If you don't meet the minimum criteria then HSBC will charge you RM150 per month.

Ah, right. If you don't meet the criteria but still want to be a Premier customer, then you have to pay for the privilege. So that's what the previous poster meant by fees not worth it, and I agree too.

Its not worth it to have to pay the fees to be a premier customer, but if you cant afford to be one than dont be. But this is just my opinion. I'm more preferable to maybank private banking anyways. good service and opinion. so i'm happy

He/She was asking about company cheque right ? I have seen cheques that do not bear the company's name ... or it might be not a company cheque after all ... lol ... i'm not sure


The HSBC Premier and Citibank Citigold main selling point is their global presence. HSBC is charging you fee ? What fee ? HSBC won't charge you a single cent to transfer fund between your Malaysian HSBC account and overseas HSBC account. For example from HSBC Singapore to HSBC Malaysia.

I personally don't really like Maybank. I don't even have an account with them locally and do not plan to open one with them ever. Maybank is kind of slow ... but still 100 times better than CIMB Bank. CIMB Bank is the one really pisses me off


And Citibank will charge you RM80/month should your fund falls below the minimum requirement.


As far as i am concerned, HSBC will kick you out of their HSBC Premier banking should your fund falls below RM200,000 after several months and of course you will be charged RM150 for the months that your total funds inside HSBC is below RM200,000. You cannot be HSBC Premier customer simply because you are willing to pay the RM150 monthly fee. They require you to maintain at least RM200,000 with them at all times.


I think most people here who are HSBC Premier customers are not paying a cent to HSBC.

By the way, i thought you will need RM250,000 to be Maybank private banking customers ? That's RM50,000 more than HSBC required to qualify for HSBC Premier.

This post has been edited by MilesAndMore: May 16 2009, 03:49 PM

Whats the most important feature that priority banking offers but not available to others? I find that i seldom go to the bank nowadays because everything is done online. For Maybank, do they automatically invite u to be private banking member or do u have to apply?

those private banking is for those people who wants a prestigious respect and dont wanna share same service with the average peoples...its like their toilet bowl is made from gold also at home

Hi taiko Hao,

Don't say like that lah. I mean, its OK lah to have it. I dun mind also but really I don't see much point because I hardly go to the bank to do transactions now. Everything can be done internet.

In response to your question, it was one time you needed 200k to open up HSBC premier, but I cant remember fully anymore it was a few years back I dealt with this. I do recall seeing this in the their terms and conditions though:
c } Premier Savings will attract a monthly service fee of RM150 (or such other
amount as allowed to be imposed by the Bank from time to time
I believe this is if you fall below the minimum amount your supposed to keep in the account or something like that.
I heard alot of horror stories with CIMB bank... but depending on the staff you get it really makes a huge difference.

A lot actually. many services that many local or community banks can't provide. HSBC and Citibank both clearly have an edge here because of their global presence (as mentioned earlier in my previous post). For example, it is easier for you to open an account overseas (wherever they have a branch there). No handling fee when withdrawing money at their overseas ATM. You can also transfer your money ... say from HSBC Singapore to HSBC Malaysia without paying a single cent in remittance (remittance fee sometimes is quite high mind you) and many more.


I believe Maybank Private Banking is by invitation only ? So they definitely will call you up to join their Private Banking when you meet their requirement to be a Private Banking customer. Anyway, i think they should change their name "Private Banking" as some people might confuse it with Private Bank. Private Bank is not a locally incorporated entity of a bank and caters only to ultra high net worth people. Such as those people with USD10 million of investable assets etc. The nearest Private Bank can be found are all in Singapore such as HSBC Private Bank, Citi Private Bank, Standard Chartered Private Bank and many more. We used to have Private Banks in Malaysia but not anymore. The last Private Bank in Malaysia, which is HSBC Private Bank pulled out of the Malaysian market in 2004 or 2005 citing the Malaysian government policies do not allow Private Bank to operate profitably here in Malaysia.

By the way, HSBC will definitely call you up when you meet their minimum requirement for HSBC Premier Banking. I have also heard many different relationship managers will keep calling you to invite you to join HSBC Premier if your total fund inside HSBC is well above the minimum requirement because you are like a big fish to them


More like so they can get the best service and more convenient for them etc. It makes total sense when someone stack so much money in one single bank. The bank will really appreciate this kind of customer, especially during this hard times.



This rule has always been there and it will be automatically waived so long you meet their fee waiver criteria.


The CIMB Bank branches i went to have very unfriendly and unhelpful staff. And those in the customer service helping people to open an account or to attend to customers enquiries are extremely slow in whatever they are doing and rude. And i am talking about the CIMB Bank branch in Api-api centre Kota Kinabalu and CIMB Bank branch located next to the Standard Chartered Bank building in Gaya Street.

This post has been edited by MilesAndMore: May 17 2009, 12:35 AM

[quote=MilesAndMore,May 17 2009, 12:29 AM]
A lot actually. many services that many local or community banks can't provide. HSBC and Citibank both clearly have an edge here because of their global presence (as mentioned earlier in my previous post). For example, it is easier for you to open an account overseas (wherever they have a branch there). No handling fee when withdrawing money at their overseas ATM. You can also transfer your money ... say from HSBC Singapore to HSBC Malaysia without paying a single cent in remittance (remittance fee sometimes is quite high mind you) and many more.


global presence it alone sounds quite attractive
but do they offer, say like with wire transfer in more shorter time to process? or any other special way or better package to transfer?


oh btw, i wonder how those billionaire manage their all other money lol despite some already turned into properties or assets or investments.
is it divide to different banks or other best handling way, banks do have their certain amount limit right?

You will have to ask one of the current HSBC Premier or Citibank Citigold customers to ask his/her relationship manager about this. What i do know is that you will get preferential rate for currency exchange.


Contrary to popular belief, not all billionaire have a swiss bank account. But most of them do have offshore accounts as it is safer, lower tax (or no tax at all). Very often they will be able to give you higher time deposit rate (compared to published rate) and it will be easier for them to move their money around as there isn't much restriction. Labuan offshore unit is a very popular one. In Asia the two most popular offshore banking system are Hong Kong and Singapore.

And NO. There is absolutely NO limit how much money one can deposit in a bank.

This post has been edited by MilesAndMore: May 17 2009, 08:28 PM

I thought they usually are. Just noticed the "Elite" tag. So now you're officially an Elitist

---

Added on May 18, 2009, 11:54 pmThere's a limit to how much you can withdraw though.


This post has been edited by wodenus: May 18 2009, 11:54 PM

TYPO.

I meant to say "Labuan offshore unit is NOT a very popular one".

This post has been edited by MilesAndMore: May 19 2009, 12:18 AM

So much for Private Banking

http://www.themalaysianinsider.com/index.p...igroup-to-court

Interesting story ... surely Citibank is taken aback by this public revelations.

Sure badly hit. Reputation is very important in the banking business.

Hopefully this will awaken them as to their errors in simply hiring anybody off the street & redesignate them as RM, especially for their high net worth client.

But i think it's too early to say whose fault exactly it is. It could be Citibank that is trying to run away from responsibility or the Singaporean who filed the lawsuit is just like most investors, so greedy and when they lost money they blame someone else so they can recover their losses despite warnings from the bank

Still ... I have heard so many stories about Citibank RMs. Some would need to be requantified coz I heard them from competitive banks.

Possibly Citibank would take immediate damage control in the short run.

On another news ... I found this as well.

Malaysian Bank Ratings

This post has been edited by hye: May 20 2009, 10:25 PM

Can some with the authority to update some of the figures posted above ? It's been a while since it's posted and the minimum balance requirements for certain banks have since changed.

- Standard Chartered - RM250k
**info provided by Tgeoklin

- Royal Bank of Scotland (RBS) - RM200k

By the way, can someone please confirm the the minimum balance required to be eligible for Public Bank Red Carpet Banking ? I heard one needs only RM100k of time deposit to qualify for it. I have also heard RM200k. Anyone can confirm ? Thanks in advance.