Main
FAQ banner FAQ
Clear
Features and Benefits Clear Liberalisation on the Foreign Exchange Administration Policies Clear FAQs
Clear
Clear
FAQs
Clear

1. Who is classified as a Resident or a Non-Resident?
2. Are there any restrictions to open a Foreign Currency Account?
3. What are the benefits of opening a Standard Chartered Foreign Currency Account?
4. How do I open a Foreign Currency Account?
5. What is the minimum deposit amount required to open a Foreign Currency Account?
6. Are there any restrictions to open a joint Foreign Currency Account?
7. How can I withdraw from my Foreign Currency Account?
8. Are there any charges imposed on the Foreign Currency Account?
9. Is there any penalty charged for early upliftment of Time Deposit?

 
 
Clear
1. Who is classified as a Resident or a Non-Resident?
Clear

A resident is classified as:

  • A citizen of Malaysia, excluding person with PR abroad and resides abroad
  • A non-citizen of Malaysia who has obtained PR of Malaysia and resides in Malaysia

A non-resident is classified as:

  • Any person other than a resident
  • A Malaysian citizen with PR abroad and resides abroad
  top  
Clear
 
2. Are there any restrictions to open a Foreign Currency Account?
Clear

No, there are no restrictions. Residents and non-residents are free to open Foreign Currency Account for any purpose.

  top  
Clear
 
3. What are the benefits of opening a Standard Chartered Foreign Currency Account?
Clear
  • Save on foreign exchange losses that would arise from the exchange conversion process.
  • Get preferential FOREX rates from our dedicated Retail Treasury Desk Dealers
  • Earn attractive interest rates on your deposits
  • Flexible placement tenures for placing your funds, ranging from 1 week to 12 months
  top  
Clear
 
4. How do I open a Foreign Currency Account?
Clear

The same procedure will apply as opening a normal savings or fixed deposit account. However, in order to open a Time Deposit account, you must first open a Call account. This is for added convenience for those who remit funds abroad on a frequent basis.

  top  
Clear
 
5. What is the minimum deposit amount required to open a Foreign Currency Account?
Clear

A minimum deposit of USD10,000 or its equivalent is required to open a Call account or a Time Deposit account.

  top  
Clear
 
6. Are there any restrictions to open a joint Foreign Currency Account?
Clear

No, there are no restrictions to open a joint Foreign Currency Account following the latest liberalisation by Bank Negara Malaysia effective 1 April 2007.

  top  
Clear
 
7. How can I withdraw from my Foreign Currency Account?
Clear

You may withdraw either by conversion to a Ringgit account, telegraphic transfers or bank drafts.

  top  
Clear
 
8. Are there any charges imposed on the Foreign Currency Account?
Clear

There is no charge for opening a Foreign Currency account. However, a monthly service charge of USD10 or its equivalent will apply to Call deposit accounts whenever the monthly average credit balance falls below USD10,000 or its equivalent for all currencies.

  top  
Clear
 
9. Is there any penalty charged for early upliftment of Time Deposit?
Clear

Yes, a penalty will be charged for any early upliftment of Time Deposit.

  top  
Clear
 
Foreign Currency Account