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Banking & Finance (includes credit cards posting)

Noted.

Anyway still considering between getting MRTA or term insurance in spore, both has pros and cons la
 
Oh ya, my banker also gave a choice on my installments.
She gave me an example, I.e bank disburse 10%, I can choose to either pay say RM 300(based on the 10% amt disbursed), or I can choose to service my full loan installments from day 1.

She says option 2, means The amt I pay goes more on interest initially, subsequently, when property completed, I be paying more principal.

Which options u guys choose?
 
My two cents worth.

If u get term insurance in spore, benefits u get in spore.
Can liase w agent direct. If anything happen to u, ur family get the money in spore and pay msia property.

If u sell ur msia property, ur term insurance can stil stay w u in spore, as ur normal insurance
 
hi everyone

Couldn't find that long / old thread on crossborder CIMB banking ATM withdrawal.. so posting here.

Just take note that when you withdraw RM from your linked Sing apore CIMB acct , take care to Keep the receipt when the ATM doesn't dispense cash!!

I made a withdrawal last week in KL, and ATM didn't dispense any cash, but the money was deducted from my account!

I reported and CIMB is still 'investigating'. It has been 5 working days, btw.

This has happened to me a few times. so don't just walk away blindly if you don't get yuor cash. check your balance!
 
Hi babystarlet,

Sounds very reasonable to me. I got mine with a Sg based coy. Much convenient and direct.


My two cents worth.

If u get term insurance in spore, benefits u get in spore.
Can liase w agent direct. If anything happen to u, ur family get the money in spore and pay msia property.

If u sell ur msia property, ur term insurance can stil stay w u in spore, as ur normal insurance
 
Hi all, those who have CIMB Malaysia account, do they deduct RM5 for "maintenance fees"? It was deducted in Dec. Then in my January statement I noticed they deduced another RM5.

Thinking of closing it. It's not as useful as I thought. Lost RM50 in a few months even though I didn't use the account at all.
 
Hi all, those who have CIMB Malaysia account, do they deduct RM5 for "maintenance fees"? It was deducted in Dec. Then in my January statement I noticed they deduced another RM5.

Thinking of closing it. It's not as useful as I thought. Lost RM50 in a few months even though I didn't use the account at all.

No, my statement saving account so far no Rm5 fee deducted..
 
My RHB savings a/c - no fee deducted, but current a/c RM5 deduction every month. Are U referring to current a/c? Maybe it falls below a certain amt say below RM5K.

Hi all, those who have CIMB Malaysia account, do they deduct RM5 for "maintenance fees"? It was deducted in Dec. Then in my January statement I noticed they deduced another RM5.

Thinking of closing it. It's not as useful as I thought. Lost RM50 in a few months even though I didn't use the account at all.
 
Just wonder, for those who took up bank loan, did you take the normal kind or "flexible" one to reduce interest? Is there any advantage of one over the other from an investment perspective?

Thanks for your sharing.
 
Hi All,
I've been lucky to come across this forum with regards to living in JB.
As this is my first foray, which is the best bank between Maybank, Public or RHB for housing loans?
Sorry if this had been asked before.
Thanking in advance for all feedbacks.
 
Hi, is there any pitfall for dual currency a/c?
i am thinking of opening a dual currency a/c wif hsbc malaysia for easy money transfer.
I was told by the bank manager that dual currency offers a better exchange rate then usual conversion. but any risk or downside? i can only hear gd things from bankers. i think there is also a mthly svc fee of rm 10.
 
I am using dual currency with HSBC. Since you know all the good things about it, this is my view on the downside - the fixing is on a particular date at a particular time. If you need the funds, it may not be exchanged, hence this can potentially affect your plan. FYI, I have not been charged any fees whatsoever so far.

Hi, is there any pitfall for dual currency a/c?
i am thinking of opening a dual currency a/c wif hsbc malaysia for easy money transfer.
I was told by the bank manager that dual currency offers a better exchange rate then usual conversion. but any risk or downside? i can only hear gd things from bankers. i think there is also a mthly svc fee of rm 10.
 
I cannot comment on Maybank as I have never taken a loan from them.

Had 2 loans, 1 with PBB and the other RHB. The RHB has a very lousy system, be it online or cheque deposit and can screw things up badly. Even though I do not owe them a single cent (by putting the corresponding amount to the loan account after the disbursement) they still charged me interest! I have gone to meet the branch manager and he is saying back office problem, still don't know the fate, at this point in time. The statement actually shows that I have no amount outstanding but the interest is still running!

PBB so far delivered what they have promised, did not charge me a cent when I dont use their funds (again by depositing same amount in the offset account)

I chose RHB then as they gave a better rate by 0.1% but I am still regretting my decision for choosing RHB.

My incident could be a one off so please hear from more views before deciding.

Hi All,
I've been lucky to come across this forum with regards to living in JB.
As this is my first foray, which is the best bank between Maybank, Public or RHB for housing loans?
Sorry if this had been asked before.
Thanking in advance for all feedbacks.
 
Sing $ falls after Fed says rate hikes may start in '15
Further weakness expected; Sibor seen rising to 0.78% from 0.402% now
BY SIOW LI SEN
[email protected]
PUBLISHED MARCH 21, 2014

[SINGAPORE] The Singapore dollar fell almost one per cent yesterday, just hours after US Federal Reserve Chair Janet Yellen announced unexpectedly that interest rate hikes could kick in early next year.

The SGD at one point fell 101 points to $1.2750, before recovering slightly to $1.2730. Further weakness is expected. While local interest rates did not move, they are likely to rise in line with hikes in the United States, which could come as early as the fourth quarter of this year, some economists said.
Home buyers should start relooking their loan packages if they are on floating rates, while importers may want to think about hedging their forex exposure, they advised.

Roy Teo, ABN Amro Bank senior FX and precious metals strategist, said after Ms Yellen implied that the Fed could start hiking interest rates about six months after tapering concludes later this year, it pushes potential upside risk in USD/SGD towards this year's high of 1.2830.

"As the US economic growth momentum picks up later this year, the USD is expected to rise towards 1.30 against the SGD," he said.

The Fed said it would continue trimming its asset purchases and cut its monthly purchases of US Treasuries and mortgage-backed securities to US$55 billion from US$65 billion, after it assessed that the recent weakness in the economy stemmed from adverse weather.

United Overseas Bank (UOB) economist Francis Tan said that although the SGD would continue on an appreciating path against most of the currencies of its trading partners such as the ringgit, the trend would be different for the USD/SGD pair.

"We expect the SGD to weaken to 1.29 by end of the second quarter and to 1.33 by end of the fourth quarter this year," he said.

On interest rates, Mr Tan said the risk was that markets usually moved ahead of expected official policy, so US and Singapore interest rates could rise by Q4.

US Fed officials said the short-term rate could rise to one per cent at end-2015 and at 2.25 per cent by the end of 2016, from 0-0.25 per cent now.
"We can also expect some market volatility to set in in the second half of this year as the financial market tries to pre-empt the Fed by moving ahead of the curve at least six months earlier," said Selena Ling, OCBC Bank head, treasury research & strategy.

UOB's Mr Tan forecast that by year-end, the key three-month Singapore interbank offered rate (Sibor) would rise to 0.56 per cent from 0.402 per cent now, and to 0.78 per cent by the end of Q1 next year.

"It is a reminder that rate normalisation in Asia is inevitable and will happen sooner than markets have expected," said Barclays senior Singapore economist Leong Wai Ho.

Asian economies which are more in sync with the improving US business cycle will see their output gaps close faster and be in a position to hike sooner, he reckoned.

"In Singapore, when US rates are lifted to one per cent by end of 2015, we can expect three-month Sibor to climb by 30 basis points at least," said Mr Leong.

Home buyers on floating rate home loans - about 70 per cent of borrowers - will be affected by the higher interest rates, said UOB's Mr Tan.
Floating rate loans are typically pegged to the three-month Sibor.

"Rates may go up faster than we think," he warned.

Ms Ling felt that interest rate normalisation is positive for Asian economies.

"We think that Yellen's remarks are on balance net positive for Asia in that a stronger US economy, even if accompanied by US interest rate normalisation down the road, should benefit economies and businesses in Asia, especially on the export and manufacturing front," she said.

Importers should consider hedging their US dollar exposure, said Mr Tan.

Tom McCabe, DBS Bank head of global transaction services, said three questions on currency exposure come to mind: Do I need to hedge my cost base or my expected revenues; will the increase in cost of USD-priced goods reduce demand for my products or services; and are any of my suppliers or buyers at risk because of currency fluctuations.

"For companies doing business across Asia, these questions apply to all currencies, not just USD," he said.

The impact on asset pricing will be different however, said Ms Ling.

In the near term at least, there will likely be some volatility in interest rates, bonds, equities and currencies though investors do not need to panic, she said.

"It is better to wait for the knee-jerk market reaction to stabilise and watch for opportunities to hedge any floating rate exposure where relevant.
"The Sing dollar, for its part, will likely trade off the stronger US dollar dynamics as well, like other Asian currencies, but the trade-weighted basket provides a partial anchor of sorts."

Not all think the SGD will slide that much as the Monetary Authority of Singapore (MAS) is likely to maintain its modest and appreciating stance given inflationary pressures here.

The SGD will not be excessively weakened, given the keeping of MAS's "modest and gradual" SGD appreciation stance, and continued trade-related inflows on a recovering US economy, said Leong Sook Mei, Asean head of global markets research, Bank of Tokyo-Mitsubishi UFJ.

"The only prolonged period of SGD depreciation in recent times from the 1.4 to 1.8 handle were during the 1997-2001 Asian crisis and dot-com bubble periods. USD/SGD should go back down towards 1.2600 by year-end," said Ms Leong.

http://www.businesstimes.com.sg/pre...ter-fed-says-rate-hikes-may-start-15-20140321
 
Brace yourself for interest rate hike at the end of this year.
 
Good morning

Anyone here using UOB private or privilege banking in Malaysia? Based on my survey they seem to be able to offer the closest spread to spot for direct exchange (other than through money changer), what are the ways to transfer the funds to Malaysia that is relatively fee free?
 
Brace yourself for interest rate hike at the end of this year.

A hike is more likely for SG properties than MY properties. Then again, the Fed has been susceptible to market pressures, and may change its stance again.
 
Good morning

Anyone here using UOB private or privilege banking in Malaysia? Based on my survey they seem to be able to offer the closest spread to spot for direct exchange (other than through money changer), what are the ways to transfer the funds to Malaysia that is relatively fee free?

I am using UOB private banking...took an equity loan from them in Sg against my Sg terrace house and parked the funds in UOB My in their 3 mth fixed deposit...actually make money as they give around 3% in My but charge 1.5% interest in Sg...had TT the money over so was charged some fees...

Does anyone know what is the historical fixed deposit rates in My? Wondering if I should sell my Sg terrace and put in My for interest passive income to semiretire or retire....But then there is always risk of forex loss if convert back to SGD...
 
Last edited:
BNM to raise overnight policy rate by 25 bps?
May 9, 2014 - PropertyGuru.com.my

While Bank Negara Malaysia (BNM) maintained it overnight policy rate (OPR) at three percent, it latest monetary policy statement hinted at a possible hike in the coming months.

“Going forward, the degree of monetary accommodation may need to be adjusted to ensure that the risks arising from the accumulation of these imbalances would not undermine the growth prospects of the Malaysian economy,” said the central bank yesterday.

According to Alliance Investment Bank Chief Economist Manokaran Mottain, the last paragraph in the statement meant the OPR could be raised in the next few months.

“After reading the statement carefully, we noticed that the central bank’s tone towards the OPR has changed. We believe the adjustment may happen as early as July,” with interest rate rising by 25 basis points (bps), he said.

Notably, a hike in this benchmark rate would mean higher interest rates for property loans.

“Following the issuance of the statement, we are more confident that there will be an increase in interest rate but it will not be at a quantum that could disrupt the country’s economic growth,” noted Mottain.

Nevertheless, the OPR hike is viewed as a stabilising adjustment, he added.

Meanwhile, the government’s macro and micro prudential measures have curbed the dizzying growth of the country’s household debt, said BNM. However, the prevailing monetary and financial conditions could result to a larger build-up of economic and financial imbalances.

Global economic growth softened in Q1 2014 as several important countries were impacted by weather-related and policy-induced factors. “Looking ahead, the global economy is expected to remain on a path of gradual recovery,” it added.

Farah Wahida, Editor of PropertyGuru, edited this story. To contact her about this or other stories email [email protected]
 
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