Guide to Open Bank Account for MM2H participant
Malaysia bank accounts are important for the MM2H participants. It is part of the requirement of the MM2H program. The bank account is meant for placement of MM2H fixed deposit after the participant’s MM2H application is approved.
The fixed deposit placement amount to be placed depends on the category the MM2H participant applied for:
Aged above 50 category
Fixed deposit is RM 150,000
Aged below 50 category
Fixed deposit is RM 300,000
Fixed Deposit for MM2H is strictly in Ringgit only, no foreign currency denomination allowed. All Malaysia onshore bankers are eligible to receive the MM2H fixed deposit. However, most bankers have their own onboarding KYC clients rules based on their internal policy and criteria. As such, some nationalities are banned from opening by the bankers. Among the nationalities which have been banned are mostly from the Middle East and Africa nationalities. The yearly interest earned from the Fixed Deposit placement can be credited into client’s saving account for own use. The MM2H ministry only required for the Fixed Deposit principal sum.
There are 2 different stages you can set up your bank account ready once you decided to join the MM2H program:
a. Set up bank account after your MM2H application submitted
At this stage, opening bank account still needs a recommendation as your MM2H approval is not obtained yet
b. Set up bank account after your MM2H approval
Most bankers are very comfortable to open the bank account for approved MM2H clients. This is due to less scrutiny required by Malaysia Central Bank.
Most Malaysia bankers offered the following banking facilities:
1. Saving and current account with a chequebook
2. Internet banking
3. RM and foreign currency account
4. Debit card and ATM card
You need to decide what facilities you required before meeting the banker. Other main issues you need to consider to set up the bank account is as follows:
1. Single or joint name for your account
2. Auto-renewal of yearly Fixed Deposit placement
3. Straight 10 years Fixed Deposit placement
4. FD certificate is made up of how much per certificate
The initial bank account set up is meant for you to fund your MM2H Fixed Deposit and once it is sufficient for the MM2H fixed deposit (RM 150,000 or RM 300,000) which only RM can be accepted. All funds coming in of various foreign currencies will be converted to RM. With your MM2H approval intact, the banker will open the Fixed Deposit account and prepare the Fixed Deposit certificates with the letter to Immigration Department of MM2H Centre ready for you to apply to the endorsement of the MM2H visa onto your passport.
Do inform us once your transfer or deposits are in, we will liaise with the bankers to track you fund accordingly to ensure all in order. This special service is applicable to our clients. Contact us [email protected] today to guide you to open the right bank to meet your objectives, hassle-free service!
Interested to explore further on the MM2H program? Feel free to make an appointment if you are in Malaysia, call us at +603-2161 5096, or drop us an enquiry. We will be happy to assist. By contacting us, you have made ‘the first step in getting it right’. Migration is usually a once-in-a-lifetime affair! Our experience will assure things go hassle-free and completely smooth.