Difficult To Change Banks With FD For MM2h?

In my experience and humble opinion, you are with the best bank actually and their app has totally changed  everythin is online even international transfers

@DZINVEST Yeah, you may be right.  I found out that I can open a US account online again to use that as a transfer source so maybe best to stay with HSBC.  It didn't help that Citi is pulling out of the market correct?  And Bank of America sucks quite frankly.

I guess I also found out that in Asia a relative can deposit money into your account for you.  Is that correct?  If so, then maybe that is a last resort way of working with HSBC.

Thanks!

I thought that one had to have the FD in Ringgit within a Malaysian branch...and the transfer had to occur in Malaysia only at the time of renewal (and possibly extension). Also I don't think that other foreign-based banks except OCBC, Standard Charter, and UBC handle MM2H Fixed Accounts. You need special permission from the Ministry of Tourism or Immigration to make any withdrawals - even bank to bank.

Now there may be some better banks to make the foreign currency transfer to PLACE the fixed deposit...but I'm not really sure if there is any value in having a foreign bank as the one holding the FD in Malaysia. One can't withdraw money from the account or take advantage of higher foreign interest rates. Maybe it would help etablish the total account amounts to maintain a Premier Card status or something.

If transferring money into your Malaysian account is the benefit...you can do that with WISE. Why would you want to have a relative add money into a Fixed Deposit that you cannot withdraw from without special permission? I think the FD has to be in the name of the Principal...or perhaps a spouse (making easier the withdrawal if the principal passes away or is in the hospitalz0. But there is still the restriction on making ineligible withdrawals.

Does anyone know of a Singapore bank that will open accounts for US citizens for personal and /or professional use?

If transferring money into your Malaysian account is the benefit...you can do that with WISE. Why would you want to have a relative add money into a Fixed Deposit that you cannot withdraw from without special permission? I think the FD has to be in the name of the Principal...or perhaps a spouse (making easier the withdrawal if the principal passes away or is in the hospitalz0. But there is still the restriction on making ineligible withdrawals.        -@cinnamonape

Hi there!  The issue is that there are relatively few HSBC branches here in the San Francisco area.  The nearest one to my old house in San Francisco closed down.  I am just trying to find a true global bank that can make my life easier.  Yeah, I know, doesn't exist...

@VWC

Citibank is closed to new customers in Malaysia,  as closing down.

MM2H good luck with renewal as rules not confirmed yer.

HSBC is in my opinion the best International Bank around. But even in the UK they are closing down branches left right and centre as they want to be more of an online bank. I closed my UK HSBC account a few years ago, then decided to open a new one again last year, but it all had to be done via phone calls. That's a Premier account.

HSBC is all over the world so definitely worth using it as an international bank. I've had accounts in Taiwan, Hong Kong and Singapore in the past but closed them all down as didn't really need them. You really should keep your HSBC accounts and I hope they are Premier accounts. In SF surely you just need to have any HSBC Premier account, in SF or somewhere else in the US. One of enough. I don't know of any other major international banks that have so many branches in so many countries which deals with personal accounts.

    HSBC is in my opinion the best International Bank around. But even in the UK they are closing down branches left right and centre as they want to be more of an online bank. I closed my UK HSBC account a few years ago, then decided to open a new one again last year, but it all had to be done via phone calls. That's a Premier account.
HSBC is all over the world so definitely worth using it as an international bank. I've had accounts in Taiwan, Hong Kong and Singapore in the past but closed them all down as didn't really need them. You really should keep your HSBC accounts and I hope they are Premier accounts. In SF surely you just need to have any HSBC Premier account, in SF or somewhere else in the US. One of enough. I don't know of any other major international banks that have so many branches in so many countries which deals with personal accounts.
   

    -@wyngrove60

Ok, you guys may be right about HSBC.  I have reopened US based HSBC accounts so that I can transfer money to HSBC Malaysia easily.  There is only one branch in San Francisco!!!!  OMG, come on!!!!!!  Boy, at first, so many issues with the site and the security is over the top.  I only did it, tried to send multiple transfers, due to the total amt was too high I guess for one transfer.  After the 2nd transfer they shut me down, thinking there was some fraud going on.  I ended up needing to call them in Malaysia which was like a $100 US dollar call.  Unbelievable....