Asked by Anonymous
Asked on 18 Nov 2019
For example, opening an account in US, and exchanging my SGD to USD and store there, whenever the forex rate is favourable.
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.
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!
You may consider a multi-currency account, e.g. DBS Multi-Currency Account.