Do I have to open a new Current / Savings Account (SGD / FCY) if I have an existing one?
If you have an existing Foreign Currency (FCY) Current / Savings Account denoted in the same currency as your FCFD application, you do not need to open a new account. This account will be used to facilitate your FCFD placement as well as to credit your maturity proceeds on the day of maturity.
If you have an existing SGD Current / Savings Account, you may use this account to facilitate your FCFD placement. However, for the purpose of crediting your FCFD maturity proceeds, a new FCY Savings Account in the denoted currency will automatically be opened for you. Upon submission of the application, your new FCFD account number, placement number and new FCY Savings Account number will be provided onscreen almost instantly.
Note: There will be foreign exchange involved when you debit from your SGD Current / Savings Account to make an FCFD placement. Upon selection of the SGD debiting account, the prevailing foreign exchange rate will be populated on the page and it will be available for 3 minutes.