How To Keep Foreign Currency Before Being Counted? Bank PK Has An Answer.

Small differences between Chinese banks

Some varieties have advantages.

Comparing the Bank of China, the industrial and Commercial Bank of China, the Agricultural Bank, the Construction Bank, the Bank of communications and the China Merchants Bank, the author finds that the interest rates of foreign currency deposits given by each bank are relatively small.

Compared with foreign banks, some currencies such as sterling, euro and Hong Kong dollar have advantages.

Data show that at present, commercial banks in general have currency and time deposit services such as dollar, pound, euro, Japanese yen, Hong Kong dollar, Canadian dollar, Swiss franc, Australian dollar and Singapore dollar. The Bank of communications has Korean or New Zealand dollars or Malaysia ringgit's demand or time deposit service. Investors can pay close attention to it, so it is best to choose a more convenient bank.

The six banks have advantages in interest rates such as ICBC, agricultural bank, construction bank and Bank of communications.

Specifically, the highest interest rate for regular and current deposit is Australian dollar, which is significantly higher than other currencies.

On demand and 7 day notice deposits, basically all Chinese banks took 0.2375% and 0.2625% interest rates, and regularly watched 1, 3, 6, 1, 2 years' interest rates 1.24%, 1.3125%, 1.325%, 1.325%, and 1.325%, respectively. Only a few banks had a percentage difference.

Compared with the US dollar interest rate held by investors, there is little difference. On demand deposits and 7 day notice deposits, all 6 banks have taken 0.05% and 0.05% interest rates, while in the 1 months, 3 months and 6 months, the interest rates given by Bank of communications are higher, reaching 0.25%, 0.35% and 0.55% respectively.

The 1 - and 2 - year banks that have the advantage of industrial and commercial bank, agricultural bank, construction bank, Bank of communications and other banks offer interest rates of 0.8%.

On the Hong Kong dollar, the differences between the six banks were smaller, the demand for deposits and the seven day notice deposits were all 0.01% and 0.01%. The 1 months, 3 months, 6 months and 1 years were 0.1%, 0.25%, 0.5%, and 0.5%, respectively.

Overall, however, the difference between Chinese banks is not big. The biggest difference is only 0.1 percentage points. Investors can choose according to their own funds.

If the amount of money is small, convenience can be considered as the first consideration.

Foreign banks have obvious advantages.

Value preferential activities

Foreign currency demand and time deposit interest rates, foreign banks have more obvious advantages, especially in Australia, New Zealand and other strong varieties.

In addition, the preferential interest rates for us dollars and Hong Kong dollars are also worth noting.

Comparing Standard Chartered Bank, Dahua bank, HSBC and Hang Seng Bank, we find that foreign banks' interest rates on demand and time deposits are quite different.

Generally speaking, foreign banks' foreign currency demand and time deposit businesses provide services such as US dollar, Hong Kong dollar, euro, Japanese yen, Australian dollar, pound sterling, Canadian dollar, New Zealand dollar, Singapore dollar and Swiss franc.

Still more popular at the moment

For example, the current standard of demand deposits and 7 day notice deposits is the Standard Chartered Bank, giving interest rates up to 1.2% and 1.6% respectively, which is comparable to the 6 month deposit rate of the Chinese banks.

In terms of time deposits, Dahua bank has more advantages. 2 weeks, 1 months, 3 months, 6 months, 12 months and 13 months respectively give 2.5%, 2.8%, 2.6%, 3%, 3% and 3% interest rates, which is very impressive.

The 1 year interest rate of Standard Chartered Bank and Hang Seng Bank is also 2.5%.

On the dollar, the advantage of foreign banks is not obvious.

Specifically, the deposit of demand and 7 days notice is basically at 0.05% level. Standard Chartered Bank's 7 day notice deposit is 0.1%. The advantage of fixed deposit is Standard Chartered Bank. It is 0.2%, 0.45%, 0.45%, 0.45%, 0.45%, and 0.2% respectively in 1 months, 3 months, 6 months, 1 years and 2 years.

Hong Kong dollar

There is little difference between Chinese banks and foreign banks in terms of interest rates and time deposits.

The advantage of current deposit is that Standard Chartered Bank gives 0.05% interest rate, while the advantage of time deposit is Dahua bank, especially 3 months, 6 months, 1 years and 13 months, giving 0.5%, 0.6%, 1% and 1.6% interest rates.

except

Foreign banks also provide special services for VIP customers to deposit interest rates up to 0.05 to 0.1 percentage points.

If Standard Chartered Bank has 13 months' time deposits, the annual interest rate of US dollar and Hong Kong dollar will reach 1%, which is very attractive.

Because foreign currency demand and regular interest rate change is bigger, investors must compare three goods, choose the most advantageous varieties.

Three practical skills

After comparing the interest rates of 11 banks, there are three practical skills worth paying attention to.

First of all, the choice of currencies, investors holding foreign currency, and the short term do not need to convert into RMB, we need to analyze from the two angles of foreign currency interest rate and foreign currency exchange rate. On the one hand, we should choose high interest rate currencies to obtain more interest income, on the other hand, we should choose hard currency, that is, choose the currencies that the expected exchange rate will rise.

When the two can not be taken into account, investors should be flexible in deciding and making decisions.

If the current Australian dollar deposit rate is the best, it deserves our attention.

Second, there are skills to choose the storage period.

Financial experts say that the regular deposit of foreign currencies is usually divided into 1 months, 3 months, 6 months, 1 years and 2 years.

If the current interest rate level is at a high level, a two-year long term foreign exchange deposit should be selected. When the interest rate level is relatively stable, interim savings of one year can be selected. When the interest rate level fluctuates or the trend of change is not obvious, it is best to choose short-term savings for 3 months or half a year to wait and see.

It is worth noting that for some varieties with small difference in demand rate and regular yield, it is better to choose survival period and have higher cost performance.

In addition, investors can, according to their own experience, judge the financial situation at home and abroad and the level of interest rates at that time, and choose the duration of foreign currency storage.

Third, it is best for investors to agree to automatic pfer procedures with the banks when they first deposit foreign currencies on a regular basis. After the expiration of foreign currency deposit, the bank will automatically deposit the total amount of the original foreign currency savings deposits and deposits in accordance with the fixed term stipulated in the original deposit slip, and deposit it into a new regular foreign currency deposit on the basis of the bank's foreign currency interest rate on the pfer day. This is more convenient.

However, interest rate changes in foreign currency are relatively fast, so it is best to grasp the rhythm flexibly.

In addition, investors need to pay attention to the difference between the regular demand threshold of Chinese banks and foreign banks, and the general threshold of foreign investment banks will be higher, especially those with high interest rates.

In addition, investors should pay attention to whether there are other charges before they deposit foreign currencies. This is an important part of the actual income.

"If it is a small foreign currency regular or current deposit, it is better to choose the most convenient channel, and do not need to open a bank card for the sake of slight interest rate difference."

According to a financial expert.