Comments on: Should You Invest in Foreign Currency Accounts?

By: Saviour-V

Saviour-V — Thu, 22 Dec 2011 00:56:53 +0000

OK, so that answers the hook-up with foreign bank accounts question…but my real question is whether it’s easy to get a foreign bank account set up without having to leave Malaysia at all. Out of curiosity, how did you get your US bank account set up, anyway, Mr. KC Lau?

By: KCLau

KCLau — Wed, 21 Dec 2011 19:16:27 +0000

@ Savior-V

I don’t use Alertpay though.
Paypal works fine. I can withdraw to my US bank account and also Malaysia one.

By: Saviour-V

Saviour-V — Wed, 21 Dec 2011 01:49:23 +0000

On the subject of online payment processors, and partially related to this topic, is it possible to have an offshore bank account, linked to PayPal (or AlertPay, if you have this), and do you know of any possible places to get one set up?

In my case, both my AlertPay and PayPal accounts are linked to local accounts here in Malaysia, but AlertPay changed their rules, and now it’s impossible for me to deposit or withdraw funds from them into a local bank account.

Do you have any possible alternatives to this situation? Please let me know. Thanks!

By: janice

janice — Thu, 14 Oct 2010 02:19:28 +0000

hi KC,
While i was still undecide whether to invest in FCA or not, however after reading your good written article on FCA. Now, i am very sure and decided to forgo the FCA investment for the moment & focus on the property investment first. TQVM

By: cecew

cecew — Wed, 22 Sep 2010 10:30:58 +0000

Thanks KC & Jeremy for the useful info.

By: JEREMY

JEREMY — Fri, 17 Sep 2010 07:25:40 +0000

Forex trading is one of the high risk investment in the world. Interest rate will be release monthly for the major. If you put in more than one month then make sure the fundamental of the country is at up trend, see what the economic reports (like GDP, employment data, CPI, etc.), Even Malaysia’s economy reports need to take note also, because eventually you will exchange back to ringgit.

Current center bank rate: AUD 4.5%, NZD 3%, CAD 1%, EUR 1%, GBP 0.5%, CHF 0.25%, USD 0.25%, JPY 0.10%

Normally the higher the center bank rate the stronger the currency.

By: Jess

Jess — Thu, 06 May 2010 17:30:42 +0000

Hi,
The article was just nice for me as a reference.
Recently because of i gt some excess money, so, i think of open a foreign currency account solely as my permanent saving (considering GBP) and not for business or investment purpose. But after read your article it seems like not really work out as wat i think. Do you think it’s possible that doing saving in this way rather than i put in FD?

By: Chong Siaw Ching

Chong Siaw Ching — Fri, 15 Jan 2010 14:56:37 +0000

Hi KC,

I have just open a FCA account with Maybank and also put a Placement of USD10000 (12 month) in that account on the rate of RM3.402/Dollar. As of today (15/01/10) I saw the selling rate of 3.372 TT/OD. So, am I having a loss now?

By: Understanding foreign currency fixed deposit

Understanding foreign currency fixed deposit — Fri, 18 Dec 2009 07:11:08 +0000

[...] FCFD is another tool for you to diversify your investment portfolio. The risk of FCFD is much higher compared to fixed deposit hence the return is also higher if everything goes smoothly. [...]

By: Sandra

Sandra — Sun, 19 Jul 2009 05:46:12 +0000

Intresting information for the expats here.
Thanks for sharing

Sandra
a href=http://www.mrxpat.com rel=nofollowasian expat/A.

By: Education For Life Where Does Mike Huckabee Stand On Education And The Arts (Adult Literacy) - Education For Life

Fri, 17 Oct 2008 14:44:57 +0000

[...] Should You Invest in Foreign Currency Accounts?If you plan to send your child to study in Australia, saving your child s education fund in an Australian Dollars denominated FCA will save you the worries of Australian Dollars appreciation. 4. For non-resident employed in Malaysia to … Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages. [...]

By: KCLau

KCLau — Fri, 20 Jun 2008 02:28:31 +0000

@ CK

Thanks for the info

By: ck

ck — Fri, 20 Jun 2008 02:21:26 +0000

Thanks for your sharing…

Some extra info:a fixed deposit FCA denominated in New Zealand Dollars gives 9.1% interest rate per annum for the period of 1 month, as offered by OCBC Bank.

Clocing date: 30th June 08

By: Daisy D.

Daisy D. — Sun, 24 Feb 2008 09:09:09 +0000

Thanks so much for your very thorough article which answered all my questions and doubts. It’s so refreshing to find all required info on one page, which is hard to find especially pertaining to Malaysia. And you saved me many hours of research too.

I was thinking of getting a FCA for future graduate study overseas but thanks to your help I know it’s not the best option at the moment.

Keep up the excellent work! Can’t thank you enough.

By: KCLau

KCLau — Thu, 17 Jan 2008 03:36:40 +0000

I don’t know much about FCA in China. My article is about FCA set up in Malaysian banks.

By: louise

louise — Sun, 13 Jan 2008 11:35:36 +0000

Thanks for the information. It’s great. I’m still not sure whether I want to do this. I am working in China, there is a certain amount of money that I need to transfer home every month but I do have some savings in China. As you know, all Chinese yuan need to be converted before getting out of China except for RMB 20,000 cash which everyone is allowed to bring out of China when travel out. To actually gain something from FCA, I would have to pay attention to exchange rates in order to gain currency difference, yes? Would you kindly share your advice to people like me?

By: KCLau

KCLau — Tue, 11 Dec 2007 09:47:39 +0000

Thanks ChampDog, you are my frequent reader.
I am really glad that my article provides relevant information to you.

By: ChampDog

ChampDog — Mon, 10 Dec 2007 02:42:19 +0000

I agree. I think FCA is not for me either at the moment. I do not have enough cash to play this game also. Good article and thanks for the sharing.