Hmm.. just asking, which priority banking enables me to do the following best?

1. Cheap TT Remittance to overseas to self and 3rd party ( Now have to pay approx RM 10 + RM 50 per transaction...USD/SGD)
2. Good Exchange Rate for TT (Most exchange rate sucks)
3. Fast TT Processing (Damm slow... and officer not knowledgeable)

Don't need card, don't need RM and also don't need preferred loans.

This post has been edited by gark: Dec 23 2009, 09:25 AM

Thanks for the info, the bank which i am most frequently sending to and receive TT from (currently into CIMB) from is Standard Chartered. So if i join Standard Chartered Priority, then the incoming USD TT conversion into RM Account, I get better rates?

Actually a lot of people prefer Public bank is because they have the fastest and best service among all the banks, not because they cannot fail.

I have some transitional (temporary) money in my CIMB account, then suddenly they send me a CIMB preferred card, and automatically (forcefully) enrolled me. Now if I want to take out the money from the account, will they give me a penalty or they will automatically remove my status?

If these temporary money keeps going in and out, are they going to keep giving me the preferred banking and then retract it each time? Hmm weird system...

It would be better if they give us a choice to choose.... Anyway tried CIMB preferred banking, got coffee and tea to drink, comfy chairs, 1 to 1 banking, but still same as CIMB, slow as hell. Withdraw FD also need to take 1/2 hour... haiz something never change.

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Added on August 23, 2010, 9:04 amSo cheap meh? 72k of investment can get priority status and world card, they have really dropped their status. Used to be 200k.

This post has been edited by gark: Aug 23 2010, 09:10 AM

That is the problem, they automatically give me the preferred status, now I want to take out they charge me fee.. haiz... maybe need to call them to cancel the status. Later when the money is in again, they will give me the preferred status again.. very troublesome lah.

The FD is placed in 2003, before CIMB clicks is popular. Have to give them the original certificate as well.....

This post has been edited by gark: Aug 23 2010, 11:02 AM

Lowest that I know so far would be CIMB, minimum Rm 150K. The amount will only be recognized if you have it savings/current account, FD and Investment with the Bank. For home loan account the minimum requirement is RM1 million loan.

This post has been edited by gark: Sep 24 2010, 05:00 PM

Yes, you will get priority, but you must purchase unit trust from CIMB bank, not anywhere else. If your unit trust falls below 150k, then you don't get priority anymore until the amount is above that value.

Sometimes, priority customers do need to wait if there are lots of priority customer. However, so far it is much much faster/convenient than the counter. And also you get nice comfy chairs, free newspaper to read and free good quality coffee/tea available while you are waiting for your turn or transaction to complete and your RM fills in all your forms etc.. Beats waiting for a queue number and standing at the counter.

This post has been edited by gark: Sep 29 2010, 09:10 AM

Hmm I saw the standard charted Preferred Banking, it is more of a lite version of their priority banking, similar to CIMB Prime?

Priority Banking nothing much to shout about... benefits includes...

1. Free coffee/tea and nice sofa while you do your banking and got free parking...
2. Personalized attention from RM, no need to queue at counter...
3. Free Airport Lounge.. some banks only
4. Better forex rate, free money transfer, better FD rate, investment options... etc
5. Priority credit card...

But the catch is you must have AUM of at minimum RM 200,000-RM 500.000 with the bank... Nowadays priority banking not so exclusive anymore, almost anyone with reasonable (above average) earnings can qualify already...

This post has been edited by gark: Mar 12 2012, 02:55 PM

OPR rate is fixed by BNM, FD rate is never fixed. Some banks gives higher FD rate to encourage people to join their priority banking. Look for more info at the FD thread.

Lol with CIMB Preferred, i get forced to received the VI card even though I have not submitted any proof of income.

The first time I got one, I cancelled it and the RM cut it up. Next month they send another one...

Since no annual fees, lazy to go argue with the RM..

This post has been edited by gark: Jan 21 2017, 04:13 PM

Malaysia limited to 4x per year
Sg, thai and Indon, no limit.

The indon lounges are lousy, I dont bother go in anymore. The good one is SG Green Market one, got sushi set for lunch FOC.

This post has been edited by gark: Jan 23 2017, 10:29 AM

Try to avoid any investment recommended by your RM for all PB.. either it is not to your advantage OR you can get cheaper alternatives elsewhere.

The commission for the RM is pretty high..

RM is only good for higher rate FD deals and/or freebies from the bank.

This post has been edited by gark: Jan 23 2017, 01:57 PM

If you can give more info on the product, we can slice and dice it for you.

You can DIY your own structured product...steps below, change the figure to suit

1. Lets say you want a 100% capital guaranteed structured product for 5 years, and ready to invest RM10K
2. From the RM 10K, place RM 8,220 in FD for 5 years @ 4% (which will become RM 10K in 5 years)
3. Remaining RM 1,780 you can go punt into any high risk investment (shares, UT, Leveraged ETF, options, warrants, etc etc)
4. If you manage to lose it all, you still get back your 10K in 5 years ( hence capital guaranteed)
5. If manage to win some in 5 years then it becomes your profit (or they call it interest...)

Win

This post has been edited by gark: Jan 23 2017, 02:27 PM

That is no longer capital guaranteed

These two cannot be from same investment product...

100% principal amount returned..

5% guaranteed P.a.

The 5% might be just indicative profit..

Oh like that.. it is common trick to entice people to invest by giving higher FD rate.

Well it depends on you if you want. But for me, I am not so interested in capital protected investment. Often (but not always), they end up getting lower than FD rate.

This post has been edited by gark: Jan 23 2017, 06:49 PM

Another way HNWI can get guaranteed rates higher than FD will be investing in MGS and/or AAA rated bonds.

These are usually guaranteed by government of Malaysia, (AAA are guaranteed by rock solid companies)... your RM CAN arrange to buy these bonds, but they might give lots of excuses as the fee is quite low (0.5%-1%). Each bond is traded in min RM 250K. To get the guaranteed amount you MUST hold the bond until maturity (value can fluctuate in between).

Currently MGS10Y is trading around 4.219%, AAA bonds are traded higher around 4.5%-5.5%.

Comparing purchasing through bond funds, which value fluctuates as there are no set maturity, hence value is not guaranteed AND you pay yearly fees.

This post has been edited by gark: Jan 23 2017, 08:05 PM