If I feel Singapore growth is gonna be stagnant for the next few years, or if SGD is not going to be as strong in the future, is there any ways to store SGD in other currency for a long term? - Seedly
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Anonymous

Asked on 18 Nov 2019

If I feel Singapore growth is gonna be stagnant for the next few years, or if SGD is not going to be as strong in the future, is there any ways to store SGD in other currency for a long term?

For example, opening an account in US, and exchanging my SGD to USD and store there, whenever the forex rate is favourable.

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Elijah Lee
Elijah Lee
Top Contributor

Top Contributor (Jul)

Level 10. Unicorn
Answered on 18 Nov 2019

Hi anon,

One option is to consider transferring your funds to a trading account, and then converting to USD. POEMS allows you to do that, and while waiting, you can hold USD and earn from the money market fund (USD and SGD only). There are also other currencies available if you wish to hold.

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👍 3
Paridhi Jhunjhunwala
Paridhi Jhunjhunwala, Associate at Kristal.AI
Level 7. Grand Master
Answered on 18 Nov 2019

Hi!

You can use your excess capital to invest in global markets so as to benefit from the appreciation of other currencies. This will also provide diversification benefits in your investment portfolio.

Kristal.AI is one such robo-advisor, which allows you to make global investments through the platform. You can make use of the algorithm, which will suggest an optimal portfolio based on your investment objectives and risk appetite.

Hope you find this helpful!

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You may consider a multi-currency account, e.g. DBS Multi-Currency Account.

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Question Poster

18 Nov 2019

Oh. sure. thanks. i will check it out.
Pang Zhe Liang
Pang Zhe Liang

18 Nov 2019

Be sure to check out other banks too. And hit the upvote button 👍🏻 if my answer helps. Cheers!
MT2020
MT2020
Level 7. Grand Master
Answered on 06 Mar 2020

You can create a multi currency account and change your money through it. You can also used the other currency to buy other equities to improve returns.

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Alex Chua
Alex Chua, Freshmore (Engineering System Design) at SUTD
Level 6. Master
Answered on 28 Feb 2020

U may want to consider multi-currency card. It can help u store but doubt that it will earn you interest as of now. Otherwise, multicurrency account.

Another way is buy foreign stocks

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Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 28 Feb 2020

There's this account by standard chartered which I use, USD high account, to store my USD.

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jul)

Level 9. God of Wisdom
Updated on 27 Feb 2020

There could be some value to put it into safe havens like Swiss Franken CHF

(or Japanese currency?)

However I would discourage currency speculation generally.​​​

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