With tenures ranging from one to 12 months, you’ll be able to choose a tenure that you’re comfortable with. The bank’s interest rate will be adjusted from time to time according to market changes.ĪLSO READ: 7 best fixed deposit rates in Singapore (Jan 2021) - DBS, Maybank & more Bank of China USD fixed deposit (July 2021) Bank of China USD fixed deposit rate (July 2021) *The annual interest rate is for reference only. Here are the respective US dollar fixed deposit rates in Singapore:Ġ.20 per cent(0.30 per cent under priority banking preferential rate) At present, banks like Standard Chartered, The Bank of East Asia and HSBC offer free transfer services, while others may charge a handling fee. When you decide to open a foreign currency fixed deposit account, you should check with your bank whether they have a prevailing inter-bank transfer fee that is charged when you deposit your money into the account. On top of that, the amount invested and the foreign currency exchange rate also play a part and affect the final amount that you withdraw after the maturity date. The longer the tenure, the higher the interest rate. You should also choose a tenure that you can commit to, which can range from one week to five years. What should I look out for before depositing?īefore depositing your money, it is best to give the bank a call and inquire about their interest rates, since the interest rates are always changing and may not be the most updated on the website.

Some investors also turn to FCFDs to hedge against foreign currency fluctuation.

Doing so will result in a penalty or the loss of any interest that you’ve earned, so be sure that you have enough liquid cash on hand before depositing the amount.Ĭonsumers usually put their foreign currency into time deposits for future use like having cash for when they’re travelling, or paying for overseas purchases with their foreign currency to avoid conversion fees. The amount is earned with interest at a pre-determined rate and can be taken out only after the maturity date. What is foreign currency fixed deposits (FCFD)?įoreign currency fixed deposits, or time deposits, allow consumers to convert their SGD to a foreign currency and deposit it in the bank for a period of time known as the tenure. Whether you’re saving up for that big US trip once the travel bubble opens, or are simply looking to take advantage of the competitive interest rates, you can look to foreign currency fixed deposits to safeguard your cash. Not sure whether you should put your American dollar into a foreign currency fixed deposit in 2021? We’ve collated a list of the USD time deposit interest rates of the major banks so you won’t need to.

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