Gunnar45

Yes, and make it a joint account in MY from the beginning (you can't change after it has been opened) and don't forget, like Davita pointed out, to have the interest (typically around 3%) credited to a current account.

spellraj

Yes definately. Got it. One more thing I want to ask is, when opening the account, I guess I will need to give copies of our passport and copy of conditional letter. Do I self attest them as true copies, or do I need to notarize them? If we need the copies to be notarized, I can get them done here in america for free before coming and thus saving time and money.

Thanks a ton for all your valuable guidance.

Raj

Davita

spellraj...in the words of Professor Higgins referring to Eliza Dollittle "By Jove...I think you've got it!"....

By making the Bank Account in joint names automatically those subsidiary FD's, within the account, will be joint...no need to be specified.

I only kept MM2H as a back-up plan as Indonesia was in a bit of turmoil but I'm settled in Bali now so Malaysia is off my horizon...I'm married to an Indonesian.
I used to live in Penang/Singapore late 1958-65 but everything changed and didn't have the same appeal for me...but a good MM2H program nevertheless...much better than what Indonesia offers.

edit...if notarized free ...do it. Nothing says better than free.

spellraj

Hi Davita. Thanks for the compliment. When you get a positive compliment from an expert, it makes you feel good that you are on the right track towards your goal. 😊😊😊👍👍👍

Will get A few copies notarized and keep it with me in case I need to use them.

Thanks

Gunnar45

Spellraj,
They will copy your passport and other original documents at the bank, so no need to bring copies to them.

spellraj

@Gunnar45- Thanks. When we submit the copies of the conditional letter and passport to MM2H, do they need to be notarized?

spellraj

I just called the HSBC Customer Service in Malaysia and spoke to the customer service agent. According to her it usually takes two business days for the wire transfer to happen to transfer funds from my American HSBC account to Malaysia premier account. Does that sound right? I am staying in Malaysia for two weeks and I'm hoping they don't take too much time to do the wire transfer. Anyone has a different experience?

Thanks

Davita

When I did it, some few years ago, it was done whilst I waited in the Main KL branch and had a coffee and cookies.
I'm guessing from Vancouver to Kuala Lumpur it was inside an hour...faster than Superman could have delivered it personally...and my wife believes she is wonderwoman...so she should know.
I use HSBC Premier to transfer between accounts all the time and it's almost instantaneous....as long as the same currency. A currency exchange may take longer as that needs to go through a different dept. In fact...it is best to develop good friendship with the Relations Manager as they can offer better rates of exchange over the phone.

SushiFan

Most likely will the bank in KL insist that you show the original documents. They will want to make the copies themselves.

SushiFan

For reference: when I transfer funds internationally from a bank in another country to CIMB Malaysia it takes two days or less. I guess that the HSBC agent has given you a conservative estimate for a transfer within the same bank.

SushiFan

Gunnar, this is probably off-topic for this thread, but do you know whether this applies to the things ("estate") you leave behind in Malaysia, or worldwide?

montakute

spellraj, just a few thoughts:

Be sure your phone will work in Malaysia which uses different bands than North America. Check out WillMyPhoneWork.net - Check if your phone works on a network

Make sure that HSBC MY will open the account for you using the address you want to use (i.e., is your US address ok?) and what, if anything, they need for proof of address.

You need to understand exactly how you will move your funds. If you use HSBC Global View, the transfer happens immediately. For what you are proposing, in order to use Global View, I think you need guarantees on the following: "I am not an HSBC Premier customer. Can I open a new Premier acct in MY with a minimal deposit but without a Total Relationship Balance of at least RM200,000 in HSBC MY? Can I get timely access to HSBC MY online banking, successfully add my US bank account to my Global View, and use Global View to transfer RM300K equivalent from my HSBC US bank account to my new HSBC MY account? I believe I must be a Premier (or perhaps Advanced) customer to do an international transfer via HSBC Global View - so, even though I do not have RM200K currently in HSBC MY, I never did, and I am not Premier elsewhere, is my status still 'Premier' thereby enabling me to do international transfer via Global View?"

Unless I'm mistaken, I think Davita was already a Premier customer in Canada when he opened his account in MY. Also fyi, banking rules and practices in Malaysia have changed in the last couple years.

Gunnar45

Sushifan,
I defined my will to include only assets in MY & SG, so I cannot answer to that question.
If you have your registered domicile in Malaysia you can probably also include assets in other countries but you must check what laws apply in your home country, especially regarding assets there but also about mandatory shares to children, spouse & parents as well as taxes.

Davita

Montakute is correct, as I recalled my chain of events.
I've had ordinary HSBC accounts in UK when Midland was bought by them and in Hong Kong since I worked there.
In Canada I had RBC accounts since I immigrated there in 1990.
When I had the 'conditional acceptance' for MM2H I approached HSBC to see if they could open an account in Canada but they had nothing to do with opening my account in KL. I transferred all my account from RBC to HSBC Vancouver and they offered Premier due to the amount I transferred.

After arriving in KL I opened the KL account and they (the KL bank) transferred funds from Canada. My 2 FD's for MM2H (total MYR150,000) were insufficient for Premier in KL so I added another to qualify.
My Premier status was maintained in Canada, even I no longer qualified by FD's there, when KL advised them of my new Premier status.
Since then I've canceled my KL account and the FD, to qualify for Premier, is in Jakarta
All the while my UK, HKG and CDN HSBC accounts are of Premier status and I can 'globally transfer' between each...and, unfortunately, often have to.
I just wish I'd transferred my UK account and canceled before last June...but my UK OAS and RAF pensions are paid there.

spellraj

Thnaks everyone for the messages.

@Montakute-

A. Thanks for the phone link. I checked on that link and my iPhone should work with the Malaysia network.

B. I will check with the HSBC Malaysian customer Service about the address needed to open the account.

C. As far as the fund transfer is concerned, my understanding was that once I open an account in Malaysia, I can have the wire transfer done by the bank and take the funds out of my American account and transfer to my Malaysian account. Doesn't it work like that? Do I need to do the transfer myself online through my account? And as it is between HSBC banks, I thought it should be faster than from a third-party bank. I think that is what Davida is talking about in the following message. If I fund 100,000 USD in America (minimum requirement for premier status) to make my account Premier before I come to Malaysia, and then if I transfer my funds out of my American account into a Malaysian account would I technically be short of funds in my American account which is the first premier account? Because the charge for not maintainly minimum balance in america is $50 monthly. Any advice on this?

@Davida- my understanding from a different thread was that once your account becomes premier in one country it automatically becomes Premier in all the countries and all the accounts can be seen on global view. Then if you already had premier status in Canada, did you still need to show the minimum balance of 200,000 RM to get premier status in Malaysia? Because even in your message you say that even though your funds were short in Canada, you were still a premier customer.

Thanks