Not everyone keeps that much money in their demand deposit accounts. So it does benefit some people.

HSBC Premier is sort of like a packaged account that will help you to waive some unnecessary banking fees. Packaged accounts are a hit in the United Stated.

Let say you bank with CIMB Bank and most of your money are in fixed deposit and you also have a Prime current account with them. In order to waive the monthly account fee, you'll need to keep RM5000 inside the account at all time. So, no matter how big your fixed deposit account is, you will still need to meet the minimum balance in order to get the monthly account fee waived. In a packaged account, you won't have to worry about the minimum balance fee in your current account as they will calculate your total relationship balance which include all your investments with that particular bank.

By the way, HSBC Premier also offers free remittance service and real-time crediting of the money transferred between your own account here in Malaysia and any other HSBC Premier accounts you hold overseas. Save you a lot of TT money and you'll also be able to access the fund quicker. You'll entitle for preferential exchange rates too.



It is widely known that it is easier to move money around in offshore banking centre. Many Malaysians have offshore banking accounts in Singapore, Hong Kong and London just because of this.
That is the main perk. It is also a known fact that it is easy to bring money into Malaysia but problem might arrises when one transfers a huge chuck of money out of the country. There are many more and all these informations can be found in google.



Not if your area doesn't have one AmBank branch ...



Yes but still, it is a service.



That's if you have some FD with them. But not all banks do this. By becoming their Premier/CitiGold/Priority customers, you'll be able to skip all the fuss of submitting your proof of income and all and a complimentary credit card will be send to you with no further questions asked.


That is the reality. Else why do you think many people describe Maybank and CIMB Bank as pasar malam and Public Bank as Kopitiam ? There is no doubt that in this IT age more and more people will rely more on automated banking machines but a physical branch is still essential, as proven in America.

Anyway, the bottom line is that everyone has different needs. Some might benefit from this sort of packaged account while some won't. Whether or not you can maximize the potential use of this kind of packaged account is entirely on how you bank, whether you travel a lot, do you live in multiple countries etc. If you don't think it is good enough for you then you do not have to join. The banks are not forcing all eligible customers to join either. It is just a smart marketing strategy to keep their existing customers happy and to lure more potential big accounts into their bank.

This post has been edited by MilesAndMore: Apr 26 2010, 04:52 PM

MilesAndMore : You make us think you work for HSBC. I know you ain't one, but the amount of info you've gathered.. simply tremendous!

To stay within the topic, any idea transferring fund out of the countries through HSBC instant me2me limited to certain amount (as per BNM restriction) only?

This post has been edited by niel: Apr 26 2010, 04:35 PM

If i'm not mistaken, it is US$100,000 or its equivalent Better check with your RM again.

lol total ownage by MilesAndMore, you sure you don't work for HSBC?

as for transferring funds out, i think there isn't any limit imposed by BNM, you just have to declare if you're transferring more than RM5k worth of funds, the only limit would be the one set by the bank

in the process of opening a HSBC account

No. I don't


Yeah ... i think there isn't one too. Not by BNM anyway. I believe the limit is imposed by HSBC itself and as far as i remember, the online limit is capped at US$100,000/day. Anything higher you will have do ask your RM to do it for you at the branch. If my memory serves me correctly, one can also request to increase the internet daily limit from US$100,000/day to US$1 Million.

I heard that if we transfer any amount more than rm200k we will be question by BNM? I have HSBC acc but never use it to transfer to overseas as their rates are always higher than PBB.

AFAIK the exchange rate to transfer between your own accounts (but from differrent countries) is pretty good according to my friend.

I will get my housemate to print screen the rates later, when he gets back home from lecture

Arghh.. HSBC temp suspended my online banking cos i never use it for many months. Yes it would be nice if you can get a print screen. Btw i mostly do MYR-AUD transaction.

If you transfer more than 10K then you must make declaration to BNM. I have made several declarations, so far no problems.

The rates quoted in HSBC.COM are the normal board rates and only apply to the mass banking customers. Exchange rates for Premier customers are not shown but they guarantee that it will be lower than what's shown in HSBC.COM.

10k as in USD10k rite? and that is cash. I'm refering to TT.

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Added on April 27, 2010, 11:56 amyea even when i call them and ask or even infront of their desk their rates still higher than Pbb's special rates. BTW premier services are bad in kepong branch. I won't tell who but just to let you all know.

This post has been edited by tpl: Apr 27 2010, 11:56 AM

You're saying the HSBC Premier rates are worse than PBB's special rates? How do you obtain PBB's special rates?

Can you elaborate on the bad Premier service in Kepong? I might be opening an account there.

Yes PBB's rates are always better than HSBC's. Because i will be sitting infront of HSBC desk ask for the current rates and call up PBB to check their rates.

For the service, Haiya ask them do something always forget or never follow up. Call again n again n again. I have to remind 'them' all the time. Maybe only this particular stuff like that.

sorry for the late reply as my housemate just got back home.

anyway this is the MYR/AUD rate as of today (and now)



so the rate is about 2.994011976047904?

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Added on April 27, 2010, 8:12 pmwawasan sentosa (the famous money changer in midvalley) is doing 3.0000 for cash to cash basis for today.

This post has been edited by nokia2003: Apr 27 2010, 08:23 PM

That's a good rate. It is almost the same as Wawasan Sentosa's buying rate

10K RM, that's the rules set by BNM, wonder if there is any changes nowadays, been a couple years since the last transfer.

When you say PBB's rates you wouldn't be referring to their published board rates right? Is it some special rates for some special customers too?

thats 2.994 not too bad. If i were to change yesterday most prolly PBB will give me 2-3cents lower than their standard board rate (2.995). So it would be 2.96-2.97. anyways thx for the print screen.

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Added on April 28, 2010, 8:19 amIts the special rates too for PBB. Last time they will have to call PBB HQ to check for their special rates. U can even negotiate with them which is quite fun is like you buy fish in the market. LOL but now they have their special rates fixed in their branch computer. The special rates is not for special customers. Im no premier customer in PBB maybe because i've been with the branch for more than 10yrs and each time i transfer would be at least AUD40-50k n above so they give me the special rates.

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Added on April 28, 2010, 8:22 amHmm.. i thought the last time like few mths back they set the rules at USD10k? anyone heard of this?

This post has been edited by tpl: Apr 28 2010, 08:22 AM

The bank staff will fill it out for you, don't have to do it yourself.

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Added on April 28, 2010, 11:34 am

Dunno, I still have to sign the form.


This post has been edited by wodenus: Apr 28 2010, 11:34 AM

Wah your bank so good ah? Stupid CIMB bank need me write the whole TT form and then take 20 mins to process it. Then pass around for bank officer to sign it. Really slow service.