Malaysian Bank Account

[johnny333]

the fee will be much more expensive than a scripless transfer fee. And it'd take much longer, as the scrips are in KL though traded through a Singapore broker, unlike CLOB days when the scrips traded in Singapore were actually in Singapore.

I always thought that the shares were held with my broker in Spore. After all aren't they the ones charging me the fee

Never mind, once I've transfered the shares to a Malaysian broker I will have zero shares in Spore I should have done it years ago & save me alot of $$$ on un-necessary fees

 

[ginfreely]

My wife's friend recently introduced to her a bank account in Standard Chartered Malaysia. No chequebook, no passbook (monthly statement, phone and internet banking), no mininum opening balance, no minimum mantainence balance and no service charge. It comes with an ATM/debit card (MasterCard) free too (not free if you opt for credit MasterCard). My wife's thinking, let's open an account and keep one or two thousand RM there and it'd more convenient and cheaper for us when traveling and shopping in Malaysia. Using moneychangers and Singapore credit cards there always incur exchange rate disadvantages and service charges.

Thanks for sharing. Btw there is a Standard chartered branch at Bestari area, near to the Bukit Indah Jusco.

 

[johnny333]

I've just applied for a Malaysian trading account and a Malaysian Maybank savings account.

The details:
It will take about 5 days to process the application for a trading account & savings account.
You need to bring your IC & passport.
I just had to pay a RM$10 fee for the Malaysian Central Depository fee.
No fee or minimum for the savings account, but be aware you have to put in RM$250 to activate the account after which you can take it out.
You can open the trading account via the Maybank branch at City Square as a representative will be there on Monday, Wednesday & Friday.

Each trade will cost RM$8 plus a percentage on the value of the trade. This percentage depends on whether you want to use the shares in the account as collateral or simple use cash. In Malaysia, the shares are traded in lots of 100 shares.

 

[1sickpuppy II]

I had a bad experience with these mat banks quite some time ago. During my younger days my former company would sometimes send me up matlasia to work for weeks and so like you I thought it would be wise to open an account and put some $ there. After I left the company I totally forgot about my mat account till I started to move to my new house 10 years later and found my old bank book in my study drawer. I tried to withdraw the $ but was given a merry go round until I have to file a court order and a police report before I got my $ back. 1st they say my finger print don't match and then say my signature was too blur and faded to read. I even show them my passport and i/c to proof who I am but still no help.

 

[HedgeTrader]

I've just applied for a Malaysian trading account and a Malaysian Maybank savings account.

The details:
It will take about 5 days to process the application for a trading account & savings account.
You need to bring your IC & passport.
I just had to pay a RM$10 fee for the Malaysian Central Depository fee.
No fee or minimum for the savings account, but be aware you have to put in RM$250 to activate the account after which you can take it out.
You can open the trading account via the Maybank branch at City Square as a representative will be there on Monday, Wednesday & Friday.

Each trade will cost RM$8 plus a percentage on the value of the trade. This percentage depends on whether you want to use the shares in the account as collateral or simple use cash. In Malaysia, the shares are traded in lots of 100 shares.

Oh there's a Maybank branch at City Square? That's nice. I used to have both banking and stockbroking accounts in Maybank KL HQ and Mayban Securities. Yeah, that big unmistakable landmark building opposite Puduraya. Those days didn't even have internet banking or trading. But I closed both accounts during the CLOB saga. The stock trading side was actually not affected much. But the banking side was affected by the capital control. I could withdraw money but couldn't deposit. Though they didn't make any trouble for me to sell all shares, close both accounts and take my money back to Singapore. In later years, capital control was lifted and I received ad letters to re-open accounts. Couldn't be bothered since by then, Singapore brokers offered direct trades with KLSE without CLOB.

I had a bad experience with these mat banks quite some time ago. During my younger days my former company would sometimes send me up matlasia to work for weeks and so like you I thought it would be wise to open an account and put some $ there. After I left the company I totally forgot about my mat account till I started to move to my new house 10 years later and found my old bank book in my study drawer. I tried to withdraw the $ but was given a merry go round until I have to file a court order and a police report before I got my $ back. 1st they say my finger print don't match and then say my signature was too blur and faded to read. I even show them my passport and i/c to proof who I am but still no help.

 

[johnny333]

I had a bad experience with these mat banks quite some time ago.

Which bank was it with

I heard of some Indonesians who had a problem with their Sporean bank account. The Batam resident decided to park the funds long term in a Spore account, but someone withdrew it because it went missing.

 

[johnny333]

But I closed both accounts during the CLOB saga. The stock trading side was actually not affected much. But the banking side was affected by the capital control. I could withdraw money but couldn't deposit. Though they didn't make any trouble for me to sell all shares, close both accounts and take my money back to Singapore. In later years, capital control was lifted and I received ad letters to re-open accounts. Couldn't be bothered since by then, Singapore brokers offered direct trades with KLSE without CLOB.

Many Sporeans paid for the CLOB fiasco & where was the PAP gov't LHL promised to fight for Sporeans but we all know about PAP promises, it's just as useless as their apologies

Although you can buy/sell via a Spore broker, it costs more because more middlemen are involved. Each time I do a transaction, my Spore broker gets a cut, so does his Malaysian counterpart in KL, and the Spore gov't with it's gst.

Even if you are just holding the shares for the dividen, you have to pay the Spore broker $2/month for each counter for storage. The PAP gov't will then charge gst on the dividens you get.

I bet the Spore brokerage firms are also making $ in the exchange rates they charge Spore clients:(

As "lesser mortals" we are just pawns in the big game that big boys(LKY & Mathahir) were playing. Now we have different players & rules, as players we need to re-adjust to the new realities.

 

[HedgeTrader]

Many Sporeans paid for the CLOB fiasco & where was the PAP gov't LHL promised to fight for Sporeans but we all know about PAP promises, it's just as useless as their apologies

Although you can buy/sell via a Spore broker, it costs more because more middlemen are involved. Each time I do a transaction, my Spore broker gets a cut, so does his Malaysian counterpart in KL, and the Spore gov't with it's gst.

Even if you are just holding the shares for the dividen, you have to pay the Spore broker $2/month for each counter for storage. The PAP gov't will then charge gst on the dividens you get.

I bet the Spore brokerage firms are also making $ in the exchange rates they charge Spore clients:(

As "lesser mortals" we are just pawns in the big game that big boys(LKY & Mathahir) were playing. Now we have different players & rules, as players we need to re-adjust to the new realities.

Actually that time I pre-empted CLOB saga by trading directly with Malaysian brokerage account instead of Singapore CLOB. When Malaysia setup MCD I already expected sooner or later they'll want all CLOB shares back. That's why I got no problem selling my shares before the bear gone bersek. Those still using CLOB then were stucked for years. My problem then was with Malaysian bank account as I didn't expect capital control. It's hard to trade without a bank account. So I pulled everything out. Yeah, the CLOB traders those days got stucked and burnt badly as they couldn't sell and prices were sliding like to hell during the financial crisis. I remember the Singapore government made some reassuring statements to remain calm and it would be sorted out shortly. Sorted out shortly my fart! In the end, most CLOB shareholders lost >50% over +/-3 years of share scrips migration process from CLOB to MCD.

Thanks for your advice and tips. Do keep all of us whom interested updated.

 

[johnny333]

Yeah, the CLOB traders those days got stucked and burnt badly as they couldn't sell and prices were sliding like to hell during the financial crisis. .

Actually I was new to CLOB when things started falling apart. I even managed to get some bargains when people were trying to get out. As a long term investor I was satisfied to hold on to my shares. Same thing with getting in when Apple had problems, which I bought in when their shares were around US$15.

This strategy didn't always work but overall I made some $$.

If anyone got any questions on opening a Malaysian account please feel free to ask. We "lesser mortals" got to stick together

 

[Forvendet]

Thanks for all the contributions and apologies for the past few days of absence due to the stalking by JW. Nevermind, I understand now; just ignore him. Thanks again anyway. I've learned a lot from the contributors, especially Johnny. Maybank at City Square is a great idea. Better than StanChart of which nearest branch is still a taxi ride away from customs. I'm still not familiar with Malaysian ATM system. Can StanChart ATM card be used at Maybank ATM without fee and vice versa and among other banks in Malaysia? Any help would be sincerely appreciated. Thanks.

 

[wuqi256]

You will incur charges of 1RM for MY banks but more if you are using a SG card in MY(you can actually draw in RM using their ATMs) but not advisable unless in emergencies due to the charges, bank exchange rate etc.

 

[Forvendet]

You will incur charges of 1RM for MY banks but more if you are using a SG card in MY(you can actually draw in RM using their ATMs) but not advisable unless in emergencies due to the charges, bank exchange rate etc.

What I mean is, can e.g. M'sia StanChart ATM card (also RM account) used at M'sia Maybank or CIMB etc. ATM and vice versa among each other?

 

[johnny333]

Better than StanChart of which nearest branch is still a taxi ride away from customs. I'm still not familiar with Malaysian ATM system. Can StanChart ATM card be used at Maybank ATM without fee and vice versa and among other banks in Malaysia? Any help would be sincerely appreciated. Thanks.

I used to have a Stanchart acount in Spore a long time ago but closed it because there were a limited number of branches which had limited operating hours. Now that it's owned by Temasek I'm sure it has improved

I'm quite happy with MayBank. They were the 1st bank in Spore to offer me a gold visa card without charging me an annual service fee, back when all the other Spore banks were charging service fees. This was 20+ years ago when credit cards were not free.

In my travels to KL & JB I've seen plenty of Maybank branches. They are I think the POSB of Malaysia.

 

[1sickpuppy II]

Which bank was it with

I heard of some Indonesians who had a problem with their Sporean bank account. The Batam resident decided to park the funds long term in a Spore account, but someone withdrew it because it went missing.

Their national bank maybank lor.

 

[BusNo64]

That's because you Forvendet, used to use the nickname RAMSETH.

You obviously didn't read the post where I told you the problem was in the deception, not in the new nickname or the content of your posts.
Or perhaps you read it and didn't understand, or you read and understood, but didn't give a hoot.

Your writing style is unmistakable, especially when you are trying to show off what you know about something or someone. It is almost grating, especially from someone who has concocted a fake bullshit persona for himself.
This forum has a history of people not revealing much about themselves and nobody minds and continues discussing anyway. There was actually no need to create a fake persona with a new nickname, other than for your own amusement of course.

Everytime u have a post which contains the deception, I will highlight this.

JW5, r u sure dat puacheebye kia phoney tan's dog forvendet is vincent sear? I tot he support WP? How come vincent sear now become phoney tan's lapdog?

 

[iconchia]

Why would anyone want to have anything to do with Matland is beyond me. Putting money in their bank is at best ignorant and at worse, dumb. It's alright if you put a couple of thousands. Try putting more and you'll see the Mats trying to screw you left right centre. It's the same for those idiots who think they're getting a bargain buying property in Matland. Wait till you read news of them being robbed, raped or murdered.

A lot of Singaporeans like to go there for makan, buy groceries and wash or service their car. This, again, is totally beyond me. First, the food while its cheap, is unhygienic. Those in the restaurants are not much cheaper anyway. Buy groceries/toiletries also not that cheap if you buy branded ones. Their local brands simply cannot make it and you really never know what you're buying. The last category is the one which I simply cannot understand. After spending so much money on their beloved car and kpkb whenever there's a little scratch, and yet they can risk the car by taking it into Matland?

Add the increased risk of being robbed/murdered/raped whenever you go, and you're find little incentive in going to Matland. Singapore is boring but at least it's safer.

Want to go holiday, save up some more money and take short trips to Hong Kong/Thailand/Australia.

 

[johnny333]

Their national bank maybank lor.

Batam is in Indonesia lah .

Indonesians don't trust the Indo banks because got plenty of cases where bank owners & employees run off with the depositors money. You may see some of these crooks in Spore. Spore authorities happy to close one eye if these crooks do their laundry in Spore.

Even in Spore one must be careful to monitor your funds. There are unscrupulous bank staff who will take your money especially if your account is dormant.

 

[BusNo64]

Thanks for all the contributions and apologies for the past few days of absence due to the stalking by JW. Nevermind, I understand now; just ignore him. Thanks again anyway. I've learned a lot from the contributors, especially Johnny. Maybank at City Square is a great idea. Better than StanChart of which nearest branch is still a taxi ride away from customs. I'm still not familiar with Malaysian ATM system. Can StanChart ATM card be used at Maybank ATM without fee and vice versa and among other banks in Malaysia? Any help would be sincerely appreciated. Thanks.

Phoney Tan's lapdog, stop pretending lah...we knoe u r here to promote ur master phoney tan...after licking and sucking his dick for weeks now, have u manage to make phoney tan cum yet? PUACHEEBYE PHONEY TAN'S RUNNING DOG MOLE BASTARD!!! :oIo:

 

[johnny333]

It's alright if you put a couple of thousands. Try putting more and you'll see the Mats trying to screw you left right centre. It's the same for those idiots who think they're getting a bargain buying property in Matland. Wait till you read news of them being robbed, raped or murdered.



.

Have you personal experience of being robbed or is this an opinion

 

[Forvendet]

Phoney Tan's lapdog, stop pretending lah...we knoe u r here to promote ur master phoney tan...after licking and sucking his dick for weeks now, have u manage to make phoney tan cum yet? PUACHEEBYE PHONEY TAN'S RUNNING DOG MOLE BASTARD!!! :oIo:

Bus, you got problem with TT, please go to TT politic threads. You can scold TT and me all you want there. Thanks.