12% pa with HANG SENG bank, whats your opinion?

[Gevening]

https://www.hangseng.com/cms/emkt/pm...01904_gen_home
This does seem quite tempting but what are the things l should look out for, l know for sure the exchange rate you will get is likely worse than the retail rate.

[traineeinvestor]

How much of that return will get chewed up by the costs of converting the HKD to FX and back again?

Also, as The Brit has pointed out, 12.8% pa for a week is not much (less than a quarter of one percent) after which I assume you are back to more normal interest rates on your shiny new FX deposit?

[bdw]

If you have some ties to Canada, and just so happen to be needing to send some money to Canada right around now, then its a great deal and get a small boost on your money before you send it there in a weeks time. For 99.99% of the rest of us, it's not that great.

[Gevening]

thanks for info, guess its not so attractive after all. but couldnt we just repeat the process, open another 1 week for as long as the promotion goes on?

[Drunken Master]

thanks for info, guess its not so attractive after all. but couldnt we just repeat the process, open another 1 week for as long as the promotion goes on?

The requirements are: change HKD into foreign currency and set up time deposit. You could repeat after one week but with new HKD that you convert into foreign currency. Changing the foreign currency back into HKD will result in a loss as the spread is more than 1%.

[traineeinvestor]

The requirements are: change HKD into foreign currency and set up time deposit. You could repeat after one week but with new HKD that you convert into foreign currency. Changing the foreign currency back into HKD will result in a loss as the spread is more than 1%.

Sounds like a good deal ... for HSB shareholders.

[freeier]

i think the world really has alot of people that doesn't understand number and conditions.. just don't see why anyone would even bite such an offer if its not specific like what bdw mentioned... and HSB actually had the courage to set this up as a special offer.. hmmm