Payment in Foreign Currency
Payment in foreign currency between residents
A resident is free to pay or receive foreign currency (FC) to or from another resident for the following:
- Any purpose between immediate family members;
- Education, employment or migration outside Malaysia;
- A transaction between the resident and a licensed onshore bank, 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 FC;
- Settlement of –
- a FC-denominated derivative, excluding exchange rate derivatives, transacted on a Specified Exchange under CMSA between the resident and a resident futures broker;
- a commodity murabahah transaction between residents undertaken through a resident commodity or a non-resident trading service provider;
- a domestic trade in goods or services between a resident exporter and resident entities involved in Global Supply Chain operations in Malaysia, subject to specified conditions; or
- a miscellaneous expense incurred outside Malaysia between a resident individual residing in Malaysia and a resident individual residing outside Malaysia.
Payment in foreign currency between resident and non-resident
A resident is free to make or receive FC payment to or from non-resident for any purpose, except for –
- FC-denominated derivatives offered by the resident unless it is approved by BNM or allowed under Part B of Notice 5;
- ringgit derivatives unless it is approved by BNM or allowed under Part B of Notice 5; or
- exchange rate derivatives offered by a non-resident unless it is approved by BNM or allowed under Notice 1.
Further Information
