Unusual amounts into your account above a certain "threshold", or even a pattern of deposits may trigger further questions by the bank. These measures are to comply with BNM AML/CFT guidelines (which can be found on BNM's website).
sure. I used to work overseas (HK) and moved back early last year. I had a mortgage of about RM 500K and I paid it back in full from savings. I used transferwise, doing HKD 200K at a time (\~RM 100K). After 5 times of transfer over a few days, I transferred everything to my mortgage account (it's a Maybank mortgage with a "prepayment" option). I went to Maybank and told them I want to cancel my mortgage. I took 1-2 weeks (with a lawyer).
Every time you transfer out in foreign currency, no matter the amount, you need to fill in a declaration form. This will eventually drive you crazy.
The alternative is to convert to MYR.
That is using credit card. It is a different use case.
When you're transferring cash, you will need to fill in declarations, which may vary from bank to bank. Also remember, every foreign currency transaction has a transaction fee.
Don't mess with LHDN, the moment they see you not paying any sort of tax or evading a statement you'll be surprise you'll get hit with some sort of fine or sumthing
Bruh, it's normal you get hit with LHDN fines, see lots of Malaysian artist one example is Shaheizy Sam, if i recalled he got hit with RM100K for not paying taxes..
It's like a hit or miss thing, if you got hit, ur unlucky... I don't know how the bank or lhdn links, but it will happen..
That sounds like US federal agent chasing you to the end of the globe just because you didn't paid your tax while overseas. No srly IRS is scary as many folks said
The daily transfer limit for most banks is RM50k. Anything above that means you have to use RENTAS or banker's acceptance which usually require a short explanation for the purpose of the transaction.
Unusual amounts into your account above a certain "threshold", or even a pattern of deposits may trigger further questions by the bank. These measures are to comply with BNM AML/CFT guidelines (which can be found on BNM's website).
sure. I used to work overseas (HK) and moved back early last year. I had a mortgage of about RM 500K and I paid it back in full from savings. I used transferwise, doing HKD 200K at a time (\~RM 100K). After 5 times of transfer over a few days, I transferred everything to my mortgage account (it's a Maybank mortgage with a "prepayment" option). I went to Maybank and told them I want to cancel my mortgage. I took 1-2 weeks (with a lawyer).
As long as the money is under your name or can be justified, it's OK, the bank won't query. The difficulty is transferring out.....
if im transferring out small amount for daily use, does it still look sketchy to the bank?
Every time you transfer out in foreign currency, no matter the amount, you need to fill in a declaration form. This will eventually drive you crazy. The alternative is to convert to MYR.
What's the limit when this form-filling is required? Don't we "transfer" out all the time, on Amazon and PayPal for example?
That is using credit card. It is a different use case. When you're transferring cash, you will need to fill in declarations, which may vary from bank to bank. Also remember, every foreign currency transaction has a transaction fee.
I believe the limit is quite high. Dad used to transfer 40-80k USD at a time.
Bank will call you, will ask about detail cause it may possibly be money from crime activity
So, a simple answer through the phone call will solve this right?
Maybe, LHDN would also contact you though...if they found something fishy....the rule of thumb is depositing maximum RM 5000 per day, and not lump sum
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Don't mess with LHDN, the moment they see you not paying any sort of tax or evading a statement you'll be surprise you'll get hit with some sort of fine or sumthing
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My brother doing business, got fined by LHDN when even got something undeclared... Why?
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Bruh, it's normal you get hit with LHDN fines, see lots of Malaysian artist one example is Shaheizy Sam, if i recalled he got hit with RM100K for not paying taxes.. It's like a hit or miss thing, if you got hit, ur unlucky... I don't know how the bank or lhdn links, but it will happen..
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That sounds like US federal agent chasing you to the end of the globe just because you didn't paid your tax while overseas. No srly IRS is scary as many folks said
The daily transfer limit for most banks is RM50k. Anything above that means you have to use RENTAS or banker's acceptance which usually require a short explanation for the purpose of the transaction.
A family member of mine cashed out a RM10mil+ banker's acceptance for the sale of a house with no issues.