Buying/Investing in Singaporian Dollars

grubby23

Hi guys,

Would love to invest around 10K in Singaporian Dollars. Anyone an idea how I can do that best? Is is possible to go to HSBC and tell them to open an account in Singaporean Dollars? Would also be great if I get at least some interest paid on this money.

Thanks for your help!

hermante

grubby23 wrote: »

Hi guys,

Would love to invest around 10K in Singaporian Dollars. Anyone an idea how I can do that best? Is is possible to go to HSBC and tell them to open an account in Singaporean Dollars? Would also be great if I get at least some interest paid on this money.

Thanks for your help!

What is the purpose of this? I don't believe HSBC UK offers SGD accounts. You'd get about 0.1% interest anyway. Your options are to go to Singapore, or "invest" 60K in which case HSBC UK can open an account in HSBC Singapore for you.

If you think GBP/SGD is going to fall, then you might as well look for the best bureau de change and exchange cash.

grubby23

Thanks for your answer!

Indeed, the GBP/SGD is definitely going to fall. However, I do not wanna have 20K in Singaporian Dollars in my house, therefore the exchange bureau is not the best option for me. I am sure that in Singapore the interest rates are higher than 0.1%, so would be great if I could get the money into an account there. However, if I need to have at least 60K that seems a bit too much for me unfortunately.

temagami

Some UK banks will take SGD deposits over here - HSBC and Co-op are two that I know do. You will pay some kind of annual admin fee on it. Not sure what minimum deposit size is.

If you want to open a deposit account with a bank in Singapore, you can but it appears it needs to be done in person for most banks (current accounts aren't possible for non-residents). HSBC and Citi may let you open an account in SG from a UK branch without needing to travel. The three Singaporean banks - DBS, OCBC and UOB - have a UK branch, but not sure if it's deposit taking for retail business or just commercial banking - may be worth asking.

Unfortunately, interest rates are minimal - about 0.15% to 0.75% depending on deposit length. SG always has low rates - it governs monetary policy through the exchange rate instead.

oldtoolie

If you simply want to hedge/speculate on the SGD, there are ETFs to do that.