whybirda

I understand that you can't open a malaysian bank acc until you get issued with an employment pass? if so then can somebody please advise me on how to go about withdrawing/transferring money whilst in Malaysia and will salaries have to be paid into a UK account until the employment pass is issued?

Thanks

ajw

Lots of the Brit expats I know have accounts with HSBC who also have a large presence here. I understand that they offer good products to customers who move around a lot overseas.

You are correct about having to have your employment pass before you can open a local account (we went with Maybank). In the meantime we had salary credited to our foreign (Aussie) account.

whybirda

Thanks for that, did you manage to get money out of your aussie account from the ATM's in Malaysia ok?

ajw

Yes but the charges can be high. Our bank has a reAlly useful product called a Visa Travelcard. You preload it in a nominated currency (we chose usd) and then your exhange rate is fixed as well as the ATM charges. Worked much better for us than accessing our current account.

Adnams

Also consider a Fair FX card. This is UK issued, you dont have to have a bank account with them, and works exactly the same way as ajw described.
fairfx.com
I've used this in Europe, Asia and the U.S.

Strider24

We got a Public Bank account before we got MM2H. It took a lot of hard talking direct with the manager and we only got a savings account. But once we got that, a debit card was no problem and they have been great ever since. Failing that I have heard that Hong Leong will open accounts to foreigners on a case by case basis also. Good luck

whybirda

Thanks all I think we'll opt for a pre-paid visa card until we get a bank acc sorted

LivKL

A bit of extra info re HSBC v Maybank; we have just opened an account with both of them (HSBC convenient location near home & link to UK banking; Maybank because the other half's employer prefers them and they do have free ATMs everywhere).

The person who has the employment pass has to be on the bank account, so for spouses on a dependant's pass that means not having your own account! You can have an "either account holder to sign" joint account though.

Apparently, also, HSBC does not operate a Debit card. Maybank does - but we're still on signatures out here, no chip & pin that I've seen ; )

HSBC only has ATM card, credit card (application can be put in for this after you have your first month's payslip apparently) and cheques.

Maybank staff seemed to me in the main to be unhelpful and officious and incredibly bureacratic - but the process is the process, it didn't take too long and we had no genuinely real problems.

In contrast HSBC staff have all been incredibly helpful (they kept the branch open late for us to open the account at a time to suit us!), although my online banking still isn't working and my cheque book has taken over a week to be sent to me, which would make non-cash payments impossible if I didn't have Maybank rolling already (crucial issue with all the new-arrival deposits and payments that you need to make).

HSBC was also willing to handle the hurdle of arranging a set-date direct debit from our account of over 5000rm (in Malaysia I think all the banks prevent you from setting up a direct debit that is over this sum in one transaction or on the same day). Maybank said we'd have to set up two direct debits for under 5000rm on two consecutive days - but HSBC has whisked the problem away from us and promises it isn't a problem. Fingers crossed!

Things may be different depending on whether you're a basic/advance/premium customer, as there are of course more benefits offered to those who maintain a minimum balance of over X amount.

I would also say you should expect to have to visit the branch two or three times to get it all set up - paperwork, then collecting ATM card, then cheque book, then going back because in the case of Maybank they didn't tell me that in order to log in to the online banking facility you need to complete the process at an ATM, and then to set up the authorisation to create online payments you need to register your mobile phone number with the branch ... So make sure you ask about all the extras early on - the form for a cheque book, the form/process/PIN to register for telebanking, the form/process/PIN to register for online banking etc etc.

Still, despite everyone telling me to use the HSBC international team in the UK to set up an account in Malaysia before I arrived, I found set-up post-arrival with HSBC to be simpler than my early efforts with the HSBC international people while I was in the UK (they refer to you your branch in the UK for part of the process, and of course UK branch staff have in the main never dealt with an ex pat situtaion and can't cope!).

ajw

Hi LivKL

Great to hear some first-hand knowledge on HSBC - thanks.

We also went for Maybank and I agree on what you have written about them.

The big plus for us using Maybank is their online banking which is integrated well with all the local service providers. So we can pay all our bills easily online rather than queueing at the POS. Correct me if I'm wrong but I don't think you can do this with some of the others (inc HSBC?)

Strider24

Certainly Public bank can do internet banking, bills payments etc. There is a special section for major utilities, telco prepaids and major companies (including Air Asia). However like most banks for most transactions you need a PAC number which usually comes to your nominated mobile phone within seconds

ajw

Thanks Strider24. I know some friends here have to do a lot of queueing to pay their bills. Must be the ones with the non local banks.

bakedbean

both CIMB and Hong Leong you can pay bills online. we do it CIMB frequently and get TAC to mobile phone. Sorry to say we have not found maybank online very user friendly (or is it just us)? will prob kick them into touch when our mm2h deposits come up fir renewal next year

Strider24

I know our local branch has a seniors... don't have to get a ticket and no wait... counter. Getting old has some good points.

ajw

Top tip: If you can, add the service provider to your 'favourites' and that way you will not have to enter a TAC each time you pay them.

Nemodot

Hi I opened a Maybank account without an EP it just takes someone friendly at your company to convince them to allow you to submit your EP later on.....

Maybank and Citibank seem the most expat friendly - I have credit cards with both got 3 months after arriving.

From UK I used my Metro Bank account and actually when traveling better as no ATM fees so I transfer money to UK (10 RM charge) then use that when out of Malaysia