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 Priority Banking, Everything about Priority Banking

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MilesAndMore
post Mar 9 2008, 01:13 AM

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I heard HSBC Premier is great. Last time you'll need at least RM300,000 in order to qualify for HSBC Premier Banking but now it's only RM200,000. Same with Citibank CitiGold, used to be RM300,000 too, but now only RM200,000. This is very low compared to other country such as Thailand. I think they should raise the minimum deposit back to RM300,000 to make it more exclusive.

By the way, should your total funds fall below RM200,000, HSBC will charge you RM150/month as account maintanence fee while CitiBank is RM80/quarter.

MilesAndMore
post Apr 6 2008, 05:27 PM

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QUOTE(mrcloud9 @ Nov 21 2007, 10:30 PM)
Public Bank Red Carpet.
What is the minimum requirement in order to qualify for Public Bank Red Carpet Banking ? And what is Public Bank Red Carpet Banking like ?

By the way guys, HSBC Premier Banking, as far as i'm concerned, is the best exclusive banking in Malaysia so far. It is better than Citibank Citigold and Standard Chartered Bank Priority Banking. Citibank however, is rumored to bring the Citigold select service to Malaysia very soon. Citibank introduced the Citigold select in Singapore not so long ago and one must have AT LEAST SGD1 Million of deposit/investment with Citibank in order to qualify as Citibank Singapore Citigold Select customer. I wonder what is HSBC going to do after this. Premier Advance may be ? LOL !


QUOTE(Dozz @ Jan 11 2008, 12:11 PM)
am still waiting citigold open in sabah... haha smile.gif
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I've been waiting like forever ... so i think i'm going to open an account in Citibank HQ in KL first.

This post has been edited by MilesAndMore: Apr 6 2008, 05:35 PM
MilesAndMore
post Apr 8 2008, 01:50 PM

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QUOTE(jchong @ Apr 8 2008, 08:07 AM)
And there are indeed some millionaires who drive around in Protons (or some other cheaper car) instead of being driven in BMWs or Benzs.

Yes. This is true.


QUOTE(jchong @ Apr 8 2008, 08:07 AM)
Haven't you heard the saying "don't judge a book by its cover"? Some people still never learn...
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Very well said.

MilesAndMore
post Apr 8 2008, 10:47 PM

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QUOTE(Malefic @ Apr 8 2008, 08:03 PM)
I understand that showing off will anger those who are not rich. Frankly, I don't care. IMHO, earning ppl's jealousy and envy is one of the signs that a person has arrived  laugh.gif
Oh my God !!!! blink.gif I bet not even mrcloud9 would make such comment.

Honestly, those who are Priority/Premier/Citigold customers might not be really rich. After all the requirements for one to be entitled for the exclusive banking service in Malaysia is SUPER LOW. The REAL rich people have their money at UBS/Credit Suisse/Goldman Sachs etc.

This post has been edited by MilesAndMore: Apr 8 2008, 10:51 PM
MilesAndMore
post Jun 19 2008, 08:51 PM

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QUOTE(tinkerbel @ Jun 19 2008, 10:58 AM)
@private banker,
I apparently walked into a Maybankard Center not a Maybank Priorty Banking centre so she told me I had to go to the right branch office.  I understand the hook; I guess I just wanted the Shangri-la benefits + the 2x reward points.  I could settle for the Amex Gold Credit Card but what's the use when waiver can only be given if I had a Visa & MasterCard [I oredi haf 6 credit cards so I don't see a reason for needing a 7th, 8th or 9th] *grins*

RM100k is not a lot of $ to become a Private Banker with MBB, in my opinion.  Except the benefits are probably not that great but parking is hell at most Maybank branches.
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Do you mean AMEX Platinum Charge Card or AMEX Platinum Credit Card ? But since you said by invitation only, i guess you mean the AMEX Platinum Charge Card ? As AMEX Platinum Credit Card can easily be applied using your salary. The AMEX Platinum Charge Card annual fee is RM2000+ and cannot be waived.

MilesAndMore
post Jan 11 2009, 03:24 PM

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QUOTE(GHz @ Jan 10 2009, 06:06 PM)
Other than HSBC which give World Mastercard, any other priority banking give you higher class CC like that? RHB or SCB with VISA infinite? or CIMB with their new World Mastercard
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As many have said in the credit card thread before. The HSBC Malaysia Premier Mastercard is only equivalent to a regular platinum card. HSBC only issue Premier World Mastercard in certain countries. One example is HSBC Australia.
MilesAndMore
post Jan 15 2009, 12:21 AM

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QUOTE(GHz @ Jan 11 2009, 04:48 PM)
So HSBC premier did provide World MasterCard right? Any other banks provide World mastercard or Visa Signature with their priority banking?

Still not so sure ... May be yes, may be not. But isn't RM40k of credit line for a World Mastercard too low ? And the priviledges provided aren't any different to their Platinum Visa.

I seriously hope they would redesign their Premier Mastercard. It's like the most hideous designed exclusive credit card in the world.


QUOTE(GHz @ Jan 11 2009, 04:48 PM)

Added on January 12, 2009, 5:33 pmI have one question to the HSBC Premier holder. For example I open this account. Few month down the road I need to use the money & due to this my balance with drop to below 200k. I don't want to pay RM150 per month & decide to withdraw from being a premier member. Do I need to pay anything to close premier account?
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Only if you close it within 3 months after opening, you'll then have to pay RM20.


QUOTE(mrcloud9 @ Jan 14 2009, 09:56 PM)
This is wrong. HSBC Premier customers in Malaysia are accorded the World Mastercard.
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I think it was tgeoklin and tinkerbell said the HSBC Malaysia issued Premier Mastercard isn't a "World Mastercard" in the last credit card thread ? Sorry if i quoted the wrong people.

MilesAndMore
post Jan 15 2009, 10:20 AM

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QUOTE(GHz @ Jan 15 2009, 07:46 AM)
By the way, if I close the premiere account, I can open new premiere account later?
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So long you meet the HSBC Premier account T & C. But i think if you open and close your Premier account very frequently they might just blacklist you and decline your next application as i believe they are looking for something long term. Besides, your RM won't be too happy if you open and close your Premier account frequently. So my advice is that if you have just RM200,000, you probably shouldn't open a Premier account first. Besides, who knows when they will revise the minimum deposit again for their Premier account. It could be very bothersome if they increase the minimum deposit then you'll have to change your account number this and that. I personally knows several people that have deposit inside HSBC that is much more than the minimum limit to qualify for Premier account but they still insist to stay on PowerVantage.

This post has been edited by MilesAndMore: Jan 15 2009, 10:23 AM
MilesAndMore
post Jan 22 2009, 09:27 PM

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QUOTE(Aggronax @ Jan 22 2009, 06:33 PM)
I just got called from public bank few days ago. They offer me red carpet banking.

For your Informations, I do not have much deposit in public bank.

but my car loan and also others facilities from there.

I just curious and ask, The lady from the phone tell me not necessary depositing money but loan/ investment also take count.

the end, I still reject.

reason, I normally just use either CDM,CQM, or ATM there.

Hardly go in there.
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Did you ask them what are the benefits associated with PB "Red Carpet Banking" ?

MilesAndMore
post Mar 15 2009, 01:03 PM

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QUOTE(ttwangsa @ Mar 15 2009, 09:35 AM)
do you get better housing loan rates if you are a private banking member?
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None of the big commercial banks here in Malaysia offer private banking. Just the VIP banking such as HSBC Premier, Citibank Citigold and SCB Priority Banking. HSBC used to have a private bank here in Malaysia but pulled out a few years back.
MilesAndMore
post Mar 15 2009, 11:29 PM

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QUOTE(ttwangsa @ Mar 15 2009, 10:32 PM)
erm.. that does not answer my question.
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Yeah i know. Just to highlight that big commercial banks here in Malaysia do not offer private banking. Your question should be changed to "do do you get better housing loan rates if you are HSBC Premier or Citibank Citigold or Standard Chartered Priority or UOB Privilege or OCBC Premier customer" ?


Added on March 15, 2009, 11:31 pm
QUOTE(RJdio @ Mar 15 2009, 11:22 PM)
OCBC Premier Banking really sucks.  The privelleges are poor and thier plat credit card does not get you good rewards.
I dont know what is premier about their service other than no need to queue at bank.
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You should definitely swith to HSBC Premier. Very professional and wide network.

This post has been edited by MilesAndMore: Mar 15 2009, 11:31 PM
MilesAndMore
post Mar 16 2009, 12:31 AM

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QUOTE(Nidz @ Mar 15 2009, 11:43 PM)
i thought maybank got private banking n public bank got priority banking??
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Oh yeah, now that you mentioned it, i do remember seeing reserved parking outside MAYBANK Building in Kota Kinabalu specially for their "private banking" customers. I'm not sure if the Maybank "private banking" we have here is the equivalent of the HSBC Private Bank we had several years back but very likely it's not. I believe it's just like other big banks' VIP.

Public Bank's one is called "Red Carpet Banking". It doesn't offer much compared to other banks'.
MilesAndMore
post Mar 24 2009, 11:06 AM

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QUOTE(hye @ Mar 24 2009, 07:06 AM)
Now SCB is revising the entry level for Priority Banking Customers to RM250k effective 1st April 2009.
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Any news if other banks (Citibank & HSBC) will follow suit soon ?
MilesAndMore
post Mar 24 2009, 05:53 PM

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QUOTE(tinkerbel @ Mar 24 2009, 03:34 PM)
@hye,
hMm.... SCB's revising it up, right? If I ain't mistaken it used to be RM200k?!
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Wasn't it RM300k a few years ago ? Same with HSBC and Citibank. Then don't know when all these 3 banks lowered it it just RM200k.
MilesAndMore
post Mar 25 2009, 03:45 PM

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QUOTE(mouldybread @ Mar 25 2009, 10:17 AM)
from 200k to 250k, the 50k requirement may catch some of the customers and start charging them monthly fee without them knowing.... very sneaky hmm.gif
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I'm almost certain the RM will inform their clients and a formal letter will be send out to inform everyone involved about the revised T&C.

By the way, i'm not sure about other banks but at HSBC, once your fund has dropped below the minimum requirement, they will start charging you RM150/month as account maintenance and may be 2 or 3 months later should your fund is still below the minimum requirement they will degrade you to just a regular customer, no longer their VIP.
MilesAndMore
post May 15 2009, 01:25 AM

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I see that nobody mention about the launching of Citibank Citigold Global Banking in August last year. Now the perks offered are almost the same as HSBC Premier Banking. Anyways, below is the article.


QUOTE
Malaysia: Citibank Launches Citigold Global Banking

Citigold clients can enjoy privileged and seamless banking services – anytime, anywhere !

Kuala Lumpur – Citibank today launched Citigold Global Banking, its latest wealth management service especially for clients with cross-border needs.

This globally integrated offering provides seamless access to a wide range of cross-border financial services, anytime, anywhere in the world. Among the new offerings, Citigold Global Banking will now make it easier for Citigold clients to open a bank account in the country they are moving to, access to a credit card upon arrival and dial one number from anywhere in the world to reach a Citigold customer service representative.

Citigold is Citibank’s wealth management business serving the affluent client segment. It is focused on providing its customers with personalized and comprehensive financial service solutions to help them achieve their financial goals. The offering is for individuals with a minimum portfolio value of RM200,000. Citigold customers are provided with wealth management services to help them meet their most important financial goals. Today, Citibank serves over 500,000 Citigold clients in Asia Pacific (ex Japan), underscoring the global financial institution’s leadership in the wealth management sector.

ā€œOur clients lead busy lives and they expect the quickest, most convenient, most secure transactions and services, no matter where they are at anytime of the day, as more people are traveling or relocating outside their home countries. When people move from country to country, they are very likely to get frustrated when they lose their ā€˜home’ banking relationship, their credit history, and easy access to their accounts. Citigold Global Banking addresses these needs. With Citigold Global Banking, our customers’ local banking can now seamlessly merge with their global banking requirements using Citi’s global reach, scale, and expertise," said Michellina Triwardhany, Country Business Head for Consumer Banking, Citibank Berhad.

"If you're a frequent traveler, we will provide a universal phone number that will instantly connect you with your banker at home. If you're an investor, we will provide information on suitable products and services to help you navigate the global markets. If you happen to be an expatriate, we will help you open accounts whether overseas or when you move to Malaysia," she added.

Citigold Global Banking combines new products and services with existing offerings that help clients:

~ Global Recognition: Citigold clients can ā€œpassportā€ their Citigold status from country to country, to enjoy Citigold recognition, status and privileges wherever they go.

~ Multi-country Pre-account Opening: For those who live in multiple countries, have a child studying abroad, or simply find themselves maintaining financial interests in different countries, Citigold Global Banking makes it easy to open bank accounts in the destination country. Where local regulations permit, Citi will even open the account before they arrive.

~ Credit Transportability: Citi can leverage a customer’s credit history from their home to their destination country, helping them to obtain a credit card and have immediate access to credit upon arrival.

~ Toll-free Global Hotline: Citigold customers can contact their home Citigold Customer Service hotline via a single toll-free, global number to request assistance, access an account and conduct banking transactions, eliminating the need to remember different telephone numbers in different countries. Citi is the only financial services company to offer this service across 42 countries globally.

~ Global Support and World Class Services: Citigold clients have access to logistical and emergency support through an unparalleled network of more than 4,300 Citibank branches in 43 countries. Citi has also established four Global Support Centers in Europe, Asia, North and South America with teams of specially-trained staff members to assist Citigold customers moving to new countries by offering personalized account opening assistance throughout the entire application process.

~ Preferential Foreign Exchange Rate: While overseas, Citigold clients can change up to US$5,000 (or in available denomination) at preferential exchange rates.

~ Emergency Cash Withdrawal: When unexpected emergency situations arise, such as the loss of one’s wallet, Citigold customers can get up to US$10,000 emergency cash from their accounts at any of the 4,000 plus Citibank branches around the world.

~ Global Access to Cash: With their Citigold Debit Card, Malaysians traveling overseas will be able to obtain cash from over 13,500 Citibank ATMs across 100 countries worldwide, at no extra costs. Customers can also pay for purchases using the debit card at over 70,000 VISA merchant outlets in Malaysia and more than 29 million VISA merchant outlets worldwide.

~ Free Remittance Charges: Incoming and Outgoing Remittance telegraphic transfer fees between Citibank branches will be waived

~ Complimentary Citigold Center Access: To help them stay connected wherever they are, Citigold customers have free access to 574 Citigold Centers in 36 countries, many of which feature lounges and meeting rooms as well as free use of telephone, fax and Internet services.


With the launch in Malaysia, Citigold Global Banking is now available in 31 countries, namely the U.S., Mexico, Colombia, Venezuela, Peru, Brazil, Uruguay, Argentina, United Kingdom, Germany, Poland, Hungary, Greece, Belgium, Spain, Russia, Turkey, Bahrain, United Arab Emirates, India, Thailand, Singapore, Indonesia, Hong Kong, China, Philippines, Taiwan, Korea, Japan and Australia.

For the Asia Pacific region, language support in English, Bahasa Malaysia, Mandarin, Cantonese, Bahasa Indonesia, Korean and Japanese is available 24/7.

MilesAndMore
post May 15 2009, 12:13 PM

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There is no mention if you will automatically qualify for Citibank Citigold status in other countries you intend to open an account with but other than that, most perks associated with Citibank Citigold do match the ones offered by HSBC Premier.
MilesAndMore
post May 15 2009, 04:42 PM

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QUOTE(tinkerbel @ May 15 2009, 12:36 PM)
@MilesAndMore,
I guess it depends on the location/area one intends to go to, if that place has a HSBC then open a HSBC; if there's a Citibank then open a Citibank.Ā  If there are both, U get the option to see which free gift is better biggrin.gif hAHahHAhahA
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Tinkerbel, you probably have misunderstood what i said. Of course can open account overseas but it doesn't necessary mean we will get the same treatment as we enjoy at home whereas HSBC guarantees you will enjoy the same privileges and you will automatically become ... erm ... say HSBC USA Premier customer if you are HSBC Malaysia Premier customer. But we are still not sure if we can automatically be entitled for Citibank Citigold status in USA even if we are Citibank Malaysia Citigold customer.

This post has been edited by MilesAndMore: May 15 2009, 04:43 PM
MilesAndMore
post May 16 2009, 12:14 AM

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QUOTE(constant @ May 15 2009, 11:14 PM)
All these priority banking are for individuals right?

Yes


QUOTE(constant @ May 15 2009, 11:14 PM)
What about companies? If one owns a sdn bhd with huge deposits with the bank, what do the banks offer for these high net worth people? Do they get special cheque books too for their company cheques?
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Certain big companies have their company's name printed on the cheque. Not sure what are the privileges for "sdn bhd" boss with lots of cash but i'd expect them to have their own bank account stack with lots of cash. So basically they will be entitled to be the bank's VIP.

This post has been edited by MilesAndMore: May 16 2009, 12:16 AM
MilesAndMore
post May 16 2009, 03:48 PM

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QUOTE(tinkerbel @ May 16 2009, 05:33 AM)
@MilesAndMore,
Aren't Account holder's name always printed on the cheque?
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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 biggrin.gif


QUOTE(rainpocky @ May 16 2009, 11:16 AM)
I find HSBC Premier is quite good to me, but CitiGold just completely turns me off. My RM is just horrible and afterwards my experience opening up an Offshore account from SG was just downright horrible as well. I know for future experience I'll never bank there again. However I'm please to open with Maybank Private Banking and Maybank Offshore in Labuan. Its a much better experience so far. HSBC is an ok experience but their fees are just not worthwhile.
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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 mad.gif


QUOTE(hye @ May 16 2009, 12:37 PM)
If you don't meet the minimum criteria then HSBC will charge you RM150 per month.
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And Citibank will charge you RM80/month should your fund falls below the minimum requirement.


QUOTE(howszat @ May 16 2009, 01:23 PM)
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.Ā  smile.gif
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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.


QUOTE(rainpocky @ May 16 2009, 01:33 PM)
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
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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

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