CIMB Bank - what is possible for MM2Hers?

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For those who bank with CIMB, and I believe there are a few on this forum, can you advise what is possible for MM2Hers?

I'm looking at their website and all the possible current accounts, credit cards.  I've clicked the More Info buttons but I'm not seeing any restrictions for Foreigners / MM2Hers.  Are there any restrictions?

What we're hoping to get is a couple of current accounts (one for me, one for Mr P), chequebooks, ATM cards, internet banking and a Credit Card.  Is that possible as a MM2Her?

We already opened a passbook account with Maybank on the last trip (possibly a mistake but no matter) but that will cover the FDs.

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hi,

You can get all the items that you have mentioned with CIMB, as with Maybank. There's also internet banking and CIMB Preferred status. I think that the requirement for this is RM150,000 on deposit. Not sure.

As I understand it, the only difference between mm2h (foreigner) accounts and those of Malaysian citizens, is that for mm2h/foreigners the account is designed as "external."

CIMB also has passbook savings accounts. And, unlike Maybank, they let you keep any original FD certificates when they have expired. They cross "cancelled" on them and return them to you.

Like all banks, CIMB will let you have as many cards as you like. There was a reason that I didn't get one. I think that it was because the card I wanted didn't come as Visa, it was Mastercard. And now credit cards are costing RM50 per card per year. 

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Hi Scott, what is CIMB preferred status?
Though we got account with HSBC, we are still wondering which bank to go with eventually. CIMB has a branch in Batu Ferringhi which will be more convenient than HSBC in town

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Just a suggestion for those who have not made their MM2H FD's yet.

You would do well to place the FD's with the bank of your choice for your future banking needs. By doing so, you could qualify more easily for priority status (or Preferred Customer status) which all require a minimum deposit of Rm 150,000 (CIMB) up to Rm 250,000 (HSBC). This sum includes money in all your accounts, including your MM2H FD's.

Priority status gives you a few privileges:
1) a dedicated relationship officer, especially when you need special attention on any financial matter e.g. housing loan;
2) a special section of the bank for priority members - can be useful to avoid long queues;
3) specially allocated parking lots outside the bank;
4) free tea/coffee in the priority area where financial magazines & newspapers are provided;
5) use of certain airport lounge clubs;
6) improved foreign exchange rates which can be individually negotiated for larger fund transfers.

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If CIMB requires RM150,000 to be a Preferred customer, then our mm2h FD will mean we qualify straight away. Have to do our research, as we have HSBC in UK which can be linked to HSBC in Penang. What a pity they require so much more than CIMB for their premier account

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This is an interesting post for me.
I plan to convert my conditional approval to an MM2H visa in January 2010.
I have an HSBC Premier Account in Canada and, subsequently, my UK (HSBC) and Hong Kong (HSBC) were given Premier Status. The 'Global View' aspect and easy transfer of funds is my rationale for this.
I thought I would create a new account (HSBC) in KL and add to the required MM2H FD to make my KL account my premier 'Premier' and cancel my Canada account and recover that FD, currently CDN $100,000.
Is this feasible?
Failing this feasabilty I'm now thinking of opening this CIMB with the MM2H FD and canceling my HSBC Premier Status.
Any comments or suggestions are appreciated

David

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I have an HSBC Premier Account in Canada and, subsequently, my UK (HSBC) and Hong Kong (HSBC) were given Premier Status. The 'Global View' aspect and easy transfer of funds is my rationale for this.
I thought I would create a new account (HSBC) in KL and add to the required MM2H FD to make my KL account my premier 'Premier' and cancel my Canada account and recover that FD, currently CDN $100,000.
Is this feasible?

Hi Davita

I agree with your rationale about HSBC having the best international connections. You can use their Premier facilities here by showing your membership card from any overseas branch. That is fine as long as you maintain your overseas Premier account or apply for Premier status here once you have the minimum level of funds in your Malaysian account (after which you can, of course, terminate your Canadian Premier account).

It is worth noting that having any housing loan here automatically tops up your overall level of funds e.g. a housing loan of Rm 100,000 plus MM2HH FD of 150,000 satisfies the minimum 250,000 requirement of HSBC. Overall, I rate HSBC as the most efficient of all the banks here but they have few branch outlets & too many Premier customers, so they tend to ignore the lesser-worth individuals.

CIMB, on the other hand, is the new kid on the block - extensive network of branches, much  smaller club of preferred customers, smallest financial requirement (equal to the over-50 MM2H FD outlay).

As I do frequent foreign currency transactions, I like the idea of the CIMB Preferred Customer Manager having direct access to foreign currency trading i.e. he/she can provide instantaneous Buy/Sell quotes from the trading floor without going through the currency dealers in their treasury departments, which is what happens when I try to negotiate a better deal at HSBC, Standard Chartered, etc.

Unfortunately, CIMB's internet banking software is not as efficient as HSBC's & their overseas network is minimal. So, horses for courses.

PS -one final point to note. When I last checked, HSBC did not allow their external account holders the use of the Interbank Giro (IBG) facility. Thus you won't be able to do internet transfers to any other Malaysian bank account, even if it's your own. Bill payments are allowed, of course.

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Thank you Megalink for your clear advice.

We do not yet intend to live in Malaysia (we have an apartment in Jakarta) but we like the MM2H program, as a backup plan; who knows about the future of politics etc. in this region.

Your advice convinces me to stick with the HSBC Accounts.
 
If I can transfer CDN $100,000 (Approx MYR 322,000) to the KL account, I hope KL can give me the immediate 'Global Premium Status'.

I can split that MYR 322,000 and have 1 FD (MM2H) for MYR 100,000; another (MM2H) for MYR 50,000; and one for MYR 100,000 (For HSBC Premier Status).
I'm hoping these FD's will satisfy both MM2H and HSBC to achieve my objective.
This leaves around MYR 72,000 for a current and spending account in HSBC KL.
It also means, in the future, if we wish to live in Malaysia and buy property etc. that I would have some flexibility with those FD's.

This still leaves me with funds in Canada but not in a sufficient FD to maintain 'Premier Status'.

The 'Global Premier Status' I would hope, would be maintained from the FD's in the KL account so that now, my CDN account, and the others in HKG and UK will still have 'Global Premium Status'.

Does this make sense, and is it achievable?

Thanks for any clues on this subject and sorry if I've kinda hijacked this thread..it did seem to me the appropriate place...but If I'm wrong...please don't scold.

David

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It's not wholly clear from the previous posts, but once you are a HSBC Premier Customer anywhere, you are Premier everywhere, without having to meet local conditions for deposits.  If you are a Premier Customer in Canada or Indonesia or wherever, you can have 100RM in HSBC in Malaysia, and still be a Premier Customer.

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It's not wholly clear from the previous posts, but once you are a HSBC Premier Customer anywhere, you are Premier everywhere, without having to meet local conditions for deposits.  If you are a Premier Customer in Canada or Indonesia or wherever, you can have 100RM in HSBC in Malaysia, and still be a Premier Customer.

Feebee,

You are correct, but to have an HSBC Premier Account it is a requirement to have an FD (fixed deposit), somewhere.

In Canada for example, that is CDN$100,000 (MYR 322,000). In Australia I have been told it is even more. Unsure about the UK. In Malaysia it is MYR 250,000.

To get an MM2H from Malaysia it is required to have an MM2H FD of, in my case, MYR 150,000....
but this can also be INCLUDED in the MYR 250,000 FD requirement in Malaysia to get an HSBC Premium Account. IOW another MYR 100,000 FD

Consequently, it makes no sense to have one FD for MM2H and another FD in a country to establish an HSBC Premier Account, when they can be integrated in Malaysia.

I hope this makes my intention clearer.

David

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Hi

The minimum balance for a HSBC premier account is 200K.
I copied this from the HSBC website:

    *  You qualify for HSBC Premier if you maintain an average monthly Total Relationship Balance of RM200,000 or more, which includes your Premier Savings, FlexiTime Deposit, Unit Trusts and Structured Investments at HSBC. Alternatively, if you are already an existing HSBC Premier customer, you can join HSBC Premier for free in other countries. Come and talk to us for more information.
    * Should your average Total Relationship Balance drop below RM200,000, a Below Balance Fee of RM150 will be applied for the month.

https://www.hsbc.com.my/1/2/hsbcpremier/hsbc-premier/apply-hsbc-premier#

Paul

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Davita, agreed, but see Stuurmans point.  The money does not have to be in an FD = Fixed Deposit = Time Deposit.  Enough money in a Savings account will qualify, so long as it is maintained.

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Thanks again Feebee and to Paul,

That sounds even better.

I only thought it required MYR250,000 because someone else here mentioned that.

I hope that if HSBC KL accepts the MM2H FD of MYR150,000 and I put an additional MYR50,000 in a savings account, that will qualify me for a Premier Account in that Branch and all my other HSBC Accounts worldwide will subsequently stay as Premier Accounts.

Then I can reduce my (no interest paid) FD in Canada. That account should still qualify as a Premier Account as the KL Branch will be holding the qualifying deposit.

My wife will love me more as she sees more disposable money already. 

Great and useful info here...thanks,

David

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CIMB has a branch in Batu Ferringhi which will be more convenient than HSBC in town

and a branch in Tanjung Tokong too.

That's okay guys - you can hijack my thread, see if I care 

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The thing with HSBC though - how do you get your cash spend out if they've only got one branch (unless you live in the middle of Georgetown)?