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.

Different banks have different rules.

How much of a premium above local Malaysian FD would someone need to de-risk the daily forex fluctuations? SGD went from 3.4 to 3.24 in just a few weeks.

Isn't the whole point of FD is an exchange of low returns and illiquidity for virtually zero risk? Adding forex introduces a very real risk of capital loss, and keeping it locked in a foreign FD removes your ability to maneuver quickly when forex is swinging significantly - either to lock in gains or to stop loss.

Interesting claim. Can you please point me to the MAS regulations that mandate this?

There are banks in both Singapore and Malaysia that do not require a savings account. From my experience, banks are happy to hold on to your money for as long as you don't collect at maturity, but usually they will renew the FD for you at prevailing rates. In Malaysia FDs left to auto-renew past 7 years will be transferred to unclaimed moneys.

And hungarian forint is 15.86% 

Err, I can park forint FD for a year from MY. Not sure those hyper inflation countries able to do it or not

Your money masuk already...can keluar or not? later kena tax 110% for withdrawing...lol

I have a rhb multi currency account. Would it be worthy to convert and get a foreign currency fd? maybe usd? what are the potential risks?

What kind of risks? I am am not planning to take back these money. It's main purpose is to hedge with a high interest rate as bonus.

Ya as what xander says, the same reason why RHB, MBSB, Affin bank in MY offers better rates than the big and larger ones like Public/Maybank.

The difference is more pronounced in the Singapore side since the local banks are "really" safe. Kiasu kiasi Sporeans won't easily move money into MY banks after their 1998 AFC lesson.

Of course one can always argue the deposits are insured anyway (the smaller banks like CIMB SG will pay higher premium for their bank deposits insurance than DBS/UOB/OCBC). But the market prices them as riskier still.

I just had an idea. Foreign FDs in Malaysia generally have high interest rates, but not really favourable to us because we need to exchange MYR to foreign currency at bad FX rate. Eg right now USD 12 month FD rate at CIMB MY is 5.3%.

However I just noticed that CIMB MY foreign deposit account does allow deposit via TT/Swift

Also, it is possible to send USD or EUR direct to Malaysian bank account from Wise, via TT/Swift. It won't be instant, takes several days. (Only these two currencies available to send to Malaysia this way). In the app, Wise told me that it would cost USD2.90 extra.

As far as I understand, the only MYR to USD conversion using CIMB rate, that is required as per cimb website is the initial deposit of RM10,000.

If cimb can accept directly USD from Wise via TT/Swift, then I think it's really worthwhile to do it. Inward remittance fee at CIMB MY is also 0, just like CIMB SG. Other costs would probably the other additional TT costs charged by intermediaries etc.

Where does it say bnm doesn't allow direct FX currency into the banking system? Is this your opinion or a fact?

I found no such limitation in BNM website.

Regardless, I will go to cimb branch and get confirmation.

I thought it is the other way round, with incoming easy but outgoing troublesome as hell

I mean, incoming FCA is fairly simple but outgoing is shit and need to be forced into MYR before it can be processed in local MCA accounts.

Business Time Singapore: Singaporeans flock to foreign currency to lock in top interest rates

FRI, FEB 10, 2023 - 06:07 PM UPDATED FRI, FEB 10, 2023 - 7:25 PM

https://www.businesstimes.com.sg/companies-...-interest-rates

(No paywall)

how about PBB, anyone try before? can transfer SGD in singapore bank to this one?

https://www.pbebank.com/Personal-Banking/Ra...osit-Rates.aspx

Seems lower than here.

🤦🤦🤦

FD rates in Vietnam has dropped significantly after the government urged banks to support local businesses and real estate amidst a global downturn. The central bank reduced rares by 100 basis points. FD rates have dropped from above 12% to less than 8% over the past couple of months

A foreign currency fixed deposit is a form of time deposit offered by banks to investors who want to save foreign currency for usage in the future or utilise it as insurance against foreign exchange volatility. The FCFD account's funds cannot be withdrawn until the predetermined fixed term has passed