Outline ·
[ Standard ] ·
Linear+
Anyone know about foreign FD?
|
gandalfaaron
|
 Mar 15 2024, 03:55 PM
|
New Member
|
Hi
Does any one know if there is any bank in Malaysia or Singapore that allows the opening of foreign currency fixed deposit by putting in the foreign currency via cash?
I have some GBP and would like to put it into an FD cause converting back is not worth it considering I got it around 2015 when the rate was at its all time high, I think 1 GBP = 6.7 MYR, if not mistaken.
Cause I search around and mostly it seems that you have to put it in home currency (SGD or MYR) then the bank will convert to the foreign currency you want.
But is there any bank that allows you to bank in the actual currency?
Any advice is appreciated.
Thank you
|
|
|
|
|
|
gandalfaaron
|
Mar 15 2024, 08:49 PM
|
New Member
|
QUOTE(Ramjade @ Mar 15 2024, 06:48 PM) Singapore accept GBP cash deposit. But not sure if they can open GBP FD. Also if you deposit GBP cash in Singapore I think they take 1-2%cut? I see, at least that gave me some hope. This post has been edited by gandalfaaron: Mar 15 2024, 08:50 PM |
|
|
|
|
|
gandalfaaron
|
Mar 15 2024, 10:36 PM
|
New Member
|
QUOTE(Medufsaid @ Mar 15 2024, 09:06 PM) gandalfaaron if you go midvalley now and convert to MYR, and then convert back to GBP, you only lose 0.75%. this means it's 0.379% just to convert back to RM https://cashchanger.co/malaysia/mc/max-mone...ey-megamall/520you should be looking for a place that'll take it and deposit into your multi-currency acct without charge my purpose is actually to get back in MYR, but the amount I will lose is quite significant. which is why rather than converting I was hoping if I can straight away put in the cash into FD and get some interest at the same time cut some loses. Imagine if you have 1000 GBP bought at a rate of 6.7 and now you are selling it at 6 MYR, you are loosing about 0.7 cents for each GBP you sell, that is about 700 MYR disappear into thin air. If its 10k GBP, I will be at a lost of 7k MYR. |
|
|
|
|
|
gandalfaaron
|
Mar 16 2024, 02:10 PM
|
New Member
|
QUOTE(Medufsaid @ Mar 15 2024, 11:18 PM) gandalfaaron my advice to you, as someone who played with futures, unrealised losses is the same as realised losses RHB MCA conversion from MYR back into GBP is as competitive as midvalley rates https://www.rhbgroup.com/treasury-rates/mul...card/index.html.  just shrink a bit of the GBP you have into RHB MCA, and then FD it. you'll recoup back the 0.7% double conversion losses, then be on your way to getting some interest  I see, this seems to be a viable option. thank you so much for the advice. |
|
|
|
|
Quote
0.0374sec
0.36
7 queries
GZIP Disabled