Re: VISA cheaper than Transferwise
 

I'm not sure if that's the way it works. As you cannot transfer from MYR.
They probably have some other arrangement, giving them access to interbank rates.

Re: VISA cheaper than Transferwise
 

I know there are restrictions on transferring money out of Malaysia but I have done so successfully (using HSBC). That said I did look at Transferwise and they don't give an option to do a transfer out of Malaysia so I you are correct as far as Transferwise is concerned.

Presumably for some currencies such as GBP and USD Transferwise must be able to quote a definite rate because of the volume coming into Malaysia (presumably a locked in rate from a Malaysian bank) while for other currencies they must get a rate based on the day of the transfer.

Re: VISA cheaper than Transferwise
 

No, it is not working in this way. For EUR and the other currencies apart from USD and GBP they indeed do not guarantee the rate, they will use the rate of the day your Euros arrive at their account. This can be better or worse than the rate of the day you set up the transfer. For example, when I set up the transfer last monday, the rate was 5,0993 and on Tuesday when my money reached them I got 5,1161(before the 0,7% fee). You can protect your transfer from a rate drop by setting a maximum spread of 0,5 % on the downside which of cause I always do.

Re: VISA cheaper than Transferwise
 

Thanks for clarifying how Transferwise works in Malaysia .... quite different from when I have used it to transfer money between UK and Australia.

Re: Opening a Bank Account in Kuala Lumpur
 

Simon2017,
In response to your post #88,
It seems to me that the Islamic deposits are eligible for protection.

See for example:
Fixed Return Income Account-i (FRIA-i) – Maturity Returns

and follow the link:
'Eligible for PIDM Protection. To view PIDM's brochure, click here'.

See item 10 in the brochure.

Re: Opening a Bank Account in Kuala Lumpur
 

Hello All,

Currently in the MM2H process and researching banking and having funds in place for FD.

HSBC appears to be easiest from the USA but the stories here are waving me off from them.

Does CIMB offer the option to open a USD account along with MR current and MR FD for MM2H?

Thank you in advance for your input,

Re: Opening a Bank Account in Kuala Lumpur
 

Re: Opening a Bank Account in Kuala Lumpur
 

Thanks Gunnar45! I guess I could have googled that :)

Re: Opening a Bank Account in Kuala Lumpur
 

Hi macmagrduer, I use HSBC but primarily for the use of their Global View service which in my current situation being outside MY is the only feasible option open to me.

I haven't experienced bad service from HSBC but as yet I do not physically interact with any of their MY branches but online I have opened FD's with no issues and it all works pretty well as expected.

My MM2H agent recommended CIMB but I do not know their coverage or systems well enough to give any pros and cons for international transfers.

It will be interesting to see CIMB current MM2H FD rate as previously it has been higher than HSBC.

Best of luck :fingerscrossed:

Re: Opening a Bank Account in Kuala Lumpur
 

Thank you Macsta,

As I travel globally for work HSBC looked like the right option with branches worldwide. Good to hear you've not had negative experiences.

The MM2H fixed deposit rate is not a deal breaker but why turn down an extra point or two over ten years is a factor as well but maybe that comes down to negotiation at the table.

Do ATMs in Penang and KL dispense USD and/or Euro or is that a rare find? That will factor in the need for a USD account locally.

Appreciate the feedback,

Re: Opening a Bank Account in Kuala Lumpur
 

As far as I know, no ATM's dispense other than MYR.
And I was informed by CIMB that if a forex account doesn't allow cash withdrawals in forex! (This is however possible in Singapore)

Re: Opening a Bank Account in Kuala Lumpur
 

CIMB has just recently renewed my MM2H FD. Over the previous 12 months I received 3.55%. For the coming 12 months will I receive 3.85%.

Re: Opening a Bank Account in Kuala Lumpur
 

For info, HSBC gave me 2.9% last year and it will be the same this year.

Re: Opening a Bank Account in Kuala Lumpur
 

Hi Mac,
If you are a premier customer in the US (or elsewhere) suggest you ring HSBC Premier Malaysia and make an appointment with a relationship manager. That's what I did before I arrived in Malaysia and had no problems at all with opening accounts. I was also able to transfer money immediately from overseas into HSBC Malaysia and got a debit card on the spot which enabled me to live without carrying around too much cash. Also got a fee free credit card. I have foreign accounts (Euro, USD, GBP) with HSBC Malaysia but am not aware of the ability to withdraw in cash USD from the USD account. By the way FD rates on USD at HSBC is 1.18% for 9 months which may be better than you are getting in the US.

Re: Opening a Bank Account in Kuala Lumpur
 

Hi Simon, not to hijack macmagrduer topic but regarding a credit card, when you applied was it straightforward? The reason I ask is I am sure I read it is different in MY if you are retired and you have to lodge money (as a guarantee I expect). I'm not yet retired so when I asked HSBC MY they just gave me an application to complete which I didn't as not being based in MY it seemed superfluous to needs. Does anyone have experience of a retired credit card application?

Hi macmagrduer, just be aware (as the good folk on this forum previously advised me) the FD rate any of the banks give you is not given for the full 10 years, it is renewed annually at whatever rate they wish to offer and you are locked into the bank you initially choose. I am getting 2.9% with HSBC but even if they drop the rate then the Global View facility suits my circumstances. If you join CIMB and the rate was 3.9% then this might reduce in the future and if it is at parity with HSBC you might wish you took advantage of the worldwide network they have. Just a thought.