FAQs from Tan Kin Lian

Read this FAQs from Tan Kin Lian about investing in foreign currency fixed deposits. Mr Tan was the former CEO of NTUC Income.

Euro rates and spreads

"Which bank gives me the best exchange rate for the Euro?"
"Which bank gives me the best foreign currency fixed deposit rates for the Euro?"

Click on the image to find out.

Spread refers to how much the bank will earn if you were to convert, say, S$50000 into Euros and back to Singapore dollars again.

Hold off pound and euro - ST, May 12

Hold off pound and euro
By Gabriel Chen

THE euro and pound are on the slide, and it looks like a perfect opportunity for investors to try their hand at a forex play, but experts are advising caution.

While both currencies have been driven down by events in Europe, they could still go lower against the Singdollar and other Asian currencies such as the Indonesian rupiah, Indian rupee and Chinese yuan.

Click here for the full story in the Straits Times on May 12.

Currency exchange rate outlook

dailyfx.com

This site gives weekly and monthly outlooks for various currencies on the foreign exchange market. These include the US dollar, Japanese Yen, British pound, Swiss Franc, Canadian dollar, Australian dollar, New Zealand dollar. Do note the disclaimer & risk warning on the site.

Wikipedia

The open source encyclopedia gives a lot of information about the forex market.

Historical & current exchange rates

If you are considering placing a foreign currency fixed deposit, you might not want to buy the currency when it is high. You can consider buying the currency, for example, when it is well below a recent peak. When was it at its peak? Here are two sites where you can find out.

Site#1: http://www.xe.com/

Google description: "Free currency rates, tools, and analysis using the most accurate data. Other services include XE Trade money transfers, XE Datafeed, XE Travel, and more!"


Site #2: Yahoo! Finance

Historical rates also available. For example:
AUD in SGD for the past 3 months
AUD in SGD for the past 2 years
USD in SGD for the past 1 year
NZD in SGD for the past 1 year

Australian dollar rates and spreads

"Which bank gives me the best exchange rate for the Australian dollar?"
"Which bank gives me the best foreign currency fixed deposit rates for the Australian dollar?"

Click on the image to find out.

Spread refers to how much the bank will earn if you were to convert, say, S$50000 into Australian dollars and back to Singapore dollars again.

RHB Bank

RHB Foreign Currency fixed deposit rates: http://www.rhb.com.sg/pdfs/rates/DepositRates.pdf

RHB Singapore forex rates:
http://www.rhb.com.sg/pdfs/rates/FXRates.pdf

More terms and conditions: http://www.rhb.com.sg/personal/deposits/foreign_currency_deposit.html

Royal Bank of Scotland Foreign Currency Savings

See RBS website.

For full list of terms and conditions, refer to RBS.

Advice

Click here for some advice by Mr Tan Kin Lian about foreign currency fixed deposits:

Post 1 - Getting a good currency conversion rate
Post 2 - Australian dollar fixed deposit rates (June 2008)

Citibank Foreign Currency Fixed Deposit

Citibank Foreign Currency Fixed Deposit. For specific rates, enquire with Citibank directly.

Other products available. For full terms and conditions, refer to Citibank website.

ANZ Bank

Multi-Currency Term Deposit

http://www.anz.com/singapore/en/Personal/Multi-Currency-Deposit/Term-Deposit/


According to ANZ website, on 27 April 2010:

"The ANZ Multi-Currency Term Deposit makes maintaining deposits in different currencies convenient.

For a minimum deposit of AUD100,000 or equivalent in other foreign currencies, enjoy the benefits of maintaining your funds in different currencies under one account and at the same time earn interest.

- Convenience of managing multi-currency funds under a single account number
- Wide range of currencies including AUD, NZD, USD, EUR and regional currencies
Competitive interest rates
- Fixed term from one week to one year."

Contact ANZ if you have any enquiry.

Standard Chartered Foreign Currency FD

Standard Chartered FCFD rates: http://www.standardchartered.com.sg/index_fcy.html

FCY$aver: http://www.standardchartered.com.sg/deposits/fcysaver.html

According to Standard Chartered's website, as of 27 April:

"FCY$aver is a unique foreign currency savings account that earns you interest rates that are similar to a fixed deposit account

At a glance
High interest rates
Interest is accrued daily from the first dollar
Transactional flexibility and accessibility to your foreign currency savings whenever you need it
Low initial deposit of USD2,000 or its equivalent to open an account
Available in USD, AUD, NZD, GBP, EUR, HKD, CAD and CHF"

Other types of accounts are available at:
http://www.standardchartered.com.sg/deposits.html

SCB website: http://www.standardchartered.com.sg/index_web.html

CIMB Bank Foreign Currency Fixed Deposits

CIMB Foreign Currency fixed deposit rates: http://www.cimbbank.com.sg/index.php?tpt=cimb_sg&tpl=fcfd

As of 27 April, some requirements were:
- You must be at least 18 years old.
- The minimum initial deposit is USD10,000 or equivalent for all major foreign currencies.

CIMB forex rates: http://www.cimbbank.com.sg/index.php?ch=gen_rate&pg=gen_rate_forex&tpt=cimb_sg&tpt=cimb_sg

Refer to CIMB Bank website for full list of terms and conditions

Maybank Foreign Currency Fixed Deposits

Maybank Foreign Currency FD:
https://sslsecure.maybank.com.sg/scripts/deposit_rate.jsp#fctd
minimum 10,000 in most currencies

Maybank iSavvy Foreign Currency FD (only operates through internet banking):
https://sslsecure.maybank.com.sg/scripts/deposit_rate.jsp#ifctd
minimum 10,000 in most currencies


Maybank forex rates: https://sslsecure.maybank.com.sg/scripts/fx_rate.jsp

For other terms, conditions, and requirements, refer to Maybank website.

http://info.maybank2u.com.sg/personal/deposits-banking/time-deposits/detail.asp?page=foreign-currency
http://info.maybank2u.com.sg/personal/deposits-banking/time-deposits/detail.asp?page=isavvy-foreign-currency

UOB Foreign Currency FD

UOB Foreign Currency FD rates: http://www.uob.com.sg/personal/deposits/fixed/foreign_currency_fd.html
(Click on "interest rates" to see interest rates)

For forex rates, scroll down to bottom right hand corner. Click on "Rates" and go to "Foreign Exchange Rates"

For fees, minimum requirements, and other terms and conditions, refer to UOB website.

OCBC Bank Foreign Currency FD

Foreign Currency FD rates: http://www.ocbc.com.sg/personal-banking/tools%20and%20info/Toi_Rates_FoxFC_Listing.shtm

Forex rates: http://www.ocbc.com.sg/personal-banking/tools%20and%20info/Toi_Rates_Fox_Listing.shtm

Requirements: (correct at time of publishing)
Minimum age is 21 years old
Initial deposit in 5,000 units of the respective foreign currencies except HKD50,000, JPY500,000 or THB500,000, e.g. AUD5,000

See OCBC website for any other relevant fees/charges: http://www.ocbc.com/personal-banking/banking/Bnk_Dep_Tmd_ForeignCur.shtm

DBS Foreign Currency Fixed Deposits

Foreign Currency FD rates: http://www.dbs.com/ratesonline/Pages/fdacu.aspx

FC Current Account rates: http://www.dbs.com/ratesonline/Pages/fcca.aspx

Forex rates: http://www.dbs.com/ratesonline/Pages/fxbra.aspx

Charges: http://www.dbs.com/sg/personal/deposit/foreignfixed/servicesandcharges/default.aspx

See DBS Bank's Deposits guide for other charges: http://www.dbs.com/sg/personal/doc/deposit/DBS_deposit_guide.pdf