I've some NZD and AUD fixed deposits reaching maturity soon. I'll like to hear all your views on which banks will be good to park my foreign currency funds. Currently, I have them in OCBC. I've done some tabulation on the interest rates of the banks in Singapore. Bank NZD AUD min sum CIMB 4.

Did I miss out anything? Wondering why you have less than 10k on both AUD and NZD in fixed deposits It was a decision that I made in the past that did not turn out well.

Also, I did not have sufficient knowledge and trusted the so called 'bankers' at the bank branch. The interest rate at that point of time is about 6 percent which is not bad. Any idea if the amount can be put elsewhere with higher interest rates without converting back to SGD?

With a small amount like that, you don't have any leverage over the interest rate. Honestly, I'd just suck it up and convert it back: Because that's what you're doing by leaving it in AUD and NZD.

I do not think foreign currency fix deposits of any banks are worth it if you included the terrible spread and fees involved. Thinking back, I should not have invested in the forex fixed deposit.

I've held on to them for more than 10 years and reluctant to convert them back to SGD due to the crazy spreads the bank earns on the conversion. Also, at this point of time, I am not sure if I can find better opportunities to invest. Some food for thought for myself, before deciding to renew the fixed deposit. Last edited by mrohaha; at I've held on to them for about 8 years and reluctant to convert them back to SGD due to the crazy spreads the bank earns on the conversion.

OCBC Foreign Currency Fixed Deposit Interest Rates

I am not sure if by converting to SGD, I can make the money work harder for me. Haha I still have some idle money lying around and earning the miserable bank interest rates. A little weary of investing in SGX at this point of time. Unless there are other alternatives that I do not know.

Take it out and try to sell to those peeps going to NZ or Aus for holidays? Thread Tools Show Printable Version Email this Page. Compare full range promo here. LinkBack LinkBack URL About LinkBacks. Page 1 of 2. NZD and AUD Foreign Currency Fixed Deposits I've some NZD and AUD fixed deposits reaching maturity soon. It was a past decision that made me decide to park my funds in foreign currency. Given a choice now, I will not convert more into NZD or AUD at this juncture.

Since I have invested in foreign currencies already, my aim now is to make the best out of them. I thought of converting back to SGD, but I would have to incur the exchange rate losses and conversion costs which is not a small amount.

Plus SGD interest rate is crap vs the rather decent rates of NZD and AUD. Better to top it up to attain a higher rate.

Deposit Accounts | OCBC Singapore

There are no other major currencies that will give one a better interest rate. If you've held onto them for eight years, you've probably lost more in opportunity cost by not investing that cash somewhere else than you've made on the yield pickup.

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Converting back will cost you one percent tops. Put the money to use somewhere else.

My 2 cents on this. If you have no future use for those foreign currency, probably better to convert back to SGD -- IMHO, I believe in the longer term SGD will appreciate against both AUD and NZD. Given the possibility of this outcome and the forseeable low interest rate environment, the underlying concern is whether you are prepared to take on the downside FX exposure risk if your intent is to convert back to SGD eventually. Important Forum Advisory Note.

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