Hi guys,

need your help in deciding to open a Private Bank account in Malaysia

so far I've met with CIMB Private Bank.
and waiting for appointment with Maybank Private Wealth and AmPrivate bank

Do any of you have any suggestion on local private bank.

looking to transfer from Singapore Private bank to Malaysia due to higher cost in maintaining account there

What are you looking for in terms of features?

I have Maybank PW (I'm assuming you mean Premier not Private, Private needs RM3 million) and HSBC Premier

HSBC Premier gives you free and instant transfers between accounts in different countries / currencies which is useful

don't mean to hijack the thread but when you do the free wire transfer between accounts, are the rates favorable?

for example HSBC RM to HSBC GBP in london?
what's the rate?

rm 3mil? any special services provided for having the account?

They for charge you on the exchange although it's been a along time since I've used this feature so can't remember. I'll have a log in later, see if it displays a rate without ttlransferring.

Only difference I can remember is eligibility for VI Diamanté card (which doesn't really have any benefits over the standard VI other than unlimited PPL)

Premier Wealth : 200K, Private Wealth : 3 million

Golf membership

i do think he meant private and not premiere or privilege.

Im talking about the one which usually need USD1Mil above. those with RM500k requirement usually is not the one im looking for.

More to managing the money in term of investment in bonds, sukuk etc.

Maybank has different name for this service . A little bit confusing. I emailed them and they say its Premier Wealth.

I dont think HSBC Premier is the one im looking for because our previous bank was HSBC Private bank which is different.

Just asking while you are at it..

do you know the limit to transfer from overseas to Malaysia let say from bank to bank ?

which bank card is the diamante you talking about

yep . private banking.
though not premier or privillege

HLB Private also can try

Ah ok, I assued you were after the Premier banking rather than Private. I don't have any experience with Maybank / HSBC Private banking so I can't advise


Not sure, I've never come across any issues with transfers before - but I don't transfer any big amounts into Malaysia anyway.

Diamante is Maybank Visa Infinite for Private Wealth - not much difference to normal VI considering the eligibility.

they go above and beyond the call of duty

u get what u pay / deposit for

Private Banking try UOB

UOB Private Banking is an exclusive service, available to individuals with over RM 5.0 million in investible assets.

Since it's transfer from Singapore, and UOB is Singaporean Bank, it might be easier.

This post has been edited by Nauts: Apr 30 2015, 06:06 AM

whats the difference between CIMB private wealth and private banking?

CIMB Private Wealth by CIMB Preferred - RM1 million
CIMB Private Banking - RM3 million

ooh thanks.. normally for private banking, only big cities like pg and kl have the facilities?

Already met UOB people ... not bad actually. But im looking for more sharia compliant.
Transfer SG - MY is still same like other banks ..


I might go with CIMB.
More convincing compare to Maybank. someone told me he buy RM1mil property already Maybank place her under Maybank Private. So easy one...

Having RM1m in combined borrowing + assets entitles you to be Premier Wealth, not Private under Maybank.

I don't think there's shariah compliant Private Banking? I only heard the "normal" conventional one only

Did you manage to find a private bank to suit your needs? I am interested to find out more too.

Hi tandukhitam & homersimpson,

Is there some specific facility that you would like, that other places are not offering to you ?

This post has been edited by lukenn: Dec 25 2015, 12:28 PM

Malaysia Private banking industry is just at very initial stage compare to Singapore.

DBS private bank, Uob private bank and bank of Singapore provide more "real" private banking services compare to malaysia private bank.

Real private bank will help to set up family office.

Unfortunately, I do not want to exchange ringgit to other ccys now which is why I am interested to find out more abt pb in Malaysia. I think only UOB offers pb services in Malaysia in terms of Singapore PBs? Is anyone a user of their services?

Is there some particular service that other banks are not offering that you are looking for ?

We have been asking what type of services you need and yet to get any answer from yourself... How you would want us to advise further?

Basically just for yield. Potential investment but am extremely conservative so not looking at investing in anything exotic. Fast, easy transfers to Singapore when the need arises. Bankers who dont push unsuitable products to you.

You don't really need private banking this way. Priority banking will do with much lower entry requirement. Try bank that near and convenient to you and shift when you don't like their service

This post has been edited by Yippie123: Dec 28 2015, 10:21 AM

Let me introduce you to the wonderful world of STMDs, NIDs, overnight deposits, money market funds and treasury services.

This post has been edited by lukenn: Dec 28 2015, 02:44 PM

[quote=Yippie123,Dec 28 2015, 10:21 AM]
You don't really need private banking this way. Priority banking will do with much lower entry requirement. Try bank that near and convenient to you and shift when you don't like their service

[/quote

I thought about that and I have been doing research online. If PB is able to offer a higher yield for cash deposits versus priority banking, am pretty happy to join a pb even with the higher requirements.

Or investing in corporate bonds, priority banking would not be able to offer such investment ideas. I just want to keep my options open while getting a higher yield of return off my capital and waiting (hopefully) for the ringgit to recover when oil prices does.

Does anyone use UOB PB?

[quote=Homersimpson79,Dec 28 2015, 11:12 AM]
[quote=Yippie123,Dec 28 2015, 10:21 AM]
You don't really need private banking this way. Priority banking will do with much lower entry requirement. Try bank that near and convenient to you and shift when you don't like their service

[/quote

I thought about that and I have been doing research online. If PB is able to offer a higher yield for cash deposits versus priority banking, am pretty happy to join a pb even with the higher requirements.

Or investing in corporate bonds, priority banking would not be able to offer such investment ideas. I just want to keep my options open while getting a higher yield of return off my capital and waiting (hopefully) for the ringgit to recover when oil prices does.

Does anyone use UOB PB?

[/quote]

If really you are into investment but not fd, I would suggest you look into Maybank dual currency investment. Hv a talk with them to understand more, it's interesting. Look at crude oil, political US move in Middle East as well as China responses on SEA.

This post has been edited by Yippie123: Dec 28 2015, 12:08 PM

I fully understand how such investments work as I have experience in accounting for structured products many years ago. Any sort of structuring inevitably entails risk and rewards and more so, more fees for the bank.

You are right to suggest looking at commodities prices and politics in the US and I much rather invest into oil related etfs and selected oil stocks when the right time comes along. Now however is not the time and I much rather keep my funds liquid for the next 6mths.

In this case why would you need private banking? spread your funds across all bank with high fd yield. HLB for example offers 4.5%pa for 6 months...

Or if a US, EUR, or CNY bond... but at least for 5 years you are tied up with.

This post has been edited by Yippie123: Dec 28 2015, 04:57 PM

I have thought of that too. UOB/CIMB offers a pretty decent yield too. But I would also like to find out what yields would the private banking side of the bank would offer before I decide. Thanks for the suggestion