大咖福利影院

yuecheung wrote:

Mine is 36xxx. I made the application by myself and they sent me the approval letter through registered mail.

Hi yuecheung - did you receive any email for the approval before you receive the approval letter?聽 If it is so, how long did they take to send you the letter after the email? Thanks.

yuecheung wrote:

Mine is 36xxx. I made the application by myself and they sent me the approval letter through registered mail.

sebbyNZ wrote:

It absolutely makes sense to split into two FDs. Though you are *allowed* to withdraw after one year (pending approval) that doesn't mean that a bank will not charge you penalties for breaking your FD early. You want to structure it so that the amount you intend to withdraw will reach its maturity at the time you wish to withdraw it to avoid unnessecary cost. There's no overhead for having multiple FDs - all you need to ensure is that the total of all FDs at least equals the amount you need to be holding at any given time.

topazar wrote:

Just received the approval letter for Submission 384XX thru Agent. The letter , however, is dated back May 31st, 2019, so 5 months left to finalize all procedures. Thanks everybody for your inputs and assistance. Cheers

Congratulations!聽 So, just another 3K to go for me....

sebbyNZ wrote:

It absolutely makes sense to split into two FDs. Though you are *allowed* to withdraw after one year (pending approval) that doesn't mean that a bank will not charge you penalties for breaking your FD early. You want to structure it so that the amount you intend to withdraw will reach its maturity at the time you wish to withdraw it to avoid unnessecary cost. There's no overhead for having multiple FDs - all you need to ensure is that the total of all FDs at least equals the amount you need to be holding at any given time.

Maybe I don鈥檛 understand...will the MM2H allow one to establish an FD with a one year maturity? Can one simply roll over the account year-after -year?

If that鈥檚 true then maybe one should establish a whole bunch of FD鈥檚 with varying levels of deposits so that one can close them out in their entirety for those smaller 鈥渁pproved withdrawals鈥� related to healthcare and child鈥檚 Education, Maybe in increments of Rm 20K, RM 30K, and RM 15 K and RM 35K. That would offer maximum flexibility if one needed smaller withdrawals (especially if one was not intending to use the FD withdrawal for a property purchase.

VWC wrote:

Hi topazar.聽 Good to know that your application took about 9 months.聽 I am hoping for a possible year's end notification then.

So, are your plans to ultimately stay in KL or perhaps another spot?

cinnamonape wrote:

Maybe I don鈥檛 understand...will the MM2H allow one to establish an FD with a one year maturity? Can one simply roll over the account year-after -year?

If that鈥檚 true then maybe one should establish a whole bunch of FD鈥檚 with varying levels of deposits so that one can close them out in their entirety for those smaller 鈥渁pproved withdrawals鈥� related to healthcare and child鈥檚 Education, Maybe in increments of Rm 20K, RM 30K, and RM 15 K and RM 35K. That would offer maximum flexibility if one needed smaller withdrawals (especially if one was not intending to use the FD withdrawal for a property purchase.

Yes, you can have as many FDs as you want on whatever terms you want. They just need to total over the minimum requirement. Here's a post on another forum which goes into more details around this: [link moderated]. The entire thread is a good read if want more information around banking with MM2H.

sebbyNZ wrote:

cinnamonape wrote:

Maybe I don鈥檛 understand...will the MM2H allow one to establish an FD with a one year maturity? Can one simply roll over the account year-after -year?

If that鈥檚 true then maybe one should establish a whole bunch of FD鈥檚 with varying levels of deposits so that one can close them out in their entirety for those smaller 鈥渁pproved withdrawals鈥� related to healthcare and child鈥檚 Education, Maybe in increments of Rm 20K, RM 30K, and RM 15 K and RM 35K. That would offer maximum flexibility if one needed smaller withdrawals (especially if one was not intending to use the FD withdrawal for a property purchase.

Yes, you can have as many FDs as you want on whatever terms you want. They just need to total over the minimum requirement. Here's a post on another forum which goes into more details around this: [link moderated]. The entire thread is a good read if want more information around banking with MM2H.

topazar wrote:

Good day, since the link was moderated and I guess includes valuable info can you repost a piece of the info included there in an acceptable format ? TIA

Pasting from other source:

Hi Pat, from my understanding the reason why you open two FD is that it gives access to the funds you can withdraw for any allowed purchases without you having to lose any interest on the whole deposited amount.

So for example my initial FD was for 150,000 RM but I was allowed to withdraw 50,000 RM for approved purchases. By opening two FDs it means I can withdraw the 50,000 RM at anytime but only potentially lose early closure penalty costs on the 50,000 RM.

The 100,000 FD continues on the term I chose without any early withdrawal penalty risk. If it had opened a singular 150,000 FD and then wanted to withdraw 50,000 RM before it reached maturity I would potential lose interest on the full 150,000 FD not just on 50,000 RM.

You can still lose on early termination redemption on the 50,000 FD if you only withdraw 20,000 RM but better to lose it on 30,000 RM than 130,000 RM.

Your second point, my understanding is the bank cannot reject your request. However closing an FD early means you will be subject to early termination charges. It relates to the first point. If you have one FD then the total amount invested is subject to interest penalty if you withdraw early. So in your example on a 60 month FD if you withdraw after 24 months then you will pay a rebate penalty as you did not complete the remaining 36 months.

By the way splitting the FDs is no hassle at all.

Whichever bank you choose you have to read the FD terms and conditions for full knowledge of any potential early withdrawal charges.

sebbyNZ wrote:

topazar wrote:

Good day, since the link was moderated and I guess includes valuable info can you repost a piece of the info included there in an acceptable format ? TIA

Pasting from other source:

Hi Pat, from my understanding the reason why you open two FD is that it gives access to the funds you can withdraw for any allowed purchases without you having to lose any interest on the whole deposited amount.

So for example my initial FD was for 150,000 RM but I was allowed to withdraw 50,000 RM for approved purchases. By opening two FDs it means I can withdraw the 50,000 RM at anytime but only potentially lose early closure penalty costs on the 50,000 RM.

The 100,000 FD continues on the term I chose without any early withdrawal penalty risk. If it had opened a singular 150,000 FD and then wanted to withdraw 50,000 RM before it reached maturity I would potential lose interest on the full 150,000 FD not just on 50,000 RM.

You can still lose on early termination redemption on the 50,000 FD if you only withdraw 20,000 RM but better to lose it on 30,000 RM than 130,000 RM.

Your second point, my understanding is the bank cannot reject your request. However closing an FD early means you will be subject to early termination charges. It relates to the first point. If you have one FD then the total amount invested is subject to interest penalty if you withdraw early. So in your example on a 60 month FD if you withdraw after 24 months then you will pay a rebate penalty as you did not complete the remaining 36 months.

By the way splitting the FDs is no hassle at all.

Whichever bank you choose you have to read the FD terms and conditions for full knowledge of any potential early withdrawal charges.

topazar wrote:

Thanks VWC ! Forgot to add that I submitted by end of August 2018 so it took 9 months to materialize, in line with all comments here

2/ The transfer for the TD, needs to be originated from an applicant's account under his/her name or can be deposited/transferred by someone else ? It is quicker and cheaper for me to do it through a third party and then settle with the party.

Comments welcome

topazar wrote:

I am quoting myself as I am adding some info that might relevant for those waiting.

1/My approval took place thru Special Committee Nr 4/2019 dated 29 March 2019, for some reason the approval letter is dated May 31st, not sure which procedures were run for 2 months until letter issuance.

topazar wrote:

Thanks VWC ! Forgot to add that I submitted by end of August 2018 so it took 9 months to materialize, in line with all comments here

2/ The transfer for the TD, needs to be originated from an applicant's account under his/her name or can be deposited/transferred by someone else ? It is quicker and cheaper for me to do it through a third party and then settle with the party.

Comments welcome

In regard to your second point, I personally think it doesn鈥檛 matter who make the transfer to your account in Malaysia for TD, the most important and I believe the Mm2h only look at the TD is under your name, that all they want.

But whoever transfer funds for you from overseas to Malaysia, just put the remarks for Mm2h, because above certain amount of funds crediting to account, the bank need to report to reserve bank of Malaysia ( Bank聽 Negara) about the crediting amount, that is preventing money laundering....

Alternatively, check with you agent, they are in better position to tell you . Congrats on your approval.