The Malaysian dollar continues to depreciate and has fallen below 4.40 against the US dollar and 3.18 against the Singapore dollar. If you don’t have confidence in the Malaysian currency, you may want to consider placing your money in a foreign currency time deposit account.
Foreign Currency Fixed Deposit (FCD) is a type of time deposit account that allows you to deposit foreign currency. You can convert your money into foreign currency and then place it in a time deposit.
This will not only preserve the value of your money, but also earn interest on the time deposit. However, it is important to note that you will lose money if the value of the foreign currency you deposit depreciates during the deposit period.
All major banks in China offer foreign currency time deposit services, and currently you can choose from New Zealand Dollar, Australian Dollar, Pound Sterling, U.S. Dollar, Euro, Japanese Yen, Hong Kong Dollar, and Hong Kong Dollar. Yen, Hong Kong Dollar, Singapore Dollar, Canadian Dollar and RMB.
Generally, there is a minimum deposit amount for foreign currency time deposits, such as US$1,000, AUD1,000, GBP1,000, RMB10,000, SGD1,000, etc. You can choose to deposit for 1 month to 12 months. Interest on foreign currency time deposits will be calculated on a daily basis, but interest will be paid in a lump sum at the end of the term.
Interested parties can visit the website of their respective banks for more details.
