Need guidance with completing MM2H tasks
Mar 2nd 2017, 2:10 pm
#31
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Re: Need guidance with completing MM2H tasks
Please see my answers in red....
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. Does it work like that? YES
Do I need to do the transfer myself online through my account? The bank did the transfer
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?
The transfer is almost simultaneous so the new dedicated bank for Premier status became KL.
Because the charge for not maintainly minimum balance in america is $50 monthly. Any advice on this? I always leave some funds, above min balance, in Canada. I still pay bills there.
@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.
Thats correct.
The bank doesn't work overtime to deny and the KL bank advised my new status with the previous dedicated bank...I'm still a Premier member in Canada, UK and HKG even tho' I subsequently created new FD's, to maintain Premier status, in Jakarta.
Do I need to do the transfer myself online through my account? The bank did the transfer
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?
The transfer is almost simultaneous so the new dedicated bank for Premier status became KL.
Because the charge for not maintainly minimum balance in america is $50 monthly. Any advice on this? I always leave some funds, above min balance, in Canada. I still pay bills there.
@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.
Thats correct.
The bank doesn't work overtime to deny and the KL bank advised my new status with the previous dedicated bank...I'm still a Premier member in Canada, UK and HKG even tho' I subsequently created new FD's, to maintain Premier status, in Jakarta.
Last edited by Davita; Mar 2nd 2017 at 2:13 pm.
Mar 2nd 2017, 2:18 pm
#32
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Re: Need guidance with completing MM2H tasks
Thanks a lot Davita for clearing things up.
Mar 2nd 2017, 10:36 pm
#33
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Re: Need guidance with completing MM2H tasks
I've re-read my answers and probably given the impression that FD's are required to create/maintain Premier Status..that isn't the case. It needs a 'minimum balance to be maintained' of the specified amount that ensures Premier status.
i.e. best to mature/liquidate any FD's in USA into a current/savings account, in preparation of a visit to Malaysia, to facilitate the transfer more easily.
i.e. best to mature/liquidate any FD's in USA into a current/savings account, in preparation of a visit to Malaysia, to facilitate the transfer more easily.
Mar 3rd 2017, 12:17 am
#34
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Re: Need guidance with completing MM2H tasks
Gunnar, thank you for your answer.
Mar 3rd 2017, 5:18 am
#35
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Re: Need guidance with completing MM2H tasks
Thanks Davita for the clarification. All you guys have been life savers.
One more thing I have always wondered but never saw a direct answer is: If you live in malaysia on the MM2H programme, do you have to buy a house or can you live in a rented apartment for extended period of time? We are planning only to rent in malaysia atleast for the near future, until we know for sure, this is where we want to be. Anyone can highlight on that?
Thanks
One more thing I have always wondered but never saw a direct answer is: If you live in malaysia on the MM2H programme, do you have to buy a house or can you live in a rented apartment for extended period of time? We are planning only to rent in malaysia atleast for the near future, until we know for sure, this is where we want to be. Anyone can highlight on that?
Thanks
Last edited by spellraj; Mar 3rd 2017 at 7:05 am.
Mar 3rd 2017, 8:15 am
#36
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Re: Need guidance with completing MM2H tasks
Thanks Davita for the clarification. All you guys have been life savers.
One more thing I have always wondered but never saw a direct answer is: If you live in malaysia on the MM2H programme, do you have to buy a house or can you live in a rented apartment for extended period of time? We are planning only to rent in malaysia atleast for the near future, until we know for sure, this is where we want to be. Anyone can highlight on that?
Thanks
One more thing I have always wondered but never saw a direct answer is: If you live in malaysia on the MM2H programme, do you have to buy a house or can you live in a rented apartment for extended period of time? We are planning only to rent in malaysia atleast for the near future, until we know for sure, this is where we want to be. Anyone can highlight on that?
Thanks
Mar 3rd 2017, 8:38 am
#37
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Re: Need guidance with completing MM2H tasks
Unless I am much mistaken, there is no obligation under MM2H to have a home at all in Malaysia, whether owned, rented or otherwise.
Last edited by InVinoVeritas; Mar 3rd 2017 at 8:40 am.
Mar 3rd 2017, 9:36 am
#38
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Re: Need guidance with completing MM2H tasks
There is actually not even an obligation to stay in Malaysia, it is entirely up to you if you want to stay 1 day up to (the renewable) 10 years or not at all.
Mar 3rd 2017, 11:03 am
#39
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Re: Need guidance with completing MM2H tasks
Oh Thank God. That makes me feel better. I have been hearing from some real estate agents about million RM houses, which expats have to buy and that made me kinda nervous.
Thanks again
Thanks again
Mar 3rd 2017, 3:10 pm
#40
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Re: Need guidance with completing MM2H tasks
To refine my earlier post on HSBC Global View: When I sign on HSBC Malaysia and request a transfer of funds FROM Canada, I get re-routed to HSBC Canada and do the actual transfer from HSBC Canada.
This makes sense because the bank holding my deposit (HSBC Canada) has a duty to protect my funds. Funds can be removed from my account only with HSBC Canada's authorization. And they'll only do it with clear instructions from the account holder.
Also note that you must be recognized as Premier in the country from which you are transferring funds via Global View, (i.e., the country in which the funds are located).
When we became Premier in Malaysia and no longer had enough funds in Canada to meet the criteria for Premier in Canada, we could not transfer funds from Canada using Global View until we told HSBC Canada that we were Premier in Malaysia, and they set the appropriate 'Premier in All' status for our account.
So spellraj would need HSBC US to recognize him as Premier (or perhaps alternatively Advance) in order to transfer his funds via Global View.
This makes sense because the bank holding my deposit (HSBC Canada) has a duty to protect my funds. Funds can be removed from my account only with HSBC Canada's authorization. And they'll only do it with clear instructions from the account holder.
Also note that you must be recognized as Premier in the country from which you are transferring funds via Global View, (i.e., the country in which the funds are located).
When we became Premier in Malaysia and no longer had enough funds in Canada to meet the criteria for Premier in Canada, we could not transfer funds from Canada using Global View until we told HSBC Canada that we were Premier in Malaysia, and they set the appropriate 'Premier in All' status for our account.
So spellraj would need HSBC US to recognize him as Premier (or perhaps alternatively Advance) in order to transfer his funds via Global View.
Mar 3rd 2017, 4:34 pm
#41
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Re: Need guidance with completing MM2H tasks
Thanks montakute for that message. HSBC Malaysia rerouting to HSBC Canada makes total sense as the money is being sent from Canada. I have opened and HSBC advanced account in America and I just spoke to customer service representative who told me that I can use global view with my advanced account.
As the minimum requirement for HSBC advanced account of America is 15,000 USD, I was planning to make initial deposit of 100000 USD into my American account and transfer out approximately 80,000 USD to Malaysia for my fixed deposit. That way I can keep the required minimum balance for HSBC Malaysia premier account and HSBC America advanced account . And once my Malaysian premier account is in effect then I will have HSBC Malaysia notify HSBC America so that my American account can also become premiere. Does it sound RIGHT?
Thanks
As the minimum requirement for HSBC advanced account of America is 15,000 USD, I was planning to make initial deposit of 100000 USD into my American account and transfer out approximately 80,000 USD to Malaysia for my fixed deposit. That way I can keep the required minimum balance for HSBC Malaysia premier account and HSBC America advanced account . And once my Malaysian premier account is in effect then I will have HSBC Malaysia notify HSBC America so that my American account can also become premiere. Does it sound RIGHT?
Thanks
Mar 3rd 2017, 10:10 pm
#42
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Re: Need guidance with completing MM2H tasks
My experience with opening premier HSBC accounts is very similar to Montakute. In the UK I was a normal customer. When I arrived in Penang I went into branch and requested to open a premier account. They opened the account for me with a 1rm deposite and I then had to log into my UK account to transfer the required funds.
That action established my premier credentials although at that point UK had no knowledge of this. As a result I was charged a transfer fee. But a simple call back to the UK informing them of my new status had the fees immediately refunded.
So yes, being a premier customer entitles you to premier status in every country where you have funds but HSBC systems seem to need you to inform them to upgrade existing normal accounts. Any subsequent accounts you open in another country you would open a premier account.
Global view is great for making immediate transfers of large sums of money but for regular small transfers such as your monthly pension you will get a far better rate from a company such as transferwise. They can handle sums up to £10,000 in a single transatlantic (daily limit).
That action established my premier credentials although at that point UK had no knowledge of this. As a result I was charged a transfer fee. But a simple call back to the UK informing them of my new status had the fees immediately refunded.
So yes, being a premier customer entitles you to premier status in every country where you have funds but HSBC systems seem to need you to inform them to upgrade existing normal accounts. Any subsequent accounts you open in another country you would open a premier account.
Global view is great for making immediate transfers of large sums of money but for regular small transfers such as your monthly pension you will get a far better rate from a company such as transferwise. They can handle sums up to £10,000 in a single transatlantic (daily limit).
Mar 4th 2017, 12:57 am
#43
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Re: Need guidance with completing MM2H tasks
Thanks NeonHippy for such a clear narration. Thanks
Mar 4th 2017, 1:07 am
#44
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Re: Need guidance with completing MM2H tasks
An MM2H holder is not forced to buy a house. On the other hand, if you do decide to buy a house you can use a portion of your FD to pay for it. Each state has its own rules/laws about the minimum purchase value for a house in case of foreigners. This is why you heard the value of 1 million RM being mentioned. As that is the minimum in some states (I forgot which ones).
Mar 4th 2017, 4:16 am
#45
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Re: Need guidance with completing MM2H tasks
Thanks Sushifan. Understood. I guess once we settle in KL and if feel at home, then we can think about buying a home.