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MM2H Applicant Bank Account Opening

Update Date:2019-6-26 17:31:10 Source:Tannet (Malaysia) Sdn Bhd Views:613

Malaysia Hotline: +603-2141 8908


The Malaysia government has initiated and implemented the Malaysia My Second Home Program (MM2H) to encourage and attract foreigners to invest in the country and to live permanently. Once the application is successful, they can have a residence permit for 10 years and a continuous update.


It is worth mentioning that the MM2H program is the best long-term residence plan in the whole of Asia. Malaysia's good service, perfect infrastructure and low cost of living combine these factors to make it more and more people want to use this program to stay in Malaysia for a long time.


Bank accounts in Malaysia are essential MM2H applicants. It is part of the MM2H application process requirements. The bank account is the account used to save in time deposits after the applicant's MM2H application has been approved. The following is an explanation of what the applicant needs to pay attention to.


1. The amount of time deposit depends on the application category of MM2H applicant:

·         Ages above 50: Time deposits are RM150,000;

·         Under 50 years old: time deposits are RM300,000;


Note:


a)  MM2H's time deposits are strictly calculated in terms of ringgit and no foreign currency denomination is allowed. All Malaysia bankers are eligible to assist in the collection of MM2H time deposits. However, most bankers have their own target customer rules based on internal policies and standards.

b) Most of the prohibited nationality comes from the Middle East and African countries. Some nationalities are prohibited from opening an account by bankers.



2. Once you decide to join the MM2H program, you can set up your bank account in 3 different stages:


a)  Set up a bank account before applying

Most bankers will not allow foreigners to open bank accounts in Malaysia under a tourist visa, which may be money laundering. At this stage, your MM2H application process is still uncertain.


b)  Set up a bank account after submitting the MM2H application

At this stage, the bank needs to get a letter of recommendation because your MM2H application has not yet been approved.


c)  Set up a bank account after the MM2H application is approved

Most bankers are happy to open a bank account for an approved MM2H customer at this stage. This is because the Central Bank of Malaysia only needs less inspection because the Central Bank of Malaysia is a banking institution recognized by the MM2H program.


3. Most Malaysia banks offer the following banking services:


a)      Savings and deposit accounts and checkbooks;

b)      Online banking;

c)       Forex account and RM account;

d)      Debit and ATM cards.


4. Other major issues you need to consider setting up a bank account are as follows:


a)      Whether your account signer is a person or a joint name;

b)      Automatically update the time deposit amount;

c)       10 years of deposits on a regular basis;

d)      The certificate of time deposit is composed of several certificates.


The establishment of a bank account is for you to save in MM2H time deposits, and only RM can be accepted. All funds in various foreign currencies will be converted into RM. Once your MM2H approval is completed, the banker will open a time deposit certificate and send it to the MM2H Visa Approval Center to apply for the MM2H visa stamp to your passport.


Tannet Malaysia has 20 years of service experience and we will contact the banker to keep track your funds accordingly to ensure everything is going smoothly. This special service is available to Tannet customers. For more information, contact us at 603-2141 8908 or mytannet@gmail.com. We will guide you to open the right bank to achieve your goals, worry-free service!

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