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.

Re: Opening a Bank Account in Kuala Lumpur
 

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

Re: Opening a Bank Account in Kuala Lumpur
 

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.

Re: Opening a Bank Account in Kuala Lumpur
 

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).

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$.

Re: Opening a Bank Account in Kuala Lumpur
 

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.

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. ?

Re: Opening a Bank Account in Kuala Lumpur
 

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:

Re: Opening a Bank Account in Kuala Lumpur
 

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!

Re: Opening a Bank Account in Kuala Lumpur
 

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.

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 ?

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.

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.

Re: Opening a Bank Account in Kuala Lumpur
 

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.

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.