British Expats

British Expats (https://britishexpats.com/forum/)
-   Retirement and MM2H (https://britishexpats.com/forum/retirement-mm2h-205/)
-   -   Opening a Bank Account in Kuala Lumpur (https://britishexpats.com/forum/retirement-mm2h-205/opening-bank-account-kuala-lumpur-899598/)

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.


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