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.

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.

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.

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?

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 ?

Re: Opening a Bank Account in Kuala Lumpur
 

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

Re: Opening a Bank Account in Kuala Lumpur
 

Can you chose to set it to 10 years?

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. :(

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.....

Re: Opening a Bank Account in Kuala Lumpur
 

Probably not, must be negotiated.

Re: Opening a Bank Account in Kuala Lumpur
 

I think FD's for 5 years duration are possible.

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.

Re: Opening a Bank Account in Kuala Lumpur
 

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?

Re: Opening a Bank Account in Kuala Lumpur
 

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.

Re: Opening a Bank Account in Kuala Lumpur
 

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?