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 Anyone know about foreign FD?

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rjb123
post Dec 6 2016, 12:53 AM

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QUOTE(axisresidence17 @ Dec 5 2016, 05:13 PM)
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?
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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.
rjb123
post Dec 6 2016, 10:55 AM

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QUOTE(axisresidence17 @ Dec 6 2016, 10:48 AM)
Thanks! Say if you are receiving income from Amazon(say mostly pound and dollar). What wud be the best account for this?
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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.
rjb123
post Dec 6 2016, 12:33 PM

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EFT is used in US to US based accounts I believe, not USD accounts held outside of the US

Cheque in foreign currencies I have no idea - I wouldn't accept cheques because they're a pain!

 

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