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| FAQs |
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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? |
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| 1. Who is classified
as a Resident or a Non-Resident? |
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| 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
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| 2. Are there any
restrictions to open a Foreign Currency Account? |
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No, there are no restrictions. Residents and non-residents
are free to open Foreign Currency Account for any purpose.
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| 3. What are the benefits
of opening a Standard Chartered Foreign Currency Account? |
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- 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
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| 4. How do I open
a Foreign Currency Account? |
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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. |
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| 5. What is the minimum
deposit amount required to open a Foreign Currency Account? |
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A minimum deposit of USD10,000 or its equivalent
is required to open a Call account or a Time Deposit
account. |
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| 6. Are there any
restrictions to open a joint Foreign Currency Account? |
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No, there are no restrictions to open a joint Foreign
Currency Account following the latest liberalisation
by Bank Negara Malaysia effective 1 April 2007.
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| 7. How can I withdraw
from my Foreign Currency Account? |
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You may withdraw either by conversion to a Ringgit
account, telegraphic transfers or bank drafts. |
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| 8. Are there any
charges imposed on the Foreign Currency Account? |
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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. |
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| 9. Is there any penalty
charged for early upliftment of Time Deposit? |
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Yes, a penalty will be charged for any early upliftment
of Time Deposit. |
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