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 Anyone know about foreign FD?

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axisresidence17
post Dec 5 2016, 05:13 PM

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QUOTE(cherroy @ Aug 18 2016, 09:47 AM)
Normally expired FD will be auto-roll over.

While if not wish to roll over, then one can open a foreign currency current account to keep those foreign denominated currency.
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Which bank gooding for opening foreign denominated currency account - r they mostly current n not saving? and can we also withdraw money in the other country?
axisresidence17
post Dec 6 2016, 10:48 AM

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QUOTE(rjb123 @ Dec 6 2016, 12:53 AM)
Most banks offer foreign currency accounts but Maybank, CIMB etc you can only use your account to either send / receive TT payments or transfer to / from your RM account.

You won't have a card for foreign withdrawals, and can't withdraw / deposit cash.

Citibank does offer withdrawals in foreign currencies overseas and over the counter with a charge (can't recall what those charges are) and you have minimum balance requirements too.
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Thanks! Say if you are receiving income from Amazon(say mostly pound and dollar). What wud be the best account for this?
axisresidence17
post Dec 6 2016, 11:31 AM

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QUOTE(rjb123 @ Dec 6 2016, 10:55 AM)
If Amazon pays out in USD/GBP then most foreign currency accounts are about the same.

If you can deposit more (say RM150k+) you can open in Uk also which can give you debit cards too - depends what features you need.
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Amazon will normally send a cheque in foreign currency, also EFT. Do these accounts accept this type of deposit without conversion? Also do they have eft feature too? Looks like Citibank is the place to start then?

 

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