Overview of Bank of East Asia Foreign Currency Fixed Deposit Account
BEA or Bank of East Asia offers its Foreign Currency Fixed Deposit Account to be denominated in 9 major foreign currencies including the Australian Dollar (AUD), Great Britain Pound (GBP), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Japanese Yen (JPY), the United States Dollar (USD), Swiss Franc (CNH), New Zealand Dollar (NZD) and Euro (EUR). The Bank of East Asia is one of the very few banks in Singapore to offer competitive interest rate packages for their Foreign Currency Fixed Deposit Account denominated in Euro (EUR) currency. Additionally, the bank also offers an array of flexible deposit tenures ranging from 1 week and up to a maximum of 12 months. However, if you wish to choose a deposit tenure of 1 month or above, you will be required to open a fixed deposit account with a minimum placement amount of at least US $20, 000 or its equivalent in the Euro (EUR) currency. Also, if you would like to renew your fixed deposit or a withdraw your savings from this account, you will be required to give Bank of East Asia, Singapore instructions at least 2 working days in advance for them to process the same.
Most banks in Singapore these days offer Singapore citizens and foreign nationals various fixed deposit schemes with the option of choosing different currencies, but only a few offer the opportunity to earn an interest rate on Euro currency deposits. With low yield in Singapore dollar fixed deposit, many Singapore citizens are showing interest in foreign currency fixed deposits. Bank of East Asia or BEA is one among the very few banks that offer attractive interest rate packages for its foreign currency fixed deposit in Euro (EUR).
While choosing a fixed deposit scheme, you must make sure that the financial institution you are going for is trustworthy and is known for offering guaranteed payouts. Bank of East Asia is one such bank offering guaranteed payouts on Euro Foreign Currency Fixed Deposit. And when it matures, you will get access to your money without any hassles. With BEA you will also get higher returns with potential of risk hedging.
Bank of East Asia Euro foreign currency fixed deposit interest rates
Bank of East Asia offers its account holders an interest rate of 0.0010% p.a. for a period of one month to six months with an initial deposit of EUR100,000.