MM2H so expensive
Jan 16th 2011, 1:50 pm
#16
Forum Regular
Joined: Sep 2008
Posts: 133
Re: MM2H so expensive (Interest Rates)
Hi.
When we deposit our £30,000. (150,000 Malaysia Ringgits) in the Malaysian Bank, it is on a fixed deposit. Any one know what the interset rate is.
Thanks.
When we deposit our £30,000. (150,000 Malaysia Ringgits) in the Malaysian Bank, it is on a fixed deposit. Any one know what the interset rate is.
Thanks.
Jan 16th 2011, 3:00 pm
#17
BE Enthusiast
Joined: Sep 2010
Location: Malaysia Penang.
Posts: 379
Re: MM2H so expensive
Hi willb,
Depends on the Bank you use, but seems to be around 2.8% at present....give or take. Not anyone would call a good financial investment.
Depends on the Bank you use, but seems to be around 2.8% at present....give or take. Not anyone would call a good financial investment.
Jan 17th 2011, 12:38 am
#18
BE Forum Addict
Joined: Apr 2005
Posts: 1,755
Re: MM2H so expensive
Aaah 2.8%
Luvly jubly.
If only I could get 2.8% life would be a dream.
FDs around 0.7% here.
Luvly jubly.
If only I could get 2.8% life would be a dream.
FDs around 0.7% here.
Jan 18th 2011, 3:01 am
#20
...............
Joined: Feb 2009
Location: Far North Queensland
Posts: 17,625
Re: MM2H so expensive
Ya Jim, but the MM2H Fixed Deposit needs to be in Ringgits in a Malaysian bank I believe.
We did our Fixed Deposits at Maybank and wished we hadn't as the interest rates always seem to be crap at that bank. But we're just coming up to one year time, are buying a property here, so have just got the letter from the powers that be to take out 50K of the deposit - yippee
And what shall we do with it? We're going to take it along to Hong Leong Bank, bung it in and tell them to convert to Aussie Dollars, special promotion on at the moment 7 per cent tax free. Yup... you are not dreaming.... SEVEN percent
Must tip off all the punters on that other place too, heh heh
We did our Fixed Deposits at Maybank and wished we hadn't as the interest rates always seem to be crap at that bank. But we're just coming up to one year time, are buying a property here, so have just got the letter from the powers that be to take out 50K of the deposit - yippee
And what shall we do with it? We're going to take it along to Hong Leong Bank, bung it in and tell them to convert to Aussie Dollars, special promotion on at the moment 7 per cent tax free. Yup... you are not dreaming.... SEVEN percent
Must tip off all the punters on that other place too, heh heh
Jan 18th 2011, 3:11 am
#21
BE Forum Addict
Joined: Aug 2008
Location: Far from home!
Posts: 1,024
Re: MM2H so expensive
Ya Jim, but the MM2H Fixed Deposit needs to be in Ringgits in a Malaysian bank I believe.
And what shall we do with it? We're going to take it along to Hong Leong Bank, bung it in and tell them to convert to Aussie Dollars, special promotion on at the moment 7 per cent tax free. Yup... you are not dreaming.... SEVEN percent
Must tip off all the punters on that other place too, heh heh
And what shall we do with it? We're going to take it along to Hong Leong Bank, bung it in and tell them to convert to Aussie Dollars, special promotion on at the moment 7 per cent tax free. Yup... you are not dreaming.... SEVEN percent
Must tip off all the punters on that other place too, heh heh
Good that you can get 7% somewhere in these days of very low interest! I work with a Sri Lankan who was getting >20% about 18 months ago, but down to 5 now!! Anyway all related to the vaLUE OF YOUR CURRENCY I guess!
I recedntly looked at the ringit/USD exchange rate and was shocked to see it was something like 3.03. Seem to remember it was about 3.6 a year ago when we visited Malaysia! ugh!
Jan 18th 2011, 3:18 am
#22
...............
Joined: Feb 2009
Location: Far North Queensland
Posts: 17,625
Re: MM2H so expensive
Just a weaker US Dollar and a stronger Ringgit, isn't it? Quite a few of the Asian currencies are strong at the moment including the Ringgit, and that of course plays havoc with those trying to get MM2H with funds in another, perhaps weaker, currency. Really feel for those folks.
Jan 22nd 2011, 10:32 am
#23
BE Enthusiast
Joined: Sep 2010
Location: Malaysia Penang.
Posts: 379
Re: MM2H so expensive
Good time to look at buying AUD as its down to around 3.02 to the RM. Month ago it was over 3.10. Aussie fixed deposit I think will continue to climb. 2 years ago it was possible to get 3 year terms at over 8% and the culture of higher interest has been down there a long time.
Jan 23rd 2011, 7:29 am
#24
...............
Joined: Feb 2009
Location: Far North Queensland
Posts: 17,625
Re: MM2H so expensive
Yup... go Aussie go 
Getting some good deals here in Penang for Aussie dollar deposits, and the interest is tax-free
I know the interest rates are higher in Aus but don't you have to pay tax on the interest?
Getting some good deals here in Penang for Aussie dollar deposits, and the interest is tax-free I know the interest rates are higher in Aus but don't you have to pay tax on the interest?
