Malaysia Hotline: +603-2141 8908
The
Malaysia government has initiated and implemented the Malaysia My Second Home
Program (MM2H) to encourage and attract foreigners to invest in the country and
to live permanently. Once the application is successful, they can have a
residence permit for 10 years and a continuous update.
It
is worth mentioning that the MM2H program is the best long-term residence plan
in the whole of Asia. Malaysia's good service, perfect infrastructure and low
cost of living combine these factors to make it more and more people want to
use this program to stay in Malaysia for a long time.
Bank
accounts in Malaysia are essential MM2H applicants. It is part of the MM2H
application process requirements. The bank account is the account used to save
in time deposits after the applicant's MM2H application has been approved. The
following is an explanation of what the applicant needs to pay attention to.
1. The amount of time deposit depends on
the application category of MM2H applicant:
·
Ages above 50: Time deposits are RM150,000;
·
Under 50 years old: time deposits are RM300,000;
Note:
a) MM2H's time deposits are strictly calculated in
terms of ringgit and no foreign currency denomination is allowed. All Malaysia
bankers are eligible to assist in the collection of MM2H time deposits.
However, most bankers have their own target customer rules based on internal
policies and standards.
b) Most of the prohibited nationality comes from
the Middle East and African countries. Some nationalities are prohibited from
opening an account by bankers.
2. Once you decide to join the MM2H
program, you can set up your bank account in 3 different stages:
a) Set up a bank account before applying
Most bankers will not allow foreigners to open bank accounts
in Malaysia under a tourist visa, which may be money laundering. At this stage,
your MM2H application process is still uncertain.
b) Set up a bank account after submitting the
MM2H application
At this stage, the bank needs to get a letter of
recommendation because your MM2H application has not yet been approved.
c) Set up a bank account after the MM2H
application is approved
Most bankers are happy to open a bank account for an approved
MM2H customer at this stage. This is because the Central Bank of Malaysia only
needs less inspection because the Central Bank of Malaysia is a banking institution
recognized by the MM2H program.
3. Most Malaysia banks offer the following
banking services:
a)
Savings and deposit accounts and checkbooks;
b)
Online banking;
c)
Forex account and RM account;
d)
Debit and ATM cards.
4. Other major issues you need to consider
setting up a bank account are as follows:
a)
Whether your account signer is a person or a
joint name;
b)
Automatically update the time deposit amount;
c)
10 years of deposits on a regular basis;
d)
The certificate of time deposit is composed of
several certificates.
The
establishment of a bank account is for you to save in MM2H time deposits, and
only RM can be accepted. All funds in various foreign currencies will be
converted into RM. Once your MM2H approval is completed, the banker will open a
time deposit certificate and send it to the MM2H Visa Approval Center to apply
for the MM2H visa stamp to your passport.
Tannet
Malaysia has 20 years of service experience and we will contact the banker to keep
track your funds accordingly to ensure everything is going smoothly. This
special service is available to Tannet customers. For more information, contact
us at 603-2141 8908 or mytannet@gmail.com. We will guide you to open the right
bank to achieve your goals, worry-free service!