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Are there any other requirements for transfer money to overseas?

For resident payment in foreign currency to another resident in compliance with Notice 4 of Bank Negara Malaysia (“BNM”) Foreign Exchange Notices for the following purposes:

 

  • Payment between Immediate Family Members (i.e. legal spouse, parent, legitimate sibling, or legitimate child [including legally adopted]) for any purposes;
  • Education, employment overseas or migration to overseas (outside Malaysia);
  • A transaction between the resident and a Licensed Onshore Bank (i.e. a licensed bank or a licensed investment bank under the Financial Services Act 2013 and a licensed Islamic bank under the Islamic Financial Services Act 2013), a licensed international takaful operator or an international currency business unit of a licensed takaful operator in the conduct of the latter’s business involving foreign currency;
  • The settlement of a commodity murabahah transaction between residents undertaken through a resident commodity trading service provider; and
  • A miscellaneous expense1 incurred outside Malaysia between a Resident Individual residing in Malaysia and a Resident Individual residing outside Malaysia;
  • The settlement of a foreign currency-denominated derivative (excluding an Exchange Rate Derivatives) transacted on a Specified Exchange under the Capital Markets and Services Act 2007 (Act 671) between a residents and a resident futures broker.

 

Note:

1Miscellaneous expense is a Current Account Transaction that is of reasonable amount and infrequent in nature, including but not limited to holiday expenses abroad, medical expenses abroad and advance or reimbursement for purchase of goods and services abroad on behalf of a Resident  Individual residing in Malaysia. 

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