₦airaland Forum

GabbyHonda:
Hello people,
Please we need advise on the most reliable Mutual Funds provider as at now apart from stanbicibtc

We have stanbic already and they are not bad at least.
We want to close our FBNQuest MMF cos we are not getting the necessary support. They never reply ur mails early and even started to ignore subsequent mails.

Please which MMF is very good in terms of rates, reliability, customer support (i.e. good/quick responsiveness to customer's enquiry/requests) and a good self service app.
Please advise from your own experience not hear say. Thanks a lot

Gotocourt:
Hello guys, how's the rates and services of ARM ONE asset management?🙏

awesomeJ:
Guys, please how do you fund your StanbicIBTC dollar fund?
It's been a while since I last used them. Last time I did, they had a USD account at Stanbic that I could transfer to, so it was Stanbic to Stanbic transfer with no charges.


If I put in $1000 and it makes just $15 in 3 months, I don't want to end up paying up to $30 dollars as transfer fee for both deposits and withdrawals.


How do you guys do it?

A305:
Equity investment is a high risk, high reward investment. Disregard the current loss as it's a long term investment. You might wake up next week and that 10k could probably turn 30k.

You should have done your research before investing but It's clear you decided to test the waters with little amount.

Equity investment is you playing a long game; it isn't as low risk as MMF as you are liable to loose your CAPITAL.

Rufusmayle:
People who purchased Nigeria Equity Fund has made closed to 50% of the money they invested.

How about those who didn't ?

awesomeJ:
Guys, please how do you fund your StanbicIBTC dollar fund?
It's been a while since I last used them. Last time I did, they had a USD account at Stanbic that I could transfer to, so it was Stanbic to Stanbic transfer with no charges.


If I put in $1000 and it makes just $15 in 3 months, I don't want to end up paying up to $30 dollars as transfer fee for both deposits and withdrawals.


How do you guys do it?

emmasoft:
That is good, but you can have another one dedicated and used as your personal pension scheme.

The current one can be used for other purposes. Just my suggestion,
otherwise you can continue the current one as you pointed out.

Samchi4christ:
You are safe ,if it's Cowrywise 👍. Check my signature to invest in US stocks too on Bamboo ❤️

KBARBIE:
Hi Emma, can one have more than one mmf accounts?

Gotocourt:
Hello guys, how's the rates and services of ARM ONE asset management?🙏

alezzy13:
I have used them for a number of years and would rate thier services very highly.

Customer service is top notch and rates are comparable. Currently thier MMF is 20.9%

ytdivine:
Is there any charge on the 20.9%?

BuchyD:
Of course yes!.... 10% WHT on the 21% leaving you with about 19% net interest.

bassdow:
my take on this is, except you've got Dollar already, might not really make much sense or any at all due to exchange rate convert fees. One needs consider cost of converting from Naira to Dollar and back EXCEPT of course the Naira decides to jumpp from 1,550 per Dollar to 1,000 naira per Dollar overNight

Allboiz:
Why don't you convert to naira an invest in naira?

Naira investment is better than any dollar investment at the moment.

However, if you insist, put it at the back of your mind you'll mostly likely run into loss if your dollar Investment is not for a long term (like 10 years). And this will happen due to different charges on dollar transfer. Don't be surprised that you may end up paying up to 100usd for 1000usd transfer. So do your math well.

ytdivine:
Which means Stanbic MMF @19.40 or so is better

BuchyD:
All investments( MMFs included) gains are subject to 10% Tax as far as I know.

20%.... lands at 18% net
15% . ..13 5
10%.....9%
Etc.

awesomeJ:
I actually have naira primarily.

I was just trying to see if I could get 6% net of all fees from the USD holdings, so I can have like 5-10% of my portfolio in a second currency.

bassdow:
Like I said earlier, do your calculations before going ahead to be sure it's what you want. Every FX transform from weaker to stronger currency involves some level of loss hence your 10,000 naira when converted to Dollar, looses some amounts. You need be sure the interest you earn would offSet that loss and still earn you substantial amount. With how stable the naira is at the moment, you need thread carefully and also, if it's for the short term (which means you might need the money any time soon), don't bother at all.

TLDR; Compare interest rates between Local MMF and USD based MMF, ensure after deducting Foreign exchange conversion looses, it's still worth it

awesomeJ:
These charges are exactly the variables I need to know to run the maths.

It'll be best to have someone share their experience.

awesomeJ:
Your advice is redundant.

If I'm asking for people who have experience on what the current fees are, why do you think I need it??


This advise you're giving is what I would have given you myself 5-6 years ago.

When you quote people's posts, always try to answer what they ask if you have the answer, not trying as a graduate student to lecture your professor with the assumption that he doesn't know what you know.

alezzy13:
I have used them for a number of years and would rate thier services very highly.

Customer service is top notch and rates are comparable. Currently thier MMF is 20.9%

ytdivine:
Which means Stanbic MMF @19.40 or so is better

synoble:
Pls does Stanbic take WHT upon withdrawal?
ytdivine

bassdow:
oh!!!
You right.
But my responses to even a single question ain't meant for consumption of a single person.Thanks Oga Prof

synoble:
Pls how much percent is their management fee?
alezzy13

ytdivine:
Is there any charge on the 20.9%?