# opening a local bank a/c for MM2H deposit



## rodiy2k (Jan 15, 2013)

Hello

My wife and I are hoping to utilize the MM2H visa to start our early retirement in Penang. We have researched all the semantics extensively and none seem to be any issue with one exception: The deposit of the cash in a local bank a/c.

According to HSBC Bank's website, opening a "Premier" account in the USA provides a host of expat advantages and it "claims" you have the ability to open and fund your local bank accounts in your new country BEFORE leaving the USA. They also claim to have expat services that include relocation assistance in getting your finances set before you leave. In fact, many websites for MM2H even advocate using HSBC because of this service.

However, as any American knows, the USA makes expat life as difficult as possible whith its ridiculosuly restrictive rules and regulations and IRS reporting requirements which have even dicsouraged many large banks from taking US citizens as clients. Others on various forums have told me they were NOT able to open a foreign bank a/c from the USA even with the HSBC a/c (it takes$100K USD in assets to open as it is).

This would be a major concern for us; We have the following questions for anyone with experience or knowledge in this area:

1) Can anyone confirm or deny the ability to open the HSBC Malaysian a/c from the USA using the HSBC Premier a/c? Would this be even more difficult especially if you have not established a local address? (We may not be able to get an address prior to leaving due to the obvious hassles of attempting a lease agreement from overseas)

2) Is it allowable, once you have been conditionally approved, to enter the country under the approval and immediately go to a local bank to deposit the cash and open an account? Since you have to get the medical exam also, this seems like it might be a possibility and it seems easier (excpet for the hassle of IRS reporting when carrying cash over $10K USD- the USA's obsession with terrorism, fear and money laundering is why much of the world simply doesn't want to deal with US expats)

We would hate to transfer 100K worth of asests to HSBC and then be denied the ability to open a Malayisan account from the USA

Comments, suggestions and thhoughts would be greatly appreciated


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## nzaaaaaf (Jun 17, 2014)

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any advice please ?!

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## prof.ishack (Jul 4, 2014)

Can't you leave the money in your US account and transfer it to HSBC AFTER you've established a local address locally (temporary), and started the process. You can set up the process with your bank while in the US, and do the actual transfer via a phone call once it's set up. In a worse case you'll have to fax the paperwork back once you have an account number. 

And are you sure you need to have $100K? I believe you spouse is just attached to your application and there is only the need for RM150K to be deposited. (but my case might be different since my wife is Malaysian and is not going to be on my application).


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