# Time Deposit in Malaysia



## 1malaysia (Mar 20, 2013)

Hello to all,

I'm new here, so please be gentle 

Does anybody have any experience in opening a Time Deposit in Malaysia? 

Well I had a rather bad experience:
Today I went to Bank Rakyat to open a TD because the interest rates are better than other banks. Initially, everything seemed to go well... I started by opening a savings account so I could transfer my money in. They had already prepared the bank book and ATM card, then suddenly, the manager said she that there were certain requirements for foreigners to open a TD. First I had to have some kind of approval letter from immigration (I already have a valid work visa). And second, I have to deposit a minimum of RM 300,000. I didn't have that amount so I just cancelled my savings account and walked out.

However, I was stunned. This was the first time a bank actually made it hard for me to give them business. 

Note I've been in Malaysia for almost 5 years and have three saving accounts in other banks, but this is the first time I tried to open a TD. 

My question is, is this normal practice? What other banks would you recommend that are more "friendly" towards expats?


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## rodiy2k (Jan 15, 2013)

Interesting to me. My wife and I are hoping to retire on the MM2H visa whereby you are required to post 150MYR in a local bank before you leave your home country. As an American the IRS and my government make this exceptionally difficult. The brochures and websites all recommend using HSBC Bank because supposedly they are able to do this from the USA if you open a Premier account. But others have told me how this is not really possible

I find it hard to accept that a bank in a country with the second best economy in the ASEAN nations would not want to take anyone's cash unless the US government was making it too difficult which they often do with their asinine reporting requirements but I'm unclear if this poster is American 

Can anyone else confirm or deny that there is trouble with opening local bank accounts for those work work visas or Mm2H visas ? We'd be interested in placing a significant part of our US assets in local TDs also


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## 1malaysia (Mar 20, 2013)

rodiy2k said:


> I find it hard to accept that a bank in a country with the second best economy in the ASEAN nations would not want to take anyone's cash unless the US government was making it too difficult which they often do with their asinine reporting requirements but I'm unclear if this poster is American


Exactly. But this may be an isolated case. I'm planning to visit CIMB tomorrow morning and open a TD there. So far, they have been much more professional in dealing with expats.


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## rodiy2k (Jan 15, 2013)

1malaysia said:


> Exactly. But this may be an isolated case. I'm planning to visit CIMB tomorrow morning and open a TD there. So far, they have been much more professional in dealing with expats.


Can you please post on your experience ? Its hard to get solid facts from websites trying to push their services. We rely on forums to hear what others have gone through. Thanks


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## 1malaysia (Mar 20, 2013)

rodiy2k said:


> Can you please post on your experience ? Its hard to get solid facts from websites trying to push their services. We rely on forums to hear what others have gone through. Thanks


OK, so I went to CIMB this morning, and I had no problems whatsoever in opening a new TD. In fact, the manager even came out to offer a premier account. The interest rates were a bit lower than Bank Rakyat, but service was exceptional. I highly recommend for expats in Malaysia to do banking with CIMB.


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