Opening Malaysian bank account

[commandowolf]

yes but exc rate is not as good as cimb rite?

Dont bother with OCBC, still charges telegraphic transger fees, i couldnt figure out how to do transfer from OCBC SG to MY without those fees. Also, transfers are limited to certain time of the day, after that time, need to wait till following working day liao.

I literally just closed it last monday. You can search for my posts in this thread to find out more.

Suggestion: just follow what the video by kelvin says. Set up an appointment with CIMB SG, actually you dont have to show up at the exact time, earlier a few hours also they just served me and finished rather quickly.

CIMB SG to MY transfer is anytime of the day, but working hours is normally better, follows closer to the spot rate. Transfer is INSTANT, also CIMB apps are much better to use, I find more ATM available around compared to OCBC.

 

[commandowolf]

hi everyone i have just opened the cimb SG fast saver ac online. may i ask how do i open the cimb MY ac as a singapore pink ic holder? one cant go to the cimb branch in JB to open rite? or have to go to cimb SG branch at raffles to apply? tq

See my previous posts.

Need to wait for OCBC MY to call youz answer 1 question wrong also waste time, need wait for next call again.

Anyways i dont recommend OCBC MY, transfer from OCBC SG need to pay $20+ sgd for agent fee, rates also not as good. Still need to go into JB to sign up, then need do the onetoken verification call. So mafan. Daily cut off of 2pm also for transfers.

CIMB better lah, my malaysian friend say no fees, better rates, and 24/7 immediate transfer. Can just apply in SG branch, no need go malaysia to open the account.

Now i apply CIMB SG, waiting for approval, then i go set up MY account

For CIMB SG after you apply CIMB SG account and activate.

In Singapore, at CIMB Plaza, Raffles place. Actually i showed up much earlier like 2 hrs earlier than my appointment, they also just let me take queue number and 5 mins wait, got called, took about 30 mins to settle the forms and signing.

Will take maybe 2 weeks after that, need to mail the documents over to Malaysia, and wait for them to approve, set up the account, and snail mail /courier the card to you. Now i waiting haha.

Keep checking the chatbot everyday, i manage to re-schedule from 23 Oct to 4 Oct just by checking, no need wait so long.

Courier delivered the letter and debit card yesterday. Last friday my appointment, 1 week arrive liao.

Have to IDD call their hotline to change the debit card PIN, took me less than 2 minutes call, all automated.

Then i link my malaysia account in my Singapore account, they say 3-5 working days, see how long it takes.

After that i also do the CIMB CLICKS MY account setup and login on the phone app, 12 hour cooldown period begin.

Now wait for account to link, then transfer over RM500 to activate account

Just received SMS that my Msia account has been linked. So 3 working days indeed. Time to transfer 500RM and activate the MY account.

 

[jasonsouza77]

See my previous posts.

Need to wait for OCBC MY to call youz answer 1 question wrong also waste time, need wait for next call again.


For CIMB SG after you apply CIMB SG account and activate.

lets say i hv successfully set up the cimb my a/c may i ask how long will it take to transfer myr from my cimb my to lets say a maybank my a/c? is it instant or there is a waiting period. also just a short while ago i just realized that its possible to trans from my wise to a malaysian maybank a/c and rates are pretty good. based on 3000myr, its 907sgd for wise and 911sgd for cimb

 

[commandowolf]

lets say i hv successfully set up the cimb my a/c may i ask how long will it take to transfer myr from my cimb my to lets say a maybank my a/c? is it instant or there is a waiting period. also just a short while ago i just realized that its possible to trans from my wise to a malaysian maybank a/c and rates are pretty good. based on 3000myr, its 907sgd for wise and 911sgd for cimb

Is pretty much instant transfer between malaysian bank accounts. Like Singapore lor, FAST transfer / paynow. They have duitnow, system is very similar.

Yes, youtrip/trust/other similar multi currency card has better rates than CIMB, cimb tends to lag behind the spot rate more than youtrip. But youtrip transfer to bank account have fee, i think $3? Idk about wise, never use before.

But CIMB / malaysia bank accounts provides the ability to use duitnow to pay, like our paynow. Can also scan their duitnow QR codes

So you decide lor

 

[commandowolf]

based on 3000myr, its 907sgd for wise and 911sgd for cimb

I see wise website, says there is $3.65 fee for sending money based on the 3000MYR, so u add that to $907 also about same as CIMB liao

I just checked youtrip, send RM3000 to duitnow / bank account, also $3 fee on top of $906.65. So total about $910, makes not much difference liao.

 

[jasonsouza77]

Is pretty much instant transfer between malaysian bank accounts. Like Singapore lor, FAST transfer / paynow. They have duitnow, system is very similar.

Yes, youtrip/trust/other similar multi currency card has better rates than CIMB, cimb tends to lag behind the spot rate more than youtrip. But youtrip transfer to bank account have fee, i think $3? Idk about wise, never use before.

But CIMB / malaysia bank accounts provides the ability to use duitnow to pay, like our paynow. Can also scan their duitnow QR codes

So you decide lor

yes im still gonna apply for cimb my. thanks for yr kind advice. much appreciated

 

[Elon Jobs]

lets say i hv successfully set up the cimb my a/c may i ask how long will it take to transfer myr from my cimb my to lets say a maybank my a/c? is it instant or there is a waiting period. also just a short while ago i just realized that its possible to trans from my wise to a malaysian maybank a/c and rates are pretty good. based on 3000myr, its 907sgd for wise and 911sgd for cimb

Just checked for you, CIMB rate is now RM3.3124, works out to be rough $906 for your case, about the same as WISE. Only downside is the annual fee for their debit card and the RM20 minimum balance you have to maintain for CIMB MY. CIMB SG don’t have.

 

[Garlic & Butter]

OCBC SG has no TT/ commission / cable fees for quite some time now:
https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

So a possible way is to transfer SGD to OCBC MY account, and do the FX with OCBC MY
Only issue is the rate quoted by OCBC MY + need to open multi currency acct

 

[commandowolf]

OCBC SG has no TT/ commission / cable fees for quite some time now:
https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

So a possible way is to transfer SGD to OCBC MY account, and do the FX with OCBC MY
Only issue is the rate quoted by OCBC MY + need to open multi currency acct

Thats what they claim, but agent fee still apply, which is what annoy me and so i closed the account. Useless. Just go with CIMB, really is the best option

 

[rvenii]

OCBC SG has no TT/ commission / cable fees for quite some time now:
https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transfer.page

So a possible way is to transfer SGD to OCBC MY account, and do the FX with OCBC MY
Only issue is the rate quoted by OCBC MY + need to open multi currency acct

no use, agent fee is the issue. Turnaround is using Wise/Instarem where they transfer via DuitNow

 

[rvenii]

yup i have a CIMB MY account alr but thinking of getting a spare account, in case cant find CIMB ATMs or what-nots.
also, CIMB MY have FD promotions if you transfer in from another MY bank.

How do you settle the need for ATM/ withdraw cash if using OCBC? Are they part of the MEPS atm network?

Ohh no wonder.

I actually had this question for a really long time until it was resolved in late June… when I was using OCBC ATM card, and tried withdrawing from ‘Current’, but always failed. End up support told me I was supposed to withdraw from ‘Savings’. So means it’s supported at MEPS atm network with RM1 fee.

 

[rvenii]

Do they hv deposit / FD promotions ?

Do u also hv CIMB MY ? , if yes, can advise
How is the OCBC exchange rate for Ringget compared to CIMB MY ?

deposit promotion only ocbc 360 acc interest no? FD unsure, go branch better.

I don’t have CIMB MY, don’t like CIMB at all and rather Maybank actually

If transfer from OCBC SG to OCBC MY then is a big NO. Use Wise/Instarem to transfer funds, hence CIMB SG to CIMB MY direct would be better. DYOR

 

[devion]

Today I checked exchange rates with CIMB & Youtrip, to my surprise CIMB rate is pretty low, was about 3.296 while Youtrip was 3.312.
A SG500 will get less $8 if use CIMB.....I tot it has the best rates, BS man.

 

[rvenii]

Today I checked exchange rates with CIMB & Youtrip, to my surprise CIMB rate is pretty low, was about 3.296 while Youtrip was 3.312.
A SG500 will get less $8 if use CIMB.....I tot it has the best rates, BS man.

I thought they have their guaranteed best rate, so they will credit you the difference?

 

[twosix]

Youtrip has a promo recently. Transfer $50 get $10 back. So I got an exchange rate of 4.x.

 

[devion]

I thought they have their guaranteed best rate, so they will credit you the difference?

No idea if they will, too much hassle. Only drawback for Youtrip is monthly limit cash withdrawal of SG 400 w/o fees. So if need more cash, Youtrip likely will cost more.

 

[Elon Jobs]

Today I checked exchange rates with CIMB & Youtrip, to my surprise CIMB rate is pretty low, was about 3.296 while Youtrip was 3.312.
A SG500 will get less $8 if use CIMB.....I tot it has the best rates, BS man.

Personal experience, after marker hours CIMB exchange rate is not very good.

 

[cryn79]

Personal experience, after marker hours CIMB exchange rate is not very good.

Agree.
Mon- Fri ( Before 6pm)
You need to change before 6pm, to get the better spot rates.

 

[hammerhammer]

CIMB need to track their live rates. Usually in the day time better.

 

[silverpoker]

anybody has experience opening in hsbc malaysia instead?