I'm working in a Bank, and I've just double confirmed with OCBC Foreign Currency Account. In order to open / maintained a Foreign Currency Account, you'll have to deposit USD2,000.00 (this only applies to USD currency = where all FOREX trade are being dealth with).

You might want to ask other local banks and see whether they have a lower deposit rate?

Hope this help.

I guess with kevin_tan's reply, nothing less than USD1k for Maybank. In my opinion, this should be ok. But in reality, many will used up to less than that...

---

Added on September 8, 2008, 5:39 pmIn addition, actually there's no point opening a FCY account because eventually when we draw the money out, we still need to convert the USD to MYR, whereby we can't run away from the exchange being done by the Financial Institutions.... unless there is someone else out there who is more experience with this sort of activities... )

This post has been edited by jbb_lkh: Sep 8 2008, 05:39 PM

Hey white.lion.clan

It's not an investment, it's just a deposit to start up a FCY account. As for Current Account(CA), there are no fixed interest for our benefit because CA mainly uses for daily in/out activities, so in a Bank's point-of-view, there's no way of putting such benefits into a CA.

Whether or not the CA is under who's name, as long as you have given the account number, I guess it will automatically credit into it. Remember, it's an insecured account with no returns.

Hint: Maybank is offering USD1k for deposits instead of foreign banks... try searching for better options and services.
Hope this help.