Advertisement

How can a bankrupt Malaysian withdraw CPF in Singapore?

665 Views  ⚫  Asked 2 Years Ago
asked on Nov 22, 2015 at 21:12
by   Angel
edited on May 30, 2018 at 01:36
 
Jabatan Insolvensi Malaysia (JIM) still has not blocked me so may I know whether I still can go to Singapore? My Central Provident Fund (CPF) savings can be withdrawn by next year February but the Insolvency Department ask me to surrender my passport.

Is it the best choice for me to open a fostering account in Singapore now? It's quite urgent. Please give me some ideas. Thanks.
0 had this question
Me Too
0 favorites
Favorite
[ share ]
14 Answers
 1   2   Next »  Last »

answered on Nov 22, 2015 at 23:34
by   jeff005
edited May 29, 2018 at 02:00
 
@ Angel

Suggestions:
1. If you do not intent to work in Singapore anymore, then inform CPF there that you wish to cancel and withdraw all monies immediately. (Think this can be allowed)

2. Go immediately to Singapore before you are banned by the Immigration which can be anytime now.

3. If you do intend to report in to Jabatan Insolvensi Malaysia (JIM), you can apply to JIM for travel to Singapore down the road.

By the way, what is a fostering account? Can it transfer monies electronically without your presence. You still have to be in Singapore physically for the CPF withdrawal.
0 found this helpful
Helpful

answered on Nov 23, 2015 at 12:53
by   Angel
edited May 29, 2018 at 02:16
 
A person can withdraw CPF only upon reaching the age of 50 or 55. But its less than 3 months before I reach the eligibility age. Today I will be going to Singapore to open a bank account. Can I withdraw through form submission since I won't be allowed to travel later on? Thanks.
0 found this helpful
Helpful

answered on Nov 23, 2015 at 15:08
by   jeff005
edited May 29, 2018 at 02:20
 
@Angel,

Go to Singapore CPF and check first hand. 10 years ago I had my friends telling me that they can "cancel their CPF" provided that they would not work again in Singapore. However rules could haven been revised currently.

For information only. Malaysia EPF withdrawals Age @50 @55
1. Member must be physically there.
2. Your biometric is checked against your MyKad during application. Thumbprints on the forms is compulsory.
3. For cheque collection, Mykad is required again. Thumbprints on the voucher is compulsory.

The rules and regulations of CPF should be similar to EPF of Malaysia.

So even if you have opened a bank account in Singapore, it does not mean you can be there physically for withdrawal.

Cancelling the CPF account may be an option if it is allowed immediately. Cash out the money and hide it "cleanly" for personal emergency usage.

Otherwise, down the road, make an application for short term travel out of Malaysia from Jabatan Insolvensi Malaysia (JIM).
0 found this helpful
Helpful

answered on Nov 24, 2015 at 04:24
by   Angel
edited May 29, 2018 at 02:23
 
Thank Jeff005.

I just came back from Singapore. The CPF officer told me that I cannot cancel the CPF account unless I reach the age of 50 or 55. And the CPF payment method is cheque. Either I bank-in in Malaysia or Singapore. And I must be there physically as you have mentioned above. So I can't do anything. Just wait until I reach 50 and then try to ask permission from JIM. And can you tell me how to apply for short term travel? What documents do they need? Do you have any idea?
0 found this helpful
Helpful

answered on Nov 24, 2015 at 15:49
by   Angel
edited May 29, 2018 at 02:26
 
Jabatan Insolvensi Malaysia (JIM) sent me a letter to attend an appointment on Thursday. Can you give me some advice? Should I meet them? Thanks.
0 found this helpful
Helpful

answered on Nov 24, 2015 at 22:18
by   Kamarul
Hi Angel

CPF payment can be credited to Singapore or foreign bank account if you want to. To withdraw CPF you don't need to apply in person if you can provide the supporting documents for verification.

So I guess you open a bank account in Singapore now while you still can. Make sure you are able to operate the account from Malaysia via ATM or internet banking. And don't forget to get the CPF withdrawal form while you are there.

When you reach 50 just mail out the completed form together with copy of the supporting documents requested such as your IC, passport, bank passbook, name of company/companies you had work for, etc.

However, you may be required to visit the CPF Centre if you don't have complete documents. Hope this helps.
0 found this helpful
Helpful

answered on Nov 25, 2015 at 01:59
by   Angel
edited May 29, 2018 at 02:38
 
@Kamarul,

Thanks for your feedback. Yesterday I went to Singapore CPF office and bank. CPF officer told me when I reached 50, myself need to be physically there during application for withdraw.

Yesterday went to DBS to open a bank account but they need me to deposit S$3,000 per year for insurance plan for 5 years continuously, meaning a total of S$15,000 cannot be touched until after 10 years plus a S$5,000 for saving. So total S$8,000 for first year. I brought along S$8,000 did not proceed after thinking thoroughly about S$15,000 which can't be withdrawn when I am a bankrupt, which also mean I must burn the money there.

Are you a Singapore permanent resident or Malaysian?

Thank you for your reply. If you have know other options or choices, please let me know.
0 found this helpful
Helpful

answered on May 17, 2018 at 18:03
by   xyz124
edited May 29, 2018 at 02:40
 
@Angel,

May I ask, did you manage to withdrawn CPF at the age 50?

I have a few questions. I am a bankrupt in Malaysia and I'll be entitled to withdraw CPF (small amount) next few months.

1. Can a Malaysia bankrupt open a savings account in Singapore? (in order to bank in CPF cheque)

2. Can CPF pay by cash if have no account in Singapore nor in Malaysia?

3. How long does CPF approve application for withdrawal?

Appreciate if someone could help.
0 found this helpful
Helpful

answered on May 17, 2018 at 18:49
by   jeff005
edited May 29, 2018 at 02:41
 
@xyz124

Angel had already answered. Read again carefully.
0 found this helpful
Helpful

answered on May 17, 2018 at 19:33
by   abcxyz
edited May 29, 2018 at 02:43
 
@Jeff

Would I be able to bank in CPF cheque in Malaysia account without Jabatan Insolvensi Malaysia (JIM) aware of it? Any advice?

I have an account approved by JIM for banking salary only.
0 found this helpful
Helpful


 1   2   Next »  Last »

Your Answer





By posting your answer, you agree to the privacy policy, cookie policy and terms of service.