Malaysia Expat Forum

Banking in Malaysia

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Mosoban

7/26/2014 21:02 EST

My wife and I are stopping in KL and Penang for 8 days while visiting my wifes' family in South Korea. How is the banking in Malaysia? I don't plan on investing there as a future retiree and will rent first. Another person who lived there had some apprehensions about investing in Malaysia. Not on this forum but on another site. Equally had some hesitations of investing in Thailand or India as well where she had lived as well.
Anyone have commentary on banking issues while living in Malaysia?
Thank you very much

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lynne05elmo29

7/27/2014 00:17 EST

As a foreigner with a social visit visa (3 months) you are not allowed to open a bank account or apply for a credit card in Malaysia. In order to open an account you must have legal residence and have lease documents to support your stay.

I am 99% sure that you will not be able to buy a house unless you have a valid residence visa such as MM2H. When you do you will be restricted to a minimum investment of RM 1 million to purchase a home, unless you are over 50 years of age it will be half of that. I am not sure of the investment side of the law.

Hope this answers you question

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bintang

7/27/2014 00:57 EST

Hi,
you CAN open a bank account in Malaysia as a tourist, only thing you need is a legal document with your local address, such as a rental agreement. You CAN buy property as a "tourist" too. Banking system is very advanced, recommend HSBC, but investment in overseas stocks is very limited.

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kebinger

7/27/2014 01:59 EST

It seem 99% is not good enough.

You can open a bank account without having MM2H or any other long term visa. Or explain how to apply for MM2H and open a fixed deposit account for the approval of MM2H if you are not allowed to open a bank account? Just recently two of my customers opened one.

Everyone can buy property in Malaysia – no need to have an address in Malaysia.

Only MM2H visa holder in the State of Penang may buy property below RM 1 Mio but above RM 500 k. It has nothing to do with the age.

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kebinger

7/27/2014 02:04 EST

Since banking and investing is a bit of a sensitive issue I would recommend to contact me with a PM

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