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/)

eCdD Jul 29th 2017 11:33 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 2:28 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 11:23 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 12:39 pm

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 1:05 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 1:44 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 1:49 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 2:34 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 7:15 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 10:10 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 10:39 pm

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

bakedbean Aug 14th 2017 12:40 am

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 8:09 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 8:17 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 5:39 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?


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