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 Priority Banking, Everything about Priority Banking

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David_Yang
post Sep 15 2017, 06:27 PM

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First time I used my CIMB VISA Infinite Preferred Card. eStatement surprises me, there is a point 3 Fees & Charges:

QUOTE
Finance charge for retail transaction // (a) 1.25% per month or 15% per annum if you have promptly settled minimum payment due for 12 consecutive months.


What the hell is this? They want to charge me RM 125 because I spent RM 10000 with the card and settled the bill immediately?

Actually I expected the opposite as they promote this cash rebate on their website:

QUOTE
Get 1% cash rebate for every RM1 you spend on overseas retail transactions.

Get 0.5% cash rebate for every RM1 spent on your everyday local transactions.


Nothing to find on my August statement.

Any CIMB customer that can enlighten me? brows.gif

This post has been edited by David_Yang: Sep 15 2017, 06:37 PM
David_Yang
post Sep 16 2017, 02:36 PM

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QUOTE(OPT @ Sep 16 2017, 12:41 AM)
keyword "settle minimum due"...
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OK, got that, thy.

And what about the promised "Get 0.5% cash rebate for every RM1 spent on your everyday local transactions"?
David_Yang
post Jan 9 2018, 01:30 PM

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QUOTE(bbgoat @ Jan 9 2018, 01:14 PM)
UOB PB can sit down, someone serve u coffee then do banking business !  rclxms.gif
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I totally hate this coffee serving from OCBC and some CIMB branches. Usually you have to catch somebody to order the coffee from a staff room. Just put the bloody machine out and let the people help themselves. Same with water.

Especially at OCBC you feel like you have ask for a bottle of champagne and not a bloody cuppa coffee.
David_Yang
post Jan 12 2018, 03:53 PM

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QUOTE(bbgoat @ Jan 9 2018, 02:43 PM)
Oh, they did not come and ask u ? In Citibank, OCBC and even UOB, the staff would come and ask u, what do u want. Coffee, tea or water.  biggrin.gif
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Yes, in OCBC KL they do. In Ipoh branch they don´t do. Anyway I prefer to make my own coffee with the Philips Saeco machine at CIMB cool2.gif
David_Yang
post Jan 12 2018, 03:54 PM

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QUOTE(kenny79 @ Jan 11 2018, 03:34 PM)
I have rhb Ambank Ocbc and hong Leong... Pb experience really depand on the rm tat serve you.if u meet a nice Rm I think which bank also don't matter so much... By my site if for investment of ut the Ocbc can serve me better and I was very happy on the service of my Ocbc rm...If u wish to enter the primier lounge at air port the Ambank priority world master card is suit for you...Hong Leong is better in term of the service on counter.. rhb I m really seldom go there...
As my advice you better go to the branch and experience on the service of there since all branch can't be same service .. really depand on the rm how their can fulfill ur require
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So true.
David_Yang
post Jan 14 2018, 10:39 PM

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QUOTE(Ramjade @ Jan 14 2018, 01:47 PM)
Yes. Being priority customer with Standard Chartered SG have one of the best perks
1) no min amount for their brokerage. You just pay 0.18% of what you buy/sell
- their brokerage provide one of the best access to worldwide markets
2) able to deposit and withdraw USD cash without fees  biggrin.gif On withdrawal part, need to kawtim with RM to waive the withdrawal fees tongue.gif
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You mean I can walk in a SC branch and bring cash USD to put in my USD account? And withdraw USD in cash drool.gif

If they offer this also for EUR I run into the next branch tomorrow morning cool2.gif
David_Yang
post Jan 15 2018, 04:09 PM

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QUOTE(Ramjade @ Jan 14 2018, 11:43 PM)
That's right. Use to be able to do that for free with DBS bank too (no need priority) but now all SG banks charge 1% if you deposit or withdraw in foreign cash. Applicable only for standard chartered SG priority banking customer. For withdrawal, need to get approval by RM to waive the withdrawal fee.

Not valid for Malaysian standard chartered as BNM doesn't let us withdraw or deposit foreign cash.

All 3 local SG banks let you deposit EUR (you need to have a multicurrency account)  but will be charged about 1% of the deposited amount (fees varies with banks). Again valid for SG banks and not Malaysian UOB/OCBC.
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OK, let´s make this totally clear please before I jump on the next bus to Singapore to open a SC priority account there wink.gif

* With this SC Singapore priority multicurrency account I can bring cash EUR to my account with no fee. And if needed also can withdraw EUR by cash with no fee?

* When I want to swap the EUR into SGD or other supported currencies in my multicurrency account there are no fees also? What currencys they support?

* I can do this without Singapore nationality and no home there?

And one thing more, if I have priority with OCBC Malaysia, I have over there at OCBC also?
David_Yang
post Jan 15 2018, 10:04 PM

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Thanks, I was a little bit too excited I think biggrin.gif
David_Yang
post Jan 25 2018, 07:45 PM

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QUOTE(Mattrock @ Jan 25 2018, 11:11 AM)
Anyone know what is available FD interest rate for HSBC Premier account?
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From my experience lower than all other banks. HSBC is really only useful if you want to do a lot of cross border transactions and have HSBC acounts in at least one other country. Just my opinion.
David_Yang
post Feb 2 2018, 08:39 PM

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QUOTE(powerlinkers @ Feb 2 2018, 09:31 PM)
to tell you the truth: this is one of the turnoff as well .

CIMB offers a better choice. RM250k for the basic private banking.
RHB :RM 200k.
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Most important for me is that I can use the Priority Plaza Lounges in KLIA for free. Loving CIMB preferred for this.
David_Yang
post Jul 3 2019, 11:33 PM

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QUOTE(donhay @ Jul 1 2019, 05:11 PM)
I was wondering, those who are priority customer with a bank. May I know what's the benefits do you get? and how's your Relationship manager?
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The main benefit at CIMB preferred is the Airport Lounge access, that is a really good thing when you travel a lot. I mainly use the lounge at KLIA, but have also other Airports in SEA.

It is also very good to have a RM that can handle things for you when you are not present.

QUOTE(touristking @ Jul 3 2019, 12:10 PM)
What's the rate nowadays for you?
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6month at CIMB is 3.85, all other are even much worse.

That is why I cannot keep the 250k for preferred at CIMB at the moment. Wonder how fast they will kick me out.

This post has been edited by David_Yang: Jul 3 2019, 11:33 PM
David_Yang
post Jul 4 2019, 09:38 AM

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QUOTE(skty @ Jul 4 2019, 12:51 AM)
have you use before your credit card for lounge access when you have less than 250k in CIMB?

does they charge you? I saw the TNC is quite strict.
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Yes, I used before while being under 250k. As far as I know you get a letter that you need to top up otherwise you lose preferred status.
David_Yang
post Jul 4 2019, 05:03 PM

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QUOTE(skty @ Jul 4 2019, 03:34 PM)
So you use the cc to access PPL before or after you receive the letter?
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Yes.
David_Yang
post Jul 4 2019, 05:36 PM

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QUOTE(skty @ Jul 4 2019, 06:27 PM)
yes mean before or after?  sweat.gif
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BEFORE I received the letter biggrin.gif
David_Yang
post Mar 10 2020, 01:04 AM

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QUOTE(babyscouts @ Mar 9 2020, 12:32 AM)
Good evening
It is 2020
Which bank provide the most exclusive service for priority customer and most exclusive credit card
Tq
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You need to understand that there is not just non-priority and priority.

At "priority" there are many different levels, the entry level for "exclusive service" is usually with AUM over 1 mil.
David_Yang
post Apr 20 2020, 04:55 PM

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QUOTE(MilesAndMore @ Apr 16 2020, 02:32 PM)
Just some extra information on Standard Chartered Bank Priority Banking. Just like HSBC Premier, the status is recognised overseas but it’s not automatic like HSBC.
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CIMB recognizes also. I only know about OCBC that they don´t recognize.
David_Yang
post Jul 26 2020, 10:48 AM

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QUOTE(talfred @ Jul 26 2020, 02:29 AM)
Hi folks that are familiar with HSBC Premier.

My understanding is that with Premier you can pretty much open a bank account in any country, by doing that will you also be able to place FD deposits in that overseas country?

Some countries have higher interest rates i.e. India around 7% and would be higher than Malaysia
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To make it short and simple: It is not as easy as you think.
David_Yang
post Aug 18 2020, 07:06 PM

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QUOTE(jack2 @ Aug 17 2020, 02:29 PM)
Which bank offer premier banking that allows opening bank account with their oversea branches?

Requirement? FD 200k?
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Depends on which country you want. With Singapore CIMB and Maybank are the usual choices, expect no help at OCBC even if they are a Singapore bank and even you are priority.

Thailand, CIMB can also do.


David_Yang
post Oct 5 2020, 10:47 PM

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QUOTE(Zenph @ Oct 5 2020, 09:50 PM)
Err I saw my Maybank is listed as preferred banking. Is this what u guys called as private banking?
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No. Private banking is for real money usually above 1 mil AUM.
David_Yang
post Oct 5 2020, 10:50 PM

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QUOTE(apathen @ Oct 5 2020, 08:47 PM)
their priority account no benefits, i wonder what is the pull factor?
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The advantage of a personal (and always the same) RM is so big. Can handle things by using WhatsApp instead of heading to the bank and stand in the line.

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