20 February 2023
Dear Valued Customer,
We wish to remind all external accountholders, any single payment, receipt or transfer of funds from or into an External Account have a maximum limit of RM10,000 per transaction. As such, any single payment, receipt or transfer transactions exceeding RM10,000 will be rejected. Similarly, Scheduled Transfers exceeding RM10,000 per transaction will not be processed on your scheduled transfer date if any.
This is applicable across all banking channels, whether over-the-counter payments at branches, Self Service Terminal (SST) / Automated Terminal Machine (ATM) and electronic fund transfers which encompass the following type of transactions:
(i) Remittance of funds to and from External Account
(ii) Deposits into your External Account by a third party
(iii) Fund Transfer involving External Account within CIMB Bank (involving 3rd party),
(iv) All interbank fund transfers including Interbank Giro (IBG) transfer, DuitNow to Account, DuitNow to Proxy and DuitNow QR via CIMB Clicks Online Banking, CIMB Clicks Mobile App and CIMB OCTO App, BizChannel@CIMB website and BizChannel@CIMB Mobile App.
Please note that the limit above does not apply to external accountholders under the Exempted Category, which are: -
- a Consulate;
- a High Commission;
- an Embassy;
- an individual who participates in the Malaysia My Second Home Programme (MM2H); or
- an individual who is working or studying in Malaysia including the individual’s spouse, child or parent who is staying in Malaysia.
If you are an external accountholder who does not fall within the Exempted Category but wish to perform a fund transfer above RM10,000 in a single transaction, please visit any CIMB branch and bring your supporting document(s) to show the purpose of the transfer (e.g. Invoice for settlement of trade in goods and services in Malaysia). Please understand that you are required to produce the documentary evidence as part of our internal process to ensure compliance with the Foreign Exchange Policy (FEP) and we are under an obligation to report to Bank Negara Malaysia of any suspicious transaction which is non-compliant to the FEP.
You are advised to read and understand FEP – Notice 4 (Payment and Receipt) to ensure that all activities using your accounts maintained with CIMB Bank Berhad / CIMB Islamic Bank Berhad comply with FEP – Notice 4 at all times. In addition, where the purpose of your payment relates to loan/borrowing/financing/guarantee, you must also ensure that the requirements under FEP - Notice 2 (Borrowing, Lending and Guarantee) are complied with.
For full and latest FEP and Minimum Due Diligence Guide for FEP Notice 4, please refer to Bank Negara Malaysia’s website at https://www.bnm.gov.my/fep and https://www.bnm.gov.my/documents/20124/60360/Minimum+Due+Diligence+Consolidated.pdf respectively.
For more information, you may refer to the CIMB Clicks Online Banking FAQs under Accounts and Transactions > Transfer Funds.
