I have foreign currency and I want to put into high interest savings account (little to no fees and no monthly contribution)

revo on 25/03/2014 - 18:30

Hi all!

I have some foreign currency and I want to put into decent - high interest savings account. Preferably one without fees and monthly contributions.

Amount shouldn't be more than a few thousand at most.

Currencies: New Zealand Dollar, and Chinese RMB.

At what interest rate would I be looking at? and I don't intend to exchange this money, but instead just withdraw when I need to go overseas and just use it there rather than exchanging over there.

I think my mum has a Bank account in China so putting the RMB there is a possibility.

Let me know what you guys think.

Thanks!

Financial

Comments

  • cloudy on 25/03/2014 - 20:24
    +1

    I think u will be lucky if a bank doesn't charge you a massive fee just to bank the money, let along giving u any interest at all.

    Sorry I'm not helpful at all.

  • Cyphar on 25/03/2014 - 20:28
    +1

    HSBC Foreign Currency Account

    CBA Foreign Currency Account

    I have personally used the HSBC account and at the time found it to be pretty good. YMMV ofcourse

  • jace88 on 25/03/2014 - 20:32
    +1

    Do you actually have a decent amount to make it worthwhile? I use citi for my accounts because HSBC wanted to charge me per account. Keep in mind that withdrawing money abroad especially if it's in a domestic bank is not as straightforward as using an ATM. Not all banks will let you withdraw it in cash easily.

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