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WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

Old Apr 12th 2017, 11:53 am
  #31  
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Default Re: WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

Originally Posted by RedApe
Under 50 you must demonstrate "liquid assets" of RM500,000 (US$ 111,000). Then you've got the FD of RM30000 (~US$66,700). Assuming they'd allow the Chinese accounts to be counted as liquid assets...then your strategy might allow the FD amount plus US $33,300 in living expenses. That's $2775/month and might be enough for a family with a school aged child to afford a reasonable lifestyle. The next year they could move up.

Over 50 you must demonstrate "liquid assets" over RM350,000 (US$77,800). So unless the Malaysians allow the term "liquid assets" to also be that trapped in China then they are still not capable of fulfilling the MM2H conditions.
I don't know whether the MM2H system has changed recently. When I applied (in 2015) I had zero liquid assets in Malaysia. I had these at a bank in another country. The monthly bank statements I supplied with my MM2H application were good enough.
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Old Apr 12th 2017, 11:58 am
  #32  
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Default Re: WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

Originally Posted by eCdD
Usually banks not exchance USD to CNY or CNY to USD. Only Bank of China is doing this (and a couple of other big banks in very big cities) and they have to follow exactly the official exchange rate with no fees. This sounds totally like fake news
That is not correct. I have exchange USD in ICBC, HSBC, and Merchant Bank.

edit:well, Shanghai is a very big city. There are also other very big cities in China.

Last edited by stepen; Apr 12th 2017 at 12:21 pm.
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Old Apr 12th 2017, 12:32 pm
  #33  
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Default Re: WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

In Beijing I indeed know also a China Merchants that is doing this business. In Guilin (OK, not very big, but big and important) still only one Bank of China changes CNY to USD.

I have never seen one ICBC that exchanged money, but probably there is in Beijing and Shanghai.

Anyway, if somebody can name a bank that is giving away gifts for exchange USD to CNY, please tell me. I am quite happy with the milk and olive oil I get from my bank over there when placing a new fixed deposit, but new sources always welcome
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Old Apr 12th 2017, 2:06 pm
  #34  
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Default Re: WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

Originally Posted by eCdD
Usually banks not exchance USD to CNY or CNY to USD. Only Bank of China is doing this (and a couple of other big banks in very big cities) and they have to follow exactly the official exchange rate with no fees. This sounds totally like fake news
My first time to visit China was Shanghai. I exchanged some HK$ to CNY in HK. Ran out of cash in Shanghai, but the banks would not exchange my Canadian or HK$ for CNY.
For my next few visits I made sure I have enough CNY.
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Old Apr 16th 2017, 3:08 pm
  #35  
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Default Re: WHY ARE CHINESE MOVING TO MALAYSIA BY THE THOUSANDS?

Originally Posted by SushiFan
Surprising to see that a 20 year old newspaper article is still available on the Internet.
Oh, theres plenty more from where that came - his case was an unlucky happenstance: haven't you heard about the massively big fish that got away?

Last I heard, it was some 472 million pounds in weight!
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