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FINANCIAL
LAW - Exchange Control Rules
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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 |
H . Malaysian Working Abroad |
Note : Yes - Allowed No - Not Allowed At All |
MALAYSIANS WORKING ABROAD |
|
Yes |
Needs approval |
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1. Foreign currency
accounts to be opened with (a) any commercial bank in Malaysia |
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|
X |
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|
X |
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(b) any Labuan offshore bank | ||
|
X |
|
|
X |
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(c) any overseas bank | ||
|
X |
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|
X |
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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 |
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(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 |
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1. Foreign currency accounts opened with: | ||
|
X |
|
|
X |
|
|
X |
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up to the amount required for one year's tuition, fees, accommodation and general living expenses. |
X |
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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 |
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(b) By the resident's parent/guardian/relative/employer |
X |
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3. Remittances to institutes of higher learning in foreign currency for fees and accommodation |
X |
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The penalty for offenses committed under the Exchange Control Act, 1953 |
Further Clarification |
DirectorTelephone nos: (6) 03 2988044 extensions 7353, 7506, 7739, 7508
Exchange Control Department
Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
MALAYSIA