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FINANCIAL LAW - Exchange Control Rules
Related Topics : Banking Law . Offshore Banking Law . Broker Disputes . Commodities Law . Investment Terms . Raising Capital . Securities Law . Buying On Hire Purchase . Exchange Control Rules . Danaharta Act
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H . Malaysian Working Abroad
Note : Yes - Allowed No - Not Allowed At All

MALAYSIANS WORKING ABROAD

Yes

Needs approval

1. Foreign currency accounts to be opened with

(a) any commercial bank in Malaysia
  • up to USD100,000

X

 
  • above USD100,000
 

X

(b) any Labuan offshore bank
  • up to USD100,000

X

 
  • above USD100,000

 

X

(c) any overseas bank
  • up to USD50,000

X

 
  • above USD50,000
 

X

2. Remittances to the resident's foreign currency accounts
(a) In the currency of the account within the limits allowed for such accounts (as per item G 1 above)

X

 
(b) By the resident's employer

X

 
 
I . Malaysian Studying Abroad
Note : Yes - Allowed No - Not Allowed At All

MALAYSIANS STUDYING ABROAD

Yes

Needs approval

1. Foreign currency accounts opened with:
  • any commercial bank in Malaysia;

X

 
  • any Labuan offshore bank; and

X

 
  • any overseas bank

X

 
up to the amount required for one year's tuition, fees, accommodation and general living expenses.

X

 
2. Remittances to the resident's foreign currency accounts
(a) In the currency of the account up to the amount required for one year's tuition, fees, accommodation and general living expenses

X

 
(b) By the resident's parent/guardian/relative/employer

X

 
3. Remittances to institutes of higher learning in foreign currency for fees and accommodation

X

 

      PENALTY

The penalty for offenses committed under the Exchange Control Act, 1953

Upon conviction:
o FINE - Up to RM10,000;
o JAIL TERM - Not exceeding 3 years; or
o BOTH

Further Clarification

Computation of the 12 months holding period for External Account holder before Ringgit may be converted into foreign currency Submission of application forms

All applications for exchange control approval should be addressed to:
Director
Exchange Control Department
Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
MALAYSIA

Telephone nos: (6) 03 2988044 extensions 7353, 7506, 7739, 7508
Direct lines: (6) 03 2910772, 2910894, 2984154, 2987305, 2987304
Facsimile nos: (6) 03 2937732, 2912990, 2933791, 2936919

Information compiled & extracts
from Bank Negara Malaysia

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