG bank back to WISE? I read you can't receive money from outside Malaysia? Have you tried?

Hi, side question. Do you have exchange rate and final amount to be received for dbs remit from SG to MY? Maybe comparing $1k and $50k assuming $50k has better rates.

I can share rates for cimb and maybank in return. 😊

TOS Is the 3.8% net of Stashaway's fees?
BTW, couldn't find the post which says can only open Stashaway Singapore with Singpass. FYI, can open without Singpass

Oh no need SingPass. Great then. Finally a good place to park my SGD for short-term.