Re: Opening a Bank Account in Kuala Lumpur
 

@stepen does this mean that you opened two FDs? One linked to your MM2H and the other one for yourself? Which of the two is linked to the MM2H?

Re: Opening a Bank Account in Kuala Lumpur
 

Both are linked to the mm2h

Re: Opening a Bank Account in Kuala Lumpur
 

I see. You needed to place an FD of MR300k in total?

Re: Opening a Bank Account in Kuala Lumpur
 

Yes that's the requirements for under 50years.

Re: Opening a Bank Account in Kuala Lumpur
 

hi all.
I've just received the Conditional MM2H Approval letter, so I need to fly to Malaysia to complete the procedure, one of which is to open a FD bank account.

Could anyone please tell me what further documents I need to bring to the bank to get a FD, apart from passport with entry stamp and conditional approval letter?
HSBC told me that I need to bring a proof of residence (e.g. telephone bill) and a document showing my tax number (e.g. tax statement). Do other banks like CIMB need similar documents or other further documents?

Re: Opening a Bank Account in Kuala Lumpur
 

Congratulations on receiving the MM2H approval.
How can you show "proof of residence" and a "tax number" to HSBC if you're not even living in Malaysia yet? I placed my MM2H FD with CIMB. CIMB did want to have an address to send correspondence to. I used temporarily the address of the agent who was handling my MM2H application. Once I moved to Malaysia I changed this of course. And MM2H holders do not get a tax number in Malaysia. Unless you really need it and take the necessary steps yourself.

Re: Opening a Bank Account in Kuala Lumpur
 

Congratulations Pat, are you using an agent as they normally 'hand hold' you through all this?

As Sushi said normally the agent will use their address for the account opening.

If you are not using an agent you also should take the advice of splitting the FD into two separate deposits as (depending on your age) you can withdraw an amount for approved purchase items and splitting the FD makes this procedure easier. This also gives you the opportunity of placing the lesser (withdrawable) FD at 12 months (for example) fixed deposit (short term access) and the larger amount (that cannot be withdrawn until you give up the visa) at a longer period of time but at a higher fixed rate.

Also I know this might sound stupid but it is only because I did it, I also opened a USD account and brought along dollars cash to deposit in it, not allowed. I was sent over the road to a money broker to exchange it into RM and I was only allowed to deposit a set amount into the new account per day, so best to check.

Re: Opening a Bank Account in Kuala Lumpur
 

You are not allowed pay in or withdraw forex cash from a forex account in Malaysia, any account movement has to be done by electronic transfer.
In Singapore it is however possible, for example CIMB SG charges a fee of 1% when depositing or withdrawing forex cash.
(If you are a CIMB preferred customer, the charge is 0.5% for forex cash deposits)

Re: Opening a Bank Account in Kuala Lumpur
 

[QUOTE=Macsta;12577726]Congratulations Pat, are you using an agent as they normally 'hand hold' you through all this?

No, I'm not using agent. I called CIMB call centre and they could not answer exactly what further documents would be needed. They advised me to call directly to a branch outside KL and Selangor. I told them that I would be going to KL to complete the last steps of MM2H and so would like to call a branch in KL instead. But they said that the calls to KL branches would be automatically redirected to the call centre.

Re: Opening a Bank Account in Kuala Lumpur
 

[QUOTE=Pat in europe;12577826]In this situation Pat I will leave it to those who have completed the MM2H procedure from approval without the use of an agent to give you best advice.

Hope it all goes smoothly for you.

Re: Opening a Bank Account in Kuala Lumpur
 

Thanks for the reply.
HSBC wanted to get the address proof and tax number at my current home base, not Malaysia. I guess this is requested to curtail tax evasion, a measure introduced among OECD countries after the Panama Papers scandal.
I may consider HSBC simply for the reason of money transfer and management as I am an HSBC customer outside Malaysia. But my impression of HSBC Malaysia is that they do not really care about getting me as their customer: not very enthusiastic about my enquiries and not flexible enough when I asked if I could start the account opening process before coming to Malaysia.

Re: Opening a Bank Account in Kuala Lumpur
 

Don´t waste your money with HSBC it just will make you sad every year to see your tiny FD income while the Ringgit drops.

I don´t remember CIMB needed anything else than passport and approval letter. Maybe a bank statement from my overseas bank, definitely no utility bills or something with my overseas tax number, both I would have not been able to provide.

Re: Opening a Bank Account in Kuala Lumpur
 

Yes I'm certain that they want your home country tax number. It's bit ridiculous since you are unlikely to actually generate so much income from the account that it would be taxable. But some countries (like the US) consider foreign income as part of total income, which is how they tax (worldwide assets). You thus need to notify the home country tax authority. In the US the tax number s the Social Security Number. If you pay taxes on line abroad you may find you tax number on saved tax records.

FD's are subject to the rise and fall of the Ringgit at ANY Malaysian bank. If you pay into the FD will the home currency is strong when it weakens you "make money" (Ringgit goes up and buys more £, $ when you cash out). The converse is also true.

Re: Opening a Bank Account in Kuala Lumpur
 

If you're American then it might be they need this information to fulfil their reporting obligations to the USA authorities (e.g. FATCA). I don't think they need this to fulfil obligations towards the Malaysian government.
HSBC got a lot of bad press last year on this forum (and elsewhere). This got worse when HSBC Malaysia suddenly started to purge customers: they didn't want their business any longer and customers were told to move their accounts over to other banks, usually within two weeks. Unless you already have a strong relationship with them the advice seems to be to go to a local Malaysian bank such as CIMB.

Re: Opening a Bank Account in Kuala Lumpur
 

Wow, didn't know that, any reason given for the purge?

Was it for both local and expats?