Foreign Time Deposit questin

[gheehong]

Hi, I have a USD Time deposit which will mature soon. From OCBC, the renewal interest is bad. Could any one suggest how I could keep the money and save it with better return and not lost the value due to foreign exchange ? The person from OCBC cannot give me any good solution.

 

[Knight_Rider]

Aussie look pretty attractive now.

 

[Dividends Moderator]

Transfer to CPF OA for a better rate yet irreversible action..
Actually, just hold on to it till opportunity comes

 

[zirhk3355]

Transfer to CPF OA for a better rate yet irreversible action..
Actually, just hold on to it till opportunity comes

For irreversible moves, SA is the best option!

 

[peacefulday]

Hi, I have a USD Time deposit which will mature soon. From OCBC, the renewal interest is bad. Could any one suggest how I could keep the money and save it with better return and not lost the value due to foreign exchange ? The person from OCBC cannot give me any good solution.

They know nothing and can tell you is bad? Get it out of ocbc, transferred usd to cimb or maybank fd for next 3 months at 0.8% rate. Btw, what ocbc usd fd rate you are getting?

Welcome to CIMB

http://info.maybank2u.com.sg/promotion/deposits-banking/fctd-promotion.aspx

 

[tiger78]

I would suggest that you look at AUD and NZD deposits... both have been pretty stable in recent...and will offer much better rates than USD... I know you have to convert, but instead of past opportunity cost, think about how you can make the most starting now. I believe these currencies are quite good in the short-to-medium term. there's a new site to compare deposit products across currencies.. ping me if ur interested.

 

[highsulphur]

Uob gives 0.8% for current account for 6 months. Promotion is till end Oct for min 50k I think

 

[Shiny Things]

I would suggest that you look at AUD and NZD deposits... both have been pretty stable in recent...

Nope, this is wrong. AUD's fallen 7% since the start of September - that's nearly three years' interest payments wiped in a month.

(And foreign-currency deposits are a terrible idea in general. They're just an incredibly expensive way of punting FX that pays below-market interest rates. OP, you should suck it up and convert the cash back to SGD unless you need the USD for some reason.)

 

[Knight_Rider]

I would suggest that you look at AUD and NZD deposits... both have been pretty stable in recent...and will offer much better rates than USD... I know you have to convert, but instead of past opportunity cost, think about how you can make the most starting now. I believe these currencies are quite good in the short-to-medium term. there's a new site to compare deposit products across currencies.. ping me if ur interested.

Aud will probably bounce off 0.86 and the upside is pretty attractive. Decent interest of 3.4% and exchange rate advantage.

Foreign Currency Fixed Deposit | Fixed Deposit Interest Rate | OCBC

 

[henrylbh]

The whole idea of putting money in FD is the assurance of getting back your principal sum plus an expected return. If your functional currency is S$, putting money in foreign currency FD is no longer an FD but punting on forex.

 

[gheehong]

Thanks so much guys. I realized existing customer renewal is bad and the bank is enticing new customers with high promotional rates. dont join or u will get into same bad situation as me.

 

[tiger78]

Well yes and no. If you take a forward FX position to convert your position along with your FD, you can have an assured return in your base currency.

basically, you want to lock in a return, which is why you're considering an FD product. and there are many ways of achieving that.