MM2H: how long did it take for you?

1openmind wrote:

Thanks for that info. I was going to use HSBC had good rates for cd’s. But I think I
Might go with CIMB. Any idea how they are?

Well, setting up accounts across the globe is one thing but if the rates are actually pretty good I certainly wouldn't pass on that.  At that point, you are just dealing with one local branch.  They are big and pretty stable.

Hi VWC, I got my passport Stamped.... thanks god. for your information, you did not accept my WhatsApp invitation. Away this what happen man. read below

May 18, 2020
Hi guys
Here is all the details some of you needs. I arrived to Johor, Malaysia on February 24 to finish the final step in MM2H process and get my US passport stamped.
•    I walk from the Amari Hotel to Dr. Gan Ching Yan office (+60 07-233-1788) walk-in without appointment to do Medical checkup, that was easy and was done in about 40 minutes for a Total fee of RM50. He sign and Stamped My RBII Form.
•    Applied for Fixed Deposit Account at Citibank and it took them 10 days to tell me that they actually do not want to open MM2H account, stupid people. So the next day I ran to Public bank, RHB, CIMA, UOB, HSBC (in which all required a ton of documents) and Affinbank which only asked for MM2H Approval Letter and Copy of Passport Bio Page.
•    Covid-19 Virus hit and everything closed, but Banks remained Open, except they could not process and open MM2H accounts since their KL main office was low on staff to get approvals.
•    Finally on March 24, I went to HSBC and asked them to do something because my MM2H Approval letter will expire on April 29, lucky I talked to very nice lady who called HSBC KL office and got approval to Open Account. Start funding the account and ran in another Malaysia Bank rule that you cannot deposit cash or transfer from another local banks more than RM10,000 daily. That took 16 days to fund and another day to get Fixed Deposit ORIGINAL Letter and copy of FD Certificates. This step was done by April 14, but due to MCO, MM2H announced they will be closed until April 30. Later the MCO got extend until May 12.
•    I sent MM2H several emails and got lucky again, one MM2H office employee answered me from her home via her mobile informing me 1. Do not worry about your letter expiration date, everyone will get Auto Extension. 2. From now on, No walk-in Applicate are allowed, everyone must set appointment in advance and she gave me appointment for May 15 [at] 8:00am.
•    Again another problem, Malaysian Chief of security announced no interstate travel is allowed without travel permit and must be for good reason. So I had to go to local police station and hired private car with driver (did not want to Ride the Bus with covid-19 issue) and we applied for one day round trip Johor to Putarajaya MM2H Office. They approve us to travel only because my 90 days entry Visa was going to be expired on May 17.
•    We drove all night for 4 Hours and I was the first to be there at about 6:30am, but no one can enter the Building until 8:00am. So I signed in with temperature taken by security and was handed Number 1 tag and told to be seated, later MM2H offices called my number and reviewed the documents which are as follows;
1.    Original and one copy of MM2H Approval Letter.
2.    Original and one copy of Bank FD Letter.
3.    Original and one copy of FD Certificates.
4.    Original and one copy of Medical Checkup RBII Form.
5.    Original and one copy of Medical Insurance, even though I am over 60 Years.
6.    Original Bond Form with RM10 Inland Revenue Stamp.
7.    One copy of the Passport Bio Page. But this item is not listed in their handout instruction for the final step. I did not have a copy, so the officer said do not worry about it.

Again I was asked to be seated and wait. There were 7 people waiting with me, 4 are Agents with several passports (3-5 passports) each. The Officer carried all the Application to 10th Floor.

After 30 minutes, MM2H Officer Started asking people to follow him to 10th Floor. We were surprised to see that the Agents got the Red Carpet treatment first while Direct Applicants like me with Tag number 1 has to wait until they finished with all Agents who had Tag numbers 3-6. After 1-1/2 hours they call my name to be escrowed to 10th Floor. I paid the Cashier IN CASH, no debit or credit card are accepted. The Visa Fee is RM90/year plus Bond Fee. After 20 minutes officer handed me my Passport with MM2H stamp for 8.5 years, because my new passport had 9 years left to expire. Oh wait you know I do not let thing go by, so I asked the officer how come Agents got processed before me with Tag Number 1. He just smiled.

My recommendation if you are not in Malaysia already, you must wait until this Covid -19 Virus is under control everywhere. Malaysia has done good job on the Virus. I am stuck in Malaysia, in Hotels for 3 months at a Hotel cost only of over $9,000, but now I rented Condo. There are no Flights to go anywhere yet plus many countries are not allowing foreigners to enter.

I hope this will help everybody.

Hi Sindebad.  Congratulations!  My deepest apology if I declined anything (didn't mean to, just not tech savvy enough to know what is what these days).  I owe you some beer and chili crab one day in dear old Malaysia...

Awesome details. 

See, there is a reason for agents.....

Sure Agents get Red Carpet since they Grease officers hand with some dough..
I would say forget about UOB, CIMB and especially Citibank. These banks are so strict and ask you for some many documents for just FD Account that seems you are applying for home loan in Millions of $.  and if ask them a question why ? they reply with BS "Bank Requirements" or "Malaysia Rules". Some request you to get work permit first, when MM2H Approval Letter say " Applicants are not allowed to work in Malaysia.

As I said I went to many Banks during MCO in Malaysia and my Rating is as follow;
1. HSBC.... Approved and opened my account in 3 days. FD Rate 2.4% for one year.
2. Affinbank...requires basic documents, Letter and Passport. FD Rate 3.0% for one year. If you need to talk with the bank guy in Johor his name Hafiz @ +60 17-722 9594. He is on WhatsApp and Wechat.
3. Public Bank.... requires reasonable Documents, but crowed Bank. FD rate 2.6%.
4. Maybank ... all Malaysians use this bank, so long waiting in line, slow to reply to my request. FD Rate 2.85%.   

All banks in Malaysia think Foreigners are people to Watch and you will feel talking to them, they thinking we are so kind of criminals.

Sindebad wrote:

Sure Agents get Red Carpet since they Grease officers hand with some dough..
I would say forget about UOB, CIMB and especially Citibank. These banks are so strict and ask you for some many documents for just FD Account that seems you are applying for home loan in Millions of $.  and if ask them a question why ? they reply with BS "Bank Requirements" or "Malaysia Rules". Some request you to get work permit first, when MM2H Approval Letter say " Applicants are not allowed to work in Malaysia.

As I said I went to many Banks during MCO in Malaysia and my Rating is as follow;
1. HSBC.... Approved and opened my account in 3 days. FD Rate 2.4% for one year.
2. Affinbank...requires basic documents, Letter and Passport. FD Rate 3.0% for one year. If you need to talk with the bank guy in Johor his name Hafiz @ +60 17-722 9594. He is on WhatsApp and Wechat.
3. Public Bank.... requires reasonable Documents, but crowed Bank. FD rate 2.6%.
4. Maybank ... all Malaysians use this bank, so long waiting in line, slow to reply to my request. FD Rate 2.85%.   

All banks in Malaysia think Foreigners are people to Watch and you will feel talking to them, they thinking we are so kind of criminals.

Wow, HSBC?  Really?  Frankly we are trying HSBC because we have accounts with them but TO THIS DAY we still have not finished up the process (granted due to the virus situation).  I mean, just a few Fridays ago, we had to go into the local branch to update some forms.  And based on what you indicated, HSBC has the lowest interest rate for FD in Malaysia.  My agent actually suggested Public Bank as fast, which you did indicate as reasonable for documents.

Not sure why the bank folks treated you that way.  Perhaps, from their own perspectives, they may not understand how/why some foreigners would (a) have so much money, relatively speaking and (b) would want to come and deposit it there for awhile.

I am not worried about the Rate, Small money. Rate is not everything to consider. Banks here have too many rules even for Malaysian, so they act like investigators    and the feel they have the power over customers. Banks here are not the same as in USA, they do not need to give you a reason for their decision whatsoever. I have no idea why you are trying to open your account with HSBC in US, it is faster to open it in Malaysia. HSBC US and HSBC Malaysia are ONLY connected by Name, nothing special in doing transactions. Two different systems and regulations

So the banks don’t know what an MM2h visa is or the required minimum deposit?
Unless they are depositing way more than that.
And why would you want to have all
That locked up? I’d rather open another account that I can cash out if need be.

When you open FD, banks only lockup a total of RM150,000. if you deposit more, balance is not locked up and can use it. They issue a debit card under the same account number. FD certificates amounts are deducted from the Account and have separate Certificate Numbers that is linked to the Account Number, so they can deposit interest earning later (once a year). You no need to open another Account unless you like that but I would do it at another bank for Insurance reason.

Sindebad wrote:

I have no idea why you are trying to open your account with HSBC in US, it is faster to open it in Malaysia. HSBC US and HSBC Malaysia are ONLY connected by Name, nothing special in doing transactions. Two different systems and regulations

HSBC has an international banking dept so why shouldn't we try to open it while here? Any days or time saved is worth it.  Keep in mind we are still working stiffs and my wife has way less vacation time than I do.  She would prefer spending more time with her family in JB than probably just hanging out in Penang while we wait for the agent to return with our passports. While in Penang for a few days, I can look at properties or areas worth considering.

Ok, Good luck. I have already tried that with Citibank since I have account with them in USA,  still that did not help me and Citibank Malaysia refused to open MM2H FD account. Two different systems, they do not talk to each others. Again good luck.

HSBC Premier Account in Malaysia only requires a total relationship balance ofRM200,000 (~$45,000).

In the US it's $75,000 balance.

So given the interchangeability of international benefits, and the fact that RM150,000 of that 200,000 will be the Fixed Account, it actually makes good sense to apply in Malaysia. I think you could then set up a dollar (or other currency account) in another country and transfer in money (converting to ringgit) at will.

Guys,

Is it not possible for me to get EVERYTHING done or in place so that the only thing I will need to do once I hit Penang and the HSBC branch is to do the money transfer part or the signing of the docs to make it official?  You mean to tell me I can not have that money sort of in an international intermediary temp account so that once I press go at the branch it would magically appear in my pre established HSBC Malaysia that minute? I seriously can not have any delays whatsoever.  The exchange rate is not a big concern.  Time is.  Are you saying that even if I transfer the funds the minute I am at HSBC Malaysia that it would still technically take a day or two before it shows up and only then would the branch acknowledge that the FD account is funded properly before giving me the letter?  Man, just bring cash.  Everyone understands cash.

My experience. 

It took 11 months from application to approval.  Came to Malaysia 3 months into the 6 month approval validity period to do the medical, insurance, security bond and FD, and get the visa.  Had it all done except the FD, then Covid-19 closed the MM2H office.  Banks remained open, so I made the FD and contacted MM2H officials by phone and email when the MM2H office re-opened to make an appointment. 

Given an 0800 appointment at Putrajaya.  Arrived at 0755, doors opened 0800 (took 40 minutes to get in as everyone had to sign in), given no. 8, called to present my passport and documents downstairs around 1000.  The official noted it was the final day of the 6 month eligibility period of the approval letter, and implied I should have come sooner, I pointed out the office had been closed for 2 months.  In email correspondence they had said "The MM2H Centre will give the extension for the endorsement in due course.", so I expect anyone whose approval expires during the MCO will get an extension.   

Some people arrived after 0800, so don't stress if you're running late.  I waited downstairs until 1145, then was directed to 10th floor to pay and collect the visa.   
Given a 9 year visa as my passport has 9.5 years' validity.  Told the 10th year can be added when I renew my passport.  Left at 1215.

Banks:  It's not just different banks having different rules to open accounts, but different branches of the same bank.  E.g. one branch of Maybank required a tenancy agreement to open an account, another didn't.  CIMB would open an account, but required a tenancy agreement within 3 months.  HSBC would open an account, Citibank wouldn't.  FD interest varied between 2.4% (HSBC) and 3.05% (CIMB).

FD funding - if sending RM to your account, e.g. via TransferWise, there's a Rm 10,000 daily limit.  Therefore 15 working days (3 weeks) to send RM 150,000.  To avoid this, can send foreign currency and let the Malaysian bank convert to RM, or open a foreign currency account in Malaysian bank and fund this, then convert to RM.  TransferWise has a better exchange rate, so it's a speed / convenience vs. cost decision.

Medical insurance - Tokio Marine (on Jalan Sultan Ismail, go to Raja Chulan metro and walk towards Jalan P Ramlee) has a very cheap MM2H insurance policy.  The policy limits are very low, but useful if it's solely to obtain the visa, e.g. you aren't going to live in Malaysia yet.  Cost varies by age, I paid RM 312.

Security Bond - if you don't know a Malaysian to sign it for you, there's a certification service in Cosway Wisma (on Jalan Raja Chulan, 1st floor).  RM 5 or 10 to sign bond.  This guide is useful:
https://movingtomalaysia.info/complete- … bond-form/

Hello Eaglet and welcome to expat.com !

I'm loïc and I'm glad to meet you

I Just wanted to thank you for sharing your experience on our forum, it has a great value for us and other expats in Malaysia !

Don't hesitate to also ask questions by opening a new topic.

Have a great day.

Regards.

Loïc
Expat.com Team

eaglet wrote:

My experience. 

It took 11 months from application to approval.  Came to Malaysia 3 months into the 6 month approval validity period to do the medical, insurance, security bond and FD, and get the visa.  Had it all done except the FD, then Covid-19 closed the MM2H office.  Banks remained open, so I made the FD and contacted MM2H officials by phone and email when the MM2H office re-opened to make an appointment. 

Given an 0800 appointment at Putrajaya.  Arrived at 0755, doors opened 0800 (took 40 minutes to get in as everyone had to sign in), given no. 8, called to present my passport and documents downstairs around 1000.  The official noted it was the final day of the 6 month eligibility period of the approval letter, and implied I should have come sooner, I pointed out the office had been closed for 2 months.  In email correspondence they had said "The MM2H Centre will give the extension for the endorsement in due course.", so I expect anyone whose approval expires during the MCO will get an extension.   

Some people arrived after 0800, so don't stress if you're running late.  I waited downstairs until 1145, then was directed to 10th floor to pay and collect the visa.   
Given a 9 year visa as my passport has 9.5 years' validity.  Told the 10th year can be added when I renew my passport.  Left at 1215.

Banks:  It's not just different banks having different rules to open accounts, but different branches of the same bank.  E.g. one branch of Maybank required a tenancy agreement to open an account, another didn't.  CIMB would open an account, but required a tenancy agreement within 3 months.  HSBC would open an account, Citibank wouldn't.  FD interest varied between 2.4% (HSBC) and 3.05% (CIMB).

FD funding - if sending RM to your account, e.g. via TransferWise, there's a Rm 10,000 daily limit.  Therefore 15 working days (3 weeks) to send RM 150,000.  To avoid this, can send foreign currency and let the Malaysian bank convert to RM, or open a foreign currency account in Malaysian bank and fund this, then convert to RM.  TransferWise has a better exchange rate, so it's a speed / convenience vs. cost decision.

Medical insurance - Tokio Marine (on Jalan Sultan Ismail, go to Raja Chulan metro and walk towards Jalan P Ramlee) has a very cheap MM2H insurance policy.  The policy limits are very low, but useful if it's solely to obtain the visa, e.g. you aren't going to live in Malaysia yet.  Cost varies by age, I paid RM 312.

Security Bond - if you don't know a Malaysian to sign it for you, there's a certification service in Cosway Wisma (on Jalan Raja Chulan, 1st floor).  RM 5 or 10 to sign bond.  This guide is useful:
https://movingtomalaysia.info/complete- … bond-form/

Hi Eaglet,

Thank you for your post. 

I wanted to mention a mistake I made that others can avoid.  I am planning to use TransferWise when I eventually move to Malaysia and I asked them what the limit was to sending money to Malaysia.  I was told $50,000 which is great and I began preparing for one big transfer of ~$36,000 (prior to covid-19).  However, because of your post I called TransferWise and they confirmed that Malaysia has it's own limit of RM10,000 per day or about $2,300 at the current exchange rate.  Not sure why TransferWise has such a high limit in U.S. dollars if you can't take advantage of it but maybe in case things change in Malaysia, I suppose.  So always ask what the destination country's limit is, something which I thought I did but didn't.

Can the bank raise the limit or is that a government mandate? Also how did you  end up funding the fixed deposit?

TIA

I know it's true about sending MYR between banks that the standard limit is MYR10k when doing online transfers. But I've always been able to go into a bank in Malaysia and transfer far larger amounts tha that to other Malaysian banks or overseas.

If you open an HSBC bank account in Malaysia then make sure you also open a foreign currency account. Mine is in GBP but any of the major foreign currencies can do. You can send funds from overseas to HSBC Malaysia foreign currency accounts in large amounts. The only thing is, with HSBC they will probably ask you the source of those funds and you should be prepared to provide then documentary proof if necessary otherwise they might block your ability to do internet banking. It's all because they were fined a huge amount of money in the USA years ago for allowing people to do money laundering and they were responsible because they didn't check carefully. Now they check.

As far as I know, the problem with TransferWise is that if you are transferring from another country to Malaysia, you need to transfer and exchange the amount into Ringgit. I think you might not be able to send USD from the States to a Malaysian USD account. However, I may be wrong.

If you are transferring money above the per transaction limit for the FD you should attach a digital copy of your MM2H letter authorizing the FD or showing that requirement. Also any information from the bank about the account should be attached.  Transferwise can then use this to justify the transfer and it should be cleared by the Treasury Department.

cinnamonape wrote:

If you are transferring money above the per transaction limit for the FD you should attach a digital copy of your MM2H letter authorizing the FD or showing that requirement. Also any information from the bank about the account should be attached.  Transferwise can then use this to justify the transfer and it should be cleared by the Treasury Department.

Hi Cinnamonape,

Thank you for your post.  I'm not quite sure I understand it though.  Why would the Treasury Department need to clear the transfer through TransferWise?  I haven't moved to Malaysia yet but I may open a bank account at CIMB when I do.  So when I initiate the transfer, money from my U.S. bank gets transferred to TransferWise's U,S, bank account as the transfer doesn't actually flow cross borders (unlike a traditional bank transfer direct from the U.S.).  Concurrent, the corresponding amount in ringgit gets transferred from TransferWise's Malaysian bank account into my account with CIMB.  As I mentioned in my post TransferWise maintains a $50k limit so everything seems ok on their end.  It's the Malaysia end that seems to present a problem with the RM10k limit.  Am I wrong?  That said, I'm now wondering why I can't do a transfer that exceeds the Malaysian RM10k limit if the transfer, technically speaking, is from TransferWise's Malaysian bank to my (future) Malaysian bank.  Maybe it doesn't matter.  TransferWise is closed at the moment but I plan to call them again when they open this week.

Cheers,

David

I do not know if you addressed your question to me or not. Anyway what limit you are talking about?  FD for age over 50 is RM150,000, you can deposited more money if you like , but do what I did, I opened several FDs under the same account number. Only 2 FDs RM50,000 and RM 100,00 for a  total of RM150,000 the bank put a lien on to MM2H, this after one year I am allowed to remove the lien from the FD RM50,000. All other FDs,  I am fee to do with what I want. For Funding, as I stated in my Blog, I funded my account by transferring RM10,000 per day per person, couple of friends help me do that and later I paid them back within a week. Hope this will help.

I posted this few days ago, but have no idea where it is at on the website now. so here we go again

Please read MM2H Announcement on their website in the Yellow Box.
Link: http://www.motac.gov.my/images/FINAL20M … ntment.pdf

I did not call them to set appointment, no answer calls often, maybe they are busy. I just sent an email to few people in the below list (Open Link). one will reply back to you on same day. 
1. Make sure you ask for Specific Date you want to go with other option date.
2. If you are not in KL or in the same state as Putrajaya (MM2H office location), you MUST get permit from your local Police Station to travel interstate due to Covid-19 MCO Lockdown

Good Luck

in case can not open the Link. Here is the information from their website;
NEW ARRANGEMENT FOR MALAYSIA MY SECOND HOME RELATED TRANSACTIONS AT THE MALAYSIA MY SECOND HOME CENTRE, MINISTRY OF TOURISM, ARTS AND CULTURE

1. The Malaysia My Second Home Centre (MM2H), Ministry of Tourism, Arts and Culture (MOTAC) will reopen after the Movement Control Order (MCO) period ended.

2. In view of the government effort and compliance to the protocol of curbing the spread of COVID-19, the Ministry has decided to limit the number of visitors to the MM2H Center. Therefore, all transactions relating to MM2H Program will be arranged by appointment only. Those of overstay cases are urge to make appointments quickly and will be given priority. No walk in is allowed.

3. To set an appointment, please kindly contact the MM2H Centre after the MCO is lifted during weekdays (Monday to Friday) from 8.30am to 5.30pm. The officers in charge as per detailed:

(a)  Mr. Husni bin Badu Phone. No.  : 03-8891 7418 E-mail  : husni[at]motac.gov.my

(b)  Mrs. Ropiah binti Baharum Phone. No.  : 03-8891 7419 E-mail  : ropiah[at]motac.gov.my

(c)  Ms. Noorhasmahani binti Mohd Noor Phone. No.  : 03-8891 7429 E-mail  : noorhasmahani[at]motac.gov.my

(d)  Mrs. Noor Ratinah binti Daud Phone. No.  : 03-8891 7431 Email  : ratinah[at]motac.gov.my

(e) Ms. Azieaniera binti Nor Azhar Phone No.  : 03-8891 7439 E-mail  : azie[at]motac.gov.my


4. The Ministry would appreciate your kind understanding and cooperation on this matter. 


Malaysia My Second Home Centre MOTAC 23 April 2020
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Rendang Lover wrote:

cinnamonape wrote:

If you are transferring money above the per transaction limit for the FD you should attach a digital copy of your MM2H letter authorizing the FD or showing that requirement. Also any information from the bank about the account should be attached.  Transferwise can then use this to justify the transfer and it should be cleared by the Treasury Department.

Hi Cinnamonape,

Thank you for your post.  I'm not quite sure I understand it though.  Why would the Treasury Department need to clear the transfer through TransferWise?  I haven't moved to Malaysia yet but I may open a bank account at CIMB when I do.  So when I initiate the transfer, money from my U.S. bank gets transferred to TransferWise's U,S, bank account as the transfer doesn't actually flow cross borders (unlike a traditional bank transfer direct from the U.S.).  Concurrent, the corresponding amount in ringgit gets transferred from TransferWise's Malaysian bank account into my account with CIMB.  As I mentioned in my post TransferWise maintains a $50k limit so everything seems ok on their end.  It's the Malaysia end that seems to present a problem with the RM10k limit.  Am I wrong?  That said, I'm now wondering why I can't do a transfer that exceeds the Malaysian RM10k limit if the transfer, technically speaking, is from TransferWise's Malaysian bank to my (future) Malaysian bank.  Maybe it doesn't matter.  TransferWise is closed at the moment but I plan to call them again when they open this week.

Cheers,

David

By Treasury" I meant the Malaysian Ministry of Finance.  I ran into this issue a few years ago. My $10,000 was sent to Transferwise in the US...then to Malaysia. It then was never deposited in my Malaysian account (PB). Transferwise said "the bank n Malaysia is holding it up". Public bank said they had never received the transfer. This went on for weeks. It eventually transpired that it was the Malaysian Treasury that had held it up.  Supposedly many accounts were under scrutiny for money laundering. I eventually had T'wise cancel the transfer and they suggested it be done with a smaller amount in addition they would do it for no fee. I tried $2500 and it worked. At that time it actually did seem to involve the transfer of funds across international borders rather than simply balancing accounts.

Now at that time Transferwise was not operating officially in Malaysia. The procedures may be different now.

The Transferwise site gave a warning message regarding the RM 10,000 daily limit.  It didn't appear that Transferwise would refuse to send a higher amount (I didn't try), but that it might (would?) be rejected at the Malaysian end and your bank account closed.  Not worth the risk.

It's technically possible to open accounts in different banks, sent RM 10,000 per day to each, then consolidate into a single account.  Probably violates the RM 10,000 daily limit, which I expect is per person not per bank account, so not recommended.  If you have Malaysian friends with bank accounts, Sindebad's solution of sending RM 10,000 per day to each, who forward it to your account, would work. 

By sending 15 x RM 10,000, you incur 15 Transferwise (and any other) fees.  But it was still cheaper than sending USD and converting with the Malaysian bank due to Transferwise having a better exchange rate.

Man, just bring cash.  Everyone understands cash.

Malaysian Customs limits:

Currency Import regulations:
Local currency (Malaysian Ringgit-MYR) and foreign currencies: No restrictions. Amounts exceeding MYR 30,000.- and USD 10,000.- or equivalent must be declared for re-export.

Currency Export regulations:
Allowed: local currency (Malaysian Ringgit-MYR): up to MYR 30,000.- and foreign currencies: up to USD 10,000.- or equivalent. Higher amounts may be exported if import has been declared upon arrival.

So you can bring in sufficient cash to fund the FD, but it would be wise to declare it to Customs in case you want to re-export it.  You might run into money laundering checks at the bank when depositing the cash, and having a Customs declaration would help.

if you already have an account opened in Malaysian Bank, the simplest way and I just Verify it with HSBC bank is to transfer what ever amount (no limit) you wish from yours or your family account in $ USD to your bank in Malaysia. It is good idea to state the REASON for the Transfer (MM2H FD) in the instruction section. The transfer will take 2-3 Business days to clear and the money will be exchanged from $ to RM and deposited in your account, unless you have Multi currency account., in this case you must instruct your Malaysian bank not to exchange the amount yet. Man Banks here are Big "F" headache all the time... they call it Money Laundering Preventions. Haha.

P.S: CIMB,UOB and Citibank are the worst. Avoid them at all costs

Hi.  Thanks everyone for your posts.

cinnamonape:  Ok, got it.  I'm going to see if TransferWise can provide a little more color on the possibility of transferring a larger amount w/o issue.

eaglet:  Yes, the possibility of my bank account closing, however small the risk, is a bit worrisome if I try to send an amount larger than the official limit.  Regarding bringing cash, I considered the idea but decided against it.  First, having to declare it and going through that process didn't appeal to me.  Second and more importantly, I would be walking around with $35,000 for some time until I find a place to live and sign a tenancy agreement which I will need to open up an account at CIMB, at least the branch I will be applying at.  TransferWise is safer and even with the daily limit the total transfer fee is about equivalent to exchanging the money into ringgit which you mentioned (it would actually be Japanese yen which doesn't usually get the best rate compared to the U.S. dollar.)

Sindebad:  You may be right about the banks you mentioned.  However, based on what I've read on this forum it seems that there really isn't one clearly good bank in Malaysia.  In other words, whether a bank is good or not depends on one's personal experience it seems (just like people I suppose).   And opinions may even vary depending on what branch you use.   My visa agent recommended CIMB (in particular one branch near her office and no doubt she gets a kickback) because that branch is used to dealing with MM2H applicants and they can make the process a little smoother.  Actually, I did my own research and based on my needs CIMB happens to best fit the bill.

Rendang Lover
You mean,  you sill have not opened your account at CIMB? So to where you can transfer money to? You are right about Bank in Malaysia, but you only need any bank for FD right now. Your FD will be locked up by the MM2H Lien for 10 years, but the interest rate is renewed/changed every year. After you settle down you can shop around and open another account for daily use. By the way, where you will live in Malaysia? I am in Johor, if I can be of any help, please let me know.

Right now KL and Selangor have the highest number of infected people, and I believe there are no Flights in or out.

MM2H told me last week every one will get Extension, so do not worry about the 6 months from Approval Letter Date. I have post phone numbers and email addresses  for MM2H staffs handling MM2H issues during the MCO.

Sindebad wrote:

if you already have an account opened in Malaysian Bank, the simplest way and I just Verify it with HSBC bank is to transfer what ever amount (no limit) you wish from yours or your family account in $ USD to your bank in Malaysia. It is good idea to state the REASON for the Transfer (MM2H FD) in the instruction section. The transfer will take 2-3 Business days to clear and the money will be exchanged from $ to RM and deposited in your account, unless you have Multi currency account., in this case you must instruct your Malaysian bank not to exchange the amount yet. Man Banks here are Big "F" headache all the time... they call it Money Laundering Preventions. Haha.

P.S: CIMB,UOB and Citibank are the worst. Avoid them at all costs

Thanks Sindebad!  So, what you are suggesting is essentially what I am trying to set up from here in the US through HSBC's International Banking Division correct?  I am hoping to be able to just transfer US dollars to my pre-set up Malaysian account and have that waiting for me to either transfer in person to RM to the designated FD account or if allowed I would do it days before arriving so that the bank could have my fund verification letter waiting for me when I get there.  Makes sense, right? Simple, but I agree, it has been a pain in the butt to coordinate.  Malaysia HSBC keeps coming up with more paperwork that we need to sign off from here in the US so we have been back to the local branch what now 3 return trips after the main first trip?  Unbelievable...

My agent contact at (AD) said to avoid Wells Fargo, like the plague, err, virus.  She said Public Bank is the best for ease of setup when you are doing it from afar.  Yes, 10 lashes for going against your advice, Eleanor...

VWC;
Your agent have your Original MM2H Approval Letter and Copy of your Passport with all your address information on File, So why the Agent does not take all these documents to a bank and open your account for you? Agent can sign for you or obtain your signature through FAX, you pay RM8000 at least for what Agent's services? just to be carrier to MM2H

My agent told me he can also open the bank account for me without being in Malaysia.

Yes I agree. Agent make ton of money RM8000+, my god just to carry application to MM2H, get them to work little.

VWC; you said you have an account with HSBC in USA, right? Well I just call HSBC bank in Johor and asked them about your situation and if you can upon your arrival open a Malaysian account with HSBC and do online transfer from USA account to Malaysian account and how long it will take.

Their Answer was; Yes  1. you can Opening account including get approval is about 3 business days. 2. Transfer is instant from US to Malaysia on their online system.
So I have not idea why you are trying to open Malaysian account while you are in USA, as I said before, they are 2 different companies owned by HSBC and the do not control each others. Just able to do easier transaction between them.

Ok, I just called her (I guess it is a holiday there) and she said she mentioned Public Bank before.  It doesn't matter, I thought it would be safer and more efficient to stay within HSBC since we have accounts here. 

The interesting thing is, she said people are still applying from all over.  They are quite busy handling all kinds of extensions for current visa holders and for folks like me.

Thanks Sindebad for asking.  I am under the impression that I can have my HSBC Malaysia account opened before I arrive.  So, in theory, no 3 day approval period needed.  I am trying to do everything possible from here to limit stay there.

yes you can, but the 3 days (normally 7-10 days) is needed by the HSBC bank to verify your approval letter and get their main office in KL to review/approve your account. no matter if you have HSBC US account. I think you either missing my point or you do not believe that I am saying, they are two separate Companies and operate under different rules. I found out this the hard way with Citibank Malaysia and Citibank US told me the can not do anything about my problem and was told " It is up the Malaysia Citibank, different Companies"

Sindebad wrote:

Rendang Lover
You mean,  you sill have not opened your account at CIMB? So to where you can transfer money to? You are right about Bank in Malaysia, but you only need any bank for FD right now. Your FD will be locked up by the MM2H Lien for 10 years, but the interest rate is renewed/changed every year. After you settle down you can shop around and open another account for daily use. By the way, where you will live in Malaysia? I am in Johor, if I can be of any help, please let me know.

Right now KL and Selangor have the highest number of infected people, and I believe there are no Flights in or out.

MM2H told me last week every one will get Extension, so do not worry about the 6 months from Approval Letter Date. I have post phone numbers and email addresses  for MM2H staffs handling MM2H issues during the MCO.

Hi Sindebad,

Thank you for your post and excellent information.  Yes, you are correct, I have not opened an account in Malaysia yet.  In fact, I haven't received the Conditional Approval letter yet because of covid-19.  I live in Japan and wasn't aware that I could open an account in Malaysia while still living here.  I was told that I needed to have a tenancy agreement (after I move to Malaysia) to do so for the CIMB branch I plan to use but I will check that again. 

For daily use I decided to use CIMB and for the FD I plan to use them as well just for the convenience of them transferring the interest earned from the FD into my daily use account if the interest rate is competitive.  My visa agent advised that I open two FD accounts of RM100k and RM50k as I do plan to use 1/3 toward the purchase of a car at some point.  I plan to live in KL.   

By the way, I'm glad I used a visa agent because I dare say Japan is one of the most bureaucratic countries on this planet and I was able to receive much needed direction.  Just one example... As you know, in the U.S. you can easily find a notary public to sign off on documents and it's cheap.  But in Japan they have this archaic system that can make it both time consuming and costly.     

I plan to use TransferWise to fund my FD (first the money will be transferred into my daily account and then I'll just move it).  Unfortunately, because I live in Japan I can't transfer more than one million yen (~$10,000) at a time.  Of course this point is moot if I can't do one large transfer given the RM10k limit (even though it would be Malaysian bank to Malaysian bank using TransferWise which I mentioned in another post).  To get the best rate I need to open a global account at TransferWise and make the transfer from the U.S.  I can't open a global account if I live in Japan.  Like Malaysia, Japan has tried to crack down on money launderers.  Five or six years ago I could walk into my Japanese bank, fill out a form, and transfer as much money as I wanted to the U.S. for only $40 plus 15 basis points from the spot rate.  If I wanted to do that again I would have to first apply to make the transfer which could take 1-2 months before receiving approval.  Then I would have to follow a litany of steps and my limit would be $3,000.         

Anyway, thanks again for your comments.  They're quite helpful.

Your welcome. Your do not need tenancy agreement to open an account in Malaysia. You need MM2H Original Approval Letter and your address. I used my US address on my FD account with HSBC bank. I made a color copy of my MM2H Approval Letter and everyone thought it was the Original .. Haha. Also I told the Banks I am staying in Hotel until my passport get stamped because rentals agent request a copy of long stay Visa so landlord will agree to rent. another item Banks here, wants Local phone number, but do to covid-19 all Malls are closed and I could not buy New Malaysian SIM card, finally Banks agreed to use my international phone mobile numbers China and Ireland. People here working for bank are not trained well, so they tell you a lot of BS. Everytime I urged with them I won after Manager get involve, they will wear you out. FD and daily account is one account, they just move FD to Cerificates within the same account. Foriengers can not open a bank account without either 1. MM2H Approval Letter or PR Visa or 2. Work Permit.

Sindebad wrote:

Your welcome. Your do not need tenancy agreement to open an account in Malaysia. You need MM2H Original Approval Letter and your address. I used my US address on my FD account with HSBC bank. I made a color copy of my MM2H Approval Letter and everyone thought it was the Original .. Haha. Also I told the Banks I am staying in Hotel until my passport get stamped because rentals agent request a copy of long stay Visa so landlord will agree to rent. another item Banks here, wants Local phone number, but do to covid-19 all Malls are closed and I could not buy New Malaysian SIM card, finally Banks agreed to use my international phone mobile numbers China and Ireland. People here working for bank are not trained well, so they tell you a lot of BS. Everytime I urged with them I won after Manager get involve, they will wear you out. FD and daily account is one account, they just move FD to Cerificates within the same account. Foriengers can not open a bank account without either 1. MM2H Approval Letter or PR Visa or 2. Work Permit.

Thanks Sindebad. :-)   I'm going to ask my visa agent about opening an account from Japan.  I didn't know that the FD and daily account were one.  Good to know.  Yeah, I was warned that because I am an American it may take four hours to open an account there as opposed to maybe two.  I'm just planning ahead even though I may not get my conditional approval letter for several months.  Btw, good for you for sticking to your guns and getting what you needed.  It's a good idea to speak with the manager to try and sort things out.

Rendang Lover; Yes You can ask your Agent, but the issue is you need your MM2H Approval Letter before you can open any Malaysian Bank account. The reason banks here including US owned Bank i.e. Citibank and American Bank all do not like to open account for US passport holders, because the have to report the account and interest Payment to Uncle Sam, they tell me too much prepare work. I agreed with HSBC they can report my Account to US treasure Dept. and I will report the interest on my Tax from my account statement, no need 1099. They were happy with that. My account took 45 mins. for the bank ladies to fill the 20 page Forms and have me just sign many pages including IRS W-9 Form. After they sent Digitally the Application to their main office in KL and that was on Tuesday March 24 afternoon. on Friday March 27, I got secured (PDF with PW) email from HSBC system in KL saying "Account is open,  Please Fund the account to use". Account details was show in the email. It only took 3 Business days. Now Funding the Account was other story, but I did a post on how I did it to beat their RM10,000 daily limits.

BTW I posted email and phone numbers for MM2H Staffs, you can send an email to few of them in one email asking about your Status , someone will reply with your Application Status. Or have the Agent call them. I applied directly after I found the Agent wants me to fill all documents, so the Agent can be just the carrier and Bond Sponsor (no cost to Agent). Heck I paid my own Bond RM2000. and save RM8000 in Agent Fees.

Sindebad wrote:

Rendang Lover; Yes You can ask your Agent, but the issue is you need your MM2H Approval Letter before you can open any Malaysian Bank account. The reason banks here including US owned Bank i.e. Citibank and American Bank all do not like to open account for US passport holders, because the have to report the account and interest Payment to Uncle Sam, they tell me too much prepare work. I agreed with HSBC they can report my Account to US treasure Dept. and I will report the interest on my Tax from my account statement, no need 1099. They were happy with that. My account took 45 mins. for the bank ladies to fill the 20 page Forms and have me just sign many pages including IRS W-9 Form. After they sent Digitally the Application to their main office in KL and that was on Tuesday March 24 afternoon. on Friday March 27, I got secured (PDF with PW) email from HSBC system in KL saying "Account is open,  Please Fund the account to use". Account details was show in the email. It only took 3 Business days. Now Funding the Account was other story, but I did a post on how I did it to beat their RM10,000 daily limits.

BTW I posted email and phone numbers for MM2H Staffs, you can send an email to few of them in one email asking about your Status , someone will reply with your Application Status. Or have the Agent call them. I applied directly after I found the Agent wants me to fill all documents, so the Agent can be just the carrier and Bond Sponsor (no cost to Agent). Heck I paid my own Bond RM2000. and save RM8000 in Agent Fees.

Hi Sindebad,

Yes, I understand.  I am just thinking ahead. 

And yes, I saw those numbers, thank you.  Actually, I can check my status online by inputting my mm2h number and passport number, but I should call them just to perhaps get a better idea where they stand.  Cheers. - David

Sindebad wrote:

Your welcome. Your do not need tenancy agreement to open an account in Malaysia. You need MM2H Original Approval Letter and your address. I used my US address on my FD account with HSBC bank. I made a color copy of my MM2H Approval Letter and everyone thought it was the Original .. Haha. Also I told the Banks I am staying in Hotel until my passport get stamped because rentals agent request a copy of long stay Visa so landlord will agree to rent. another item Banks here, wants Local phone number, but do to covid-19 all Malls are closed and I could not buy New Malaysian SIM card, finally Banks agreed to use my international phone mobile numbers China and Ireland. People here working for bank are not trained well, so they tell you a lot of BS. Everytime I urged with them I won after Manager get involve, they will wear you out. FD and daily account is one account, they just move FD to Cerificates within the same account. Foriengers can not open a bank account without either 1. MM2H Approval Letter or PR Visa or 2. Work Permit.

One branch of Maybank required a tenancy agreement to open a bank account, in addition to the MM2H letter.  Telling them I need a bank account to get the MM2H visa, which I need to get the tenancy agreement, cut no ice.  The next branch of Maybank didn't ask for a tenancy agreement.  CIBM let me open an account without a tenancy agreement, but require it within 3 months.  Other CIMB branches may have different rules.   

You can get a Malaysian payg sim / local number at a 7-11 or KK supermarket; these are open during lockdown.  You need to show your passport.