NeonHippy

Normally when you use a bank to transfer money across currencies the bank will have a spread of around 3% around the center exchange rate. In addition there will be transfer charges. These fees get even worse if your home bank is different to your Malaysian bank.

If you are an HSBC premier customer there is no charge to move your money. I also found that the exchange rate I got was very close to the best rate that I could get using a dedicated FX company which was an unexpected surprise. But the big advantage will come if you decide that Malaysia is not for you. The ringit is a restricted currency which makes it very difficult to transfer out, few FX companies can do this if any. There was a good thread on this around November time. But as a premier customer you will be able to use global view to freely move money across your accounts and presumably with a similarly good exchange rate.

I would definitely say it is worth while putting a bit extra into another fixed deposit to establish yourself as a premier customer. Particularly if you are retired and will be transferring some or all of your pension to Malaysia on a monthly basis.

Another tip, if you are in the UK is to get a Santander Zero credit card. I use this for all foreign purchases when travelling as it is one of the few cards that does not add a charge for foreign transactions or hide behind poor exchange rates. In fact if you are travelling and cannot find an HSBC ATM it can work out cheaper to use this credit card than using your debit card. But you must remember to pay it off in full each month.

Note, I am not affiliated to Santander in any way.

Tom747

Davita and NeonHippy, thanks for your advise. Very helpful. I will definitely consider to become a premier HSBC customer in Malaysia.

As a matter of fact I do already have a bank account with them in Hong Kong. But I wasn't aware of the different statuses. But does being a Premier customer in Malaysia automatically mean I will get the same status in Hong Kong?

Is it perhaps so, that all the assets I will have with HSCB anywhere in the world are added together? BTW, in Hongkong I have a very convenient multi-currency account. Does HSBC offer those in every country and location?

Davita

[QUOTE=Tom747;11580973]
1.As a matter of fact I do already have a bank account with them in Hong Kong. But I wasn't aware of the different statuses. But does being a Premier customer in Malaysia automatically mean I will get the same status in Hong Kong?

1a. Premier status in any country becomes Premier globally.
You could see your HKG manager and create Premier status there and, on opening an account in KL, it will automatically have Premier status. Later, you can transfer the Fixed Deposit (FD) requirement to whichever HSBC you want. The MM2H FD also qualifies for that requirement.

2. Is it perhaps so, that all the assets I will have with HSCB anywhere in the world are added together?
2a. No, each account is separate but, using internet, can be seen together on the same page under 'Global View'.

3. BTW, in Hongkong I have a very convenient multi-currency account. Does HSBC offer those in every country and location?
3a Not sure. In Jakarta I have CDN; UKP; IDR and transfer IN accordingly, then choose when to do the currency exchange. So far I've not transferred OUT.
Our accounts in HKG; Vancouver; KL and UK are in local currencies.
/QUOTE]

jeez...I sound like an HSBC banker...I wish.... especially when I see what those HSBC managers in Switzerland got as bonuses....but not what jail-time they might ultimately get....

NeonHippy

tom777,
As stated if you qualify as a premier customer in one country you qualify in every country that you bank. One point to note, when I did this, the funds arrived in my UK account after I had flown to Malaysia. HSBC could not access my UK accounts so to change my UK account to a premier one I needed to pop into the UK branch when I got back. The tip here is to look at the Premier qualification requirements and see which is lower and establish yourself as a premier customer there first.

In the UK HSBC do not offer accounts in other currencies but I can't think of any other bank that does. Here if you want accounts in other currencies you would need to contact HSBC Expat banking. they are based in Jersey but only offer accounts in steering, usd and euros. Not much use in the Far East.

bakedbean

Really?? That must've changed then. When we had our business in the UK, we had accounts in various currencies. That was HSBC.

Currency accounts are available in Malaysia. We have foreign currency accounts with both Hong Leong and CIMB, as well as ringgit accounts.

NeonHippy

I haven't tried asking for a foreign currency account but spent quite a while on the HSBC web site before answering the question and found nothing. As soon as we told HSBC we were interested in moving overseas they put us in contact with the expat banking people. Although I think they were looking more closely at advising us to move our money off-shore than holding multiple currencies.

OriginalSunshine

I have a UK account, in sterling.
Jersey account in USD, EUR, GBP
UAE account in AED
malaysia account in GBP, EUR, MYRremier status comes from jersey account

Tom747

Sounds good. I'll definetely make sure to become an HSBC Premier customer in Malaysia. It will have to be in KL however, as I shall fly there in April to collect my MM2H visa. Is anyone familiar with the HSBC branch in Bukit Bintang and can suggest a specially skilled relationship manager who ideally is familiar with MM2H as well?

When I'll arrive I'll have to set up a bankaccount and fulfil the other requirements to achieve that visa. Can anyone let me know the most efficient way to get these things done in KL? I read the relevant section of how to actually collect the visa in Putrayaya in the Pick of Penang blog. However, can anyone advise on how and where to get the the medical report and the requirements re Security Bond done? How long is all of this likely to take? In terms of insurance I have a polocy with Alliance with worldwide coverage. I trust that should be fine right?

montakute

Hi Tom747,

Re HSBC, we didn't want to chance any delays in opening the account and wiring money so, since we were Premier HSBC customers in Canada, we remotely opened the bank account in Malaysia via the HSBC International Banking team. (If possible, I recommend starting that process at least a couple months before traveling to KL.) We also funded the account in advance.

We didn't use the Bukit Bintang branch but fyi the Premier Banking Centre Customer Service team at the main KL branch on Leboh Ampang is very familiar with doing the MM2H FD. Our relationship manager was not available at the time we had arranged to meet him and we never did meet him. It took an hour or so to create the MM2H fixed deposits.

Re the Security Bond, you've probably already read Post #35 in this thread on how to fill out the Security Bond form and Post #34 for the stamping process. Re the process, as explained, you first buy a Hasil (Tax Revenue) RM10 stamp at any Post Office. Then go to the nearest Tax Office, Stamping Section, stick the stamp on the document and they'll stamp it. The tax office in KL is LEMBAGA HASIL DALAM NEGERI MALAYSIA (INLAND REVENUE BOARD), KOMPLEKS BANGUNAN KERAJAAN (Government Offices Building) JALAN DUTA,50758 KUALA LUMPUR, about a 20 minute taxi ride from KLCC. Getting the Security Bond stamped at the tax office took us less than 30 minutes.

See Post #38 in this thread on how we found a klinik for the medical report and for info on the klinik in KL that we used.

We got insurance in KL so others may be able to advise you on using your own insurance.

Rajuae

Hi Tom747
Montakute has replied to all your queries.
Just on the one regarding Insurance, I recently (Dec 2014) stamped the MM2H Visa and I have worldwide medical insurance provided by my employer in the UAE. I carried a certificate from the Insurer declaring that I am covered for the XXXXX amount worlwide and that it is valid till Dec 2015 and that was enough for MM2H. They accepted it without question.

Tom747

Thanks for your feedback. My Alliance health insurance has worldwide coverage (except USA / Canada). The policy is renewable yearly. Next time in October 2015. It is renewable without limitation as long as I pay the premium of course. I hope this fulfils the requirements of MM2H as I read somewhere that the coverage must be granted for at least 12 month from the time when one gets the visa.

In terms of HSBC premier it seems I'll have to do it once in Kl as it seems quite difficult to upgrade in HK whilst beeing overseas. It's a pity as it could have saved quite some time.

Are there also regular meetings of MM2H visa holders in KL such as in Penang?

Kjarkata

Thank you all for providing excellent guidance and help.

The validity of my current passport is about a year. I plan to apply for a new passport which will have a longer validity to get the maximum years endoresement of MM2H visa.
Question: Since my current passport number has been mentioned on the conditional approval letter, when I get the new passport the passport number will be different from what has been mentioned in the conditional approval letter. WOULD THIS BE AN ISSUE?

InVinoVeritas

My wife got a new passport between applying and getting the endorsement and it was not a problem though obviously you need to point this out before they print out the visa. If you can show the old passport it may be useful (or a copy as some countries keep the old passport).

Kjarkata

I shall be bringing photocopies of documents like passport, etc. Do they need to be attested?

Is there in any place in KL where I get the documents attested (Certified true copy), in case MM2H immigration asks for?

Tom747

Can anyone advise where to do the required health check in Kuala Lumpur? How long does it take? How much does it cost, etc. ect?