EXTERNAL ACCOUNT HANDLING FAQs

An external account is a Ringgit account opened and maintained by a non-resident with any financial institution in Malaysia. The following will be classified as an External Account:

(a) Ringgit account opened by a non-resident:

        (i) individually;

        (ii) jointly with another non-resident; or

        (iii) jointly with a resident, excluding: for a joint venture in Malaysia; a husband and wife; or

(b) a resident who operates the account on trust for or on behalf of a non-resident. The designation of the account shall be determined based on the residency of the beneficiary

2. What is considered a Non-Individual External Account? 

A Non-Individual External Account is a Ringgit account opened by a Non-Resident, Non-Individual. Please refer to FAQ Number 3 for the definition of Non-Resident.

3. What is a Resident or Non-Resident?

• Resident

1. A body corporate incorporated or established, or registered with or approved by any authority, in Malaysia (e.g. a private limited company registered with the Companies Commission of Malaysia (i.e. a Sdn Bhd company)).
2. An unincorporated body registered with or approved by any authority in Malaysia (e.g. a co-operative society, a club or an association); or
3. The Government of Malaysia or any State Government of Malaysia.

• Non-Resident

1. An overseas branch, a subsidiary, regional office, sales office, or representative office of a individual company (e.g. a company incorporated in Hong Kong is considered a Non-Individual).
2. Embassies, Consulates, High Commissions, supranational or international organizations, For the avoidance of doubt, this includes Malaysian Embassies, Consulates and High Commissions.

4. What are the rules applicable to Non-Individual External Accounts?

5. What should I do if I need to perform a fund transfer above RM10,000?

If you are a Non-Individual External Account holder or you are transferring to an External Account, you will need to declare and select the following information in OCTO Biz for each payment:

• Beneficiary's Residency Status (excluding Transfer "Within CIMB")
• Purpose Code

In addition, you will be required to upload supporting documents for the fund transfer.

Please ensure all required details are included to minimise any interruption. Payments without the required details will not be processed.

If your purpose of payment does not match with any of the purpose code listed in OCTO Biz, please visit the branch to perform the fund transfer.

6. As a Non-Individual External Account holder, why do I need to show supporting documents to perform transfers above RM10,000?

7. Which transactions are Non-Individual External Account holders required to show supporting documents for?

• Remittance of funds to and from Non-Individual External Accounts;
• Deposits into Non-Individual External Accounts by a third party;
• Fund transfers involving Non-Individual External Accounts within CIMB Bank Berhad / CIMB Islamic Bank Berhad (involving a third party);
• All interbank fund transfers including Interbank Giro (IBG) transfer, RENTAS transfer, “DuitNow” to account and DuitNow to proxy via OCTO Biz.

8. To make transactions of RM10,000 and above, what supporting documents do I have to provide as proof of purpose?

Non-Individual External Account holders under the Non-Exempted Category must provide supporting documents which clearly show the purpose of the transfer e.g. invoice for settlement of trade in goods and services in Malaysia.

• Employment overseas. (Letter of offer from employer, letter from employer confirming employee identity and status of employment, work permit, payslip.)
• Loan Repayment. (Letter of offer or loan agreement, loan repayment schedule, promissory note.)
• Goods and services. (Invoice, bill of lading, purchase order, delivery order, supply contract, service/ tenancy/ rental agreement, payment advice.)
• Ringgit asset, including any income and profit due. (Sale and purchase agreement, receipt for purchase or sale, tenancy/ rental agreement, dividend payment notice)
• Payment of any security or financial instrument (conventional and Islamic), payment of commodity murabahah transaction through individual commodity trading service provider, payment of derivative with a individual futures broker. (Letter of account opening, contract notes with due dates, individual broker invoices to the buyer/ customer)