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/)

syed30 Jul 27th 2017 5:42 am

Re: Opening a Bank Account in Kuala Lumpur
 
Thanks kiat & Sushifan for your response.

I will try to negotiate with HSBC for interest rate but does any one in the forum got better than 2.9% recently ? if Yes how much.

I would not be able to rent or buy apartment as of now. My plan is to have visa stamped along with my family and fly back. What are the communication happens in Local Malaysia address if i opt to go with CIMB ?

Fenella Jul 27th 2017 9:49 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Regarding having a local address. We don't have one as we don't live in Malaysia but our agent let us use her address and once we had the account we went onto the internet and changed it to our PO box address.

syed30 Jul 28th 2017 1:24 am

Re: Opening a Bank Account in Kuala Lumpur
 
Thanks Fenella for your response but what about the other part of question ? does CIMB sends any post to the registered address ? as I believe you get all the details (i.e. Internet banking , Debit card , PIN, etc.) on spot.

eCdD Jul 28th 2017 2:18 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by syed30 (Post 12304590)
Thanks Fenella for your response but what about the other part of question ? does CIMB sends any post to the registered address ? as I believe you get all the details (i.e. Internet banking , Debit card , PIN, etc.) on spot.

CIMB is my only malaysian bank that is not sending anything by post. Except the credit card. For credit card application you also need the conditionel approval letter from MM2H.

Fenella Jul 28th 2017 9:27 pm

Re: Opening a Bank Account in Kuala Lumpur
 
eCdD is correct, we never receive any mail from the bank. We also have an account with Maybank and OCBC - no snail mail from them either. Not sure if it made a difference that we requested they contact us by e-mail only.

eCdD Jul 29th 2017 10:33 am

Re: Opening a Bank Account in Kuala Lumpur
 
Strange, I get snail mail statements from OCBC all the time, even I changed to PDFs long time already. Guess I also should request to be contacted by e-mail only.

stepen Aug 11th 2017 1:28 pm

Re: Opening a Bank Account in Kuala Lumpur
 
HSBC online Fixed Deposit rates for 60 months is 3.9%. Can you get the mm2h FD for set 60 months, or are there other terms and rates for mm2h FD?

Also USD FD rates are not bad at 1.03%, better than banks in the US.

Macsta Aug 13th 2017 10:23 am

Re: Opening a Bank Account in Kuala Lumpur
 
Hi Stepen,

I was informed that the MM2H FD is a 10 year commitment and once deposited it cannot be transferred until expiry (only refundable on cancellation of visa at any time I believe) and as previously stated in earlier posts the current HSBC rate is 2.9%.

I am not in Malaysia yet and international circumstances meant I had to choose HSBC but anecdotally CIMB are offering over 4% for their MM2H FD.

I recently questioned HSBC about their low rate (prompted by this thread) and the stock answer was "yes they (CIMB) offer a better rate because they are a local bank and 2.9% is the best rate we offer".

Although I am stuck with HSBC for the MM2H FD, I also have additional funds deposited with them and if I discover they have given a higher rate for MM2H FD then I will move my other funds to another bank as soon as I can.

Gunnar45 Aug 13th 2017 11:39 am

Re: Opening a Bank Account in Kuala Lumpur
 
Macsta
''Although I am stuck with HSBC for the MM2H FD, I also have additional funds deposited with them and if I discover they have given a higher rate for MM2H FD then I will move my other funds to another bank as soon as I can''.

If you get a better rate for the additional funds elsewhere, why not move them without referring to the MM2H deposit rate?

stepen Aug 13th 2017 12:05 pm

Re: Opening a Bank Account in Kuala Lumpur
 
I re-read the thread and I'm still wondering does the mm2h FD rate change every year, or is it fixed for 10 years ? If you get 4.1% from cimb is that fixed for 10 years ?

eCdD Aug 13th 2017 12:44 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12315632)
I re-read the thread and I'm still wondering does the mm2h FD rate change every year, or is it fixed for 10 years ? If you get 4.1% from cimb is that fixed for 10 years ?

No, if you set it only for 1 year, you have to discuss the rate every year again.

stepen Aug 13th 2017 12:49 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by eCdD (Post 12315659)
No, if you set it only for 1 year, you have to discuss the rate every year again.

Can you chose to set it to 10 years?

Macsta Aug 13th 2017 1:34 pm

Re: Opening a Bank Account in Kuala Lumpur
 
If you get a better rate for the additional funds elsewhere, why not move them without referring to the MM2H deposit rate?[/QUOTE]

Hi Gunnar45, I would do but unfortunately with not yet being in Malaysia I rely on HSBC Global transfer facilities due to individual circumstances which drastically limit my choices. For me at the moment they are the only game in town. :(

Gunnar45 Aug 13th 2017 6:15 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Macsta,
OK, I understand :-).
SO after maturing you would be free to move to greener pastures. Maybe check the HSB 6 months FD rate vs 12 months.....

eCdD Aug 13th 2017 9:10 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12315660)
Can you chose to set it to 10 years?

Probably not, must be negotiated.

Gunnar45 Aug 13th 2017 9:39 pm

Re: Opening a Bank Account in Kuala Lumpur
 
I think FD's for 5 years duration are possible.

bakedbean Aug 13th 2017 11:40 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Note that you cannot change banks once the FDs are in place. New rule came in a few years back. You are stuck with the one you choose.

Macsta Aug 14th 2017 7:09 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by bakedbean (Post 12316001)
Note that you cannot change banks once the FDs are in place. New rule came in a few years back. You are stuck with the one you choose.

In principal it seems the bank has you over a barrel as you cannot move.

In my situation I chose HSBC because I had to but it irks that when I eventually get to Malaysia I will not be able to transfer to someone like CIMB and take advantage of a better rate.

This is very anti competitive, for you expats "on the ground" was transferring FD's a big issue in the past and was the restriction challenged at all when proposed?

SushiFan Aug 14th 2017 7:17 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12315632)
I re-read the thread and I'm still wondering does the mm2h FD rate change every year, or is it fixed for 10 years ? If you get 4.1% from cimb is that fixed for 10 years ?

When I opened my FD for MM2H in 2015 at CIMB I asked about my options. They told me that they only did 1 year fixed deposits, automatically renewed each year. Which, in my case, meant that in the second year the interest rate was higher than the first year. Since then have I become a "preferred customer" at CIMB, so I am curious to see whether that will have an impact on the interest rate once the FD gets renewed later this year.

Suncamp Aug 15th 2017 4:39 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.

Hello Syed:
I'm in the US--contacted HSBC and was informed that I would have to visit a branch personally to undergo identity verification before they would help me open up an account in Malaysia. There's no branch anywhere near me, unfortunately. Did you have to actually visit a branch here in the US before they would help you open your Malaysian HSBC account? Any advice?

Macsta Aug 15th 2017 7:18 am

Re: Opening a Bank Account in Kuala Lumpur
 
Hi Suncamp,

I am also with HSBC and not living in Malaysia and before they would open the Malaysian account I had to visit a branch for ID verification.

I live in a country with no branches of HSBC but I visit Dubai regularly and went to the a branch Premier section and they notoarised all my documents and sent them internally (they would not release them back to me once verified) to HSBC in KL who then opened the account.

By the way I have been a HSBC account holder for over 35 years (anyone remember Midland Bank) in the UK and I still had to visit a branch.

Gunnar45 Aug 15th 2017 8:19 am

Re: Opening a Bank Account in Kuala Lumpur
 
I opened my MY HSBC account while in Kuwait and I did all the formalities like ID verification, etc at the HSBC office in KW.
HSBC MY also sent the security device to HSBC KW so I could pick it up there.

I used an agent for my MM2H application and was introduced to HSBC through them.
This probably helped to get the account opening process started.

ssoomro Aug 15th 2017 4:57 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Hi Y'all..
Interesting discussion here. After receiving my MM2H I high-tailed outta town to some R&R in Bali..I have not been to Bali in about 30 yrs... and what i saw was not pretty.. thats a discussion or another time.

Whats interests me reading this thread is the wide variation of personal experiences ..while attempting the same damn thing.

Mr. Syed apparently got a HSBC account from abroad.. it took me some tantrum throwing to get mine done in 4-5 days in Malaysia.. i was told cannot be done from afar.. even though I am a premier account holder in USA..

The US expat experience may be quite different from UK/Middle east expat...

CIMB bank was really good in both expedited service, rates offered..and the cuteness factor of the ladies (oh Puleez)... I did get 4% on my FD... someone here got 4.15.. .

Everything (account, pins, online access, debit card etc) got done in an hour or so .. while i admired my 'surroundings'.. and tortured the bank staff with my untranslatable
humor (or lack there of) .. longest time was taken on printing out MM2H letter etc.

IMPORTANT NOTE: for those of you undergoing the process. Get AS MANY COPIES of the letter and the FD receipts as you can. MM2H takes at least two copies and you need some for your own reference.

I did the medical stuff myself.. walked into a rather shoddy clinic in Brickfields a block from my hotel and asked for the price, was quoted 100MYR, I suggested 60MYR should do.. and was accepted immediately... An Indian doctor noticed I am alive and breathing so quite enthusiastically signed and stamped my part medical exam form.

Finally met with the lady at Joy Stay at MM2H immigration office, she submitted my papers. Agent seem to have good repertoire with the staff (as expected).. and about 5 min later i was asked to pay the fees and few min after that my agent brought back my passport with the MM2H stamp... I do regret not submitting more youthful looking picture of me for the stamp..now i have to live with this balding guy staring at me for while :(

Since getting the stamp, i spent a week in Bali, one in Singapore and one in Bangkok.. last two for work.. and now back in USA.. pondering the timing of the move to Malaysia/Singapore.. depending on job situation and some other factors..

All the best to Y'all...hang in there...this too shall pass :)

Fenella Aug 15th 2017 10:22 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Glad it all came together for you ssoomro! and congrats on the 4% with CIMB� ����

As Bali is one of the places we're considering eventually settling down in I'd be interested to know why you were disappointed☹️ Whereabouts were you staying? I can imagine that a lot changed in 30 years!

ssoomro Aug 16th 2017 1:03 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Fenella (Post 12317455)
Glad it all came together for you ssoomro! and congrats on the 4% with CIMB� ����

As Bali is one of the places we're considering eventually settling down in I'd be interested to know why you were disappointed☹️ Whereabouts were you staying? I can imagine that a lot changed in 30 years!

Hi Fenella.. like all opinions, mine is a subjective one.. I visited Bali in Mid-80s..when it still had more temples than hotels, and traffic was limited to a couple of big towns.. Had most serene, calming and joyful experience.

The Bali of today is wall to wall tourist hotels, souvenir shops and massage parlors.. not that they were not there, but its overwhelming now..Kuta is simply out of my bear ability.. i stayed in Sanur on the east coast.. which was still somewhat less developed/crowded.

I remember staying in a family guest house in Ubud.. for there were not enuff hotel room...this time I could barely get in the town with the traffic jams and state of the downtown made me want to throw up... there used to be more temples and local vending crafts in the street..now its all 'boutiques'..anyways ..cant stop the "progress" aye. .the countryside is still very much beautiful..but i see a "villa building boom' everywhere..

its too stupid (and I do stupid real good) to judge a place from a 10 day visit.. DaVita may provide much more authoritative response as she lives there full time.. All the best (along with the rest ;) ).

Fenella Aug 17th 2017 11:41 pm

Re: Opening a Bank Account in Kuala Lumpur
 
Thanks for the reply ssoomro.
Whenever we're on Bali we always spend time in Sanur and Ubud.

There are many things I love about Bali, the main one though is the whole style of outdoor living: Villas with private pools for affordable prices. We have no intention of buying so long term leasing would suit us fine.
For us this seems more appealing than living in a condo.

Davita Aug 18th 2017 3:13 am

Re: Opening a Bank Account in Kuala Lumpur
 
Hi Ssoomro ....you wrote..."DaVita may provide much more authoritative response as she lives there full time" Thanks for thinking I'm some hot sexy 'she' when reality is I'm a grouchy old guy....recently turned 80....:eek:

Hi Fenella...rather than diverting this thread if you, or anyone else, has questions about Bali or Indonesia I'd be happy to attempt answers on the sister forum BE (Indonesia).

WiredTight Aug 18th 2017 6:01 am

Re: Opening a Bank Account in Kuala Lumpur
 
I visited HSBC Tanjong Tokong (Penang) today, and they are offering 1st time customer rate of 6.0% for a 3 year FD (MM2H). After 3 years, renegotiate at the "current market rate".
With the understanding that their is no guarantee what the interest rate will be 3 years from now, and unable to change banks if I'm stuck with a lower rate... Any thoughts or opinions if this is a good deal ???

stepen Aug 18th 2017 6:09 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by WiredTight (Post 12319333)
I visited HSBC Tanjong Tokong (Penang) today, and they are offering 1st time customer rate of 6.0% for a 3 year FD (MM2H). After 3 years, renegotiate at the "current market rate".
With the understanding that their is no guarantee what the interest rate will be 3 years from now, and unable to change banks if I'm stuck with a lower rate... Any thoughts or opinions if this is a good deal ???

Did they confirm if this can be used for MM2H?
As I checked the terms for MM2H FD, and it's says yearly renewable FD.
6% seems too good to be true..

WiredTight Aug 18th 2017 6:31 am

Re: Opening a Bank Account in Kuala Lumpur
 
My first question when I sat down..."what is your best FD for MM2H".
I sat down at the office desk with my MM2H approval letter right in front of her, and confirmed twice that this was a MM2H request for 3yrs at 6%. The woman seemed very knowledgeable about MM2H.
In addition I asked about Premier Status associated with MM2H, etc... and she handed over all the paper work to fill out... I can only assume everything is good.
I'll head back over on Monday.

bakedbean Aug 18th 2017 6:43 am

Re: Opening a Bank Account in Kuala Lumpur
 
HSBC in Precinct 10 ? I am very surprised. I was told all you can do is get cash out at the place as it's not a fully functional branch.

Good news if they are now using the branch as a normal branch. Saves batting all the way into Georgetown.

InVinoVeritas Aug 18th 2017 6:48 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by WiredTight (Post 12319333)
I visited HSBC Tanjong Tokong (Penang) today, and they are offering 1st time customer rate of 6.0% for a 3 year FD (MM2H). After 3 years, renegotiate at the "current market rate".
With the understanding that their is no guarantee what the interest rate will be 3 years from now, and unable to change banks if I'm stuck with a lower rate... Any thoughts or opinions if this is a good deal ???

AFAIK this is an amanah branch of HSBC and therefore follows sharia law (ie no interest as such but "gifts" from the bank). If you do this, WiredTight, you'll be a BE pioneer!

InVinoVeritas Aug 18th 2017 6:49 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Davita (Post 12319297)
reality is I'm a grouchy old guy

I can vouch for that :rofl:

simon2017 Aug 18th 2017 6:51 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by WiredTight (Post 12319344)
My first question when I sat down..."what is your best FD for MM2H".
I sat down at the office desk with my MM2H approval letter right in front of her, and confirmed twice that this was a MM2H request for 3yrs at 6%. The woman seemed very knowledgeable about MM2H.
In addition I asked about Premier Status associated with MM2H, etc... and she handed over all the paper work to fill out... I can only assume everything is good.
I'll head back over on Monday.

6% seems way above the market rate if it's a per annum rate. You might want to check whether you get a total return of 6% (which is only 2% pa for 3 years) or is it a yearly amount. For a one year FD 2.9% was the last HSBC rate I saw.

WiredTight Aug 18th 2017 7:10 am

Re: Opening a Bank Account in Kuala Lumpur
 
I'm starting to think I misheard, or something was lost in translation. I specifically asked when was interest paid (interest paid yearly not monthly).
Well I have 2 days to scratch my head and wonder if their was a misunderstanding.

simon2017 Aug 18th 2017 8:26 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by WiredTight (Post 12319356)
I'm starting to think I misheard, or something was lost in translation. I specifically asked when was interest paid (interest paid yearly not monthly).
Well I have 2 days to scratch my head and wonder if their was a misunderstanding.

Hi Wiredtight, the reason I raised the rate being the accumulated rate was when I enquired about possible terms, interest rates etc for my MM2H FD with HSBC the rate they were quoting me on monthly interest payments was the total return that I would get rather than the actual interest rate I was getting each month. (ie adding up all interest received during the term divided by amount deposited was the rate they quoted rather than the lesser monthly rate I was getting).

Hope I'm wrong in your case but worth checking.

By the way I went into the CIMD branch across the road from the HSBC branch you went into today to enquire about FD rates (not for MM2H purposes) and was quoted 3.1% for 1 year and it would be less for longer terms, so if you cannot get better than that at HSBC you have the walk across the road option .... and you may be able to get something higher for MM2H amounts.

stepen Aug 18th 2017 8:58 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by simon2017 (Post 12319377)
By the way I went into the CIMD branch across the road from the HSBC branch you went into today to enquire about FD rates (not for MM2H purposes) and was quoted 3.1% for 1 year and it would be less for longer terms, so if you cannot get better than that at HSBC you have the walk across the road option .... and you may be able to get something higher for MM2H amounts.

That is strange, as the official CIMB rates for 1 year is 3.7%, increasing for longer terms. I believe you can even start a new online with these terms.

https://www.cimbclicks.com.my/clicks...iewfdrates.htm

simon2017 Aug 18th 2017 10:37 am

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by stepen (Post 12319398)
That is strange, as the official CIMB rates for 1 year is 3.7%, increasing for longer terms. I believe you can even start a new online with these terms.

https://www.cimbclicks.com.my/clicks...iewfdrates.htm

Good idea I'll open a separate thread on what rates people are getting on deposits (both for MM2H and for other funds)

Gunnar45 Aug 18th 2017 1:03 pm

Re: Opening a Bank Account in Kuala Lumpur
 
With (maybe) the exception of MM2H FD's, the Amanah (Islamic FD) option may be worth exploring as well.
The return is called profit rate there but apart from that there is no difference.
Sometimes the profit rates are higher than the interest rates, like when I placed an Islamic FD with CIMB earlier this year at a monthly paid out profit rate of 4.15% p.a.

Another option to look into is MBSB, the Malasian building society.
But I don't know if they are accepted for MM2H FD' and the deposits made with them are not Gov't guaranteed.

ssoomro Aug 18th 2017 5:12 pm

Re: Opening a Bank Account in Kuala Lumpur
 

Originally Posted by Davita (Post 12319297)
Hi Ssoomro ....you wrote..."DaVita may provide much more authoritative response as she lives there full time" Thanks for thinking I'm some hot sexy 'she' when reality is I'm a grouchy old guy....recently turned 80....:eek:

Hi Fenella...rather than diverting this thread if you, or anyone else, has questions about Bali or Indonesia I'd be happy to attempt answers on the sister forum BE (Indonesia).

LMAO DaVita...I had no idea you are a dude... but you didnt have to tell me either ..:confused:


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