ICBC 12 months FD 3.6% - Thoughts?

[Sinkie]

wow boss u keep so much RMB at home ?

Not much lah, no bank want to take my rmb, so keep in drawer

 

[awful999]

Not much lah, no bank want to take my rmb, so keep in drawer

alamak where got bank dont take want, BOC or ICBC sure take one leh, I have the BOC multi-currency account, I asked before last year, bank in RMB without any charges. If still cannot can bank in my account lolx

 

[fun4life]

May i know how to withdraw? Can transfer to local bank?

Yes, you are free to transfer to and from any China local bank.

Lastly the bank account you linked to Alipay is a bank account opened in China right? Thanks.

Yes, linked to a China local bank account

 

[Sinkie]

alamak where got bank dont take want, BOC or ICBC sure take one leh, I have the BOC multi-currency account, I asked before last year, bank in RMB without any charges. If still cannot can bank in my account lolx

lol, i kumgong asked dbs want my rmb or not, then she say is controlled currency, so end up i kept these rmb in my drawer for like more than 2 years

 

[raysdad]

If you can have a Alipay (支付宝) account, all your RMB parking there can earn you 4+% interest and it is paid daily. There is no minimum amount, no any fee or charges and you are free to move your money around anytime. It is like Market Fund and there is risk by theory, but actually very low given the scale of Alipay which has its own bank (called 网商银行).

Good to know... thanks

 

[Sinkie]

If you can have a Alipay (支付宝) account, all your RMB parking there can earn you 4+% interest and it is paid daily. There is no minimum amount, no any fee or charges and you are free to move your money around anytime. It is like Market Fund and there is risk by theory, but actually very low given the scale of Alipay which has its own bank (called 网商银行).

wah sure or not? 4% interest? or did u put all your balance into their unit trust? can verify?

 

[raysdad]

Half of them in WeChat wallet, some rmb in my cupboard drawer in Singapore and half of them are in a china bank

still waiting for 4.60 to remit back all of them

I'm getting on average more than 4.5% pa for the past more than 7 years buying wealth management products via icbc china .. rmb interest earned useful to exchange for food items and goods directly via taobao (ezbuy as the courier; collect locally)...

 

[raysdad]

Your RMB cash physical location is onshore (China) or offshore (Singapore)?

If I am not wrong if you remit/TT money legally from China (RMB50,000 annual limit applies) the double conversion in Singapore will be very rugi hahaha.

Tip: Ah Neh is your best friend.

Can elaborate on your "Tip" ?

 

[fun4life]

wah sure or not? 4% interest? or did u put all your balance into their unit trust? can verify?

Usually 4+%. They call it as "余额宝". It is not unit trust but just like a saving account (atually a Market Fund). You can get higher interest if you are willing to lock for 3 mth, 6 mth or 1 year etc.

anytime you can transfer out your money, or for my case, to buy on Taobao, or to pay my airticket, hotel, or taxi (via Alipay) when I am travelling in China. Basically anything you can use Alipay to pay in China.

It beats Paypal miles down for your money left with.

 

[Sinkie]

4% is the minimum. usually 4.3%-4.5%. They call it as "余额宝". It is not unit trust but just like a saving account (atually a Market Fund). You can get higher interest if you are willing to lock for 3 mth, 6 mth or 1 year etc.

anytime you can transfer out your money, or for my case, to buy on Taobao, or to pay my airticket, hotel, or taxi (via Alipay) when I am travelling in China. Basically anything you can use Alipay to pay in China.

It beats dun know how many miles to your money left in Paypal.

Wah really? So it's market fund and not unit trust

 

[fun4life]

Wah really? So it's market fund and not unit trust

Yes. market fund. just checked, recently the interests dropping a bit as maybe too much money flooding in (from CNY bonus? ). but still around 4+%. already update in my post.

 

[minamikaze]

Boc got better offer, rmb fd 50k above 4.1%. check out at boc branch.

What's the tenure? 1 year?

I have some RMB lying around doing nothing...

 

[Dark.Horizon]

Yes. market fund. just checked, recently the interests dropping a bit as maybe too much money flooding in (from CNY bonus? ). but still around 4+%. already update in my post.

How do I go about accessing this ? I have an alipay account and I do live in china atm

Sent from 我爸爸的手机 using GAGT

 

[badsector]

How do I go about accessing this ? I have an alipay account and I do live in china atm

Sent from 我爸爸的手机 using GAGT

ur alipay acc must be verified.
u need to be ah tiong or hongkees or macau to open yu'er bao

 

[Dark.Horizon]

ur alipay acc must be verified.
u need to be ah tiong or hongkees or macau to open yu'er bao

Ah damn okay then gg lor

Sent from 我爸爸的手机 using GAGT

 

[student_sdu]

Yes 1 year.
http://mp.weixin.qq.com/s/h-fp8SXmYUN4o-h_yZlERQ

From wechat so it is in chinese.

What's the tenure? 1 year?

I have some RMB lying around doing nothing...

 

[Purplestars]

Is it worth changing your SGD for this?

 

[Purplestars]

Is this 3.6% rate in RMB or SGD??!

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.

 

[xXxJavierxXx]

Me too! Wanna know more. Have no intention to change the rmb back to sgd. Will this be a good alternative as safe investment? Boc still offering 4.1%?

 

[compro_1975]

If you can have a Alipay (支付宝) account, all your RMB parking there can earn you 4+% interest and it is paid daily. There is no minimum amount, no any fee or charges and you are free to move your money around anytime. It is like Market Fund and there is risk by theory, but actually very low given the scale of Alipay which has its own bank (called 网商银行).

i have the Alipay app, but never can i use it to even put money... it does not recg my boc cc.... how u got it running?