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/)

Macsta Aug 15th 2017 8:18 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 9:19 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 5:57 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 11:22 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 2:03 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 18th 2017 12:41 am

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 4:13 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 7:01 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 7:09 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 7:31 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 7:43 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 7:48 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 7:49 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 7:51 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 8:10 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.


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