ICBC 12 months FD 3.6% - Thoughts?

[cscs3]

in RMB. The rate is 4.1% for BOC. I'm thinking about it. Assuming you do the money exchange at a good money changer, where is the catch? You should at least get 3% out of this right? I can only think of FX risk which I feel I can stomach.

Yes, FX risk is much higher then 4.1%. And not to forget when you change to RMB and back to S$. Both way you pay service charges.

 

[minamikaze]

I've parked 20000 RMB into it (what I had on hand). Really a very good rate I must say. Can leave the money there since I have no need for it (not a big amount anyway). I'd say that for those who are doing business in China/travel to China often for work/leisure, this is a godsend to generate safe returns.

 

[compro_1975]

I've parked 20000 RMB into it (what I had on hand). Really a very good rate I must say. Can leave the money there since I have no need for it (not a big amount anyway). I'd say that for those who are doing business in China/travel to China often for work/leisure, this is a godsend to generate safe returns.

where you parked?

 

[minamikaze]

where you parked?

ICBC FD....

 

[Dark.Horizon]

ICBC FD....

Need to be a tiong or hold their passport? Or anyone can do it?

Sent from 我爸爸的手机 using GAGT

 

[xipi]

ICBC FD....

Mean u put FD with RMB note? Upon maturity u can get back the RMB notes from the back?

 

[Sinkie]

Do they have a saving account that I can deposit my rmb in after the fd expire?

 

[minamikaze]

Mean u put FD with RMB note? Upon maturity u can get back the RMB notes from the back?

I believe the RMB will be in their bank account. Not sure if you can withdraw RMB notes here without a fee, but you can definitely do so in China (in their ATM).
My wife was handling it so I'm not 100% sure of the details.

 

[minamikaze]

Do they have a saving account that I can deposit my rmb in after the fd expire?

yes, that's what I doing.

 

[xXxJavierxXx]

Icbc has a rmb fixed deposit promotion of 4.5% min rmb10000. Condition is that you have to use sgd equivalent to exchange to rmb to enjoy the 4.5% (12mth term) . If you bring your own rmb, the rates becomes 3.6%.

Is it a good deal if I'm not changing the amount back to sgd after the fd matures?

 

[xXxJavierxXx]

who else is doing rmb deposit?

 

[BBCWatcher]

Is it a good deal if I'm not changing the amount back to sgd after the fd matures?

What would you do with the stuff in Singapore a year from now? I haven't heard of any plans for Singapore to change its currency from Singapore dollars.

 

[pcmdan]

who else is doing rmb deposit?

Have been doing it for years....

My avg rate changed was approx 4.9

With current FX rate and interest earn for the past years...I am in green.

iCbc allow one to deposit RMB str. Away I.e. u can change from $ changer and withdraw in RMB and change back w Money changer

 

[cscs3]

Icbc has a rmb fixed deposit promotion of 4.5% min rmb10000. Condition is that you have to use sgd equivalent to exchange to rmb to enjoy the 4.5% (12mth term) . If you bring your own rmb, the rates becomes 3.6%.

Is it a good deal if I'm not changing the amount back to sgd after the fd matures?

May be interest rate just enough to offset different in exchange rate and lost when you change S$ to RMB then back again.
https://www.google.com.sg/search?dcr=0&source=hp&ei=ghkjW-qpGMrxvASMvJWwDQ&q=singapore+dollar+to+rmb+history&oq=singapore+dollar+to+rmb&gs_l=mobile-gws-wiz-hp.1.2.0i70i258j0l2j0i22i30l2.3549.17745..23745...1....111.1539.22j1......0....1.......3..35i39j0i131j46i131.h7D%2FJxozS5U%3D#imgrc=7Aa53yh0tivKhM:

Also, Becareful on impact if trade war started.

 

[ngml]

Have been doing it for years....

My avg rate changed was approx 4.9

With current FX rate and interest earn for the past years...I am in green.

iCbc allow one to deposit RMB str. Away I.e. u can change from $ changer and withdraw in RMB and change back w Money changer

Possible to share your avg percentage gain?

 

[chopra]

anyone go china to open acct before?

 

[zuoom]

Idea if going to use rmb anyway.

 

[cscs3]

Have been doing it for years....

My avg rate changed was approx 4.9

With current FX rate and interest earn for the past years...I am in green.

iCbc allow one to deposit RMB str. Away I.e. u can change from $ changer and withdraw in RMB and change back w Money changer

4.9 is not so bad. Issue is how long more will RMB continue to stay at this rate. Especially when the trade war just started not long back?

N.B. since trade war started, RMB already depreciate 6.7%

 

[deepblueli]

This is going to look attractive when SGD to RMB breaches 5, anyone has placed RMB FD in ICBC and if the promotion FD rate is still available?

 

[deepblueli]

This is going to look attractive when SGD to RMB breaches 5, anyone has placed RMB FD in ICBC and if the promotion FD rate is still available?

And also how is it compared to BOC?