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Re: Response to letter-to editor titled “Foreigner in a dilemma over bank account” published in The Star on 9 December 2013
Reference is made to the letter-to-editor titled “Foreigner in a dilemma over bank account” published in The Star on 9 December 2013. We would like to respond for and on behalf of our member banks comprising the 27 commercial banks operating in Malaysia, full details of which can be gleaned from our website, www.abm.org.my
Having checked with our 13 Council Banks*, The Association of Banks in Malaysia (ABM) would like to clarify that most of our Council Banks do allow foreigners who are in Malaysia on a social visit pass and intend to buy a property in Malaysia to open and operate a savings and/or current account, provided they meet the terms and conditions as set out by the banks. Regrettably, we are unable to establish which were the two banks mentioned in RJM’s letter.
Generally, the requirements for the opening of the accounts for foreigners under such circumstances are as follows:-
- Production of a valid international passport;
- Production of evidence of participation in Malaysia My Second Home programme (where applicable);
- Production of supporting documents such as a copy of the Sale and Purchase Agreement or Letter of Approval from the Foreign Investment Committee, if required; and
- Customer must meet the bank’s Customer Due Diligence and Know Your Customer requirements.
We would like to urge the writer, RJM to contact ABM should he need further clarification or assistance. Meanwhile, the banking public is encouraged to compare services offered by the banks to determine which best caters to their needs. Members of the public are welcomed to contact us at our ABMConnect hotline by dialing 1-300-88-9980 or emailing us at eABMConnect by logging on to our website, www.abm.org.my
Chuah Mei Lin
The Association of Banks in Malaysia
*Our 13 Council Banks comprise Malayan Banking Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, AmBank (M) Berhad, CIMB Bank Berhad, Citibank Berhad, Hong Leong Bank Berhad, HSBC Bank Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Public Bank Berhad, RHB Bank Berhad, Standard Chartered Bank Malaysia Berhad, and United Overseas Bank (Malaysia) Bhd.