- Who is classified as a Resident or a Non-Resident?
- Are there any restrictions when you open a Foreign Currency Deposit?
- What are the benefits of opening a Standard Chartered Foreign Currency Deposit?
- How do I open a Foreign Currency Deposit?
- What is the minimum deposit amount required to open a Foreign Currency Deposit?
- Are there any restrictions to open a joint Foreign Currency Deposit?
- How can I withdraw from my Foreign Currency Deposit?
- Are there any charges imposed on the Foreign Currency Deposits?
- Is there any penalty charged for early upliftment of Foreign Currency Fixed Deposits?
1. Who is classified as a Resident or a Non-Resident?
- A citizen of Malaysia, excluding person with PR abroad who resides abroad
- A non-citizen of Malaysia who has obtained PR of Malaysia and resides in Malaysia
A resident is classified as:
- Any person other than a resident
- A Malaysian citizen with PR abroad and resides abroad
A non-resident is classified as:
2. Are there any restrictions when you open a Foreign Currency Deposit?
No, there are no restrictions. Residents and non-residents are free to open Foreign Currency Deposit for any purpose.
3. What are the benefits of opening a Standard Chartered Foreign
Currency Deposit?
- 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
4. How do I open a Foreign Currency Deposit?
The same procedure will apply as opening a normal savings or fixed deposit account. However, in order to open a Foreign Currency Fixed Deposit Account, you must first open a Foreign Currency Savings Account.
5. What is the minimum deposit amount required
to open a Foreign
Currency Deposit?
A minimum deposit of USD10,000 or its equivalent is required to open a Foreign Currency Savings Account or a Foreign Currency Fixed Deposit Account.
6. Are there any restrictions to open a joint Foreign Currency Deposit?
No, there are no restrictions to open a joint Foreign Currency Deposit following the latest liberalisation by Bank Negara Malaysia effective 1 April 2007.
7. How can I withdraw from my Foreign Currency Deposit?
You may withdraw either by conversion to a Ringgit account, telegraphic transfers or bank drafts.
8. Are there any charges imposed on the Foreign Currency Deposits?
There is no charge for opening a Foreign Currency Deposit. However, a monthly service charge of USD10 or its equivalent will apply to Foreign Currency Savings Account whenever the monthly average credit balance falls below USD10,000 or its equivalent for all currencies.
9. Is there any penalty charged for early upliftment of Foreign Currency Fixed Deposits?
Yes, a penalty will be charged for any early upliftment of Foreign Currency Fixed Deposit.
No partial upliftment is allowed. Any early upliftment is subjected to penalty charges as below:
Total Penalty = Interest Accrued + Handling Fee + Replacement Cost
Note:
Handling Fee is USD50 (or equivalent)
Replacement Cost = (Current Market Day Rate - Contract Rate) x Remaining
Days to Maturity
The Replacement Cost can be zero if the Current Market Rate at the date of the premature upliftment is less than the deposit Contract Rate.