MBB my

I tried before TT from a bank, I think charges is the TT cable charge and admin fees only. If you need to convert then not worth it.
However, the bank kind of slow to make that FD placement even they received the fund. Maybe they realized they can't make much money from the transaction and hence dragged a week+ to check this and check that even I went to the branch a few times.....only after I complained, they placed the FD. End up I wasted 2 weeks of interest.

This post has been edited by Toku: Aug 3 2022, 08:57 PM

Alliance Bank

GBP FD touched 5%. USD 4.65%.

Think so.

SGD FD in CIMB SG now 3.1%. 0.55% is too low I guess.
USD FD in DBS also reach 4.42%, not bad already.

Ambank 3mth
USD 4.9%

Maybank 3mth
USD 5.05%

Maybank 6mth
SGD 4.15%

DBS 3mth
USD 4.45%

CIMB SG 6mth
SGD 2.95%

Seems like malaysia banks are more desperate for USD, SGD.

Good news for SGD saver in SG.

DBS 3.8% 5mth FD.

Found out that SGD 3mth 4.1 at Alliance Bank. Much better than Singapore bank. DBS remit could be free.
TT out from Alliance Bank only RM7.5. Good place to part SGD for short term.

TOS, you may try this. better than DBS FD.

TOS et al.,

Just my hunch that this 3 mth 4.1% is better than the 6 mth 4%. To me, chance of alliance bank failure in "3 mths" is very low and not worth 1% pa additional premium to counter the risk. Also, the corresponding bank (Alliance bank's SGD account bank in Singapore) is a MAS regulated bank so the chance of the corresponding bank run down is also very low in "3 mths".

So I think the risk is lower than market expected and reward is higher than market think. Just my 2 cents.

And this is a case for those with SGD already in a SG bank waiting for FD (not for those looking for converting MYR to SGD for FD). So the cost to transfer out from SG bank and the cost to transfer out from MY bank need to be assessed.
CIMB FCY account has a half yearly fee (10 USD), inward TT cost from foreign bank RM 5 and the outward TT cost is RM 10, so not preferred as a SGD FD bank compared to Alliance bank, no inward TT cost and outward TT cost of RM 7.5 only. So this comparison show this is a 'viable' new path as alternative to get greater return over current conventional path.

As for the corresponding bank, I can't find any info from the web. However, any corresponding bank that can host SGD saving account is a bank/institution regulated by MAS. As there is no so call offshore SGD right? (like offshore RMB which is not governed by PRC)

I am not sure if we could directly use CIMB clicks to transfer SGD from CIMB SG to CIMB MY SGD Current account. Based on below quote, it seems using CIMB clicks there is zero fee. Someone need to simulate it in CIMB clicks to validate. If it can't be done, then the fee could be similar to the one issue via branch - which is hefty and not viable (much worse than TT outward from CIMB MY).

*SGD-MYR Transfer on CIMB Clicks Zero commission, agent fees and cable charges

*Issue via Branch –
*Debit from FCY account without foreign exchange
*0.125% commission (min S$10, max S$100) + 0.125% commission-in-lieu of exchange (min S$10, max S$100) + agent fee (if applicable) + cable charge (flat rate of S$30 or equivalent)

Probably this is yet another advantage to have a DBS account that Malaysian should seriously consider to open (even though through the hardship like Ramjade suggested).

This post has been edited by Toku: Dec 4 2022, 12:34 AM

Did you transfer SGD from SG account to MY SGD account without currency exchange? We are interested to know if it is possible to transfer 1 for 1 SGD using CIMB Click SG and what is the charges. Thanks

Ok. I think of one possible way to check the corresponding bank for the specific currency. Just try to simulate a outward SGD TT using Alliance online to see which corresponding bank show up in their form. If it is a named SG bank then it should be an "on shore" account that Alliance is keeping your SGD. May or may not work. It is just my wild guess. Just like what I think when I try to transfer EUR, CHF, USD, JPY, SGD into IBKR, it shows respective countries named bank as the saving account bank so I thought it was always on-shore.

I found below definition from web:

“Investment in foreign currency asset onshore” means making of any payment in Malaysia for‐
(a) purchase of foreign currency denominated security or Islamic security offered in Malaysia by a resident as approved by the
Bank;
(b) purchase of foreign currency‐denominated financial instrument or Islamic financial instrument offered in Malaysia by a resident
as approved by the Bank; or
© placement into foreign currency account with a licensed onshore bank other than placement for investment abroad.

Now I understand. For country that do not have currency control, there may not be foreign currency asset onshore (Just like the IBKR case). For Malaysia which has currency control, the foreign currency asset that you put in local bank is actually submit to BNM at the end of the day. So the custodian is actually BNM, not any corresponding bank in foreign control. And those foreign currency asset kept in the BNM become Malaysia's foreign reserve. So in this case, if BNM withhold your foreign currency, you basically has a third party risk with BNM. No one know how high is this chance but I believe as a sovereign, BNM will not thread this likely as it will induce Foreign capital flight and some serious problems later on.

Yes, normally I just transferwise to IBKR during the day when the rate is attractive and later transfer out from IBKR to put FD.

USD FCA in SG = yes

For USD FCA in MY, I don't think you can't. Just need to get your bank swift code and account number and/or corresponding bank info and key in to IBKR withdrawal request. You will get the details when you put in request to withdraw from IBKR.

However, you still have to check carefully with your bank if there is any corresponding fee even if it is a incoming transaction.

This post has been edited by Toku: Dec 15 2022, 06:06 PM

Anyone know FD interest from oversea need to declare for income tax?

A bit disappointed that RHB MCA do not support online oversea transfer. Need to go to the branch to do it with a fee. I guess this is only viable for slowly converting and save up to a big sum before go to the branch to do transfer.

Any particular reason to allocate more in CAD vs AUD?