I''m not sure why would you need to open a foreign bank account. Just simply open a multi-currency account and most banks will have Time Deposit service. The interest rate for USD Time Deposit is about 2%
ask Commercial Crime Bureau for advice
Be careful and read the fine print. A lot of these foreign currency deposits offer decent rates on new deposits, but you must do the currency exchange within the bank. Some banks have pretty bad exchange rates so that will offset the higher deposit rates
Thank you for this. I put a 3 months time deposit with BOCHK, at 2.08% p.a. I didn't know it was so high before this thread.
It's not going to be much money, but better than nothing, and it keeps up with inflation. I wonder how Certificate of Deposits compare with time deposit. I am going to start another thread, to have more people giving ideas.
If capital preservation is main concern for OP, i think CDs are not ideal for him...https://www.business.hsbc.com.hk/en-...tes-of-depositCertificates of Deposit are NOT equivalent to time deposits. Certificates of Deposit are NOT protected deposits and are NOT protected by the Deposit Protection Scheme in Hong Kong.
If you wish to sell CDs, HSBC may repurchase it based on the prevailing market price under normal market circumstances, but the selling price may differ from the original buying price due to changes in market conditions.
The secondary market for CDs may not provide significant liquidity or may trade at prices based on the prevailing market conditions and may not be in line with the expectations of CDs holders.