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Not a bad deal...

jstar

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HSBC offers an IDR deposito in combination with a credit card, which runs for three months and gives you (in total) a 7.8% After taxation and costs. The catch is that you'd have to deposit 550 Juta and spend 15 Juta with that credit card in a period of two months.

Without the credit card, the return would be approx. 7%.
 

snpark

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Is this with the Govt bonds ORI11? Or the new one?
I have similar setups, they are very good for the time deposits and bonds, usually you don't even need the card attachment, they will give you special off or cashback etc
HSBC is best for deposits and Int'l transfers but suck on credit facilities and domestic banking - BCA are superior for that
 

snpark

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Ah ok, I think it is a way to upsell their Premier banking which needs you to hae $50,000 or 500jt with them. So obviously if you do this, they will upgrade you to HSBC Premier and change your credit card etc too
Not a bad deal, you get the dividends 1/4ly which you can then reinvest

I have similar setup
 

R Cameron

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Certainly that must be 7.8% APR, not 7.8% gained in 3 months which would be an insane 31.2% APR. If it's 7.8% APR, you would make close to 11 juta on the 550 juta over those 3 months. What does the rate do after 3 months?
 

snpark

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7.8 a year and if you don't spend 15 jt in 3 months then it goes down to the non promo offer which is still above 6 I think anyway
 

jstar

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Certainly that must be 7.8% APR, not 7.8% gained in 3 months
Of course, bank interest rates like these promos are always expressed annually. Otherwise the title would say something very different.... 😙
 

R Cameron

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Of course, bank interest rates like these promos are always expressed annually. Otherwise the title would say something very different.... 😙
Yeah, it would definitely deserve a different title at 32%. I'm sure most understand the difference, but your original post could be easily interpreted to mean you make 7.8%, so I simply hoped to spare the confusion for anyone not versed in bank rates.

Anything above 6% is quite tempting for money I have sitting in US accounts only earning 2-3%, it's just so hard to guess where the IDR-USD exchange is going. It's been floating around 14,200 lately, if I convert it to IDR getting 7%, but then the IDR drops to 14,800, I would have been better off leaving it in US accounts.
 

jstar

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The dollar is doing quite well, and honestly with the US elections approaching, I don't see it going downhill anytime soon. Of course never say never, but...
 

ukcouple

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sound like a good deal, but would there be any problems changing the 550 juta back to foreign currency in a hurry if necessary.?
 

snpark

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sound like a good deal, but would there be any problems changing the 550 juta back to foreign currency in a hurry if necessary.?
no just a couple of days to surrender and encash, usually any surrender penalty is negated by the gains, then of course to convert idr to usd is same day, so yeh can usually get your cash within a couple of days

HSBC even sent their courier to me with the forms before, signed monday had my money wednesday, depends on how quickly they push it for you if you ask your RM to process it faster
 

jstar

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Any investment in IDR carries a currency risk of course. But if you plan to stay here and don't need the money abroad....

Also, quite many people here do as the tech day trading from before the crash; buy & sell USD is rather popular.
 

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