bigwoofa

Can I open bank account in HSBC branch in KL even though I will retire in Penang?. Trying to save time to go to Penang on my visa trip to Malaysia.

Davita

You can open an account with HSBC in KL, assuming you qualify, without living there. I have one in KL, where my MM2H FD is held, and I don't even live in Malaysia.
Later, when retiring to Penang, if the KL Branch is inconvenient, a transfer to any other branch is easily done, but not necessary, as HSBC Premier has an excellent internet banking service.

edit: I should have added that the FD (fixed deposit) for the MM2H can also be used by the bank for their required FD to attain Premier Global Status. I remember the bank has a higher FD requirement so maybe an extra FD, to cover the difference, will be necessary to achieve that purpose.

bakedbean

I've deleted my previous post. Looks like HSBC works in a different way to other banks then.

JC3

Hi BigWoofa,

Good advice from Davita above. For HSBC Premier status in Malaysia you need RM200,000 on deposit/ invested with them here.

It may be worthwhile splitting your MM2H Fixed deposit into two, if you intend to buy a car or a house for example (Such as one for RM100,000 and one for RM50,000). That will make it easier to do a partial withdrawal later by closing one FD whilst maintaining the other.

Also remember to instruct HSBC to pay the annual interest into your current account, rather than add it to your FD capital (otherwise you can't touch it).

See the withdrawal requirements below (copied from the MM2H site)

MM2H participants are allowed to withdraw partial of the required Fixed Deposit from the second year onwards (RM50,000 for aged 50 years and above) / (RM150,000 for aged 50 years and below) for approved expenses related to house purchase, car purchase, education for children in Malaysia and medical purposes. They have to maintain the balanced RM100,000 (for aged 50 years and above) / RM150,000 (for aged 50 years and below) of Fixed Deposit until they terminate from MM2H Programme.

Apologies if you know all this stuff already.

JC3

bigwoofa

Hi Davita/BB/JC3

Many thanks for your reply and great advice. I am already a Premier customer of HSBC in Jersey but amount is lower in Malaysia so will think about it all. I have my approval letter but still working at the moment (until next year), but have to visit Malaysia to get my visa as 6 months are up end of June.

I am trying to fit in a family holiday and was just trying to avoid going up to Penang to save a bit of time.

Will have to do a bit of research where HSBC is in KL and how to finalise all remaining documents before going to PJ to get my visa.

Thanks again to all

Davita

I did the same...my original Premium FD was Jersey in UK£, then swopped to Canada in C$, then to KL in MYR, with the MM2H Visa FD as support.... but now to HSBC Jakarta in IDR as that FD to maintain Premier Global Status is less than MYR150,000.... and the interest rate in IDR is 7.5%.
So you can see that it isn't difficult to achieve...you can ask HSBC KL to transfer your FD for Global Status to them then you can liquidate the Jersey FD or whatever you use there to support the Premier requirement.
The risk is global currency movement but I'm scared of the UK£ right now (until the Brexit referendum) and recently liquidated most sterling into other currencies.

JC3 is correct...make sure you also open a current account in KL and have all interest accrue to that account.

btw HSBC is in central KL and any taxi can find it as not far from the railway station. You will need to get that FD sorted BEFORE you go to Putrajaya.

NeonHippy

Bigwoofa, as a premier client you should be able to pick up the phone to expat banking and have them open an account in Penang without even coming here. It is one of the services they advertise, although I haven't tried it. Make sure you ask them to open the account in the Downing Street branch. Downing Street are well versed in dealing with MM2H customers and set up two FD's for me with the interest being paid into my current account without even prompting.

But, depending on when you are coming to KL This may not be the best move as you will need the letters from the bank confirming the FD's are in lien to MM2H etc. There may not be time to get these posted to the UK. Try asking if they can be held by the branch in KL for you to collect. The KL branch by the way is right next to Masjid Jamek which is a stop on the lrt so easy to get to from any hotel you choose.

Davita

NeonHippy has a good idea...you could easily open an account in the HSBC Penang Branch now, ahead of your visit and eventual MM2H residency. You could then Global Transfer sufficient funds when you see the best rate. I'd suggest watching your UK£ (in Jersey) as it is coming under heavy pressure leading up to the Brexit referendum.
But I'm not sure you will be able to sign all documents pertaining to the MM2H lien as it takes lots of signatures, etc....using mail maybe not the best way to do that.

When we came to KL from Canada we were in the KL Branch for about an hour to open a joint account, global transfer an amount from Canada, get the manager's best rate of exchange to MYR, fix the 3 deposits (2 for the split MM2H and 1 to attain Premier Status) and the current account, emerge with the document and went straight to the MM2H office (prior to its move to Putrajaya). Oh! we also had lots of coffee and cookies.
If I were to live in Penang it would not have been difficult to open another account there for local use, after arrival, but we moved instead to Bali...I know ???......and Bali doesn't have any HSBC branch.

InVinoVeritas

I tried this without much success, when I got to HSBC Downing Street no account was opened. They said they needed proof of address and sight of passports before they could open the account.

I would say that was much quicker than my experience, I had time for lunch and supper (slight exaggeration). Unfortunately, it's the customers who are "premier" not the staff

Davita

Ok! I confess I might have also exaggerated......it was a morning exercise, then lunch, then getting the medical was the afternoon exercise....but that took less than an hour.

SushiFan

I notice that your question relates to HSBC, but I can tell you that this is possible for CIMB. I opened my accounts (2xFD + current) in KL in the morning and my agent went to get my MM2H in my passport in the afternoon. By the time I actually moved from abroad to Penang, several months later, I went to the local CIMB branch and had the addresses on these accounts modified.
Funny thing at CIMB: every time that you want them to do something for you they require three (!) items to identify yourself. For me they usually copy my passport, my MM2H in my passport and my Malaysian driver's license.

bigwoofa

Hi All

Sorry for delay in responding, am currently working in Qatar, so time difference.

I tried to get HSBC Jersey to open an account (twice) in Penang, as they advertised that they could do so as a Premier account holder, and they said it would be quicker for me to fly there and open an account.

Gunnar45

Does it really matter if the MM2H FD is with a KL branch?
I mean, certainly it could be arrranged to have the interest paid into a Penang branch account?
And couldn't the allowed withdrawal for car or condo etc purchase be handled from Penang?

bakedbean

I haven't experienced that . No ID if I see my RM. If I see someone else, just show passport.

teejaydee

The problem with HSBC Premier is their claims to be able to open accounts in other countries is subject to the rider "subject to local rules and regulations".

My experience was that I walked in to the Beach Street branch, clutching a rental agreement and utility bills. I was told, however, the Malaysian government permits the opening of accounts to foreigners only if they possess either a work permit or an mm2h letter of approval. I had neither, so walked out account-less.

Actually, I was neither surprised nor disappointed, as I had received the same rejection (and reason) at CIMB, Maybank, RHB and Citibank.