Malaysia My Second Home (MM2H)

The fixed deposit has to  be a new specific one and is set up for the full amount and lovked. Important to have interest paid to a current account and not added to interest.

To reduce the total it can only be done with documentary evidence submitted with an application. See the MM2H gov website for details . The bank only acts on instructions from MM2H.

Hi Gravitas ,thanks for the reply
My agent recomanded me HSBC bank, what do you advice?
Maybank or HSBC ?

I heard there is a new rule that people on MM2H can only have a banking relationship with one bank now.

Maybank is very Malaysian in how it operates and cumbersome say for credit cards which have to be backed with another FD covering the credit limit chosen. Plus card only valid for onr year. My experience is not good with MB at all.

Some people like hsbc but im not a fan.

Then which bank you recommend?
Except HSBC and mb , to issue credit card more than 1 year validity ?

I have my FDA with Maybank - but yes credit card validity is only one year. But their points system is far more rewarding than other banks if you collect airmiles. The year limit isn't a problem as they automatically send new cards every year anyway.

Citibank and HSBC give far longer validities on cards - 4 years or so

CIMB = 4.25% . I went to the Prangin Mall to open my account yesterday and awaiting KL head office approval for foreigners to open an account.

Gravitas wrote:

I heard there is a new rule that people on MM2H can only have a banking relationship with one bank now.

Seems odd. Are you sure that doesn't apply only to the FD, and maintaining it there throughout ones' time in Malaysia?

Several banks would accept my FD, but would not accept me for a regular savings account. If one could only use one bank then how could one do normal banking if you selected the "wrong" bank? And why are these only allowed to give one "partial" service? If MM2H wants one to do it "all" at one bank then they should make sure than only those banks that offer full-service banking are the ones allowed to take the Fixed Deposit.

All banks with retail licences offer full banking services these days.

Fareed53 wrote:

Hi , finally I got the approval letter (I submitted my file on December 2017).
I want to know which bank is better to open fixed deposite  acc and has a good intrest rate?
Thank you

wow, your approval is pretty fast. We still pending application which submitted on Nov 2017. I just assisted my client to open Fixed Deposit account with CIMB.
The interest rate is 4.1%.

FYI even if the FD is placed when there is a special offer rate when annual renewal is due it will revert to the Board Rate. Just ensure interest is paid into current account if you don't want to increase the principle of the FD. It is not possible to move the MM2H FD to another bank chasing better rates either.

You apparently mis-read what I said. "Several banks would accept my FD, but would not accept me for a regular savings account. If one could only use one bank then how could one do normal banking if you selected the "wrong" bank?"

I was told by the branch manager at several banks in Kuching that I could place my MM2H  FD with them, but would not be allowed to have another account (checking, or a different shorter term Fixed Deposit). So while SOME people may receive the "Full Banking Services" apparently that is not true in REALITY or PRACTICE.

If what you are saying is true- that MM2H only allows one to have a single bank- that one be very careful that the bank WILL provide the full range of services you need (whether that be property loans, savings, or a separate account for your interest).

Also discuss the fees and rates for funds transfers, and whether they allow the use of intermediaries like Transferwise. I attempted to use Transferwise when the exchange rates were considerably higher than at present and my transfer was caught in some sort of freeze for over two weeks before being  rejected. Neither my bank nor Transferwise would offer an explanation although I repeatedly tried to find out the issue. It would be transferred and then blocked on the Malaysian side. After three trials, and checking all elements of the transaction (Swift Codes Account name and number, etc.) the money was refunded.

I finally had to use a bank-bank transfer at the THEN much lower exchange rate and higher fees.

Banking is sophisticated in KL.

Of course an unknown client is treated with caution.

What usually happens with these clients is they are given a Savings Account and Debit Card for purchases payments and cash. ATMs here are operated with the card so easy to settle utilities etc.

I managed without a credit card here for 6 years but now quite a few services only except payments with a CC. Hence my earlier report about Maybank. I would add I am a Priority ac holder but still had to place the CC-specific FD

It's easier otherwise banking here as a Priority customer in all other ways as can use the private  banking area and not queue endlessly. I also am a Priority client at Standard Chartered which I prefer to Maybank

Choose an international bank or a local one with convenient offshore branches if the need is for crossborder transactions.

Choose a branch close to where you live as banking is still paper-centric and visits are often required.

Some service sign ups e.g. Maybank auto CC monthly settlement requires physical sign up which of course lapses when CC number changes each year!!!!! Probably there are call centre options but I have no patience to use them here.

This is a good information and provides all required details.

Also for those waiting on approval and checking the website - check with your agent.

I got my approval letter around a month ago and already have MM2H visa in my passport - but the online portal is still showing as “Pending comittee approval”

thebeavers wrote:

Also for those waiting on approval and checking the website - check with your agent.

I got my approval letter around a month ago and already have MM2H visa in my passport - but the online portal is still showing as “Pending comittee approval”

You are right
My approval letter issued on 26 march and still system  is showing" pending Committe  approval "

Hi there. This forum has proven to be a treasure throve of information on MM2H beginning with its process and requirements. I am just wondering has anyone has an experience in applying for this programme on their own without an agent. I am a Malaysian and I have time on my hands and thought of giving it a go for my foreign husband.

Thank you

I did my own. Its not difficult.

Hi Gravitas pls reply to my query,, I am waiting for ur reply..

So I just received an email stating application is approved and status on the website hasn't updated.

Some 6 weeks after approval letter was received by agent.

I guess you'll have to prepare yourself for the chaos here

I did my own and I also got couple of my friends to do their own from abroad, saving a huge amount on agents fees, its easy

I also managed to change my FDs from one bank to another, just have to get approval

If anyone needs any advice,  I am willing to offer, FREE OF CHARGE!
***
Hehe

What agents do people recommend? I have seen Joy but anyone else?

I used Jasmine Lee and she got it done for me easily!

Iggy Ignatius

do you have a link to her site?

do you have a link to her site?

Jasmine Lee
Managing Director
Access Asia (MM2H) Sdn Bhd
***

Simply offshore www.simplyoffshore.com At first glance it looks like they only do company incorporation but they  are an MM2H agent.

Seems that the Labuan-based Simply Offshore simply refers people to another company based in KL.

"My Expat (MM2H) Sdn Bhd is one of the many authorised MM2H agents that is licensed by the Ministry of Tourism, Malaysia. Whilst we have no affiliation, link or relationship with My Expat (MM2H) Sdn Bhd, we regularly recommend it due to its competitive pricing and speedy service.

Link: http://www.myexpatmm2h.com"  The latter does not handle Sarawak or Sabah submissions.

The MM2H One Stop website mm2h.gov.my has a pop-up announcement that might be missed.

"03 April 2018
Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension

Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia.

Also discontinued is the MM2H approval by government pension for MM2H applicants aged 50 years and above. This means all MM2H new participants must place Fixed Deposits to join this programme. This does not apply to existing MM2H participants who were approved under government pension."

Thus there is no longer any "Pension Option" in lieu of the FD. This was part of the package of revisions announced by the Ministry of Tourism last month. They appear to be holding off yet of raising the FD financial requirements.

In addition, there was an additional change to potential benefits of the program. The purchases of a >RM1million property will no longer be a criteria that will allow reduction of the FD. Presumably on can still use the purchase of property as one of the criteria to withdraw part of the FD.

I'll keep my eyes open for other changes. Perhaps after further consideration they will not implement the other announced "changes".

Thank you for keeping us up to date.

ludba wrote:

What agents do people recommend? I have seen Joy but anyone else?

Have a look with Mayflower, one of the largest travel agency in Malaysia and they do have MM2H department as well.

I am a new member
Can one buy property valued under 1000 000
Thanks

In some areas where houses cannot be of that high value, the developer can get special permission to sell them to expats at a lower price.

Like we are developing a retirement community SHANTINIKETAN dot MY in Kota Seriemas and our condos are priced at RM 400,000 PLUS RM 100,000 a one time deposit for life term maintenance. Expats can own a condo here using a "Holding Company" - its like a co-operative where we hold shares in a company that owns the homes for us.

Yes, but not in Selangor , Terengganu, Johor, Pahang, Negeri Sembilan, Putra Jaya, The minimum in those States is between RM1-2 million even for MM2H visa holders.

In Perlis, Sabah and Pulau Pinang and Kelantan as a MM2H visa holder  you can purchase property above RM500,000, and in Melaka Strata property at that price (Landed-Property has a RM1 million minima). Non-MM2H will be either RM 1million for Wellesley, and RM 2million for the Island.

In Perak the minimum is RM350,000 and up for Strata (1 million for landed)...and in Sarawak RM300,00 and up (RM400,000 for Landed).

I've heard there is no minimum in Kedah for strata property (1 million for non-MM2H)...but you may want to check.

Hi everyone,

I have got a concern regarding transferring mm2h visa to new passport from old passport. Recently, I have received new passport since old passport's expiry date was over. Now I'm planning to travel to Malaysia soon to transfer my mm2h visa from old passport to new passport. But I'm worried about Malaysian immigration at KLIA. Will they make any trouble as I'm carrying old and new both passports and active mm2h visa is in my old passport? Your help would be really be appreciated. Thanks!

It shouldn't be a problem, I have travelled many times like that, only make sure
1) both passports are cross referred
2) your valid mm2h visa is not accidentally cancelled during issuance of new passport
3) both passports are attached/carried together

You need to transfer the MM2H visa to the new passport which can be done in Putrajaya

Thank you so much!