Opening a Bank Account

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Just wondering if it is possible to open an bank account in Malaysia whilst still in the UK? I know this can be done through HSBC but for various reasons I don't want to use them. Also I would appreciate members views on the various banks, what would the recommend, stay clear off etc.

The major benefit I need is the ability to bank online.

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hi,

I've opened 2 accounts, Maybank & CIMB, in Malaysia and both times I needed to show my passport.

Maybank has a representative office in London, in the City. I once visited. There's no retail banking facility. You could visit or telephone, and ask about setting-up an account. Worth a try.

Online in Malaysia, and CIMB is pretty good. But there again so is Maybank. Sama sama.

I have always been adverse to HSBC as I find them to be very local and they have a very bureaucratic approach. On a couple of occasions HSBC Singapore wasn't much interested in helping with HSBC UK. But it got done after some straight talking. And trying to set-up an HSBC Premier account in the UK from Portugal was a frustrating failure.

HSBC seems to like long-distance phone calls at the customers' expense, and it dislikes email. All email questions are answered by referring to phone numbers. Even using their own online email system. Or you're asked to visit a local branch. I pointed out that the nearest branch to the Algarve, Portugal was Madrid, Spain and the HSBC staffer replied, "Oh, really, I didn't know that."

However, it's also now been my experience that moving money between HSBC accounts from 1 country to another is a cheaper way of doing things than via CIMB, Maybank, UOB et al.

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Hi.

On a recent visit to Malaysia (April 2010) I tried to open a account with HSBC in Malacca.

I was going to use a friends Malaysian address for the account

I was asked if I had a work permit or MM2H visit, I have nether,  when I said so, the lady was very polite but said I could not open a account
as a foreigner with out a MM2H visa or a work permit.

Might try a different bank next time we are back in Malaysia.

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That is strange Col.

I opened my HSBC account in Penang without a work permit or MM2H visa a few years ago. I gave my UK address.

Bill

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hi,

Have a look at :
Opening BANK A/C before "conditional acceptance"
Can you open a Bank Account in Malaysia as a foreigner ?

I'll wait a day then merge all three topics.

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That is strange Col.

I opened my HSBC account in Penang without a work permit or MM2H visa a few years ago. I gave my UK address.

Bill

I think regulations have been considerably tightened up in the last few years probably because of pressures from western governments over concerns of money laundering. The knee jerk reaction was to clamp down on foreigners everywhere trying to open bank accounts without an obvious need, such as work, investment or pre-planned retirement. Maybe it disrupted the small time crooks for a while but made it far more inconvenient for the genuine long term traveller to other countries.
I dont have MM2H, just a tourist visa, but last year HSBC were prepared to open an account for me with sight of my tenanacy agreement. None of the others would do it so they lost out.
About 2 years ago I opened an account in Bangkok with Bangkok Bank. I seem to recall all I had to do was get a letter from the British embassy verifying my passport. Seemed the Thais were only too pleased to have my money! Maybe banking regulations there have also changed.

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Can anyone assist with this?  We've got a passbook account with both Maybank and CIMB.  We'd like to open chequebook accounts with CIMB.  We went along there last week while in Penang and waved a Tenancy Agreement about but they weren't playing ball.  They said they required sight of utility bill(s).  We were expecting this.

It now turns out that future Landlord will be keeping utility bills in his name, so we will still have no utility bills to wave about in the first year in Penang.  We're thinking about getting Astro subscription.  Does anyone know if an Astro bill will do to get a chequebook account open?  Anyone done this?

I've looked at the CIMB website but it's not giving any clues.  It won't be the end of the world if we cannot get a chequebook account for a year, just a bit of an inconvenience.

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Hello papaya
For your information you should be able to open a cheque account with CIMB Bank. I was told in the branch at Bukit Bintang,KLCC that the manager is the only personnel  able to authorise and  opened the account and he is in the Branch only Mon - Fri excluding Public Holidays. I was able to do it at that branch using my mailing address in Singapore so I assume you should have no difficulty in Penang. All the best and every success.

Curlytops

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Papaya,
I opened a check account at CIMB Menara BHL branch, Penang, at the front counter.
I produced my Passport, Tenancy Agreement and a copy of my MM2H Application Receipt, not the MM2H approval.
Mr. Lum Kok Yew was the Customer Service Officer who attended to me.
The account was opened with a RM1000 deposit.
Good luck with this information.
Cheers & Beers,
JAYDEE

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Thanks guys.  It sounds as if each branch goes by different rules (which does not surprise me).  I think we may need to be a bit more "forceful" with the branch that we wish to use, if we decide to go down the chequebook route.

After writing the above posting, a friend indicated that "paying by cheque" is not always the preferred method in Penang.  I must admit that, in Phuket, we do not have any chequebooks but that's because we are not allowed to have them (as foreign retirees).  Here everything is Pay Cash or get a Bankers Draft.  I guess we must decide if getting chequebooks is a good idea or not.

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Papaya,
You will find that most business done in Penang is by Cheque or Cash, followed by Credit Card. I have found that My Australian Visa is fine and my Australian Amex is accepted by larger businesses.
A Credit Card is available to foreigners from Malaysian Banks provided they have a Fixed Deposit up to the credit limit with that card.
Yes Papaya, you have to be forceful with Banks.
Cheers & Beers,
JAYDEE
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Just to report my experience so far with opening a FD account for MM2H.

Visited both CIMB and HSBC today. Both offering the same rate for a one year auto renew FD @2.85%  Both very pleasant and easy to deal with, and both confirmed that the FD would count towards Premier/Preferred status.
The FD Certificate and letter would be available in about a day in both cases.

As I am considering splitting amount into 2 FD accounts, both HSBC and CIMB  were very surprised at my Provisional Offer letter stating that the amount that must remain in the account for the 2nd and following years to be 100k. Their latest paperwork quoted a figure of only 90k. After consulting with their superiors, they decided that it is better for them to adhere to the figures as quoted on the Prov Offer Letter.

HSBC were very keen for me to consider this Dual Currency Trading, and went to a great deal of trouble to explain it to me, although, with the FD as my main priority, I came away a bit puzzled by how it works.

Havn't decided on which bank to use yet, as there seemed to be little to choose between them as far as I could see.

Will report more as and when I make progress

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Havn't decided on which bank to use yet, as there seemed to be little to choose between them as far as I could see.

Our issue with HSBC is the VERY limited access we have to ATMs..... need to trek into Beach Street to use their ATM. I believe CIMB have a wider network of ATMs.

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Our issue with HSBC is the VERY limited access we have to ATMs..... need to trek into Beach Street to use their ATM. I believe CIMB have a wider network of ATMs.

Actually, that brings up a point that I forgot to mention.

HSBC did say that a 1 (One) Ringet charge applies to use outside ATMs. Not sure that this is right at all. Thought I had seem that it was more than this.

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What do they mean by "outside ATMs" ?

From our experience the HSBC ATM card not accepted by most other bank ATMs.