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What are the beneficiary reference details and supporting documents required for the Foreign TT to be approved?

Customers and the Bank must comply with the Regulatory requirements when initiating an Outward FTT payment (e.g.: FEA Rules, Statistical Reporting Enforcement Framework and etc.) and the following supporting documents are required for the processing of an Outward FTT payment.

 

For non-investment foreign currency payments, the following are some of the supporting documents required:

Type of Payments Allowed

Supportive Documents

Beneficiary Reference Details

Education

Between Residents –
a) Offer Letter or Invoice from overseas school/ college/ university
b) Valid Student Pass/ Card (Optional)
c) Indication of fees & living expenses for one year (Optional)

Student ID Number

Employment Abroad

Between Residents – Employer's Letter of Offer or Letter from employer confirming employment, Staff ID, Staff Work Permit etc

Staff ID Number

Payment for Goods & Services

Between Residents – Not Allowed. Requires BNM’s Approval.
Between Resident to Non Resident – Invoices, Bill of Exchange etc

Invoice Number

Payment Between Immediate Family Members like living expenses etc

Between Residents –  Proof of relationship like marriage certificate, birth certificate etc

NIL

Payment for Loans Taken By Residents In Malaysia or Abroad

For resident individual, sole proprietor, general partnership - any form of loan agreement, promissory note signed with the individual or letter of offer from the local financial institutions or non-resident. (Resident individual is allowed to borrow up to equivalent of RM10 million from Resident or Non Resident)
For resident entity – any form of agreement or letter of offer from financial institutions

 

- All entities within the group of entities are allowed to borrow up to RM100 million in aggregate from non-resident

- From onshore banks (other than trade lines) up to RM50 million in aggregate per calendar year on a corporate group basis.

NIL

Lending by Non Resident To Resident

Loan agreement or any documents evidencing the amount of the loan taken by the resident from a non-resident.  Same restriction as stated in item (5)

NIL

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