Fixed Deposit in Malaysia

[delceer]

Singaporean earn fixed deposit interest in Malaysia bank need to pay tax or tax free ?
4% interest very attractive leh.

 

[tiertime]

Singaporean earn fixed deposit interest in Malaysia bank need to pay tax or tax free ?
4% interest very attractive leh.

but if ringget keep falling how...

 

[leoch037]

but the depreciation of ringgit is very ugly

 

[cscs3]

but the depreciation of ringgit is very ugly

That's right.

 

[raysdad]

Firstly , I think FDs in Malaysia is not an alternative to FDs in Singapore. Common concern is long term potential depreciation and rightfully so. To buy just for short term higher yield is Wrong. Buying FDs in Malaysia is best backed by reasons.

I bought MYR FDs recently and some of my reasons that make it very easy to implement...


a) Business dealings or rental income in RM.
b) Investment in Malaysia to create another Option - eg. allowing other assets of higher values to create yield and bringing you more passive income.
c) Ringitt is a currency you and your family can utilise frequently to exchange for a wide goods and services which you would otherwise need to obtain elsewhere (and at a much higher price) anyway.
d) You are able to size your position such that the weaker the Ringitt, the more passive income/free money you will have. Thus the need not to over-invest.
e) You are in a position/a reason to hold RM FDs for a long period (in line with (d), just a very small percentage) without the need to convert back to SGD because you have good use of the currency (in line with (c)).

 

[henrylbh]

If your functional currency is sgd, putting fixed deposit in any currency other than sgd is considered investment rather than fixed deposit.

 

[revhappy]

There will always be short term opportunities. After a big bout of depreciation, typically the central bank raises rates. That is the time to lock into high rates for long duration. This has played out in India, Russia and Brazil. I don't know why Malaysia will be different.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[mummy1234]

Malaysian ringgit has been strengthening against SGD of late too...

 

[Perisher]

Malaysian ringgit has been strengthening against SGD of late too...

That's the short term way of looking.
Depending on how long you are putting it in FD, 1 year may be can try. Anything longer, and most charts would see rm falling and falling.

 

[sgdividends]

I got zero experience but I read somewhere there are taxes and fees charged by someone who did it?