thorough research for you, I fired some emails to most of the banks in Malaysia. Some people look at it as if it is a very safe and high yield investment because some foreign currency denominated account gives more than 7 interest per annum. When I shop online, I use PayPal if possible. Fees and Charges Transaction charges is equivalent USD4.00 Currency Charges in Other Currencies USD USD.00 GBP GBP.50 AUD AUD.50 JPY JPY 400 HKD HKD.00 EUR EUR.50 SGD SGD.00 NZD NZD.00 CAD CAD.50 DKK DKK.00 SEK SEK. Allowed, mFCA, savings Account/ Current Account, allowed, mFCA, mFCA. For passport, other supporting documents that may be required are valid working/student permit, valid visa, letter of confirmation from Employer/Education Institutions (whichever is relevant) Please choose a branch located near your home or place of work. Whether its for savings, investment, or just a need for a foreign currency account, Maybanks US Dollar Savings Account is one of the most affordable foreign currency products in the market today. Foreign currency accounts can be a good option for importers and exporters.
Interest Rate Risk The foreign currency interest rate that you receive on your FCA is determined by the Bank by reference to a variable foreign currency interest rate in the currency of your holdings. I personally regard a FCA like a liquid cash account.
Benefits, available in more than 11 major currencies: Australian Dollar, Canadian Dollar, Chinese Renminbi, Euro Dollar, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Sterling Pound, Swiss Francs, Singapore Dollar, and US Dollar. For example, a fixed deposit FCA denominated in New Zealand Dollars gives.2 interest rate per annum for the period of 12 months, as offered by United Overseas Bank. XX Placement By FCY cash :.5 By DD/TC : No FAF charges (if same currency) By incoming TT : No FAF charges (if same currency) From FCY Call Account transfers : No FAF charges (if same currency) Cancellation/Redemption By FCY cash :.5. Requirement to Open a FCA Account The criteria to open the said account is as below: Minimum age of 18 or 21 years old (depends on banks policy) Copy of IC (Malaysian) Passport work permit with validity not less than 24 months (if foreigner) Secondary. Benefits Free Personal Accident Insurance Coverage (for Malaysians aged 18 to 65 years old only; for joint account, the coverage is extended to only the primary account holder) mfca holders with a minimum balance of RM5,000 or its equivalent in the mfca at the time.