Question on opening FD account

Old Aug 10th 2019, 10:46 pm
  #1  
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Default Question on opening FD account

Hello all,
My MM2H application has been approved and I plan to come down to Penang in December to get the visa.
I do not plan to take up residence in Malaysia until 3-4 years later.
As I only have a week, I am concerned that it will not be enough time to open an account, and set up the FD, and then get the docs from the bank to pass to my agent.
If I give a bank check from overseas bank, can the bank immediately give me proof of the FD so I can give to my agent?
Or do I need to wait till the check clears? I have heard this could take some time.
I am considering opening a HSBC account here in USA and then just transferrign the money once I get to HSBC in Penang.
Has anyone done this?
Is a tenancy agreement required? CIMB bank said the need proof of tenancy. As I will not be living in Malaysia for some time, I dont know how to fill this requirement.
Do all banks have a tenancy agreement requirement for opening an account or setting up an FD?
Any info welcome.
Do All banks require a tenancy agreement?
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Old Aug 11th 2019, 3:08 am
  #2  
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Default Re: Question on opening FD account

A week is going to be very tight. It can take a couple of days just to get the account opened, then a few days to transfer the money. Cheque would be extra slow.

I have no experience with HSBC but I have heard that they will screw you on the FD interest rate, and also on the FX rate. But opening an account with them in the US and then in Malaysia may be the quickest route. Others will hopefully chip in their direct experience.

I was not asked to provide a tenancy agreement by any bank, but that was in Sarawak, not Peninsular Malaysia. Your agent should be able to advise you if it's customary - I think not. The problem is that you can ask the same question at three different banks and get five different answers, depending upon who you happen to talk with!
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Old Aug 11th 2019, 6:34 am
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Default Re: Question on opening FD account

Congrats on getting approved for MM2H! How long did it take to get this approval?
I've read on this forum several times that it takes longer for US citizens to open a bank account with a Malaysian bank, due to the strict US financial regulations these banks face. So Epicurious could be right.
I notice that you use an agent for your MM2H? In my case, several years ago, the agent offered as a service that I transferred the money to the agent in advance, before coming to Malaysia. Then, upon opening the FD, the money could be transferred immediately from the agent's account to the FD. Setting up the FD, plus a regular account (the is FD attached to this), plus all the paperwork took 2~3 hours at a CIMB branch in KL. We did this in the morning. The agent then took all paperwork, plus my passport, and went to the MM2H government agency's office in Putrajaya in the afternoon. And brought back everything, including the desired MM2H visa in my passport, by the end of the day.
I did not have a tenancy agreement when I got my CIMB account. Instead, the agency's address was used as correspondence address. Once I moved from abroad to Penang I changed this registered address at CIMB. But again, that was a couple of years ago.
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Old Aug 12th 2019, 7:44 am
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Default Re: Question on opening FD account

Congrats on MM2H. Others will need to comment on US citizens difficulties in opening a Malay bank account but I did use HSBC and was able to get the FD documents within 2-3 hours and get my MM2H visa in a week .... nothing went wrong though .... That was a transfer from HSBC UK to HSBC Malaysia.
From an FD rate perspective HSBC is lower than other local banks ... whether the difference is worth the different services and facilities that HSBC offer is up to the individual.
You get better FX rates and service if you are a HSBC premier customer than if you are not. That requires a total of RM 200k in deposits (so additional RM50k above what is required for MM2H. All this info is from my experiences 2 years ago so there may be some differences now. If you would like to find out more Private Message me and I will give you the email contact details for the HSBC Premier Relationship manager that I use who may be able to answer questions for you and facilitate account opening for you.
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