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-   -   Opening a Bank Account in Kuala Lumpur (https://britishexpats.com/forum/retirement-mm2h-205/opening-bank-account-kuala-lumpur-899598/)

nowoolymitts Jul 14th 2017 9:54 am

Opening a Bank Account in Kuala Lumpur
 
Hi everyone I now have my approval for MM2H ...very happy. Have any of you got any recommendations for where to place FD and generally a good bank. I will be living in KL. Many thanks.

eCdD Jul 14th 2017 11:08 am

Re: Opening a Bank Account in Kuala Lumpur
 
CIMB, the Branch in Bukit Bintang @Wisma Genting. But maybe even more important is a good relationship with a money changer :)

Don´t accept any offer unter 4% for the FD. So first bring in the money, then gain preferred status and then do the FD.

SushiFan Jul 15th 2017 9:24 am

Re: Opening a Bank Account in Kuala Lumpur
 
To add to eCdD's advice: you gain "preferred customer" status at CIMB if you bring at least RM250 k.
Disclaimer: I use CIMB and am pretty satisfied with them.

simon2017 Jul 17th 2017 3:25 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by nowoolymitts (Post 12294306)
Hi everyone I now have my approval for MM2H ...very happy. Have any of you got any recommendations for where to place FD and generally a good bank. I will be living in KL. Many thanks.

I was a HSBC customer in the UK and utilised them in Penang. To be a premier customer in Malaysia you need 200k compared to GBP60k in the UK so eligibility is easier. I find the benefit of HSBC is that you can instantly transfer funds between countries and within Malaysia can set up multi currency accounts (Rinngit, USD, GBP etc). If this type of functionality is of benefit then have a look at them. Downside is less branches and ATMs. Comes down to what you want from your accounts.

nowoolymitts Jul 17th 2017 4:44 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by simon2017 (Post 12296252)
I was a HSBC customer in the UK and utilised them in Penang. To be a premier customer in Malaysia you need 200k compared to GBP60k in the UK so eligibility is easier. I find the benefit of HSBC is that you can instantly transfer funds between countries and within Malaysia can set up multi currency accounts (Rinngit, USD, GBP etc). If this type of functionality is of benefit then have a look at them. Downside is less branches and ATMs. Comes down to what you want from your accounts.

Thanks for all your replies. Have descided to go with CIMB after a bit of research.
Can't seem to find online the rate given re the Fixed Depoist....but it doesn't matter as if on the day of opening the rate is rubbish I will just go to another bank!
The reviews re online banking and general service were positive so at the moment will go with CIMB.

Will not choose HSBC as I had some problem with them years ago....can't even remember what! So can't go with them!!

PLanning to go to KL mid August to sort out bank and paperwork. Can't wait.!!

Gunnar45 Jul 17th 2017 6:14 pm

Re: Opening a Bank Account in Kuala Lumpur
 
As with everything in MY, interest rates are negotiable, especially if you deposit enough to become a preferred customer with CIMB.
For 'fresh money' they are now offering 4.15% plus some gift.

One advantage with CIMB is that you as a preferred customer get an airport lounge pass, valid in many airports in SE Asia.
https://cimbpreferred.com/index.php?ch=my_en_lifestyle

Note that you will need a joint account if there is two of you wanting this benefit.

eCdD Jul 18th 2017 2:58 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Gunnar45 (Post 12296432)
For 'fresh money' they are now offering 4.15% plus some gift.

Aha, two weeks before I got only 4.10 and no gift :sneaky:

The "real" rates are usually not published online, only the board rates and some promotions, nowoolymitts.

kiat137 Jul 19th 2017 3:14 am

Re: Opening a Bank Account in Kuala Lumpur
 
average bank annual interest is around 3.2%
4% only upon special request and promotion.

stepen Jul 20th 2017 4:38 am

Re: Opening a Bank Account in Kuala Lumpur
 
Can you get >4% interest on the mm2h fixed deposit? I was under impression that the banks offer lower interest for mm2h deposit.?

eCdD Jul 20th 2017 7:11 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12298257)
Can you get >4% interest on the mm2h fixed deposit? I was under impression that the banks offer lower interest for mm2h deposit.?

Very limited banks refuse to give MM2Hs the good rates for the FD. I heard of HSBC and Hong Leong Bank. But maybe only some branches. Just tell them at the beginning that if the interest rate starts not with a "4" there is no need to continue talking. With 300k you lose a hell of money even in one year if you accept a shitty rate.

Gunnar45 Jul 20th 2017 8:06 am

Re: Opening a Bank Account in Kuala Lumpur
 
You may also consider going for a 5 year term as they otherwise may give you a lower rate after the first year! (You are not allowed to change bank so there is no bargaining power)
Also, divide the amount. I mean make it two FD's with one being the portion you are allowed to withdraw for approved expenses.

simon2017 Jul 21st 2017 2:25 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by nowoolymitts (Post 12296340)
Thanks for all your replies. Have descided to go with CIMB after a bit of research.
Can't seem to find online the rate given re the Fixed Depoist....but it doesn't matter as if on the day of opening the rate is rubbish I will just go to another bank!
The reviews re online banking and general service were positive so at the moment will go with CIMB.

Will not choose HSBC as I had some problem with them years ago....can't even remember what! So can't go with them!!

PLanning to go to KL mid August to sort out bank and paperwork. Can't wait.!!

Just so you are aware you cannot change banks once the FD is setup .... that's a 10 year lock in, so up front research on rates, service etc needs to be done as you cannot change banks if you get a poor rate.

stepen Jul 21st 2017 3:40 am

Re: Opening a Bank Account in Kuala Lumpur
 
Are the rates terms different for 5 years vs 1 year?

eCdD Jul 21st 2017 6:44 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12299043)
Are the rates terms different for 5 years vs 1 year?

Sometimes, depends a lot on the bank. Usually they don´t like very long terms. All must be negoiated with your your relationship manager. Except some promotions you can do online.

ssoomro Jul 21st 2017 10:12 am

Re: Opening a Bank Account in Kuala Lumpur
 
Nowoolymitts...first congrats buddy.. your approval was long time coming.. I remember when I was fretting over mine after 4 months.. you had been waiting since Nov 2016.

Well, I am in Malaysia to finalize the MM2H stage 2 and get the visa stamp.. I have spend this whole week going through the tragio-comic adventure of setting up the bank account/FD etc etc.. Hopefully i can provide some notes from the field for you.

i intend to post a NEW THREAD providing detailed information on the banking setup, especially the wild goose chase I had to go through being a US citizen.. it will hopefully help some poor soul down the road. Of course my banking adventure was made more delicious thanks to post 9/11 money movement regulation by USA. So some (and I really hope most.. wont apply to you and non-US MM2H applicants).. so here we go..

I arrived last saturday with two weeks off work ..hope to sort the banking stuff in one week, get my visa and go to Bali for some r&r before returning back to US..

Before arriving, i sent a detailed letter to CIMB bank customer service, explaining the purpose of my visit and asking how to expedite the process. They provided the requirements of account creation and the list of banks open on Saturdays.

First disappointment, banks are NOT allowed to open accounts for foreigners on Sat (that is the answer I got).. so I laid back and chugged beer for a couple of days. HSBC does NOT open on weekends.

I am a premium account holder of HSBC in USA, i opened that account after RTFM here and hoping that will give me some preferred attention and make money transfer etc easy for me.

On Monday I went to both HSBC and CIMB branches .. to learn that USA residents cannot get an account instantly, my identity etc information has to be submitted to the "Central office" for approval.. and it may take a week.. of course i threw a fit and after I got off the floor they promise to help me expedite the process by making "some calls".

To make the story short...CIMB bank ladies were exceptionally friendly, not always very knowledgeable about the MM2H requirements, HSBC ones were neither friendly, nor knowledgeable... to make matters worse. They provided me with wrong information.

By Wed CIMB called me in for the account creation, all set and done, found out there is no quick way to get my money here, setup a wire transfer through my bank in USA (BoA) which informed me that my money will arrive in 10 (friggin) business days..


Back to HSBC.. they finally got approval for my account and setup a premium account for me... after some complicated procedure setting up online banking with old fashioned hardware token device etc. I was advised it will be 48 hours before my accounts will be linked and i can actually do a global transfer from my USA account....this was Thursday..

well myself being computer dude.. i did not buy that .. that evening I login to my account and found that my accounts were linked.. and proceeded to do a transfer from US $ to MYR.. and was presented with an error suggesting the two currencies cannot be exchanged.. Hmm... so I called the customer service.. they informed me.. that US $ cannot be converted into MYR directly through much touted global transfer process. I have one of the three options... 1: do a wire transfer, wait and pay fees. 2: setup a US $ account in Malaysia HSBC and transfer money to that and than do a local move to MYR.. 3: do a transfer to a third currency (e-g; GBP) and then transfer GBP to MYR.. i was like really .. really

called my RM at HSBC ...she said that is not true.. went into office the next day ( Friday now (which is Today :) )... she was still insistent..called Malaysia Premium customer service.. they confirmed US $ cannot be transferred to MYR... so need a US $ account in HSBC Malaysia.. woohoo... it will take another 3-5 days.. time to throw another tantrum .....call the manager.. manager' manager blah blah... they decided to expedite creation of the US $ account and will call me as soon as its done..

Back at the hotel, i decided to be curious .. and pull up my CIMB bank app...lo and behold my money transfer from day before has already credited.. called the bank lady and she said come on over...got there post haste.. got the FDs and MM2H letter done..in about an hour or so.. called Joy-stay and hoping to to Putra Jaya (immigration office) on Monday..

More anti-HSBC propaganda.. HSBC offered to give me 2.9% on FD.. CIMB gave me 4% without asking .. i was not even aware i could have gotten 4.15% ... but i was frustrated enuff to take 2.9% to save time etc.. wish i had presence of mind and knowledge of the rates.. but I think the ladies at CIMB were nice enuff not to shaft me .....too much

did not get any gifts/lounge passes etc.. will inquire about them on monday..

about 1/2 hour (its 5PM now) back got text from HSBC RM that my $ account is done and i should go ahead add to global view and do the transfer as needed...Anyone want to bet what I am going to do? :)

So hopefully this is useful to you.. I see CIMB bank branches and ATM everywhere here.. and I think it is a very good pick for retail banking at least here in KL.. where I myself intend to camp out for a yr or so.

Couple of important notes. Make sure you get the ORIGINAL of FD deposit and TWO copies and same for the MM2H letter from the bank.. whichever one you go with.

if you have any additional questions etc. Plz feel free to ask. Happy banking to you TOO !!

nowoolymitts Jul 21st 2017 12:32 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Thanks for all of the above. I informed by agent I wanted to go with CIMB the branch is even in the name road! "They only accept MM2H applicants who have already obtained the MM2H pass." Several MM2H applicants have been declined at Sri Petaling branch......

Of course I will contact them directly and see what happens.

I seem to being pushed towards Maybank...which I don't really want.

Will carry on and contact CIMB. Good luck.

simon2017 Jul 21st 2017 1:58 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Know that you haven't had the best experience with HSBC but in my case I arranged a meeting with HSBC Premier before arriving in Malaysia specifically for MM2H FD requirements. My total time meeting the Premier lady (who knew all about MM2H) lasted about 2 hours that including setting up FD accounts, setting up a current account (and getting a debit card on the spot) as well as special exchange rates in transferring from UK to Malaysia. Also applied for credit card to be delivered to branch as I had not finalised accommodation as yet. Money was transferred during the meeting and I was able to use the debit card to get some cash out before leaving. I also set up a USD dollar account (in Malaysia HSBC) and transferred some USD into it from a non HSBC USD account I held. Allows me to do conversion to Ringgit at my leasure in the future while getting a higher interest rate than I was getting previously (not much higher) Also was supplied the required copies of FD documents (did not have to ask as they knew what was needed).
In the end it might just come down to having an appointment with someone who knew what they were doing. Note this was HSBC in Penang not KL.
Good luck with the medical and visa. When I did it a month ago there were no problems with either. Took from about 9am to 1pm to do the whole lot. Joy Stay did transportation from medical to immigration with took about 30 minutes each way.

Gunnar45 Jul 21st 2017 2:08 pm

Re: Opening a Bank Account in Kuala Lumpur
 
The agent may have reasons to push you to a certain bank.
In my case I was pushed to HSBC.
Initially I thought it was very good, but later I had several reasons to regret it and opened a CIMB account as well, minimizing my relation with HSBC.

This is of course biased, based on my own experiences, HSBC may be good for those who use their services also overseas.

As far as I know there shouldn't be any problems with opening a CIMB (Or other bank) account once you have the MM2H approval letter and if the amount you intend to bring in is attractive, maybe even before.

nowoolymitts Jul 21st 2017 2:57 pm

Re: Opening a Bank Account in Kuala Lumpur
 
THanks so much for all this information...Lots to think about.

To round up some of the basics. If I have this right HSBC Premier 200,000 min balance 2.9 percent interest.

CIMB preferred status 250,000 interest between 4- 4.15

Maybank still looking!

Thanks again everyone!

eCdD Jul 21st 2017 3:32 pm

Re: Opening a Bank Account in Kuala Lumpur
 
I allow myself to recommend to consider only CIMB and Maybank. Some smaller competitors like OCBC may sometimes have slightly better FDs, but cannot really handle foreigners banking. My experience.

Never ever put any FD @ HSBC, but certainly for existing Premier customers from abroad the money transfer is OK. But not better than Transferwise, which still is unbeatable.

SushiFan Jul 22nd 2017 10:54 am

Re: Opening a Bank Account in Kuala Lumpur
 
@ssoomro
(*) Your remarks about the conversion from USD to MYR confirm what I've heard previously: the conversion cannot happen on the non-Malaysian end but has to happen in Malaysia. That is why you were told that USD first needs to be transferred to Malaysia before it can be converted to MYR. This seems to be a Malaysian regulation, and is not limited to the USD currency only.
(*) The CIMB airport lounge pass for preferred customers used to be a separate pass. It has since been "integrated" in a credit card which is only available to preferred customers. So you would need to sign up for that credit card. The usage of the lounge pass is limited to certain lounges in those ASEAN countries where CIMB has offices. Do not think that this pass will get you worldwide into all airport lounges as you would be disappointed.

ssoomro Jul 23rd 2017 2:40 am

Re: Opening a Bank Account in Kuala Lumpur
 
Come on Sushifan plz don't crush my dreams..I was hoping for a lounge hopping the globe trip at CIMB dime 😉
..
Just kidding. @Simon. I think my HSBC issues were two fold. The RM was young lady and did not seem to have latest information...so we had to back track a couple of times....and being a US citizen doesn't help sometimes 😉

WiredTight Jul 23rd 2017 4:24 am

Re: Opening a Bank Account in Kuala Lumpur
 
Ssoomro,
Thank you for your detailed post. I have taken notes and...hopefully my own Bank/FD process in the next few weeks will be a little less bumpy after reading your post.
Was their any questions/problems associated with the US tax laws and reporting back to Auntie Samantha ???
I can understand that you're on a tight time schedule, but things seem to move a bit slower around this part of the world. The fact that you've been able to take care of all of this in "just a few days" should be seen as a victory. Congrats....LoL.
Thanks again.

syed30 Jul 23rd 2017 6:35 am

Re: Opening a Bank Account in Kuala Lumpur
 
My plans are as follows, since we can open HSBC premier account from overseas I am planning to open HSBC account in Malaysia prior to my arrival (MYR and USD account). Once account is setup I am planning to transfer funds to USD account (HSBC) then plan to fly Malaysia. Once I reach Malaysia I will visit CIMB to open USD and MYR account and transfer funds locally from HSBC (USD account) to CIMB (USD account) then proceed with CIMB for FD. I need to know within in Malaysia (Interbank) can we transfer from USD account to USD account ? if Yes what is the limit per day ?

kiat137 Jul 24th 2017 3:38 am

Re: Opening a Bank Account in Kuala Lumpur
 
I was told by some of my client to open up so called Pre-arrival open HSBC account in overseas but the actual situation is not really pre-arrival. The bank need to wait until the day you present at the bank then only they start to get approval from the HQ, bla-bla-bla, waiting few days to allow the money come in.
The process will be same for you to present in Malaysia and go to any other bank who familiar cater MM2H participant.

Normally I wouldn't recommend client to go HSBC because low interest rate and a lot of hidden charges. But good thing is HSBC provide agents referral fee sometime :) . Therefore you will see lot of agents push u to HSBC :D

Only Chinese citizen are allow to open a pre-arrival bank account with the corporation with Bank of China (Malaysia) Branch.

simon2017 Jul 24th 2017 4:30 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12300636)
My plans are as follows, since we can open HSBC premier account from overseas I am planning to open HSBC account in Malaysia prior to my arrival (MYR and USD account). Once account is setup I am planning to transfer funds to USD account (HSBC) then plan to fly Malaysia. Once I reach Malaysia I will visit CIMB to open USD and MYR account and transfer funds locally from HSBC (USD account) to CIMB (USD account) then proceed with CIMB for FD. I need to know within in Malaysia (Interbank) can we transfer from USD account to USD account ? if Yes what is the limit per day ?

Hi syed30, with regard to your question " I need to know within in Malaysia (Interbank) can we transfer from USD account to USD account ?" the answer is no. I went into Malaysian internet banking HSBC and selected the local bank transfer and the only option is MYR. You may be able to do it as an international transfer (IBAN/Swift numbers) even though it is to a local bank but that would incur international charges and may take longer than a MYR local transfer which is transacted within 30 minutes. Your best way may be to do an international transfer from your US based HSBC account to CIMB US account once setup. You should be able to do the transfer in USD and not get converted to MYR and then back to USD as part of process. I have done that successfully in the past with HSBC. Good luck.

syed30 Jul 24th 2017 6:24 am

Re: Opening a Bank Account in Kuala Lumpur
 
Hi Kiat137, Thanks for the info. I will surely check this out with HSBC - Malaysia as I had informed them to provide me account number for funds transfer. If the account is not opened how they can provide me the number ?

Hi Simon, Thanks for the info too. I believe HSBC is giving better exchange rate for Premium customer for USD to MYR conversion so in such case I will transfer from origin country USD and get that converted to MYR thru HSBC. Later upon my arrival if I open account with CIMB (MYR account) then I would be able to transfer MYR300,000 from HSBC - Malaysia to CIMB ? does it has any daily limit also how much time it takes to credit in my CIMB account if transaction initiated locally ?

simon2017 Jul 24th 2017 6:40 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12301496)
Hi Kiat137, Thanks for the info. I will surely check this out with HSBC - Malaysia as I had informed them to provide me account number for funds transfer. If the account is not opened how they can provide me the number ?

Hi Simon, Thanks for the info too. I believe HSBC is giving better exchange rate for Premium customer for USD to MYR conversion so in such case I will transfer from origin country USD and get that converted to MYR thru HSBC. Later upon my arrival if I open account with CIMB (MYR account) then I would be able to transfer MYR300,000 from HSBC - Malaysia to CIMB ? does it has any daily limit also how much time it takes to credit in my CIMB account if transaction initiated locally ?

Hi syed30, premium customers do getting a better exchange rate but only if you go into the branch and ask your relationship manager for the rate. (that's the only way I have done it) As you need to go into the branch you could also do the MYR300k transfer as I'm sure there wouldn't be a limit if you are there in person. You might find HSBC enquiring about why you are using CIMB so you may have the opportunity to get a better deal from HSBC. Competition can often produce amazing results.

kiat137 Jul 24th 2017 9:19 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12301496)
Hi Kiat137, Thanks for the info. I will surely check this out with HSBC - Malaysia as I had informed them to provide me account number for funds transfer. If the account is not opened how they can provide me the number ?

Hi Simon, Thanks for the info too. I believe HSBC is giving better exchange rate for Premium customer for USD to MYR conversion so in such case I will transfer from origin country USD and get that converted to MYR thru HSBC. Later upon my arrival if I open account with CIMB (MYR account) then I would be able to transfer MYR300,000 from HSBC - Malaysia to CIMB ? does it has any daily limit also how much time it takes to credit in my CIMB account if transaction initiated locally ?


As what my previous customer told me, they do give the account number upfront, but they also need you to present in Malaysia's branch only they start move. When you present to the bank, they just start activate your account, the money still in your home country, pending there to declare, then go the federal bank of Malaysia, lastly go to your account. It takes few days to comply all the process.

I not whether this will different to nationality or not.

syed30 Jul 25th 2017 11:59 am

Re: Opening a Bank Account in Kuala Lumpur
 
Hi Kiat, I just got my HSBC account opened from overseas. I got the account number and called Malaysia Premium Call Center to check the status of my account which is active. Branch will also courier me the security token and tele banking PIN. Hope this will go smoothly.

Davita Jul 25th 2017 3:56 pm

Re: Opening a Bank Account in Kuala Lumpur
 
TransferWise will give a much better rate of exchange than even HSBC Premier Relationship Managers...takes just a few days.

stepen Jul 26th 2017 4:38 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Davita (Post 12302792)
TransferWise will give a much better rate of exchange than even HSBC Premier Relationship Managers...takes just a few days.

There is a 0.7% fee for transferwise. How much would premier charge?

Davita Jul 26th 2017 8:48 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12303230)
There is a 0.7% fee for transferwise. How much would premier charge?

To get the total amount you will receive from HSBC the Premier Relationship Manager has to be asked and agreed instantly....in real time.
TransferWise shows the total amount you will receive, and how long that rate will last, directly on their website.....in real time.
HSBC will exchange immediately whereas TransferWise may take up to 3-4 work days to appear.

I've done this numerous times and TransferWise always transfers more than HSBC offered. This can be considerable depending on the amount to be exchanged.
This is transferring UKP to CDN$, IDR and AUD. I never exchanged into MYR using TransferWise so cannot compare.

stepen Jul 26th 2017 8:55 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Davita (Post 12303303)
To get the total amount you will receive from HSBC the Premier Relationship Manager has to be asked and agreed instantly....in real time.
TransferWise shows the total amount you will receive, and how long that rate will last, directly on their website.....in real time.
HSBC will exchange immediately whereas TransferWise may take up to 3-4 work days to appear.

I've done this numerous times and TransferWise always transfers more than HSBC offered. This can be considerable depending on the amount to be exchanged.
This is transferring UKP to CDN$, IDR and AUD. I never exchanged into MYR using TransferWise so cannot compare.

The transferwise fee to MYR is higher than to other currencies. It also used to be a limit for each transfer, 30,000MYR I think, but it's now changed to 10,000,000, that should be enough!

I've used transferwise to other currencies, and is normally quite good. You can get about the same from local banks in some currencies (HKD/USD in HK).

Davita Jul 26th 2017 9:56 am

Re: Opening a Bank Account in Kuala Lumpur
 
I just checked TransferWise and today, for 24 hours, to exchange GBP1,000, I would receive MYR5,537.31 on Monday.

as an example....MYR charges GBP6.95 for this transfer, same as a transfer to AUD. If exchanged to IDR it would attract a GBP7.94 charge and only GBP4.95 if to CAN$.

eCdD Jul 26th 2017 4:15 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12303306)
The transferwise fee to MYR is higher than to other currencies. It also used to be a limit for each transfer, 30,000MYR I think, but it's now changed to 10,000,000, that should be enough!

Just transfered EUR to MYR with Transferwise yesterday. Got slightly less then 40000 MYR for my Euros, never experienced a 30k limit before. And fee was 0,7 % as always.

syed30 Jul 26th 2017 5:06 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Need some information on CIMB Bank account opening process and other items. If anyone has undergone recent account opening with CIMB, as i need to know the following.

1. Time taken to open the account ? <I got to know this from one of the post it takes one day>
2. How long they take to provide Debit Card , PIN , Internet Banking ?
3. Do they provide Cheque Book ?
4. Can we get CIMB Credit Card ?
5. Does local Malaysian address is mandatory for opening account with CIMB. ?

kiat137 Jul 27th 2017 2:47 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12302616)
Hi Kiat, I just got my HSBC account opened from overseas. I got the account number and called Malaysia Premium Call Center to check the status of my account which is active. Branch will also courier me the security token and tele banking PIN. Hope this will go smoothly.

Ooo... That's great. Thanks for sharing your experience!
May I know your nationality? I believe there are some different from nationality.
My past experience are all China nationality clients.
Another tips for you is remember to bargain the interest rate.
HSBC is the lowest in the market as what I know. lol... 2.9%
But I know you still can bargain with them. :thumbup:

kiat137 Jul 27th 2017 2:53 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12303561)
Need some information on CIMB Bank account opening process and other items. If anyone has undergone recent account opening with CIMB, as i need to know the following.

1. Time taken to open the account ? <I got to know this from one of the post it takes one day>
2. How long they take to provide Debit Card , PIN , Internet Banking ?
3. Do they provide Cheque Book ?
4. Can we get CIMB Credit Card ?
5. Does local Malaysian address is mandatory for opening account with CIMB. ?

Hi Syed,
Open account, debit card, pin, internet banking all can done within few hours.

Cheque book you will need to open another current account. Normally you need to wait at least 2 weeks for the cheque book.

Credit card a bit difficult to approve now as they don't have any of your banking history in Malaysia. Somehow they will give you since you placed Fixed Deposit in their bank.

Malaysian address. Yes, most of them will require a Malaysian address. Better if you can provide address of the property you bought or rent.

Hope that my reply able to help you. Good Luck!

SushiFan Jul 27th 2017 5:47 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12303561)
Need some information on CIMB Bank account opening process and other items. If anyone has undergone recent account opening with CIMB, as i need to know the following.

1. Time taken to open the account ? <I got to know this from one of the post it takes one day>
2. How long they take to provide Debit Card , PIN , Internet Banking ?
3. Do they provide Cheque Book ?
4. Can we get CIMB Credit Card ?
5. Does local Malaysian address is mandatory for opening account with CIMB. ?

My experience with CIMB:
1. took a few hours. But that included the placement of the MM2H FD and creation of an official letter about this. Otherwise would it have been faster.
2a. Debit card and PIN provided on the spot when I opened my account. And they made me change my PIN number immediately at one of the ATM machines.
2b. Internet banking: I don't remember. However, be aware that you do need a mobile phone to get full functionality. For several actions (e.g. transferring money) do you need a one time confirmation code. This code is sent to your mobile phone as SMS message.
3. I recall that they asked me whether I wanted a cheque book. I don't use cheques so I declined. They do charge for using cheques, if I recall correctly.
4. If you have MM2H is it easy to get a credit card. You need to fill out a form and provide a copy of the MM2H in your passport. They do not look at your credit history, but you have to place a fixed deposit. This fixed deposit will be your credit card limit. You can choose a multiple of RM1,000 (between 1k and 10k) for this limit amount. After application will the card be sent by mail to your registered address. This takes about one week.
5. As far as I know: Yes.


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