CIMB Bank - what is possible for MM2Hers?

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I'm more convinced now after reading thro this thread to put my FD in CIMB. But I still need HSBC for my main UK-Penang transfer, tho this will cost me if I no longer have the premier status. BTW, in UK its £50k for premier stauts or £25.00 per month if under. HSBC Malaysia is RM200.
As I type this, its snowing outside, brrrrrr

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hi, georgeshooter,

Snowing, and Christmas next week. Smashing.

I think that CIMB is as good as it gets for banks. The branches have a ticketing queue system and plenty of seats. And usually a writing table as well as a counter top. You'll receive a very nice leather business card holder from CIMB. If you don't keep business cards you can use it to collect some of Malaysia's attractive postage stamps.

As I've mentioned on another thread, I didn't like the off-hand refusal of Maybank to assist me in getting a record for a 3-year old FD certificate held by them.   

Since then I've been looking around at alternatives.

I haven't tried HSBC as the nearest branch is a 2 hour drive away.   

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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)?

I am assuming ATMs [eg at my future home at "Midland One-stop"] accept HSBC cards and spew forth the requisite Ringgits.  Could someone tell me if that is not the case?

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Hi Feebee, I'm sure your HSBC ATM card will be accepted by all the machines, I often use my UK Nationwide debit card all over Penang and South East Asia. Daily withdarwal limits are high enough.

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ATM cards issued by Malaysian subsidiaries of foreign banks such as HSBC Malaysia or Citibank Malaysia cannot be used for withdrawing cash from ATM outlets owned by the large majority of Malaysian banks who are part of the MEPS network of banks & whose ATM cards are usable on one another's ATM machines for a small fee.

This is, in fact, the greatest drawback of these foreign-owned banks here. For example, my Stanchart & HSBC ATM cards are usable only on their own ATM's - they do have an arrangement to share their ATM's wth other members of the HOUSE group which encompasses a few other foreign bank branches e.g. Citibank, UOB, OCBC. but both banks require me to apply for another HOUSE-enabled ATM card, not the one normally issued. I haven't bothered as all the HOUSE bank branches are equally inaccessible.

Recently I heard of moves by Citibank to get access to the Malaysian MEPS network but have not heard about the outcome.

I do not know about cards issued by foreign banks themselves - don't they utilise specialised outlets such as Cirrus or Visa which incur considerable charges including foreign exchange conversions?

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Speaking from my experience, I don't use my UK RBS debit card with cirrus as it has some sort of 2 % foreign loading charge. In UK there are some banks that don't have this charge but until June this year, my bank Nationwide 's debit was free and has an exchange rate better than the local money changer. But they now decide to pass the "visa" charge of (i think 0.08%) on to their customers.
This still works out better as the exchange rate is "wholesale" rate and no commission.
I've not tried my HSBC premeir debit card yet, but its supposed to be no commission withdrawal too.
It will be interesting to know how Malaysia HSBC debit card works in Malaysia as well as outside.

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Feebee

You can use your Malaysian HSBC ATM card to withdraw cash at any ATM within the Cirrus network in Malaysia but there is a RM10 charge when using other banks' machines.

Georgeshooter

I believe that the proposal by Nationwide to pass on the visa network charge for withdrawals outside Europe was abandoned.

I use my UK Nationwide ATM card here but sometimes it takes two attempts to get cash out. The reason is that Malaysia is regarded as a high risk country and withdrawals are monitored.

Bill

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Thanks BillJay, that is very useful information. I've not used my NW ATM card outside Europe since May. So had not checked. I've not had any problem withdrawing cash in Penang, but I noticed that when last in Hong Kong I could not withdraw money from Japanese sounding bank and had to stick to Standard Charter or HSBC.

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Thanks to all recent posters on this ATM issue.  The situation seems somewhat worse than I had imagined.  Perhaps I have been spoiled living in Bangkok, where whichever card I use [normally ANZ, FirstDirect UK or HSBC Thailand or UK] all work virtually everywhere without even bothering to consider the matter.

It's just never been a problem.

Perhaps it is because most machines are Cirrus [or equivalent] machines, or perhaps it is my habit to generally use machines in, or on the forecourt of banks, which I do as a security thing rather than some choice of machine.

It's interesting to think of Malaysia being a security risk; wouldn't Thailand be considered so?  I recall once that a bank would not send a replacement credit card to me for that reason, but that policy has been reversed.

Anyway, it seems that as long as I identify Cirrus machines in my locality, it should be ok.  There will be fees of course on foreign cards, but I get that here.

Just one other point.  Recently I ordered the ATM to give 15,000 baht.  It gave me 14 x 1,000 baht notes.  After a considerable run-around, I discovered that I had to take up the matter with the bank that the account was with, not the bank that owned the machine.  This was FirstDirect in UK.  Of course it cost me a long international phone call which cost me 300 odd baht, but the 1,000 baht was reinstated to my account after several weeks.

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Feebee

When I spoke to Nationwide one time, I was told that they regard Thailand as a high risk country too.

The reason I phoned Nationwide was that I was refused cash at a Maybank ATM. I was going to pay some bills and wanted to withdraw RM1500 (daily maximum). The machine thought about it for a while then issued a slip saying transaction cancelled. I tried again and got a message to contact my bank. It turned out that the machine had debited my account before cancelling the transaction so Nationwide thought I had received the money. I sent a photocopy of the 'cancelled' slip to Nationwide and had my account corrected. A similar thing happened again a few months later at a CIMB ATM and I was informed that it was due to a fault in the visa network. So always ask for transaction slips!

Bill

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You can use your Malaysian HSBC ATM card to withdraw cash at any ATM within the Cirrus network in Malaysia but there is a RM10 charge when using other banks' machines.

I think we all expect to suffer a charge of some sort if using a Foreign ATM card in another country but getting a RM 10 charge every time you get cash out in Malaysia on a Malaysian card?  I wouldn't be happy with that.  If you get some cash out say 3 times a week, that's RM 30 (or 300 baht equiv).  I mean, it's not tuppence ha'penny is it.  If I go to Maybank with my Maybank card I get charged RM zero - and presumably the same if I get a CIMB card and go to CIMB.

The HSBC fans on here seem to have gone a little quiet on this one. 

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It puzzles me why anyone would be willing to pay RM10 to make an ATM cash withdrawal, but then I'm a skinflint....

I use the internet to juggle my funds between my Malaysian bank accounts so as to ensure all ATM withdrawals are made from CIMB ATM's or, in an emergency, from ATM's of other banks in the MEPS network which includes all the major Malaysian banks. Use of a fellow MEPS bank's ATM incurs a minimal Rm1 charge - even that is grudgingly conceded.

And I have yet to use any of the ATM or credit cards issued by overseas banks. The forex conversion rates are simply too punitive.

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I only pay money IN to my local HSBC account - to cover bills and my local HSBC credit card. My income arises in the UK so I draw it out from the Nationwide (no charge) or in an emergency from my UK HSBC (FirstDirect) account.

I can transfer larger sums money from my UK HSBC account to my local HSBC account for GBP17 less than to another bank such as Maybank or CIMB.

Bill

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That makes a lot of sense Bill.

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I can transfer larger sums money from my UK HSBC account to my local HSBC account for GBP17 less than to another bank such as Maybank or CIMB.
Bill

I transfer from HSBC (UK) to HSBC Malaysia for no charge....so I don't understand the above?