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Cashing a local cheque (Ringgits) by a non resident of Malaysia in a foreign country

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asked on Jun 16, 2017 at 05:22
by   Louie
Got a Malaysian private ltd company dividend cheque issued in Ringgits demonination drawn on a Malayisan bank under my individual name. I like to cash that cheque into my overseas local bank where I reside currently as I do not have a Malaysian bank account.

Do any one know the procedures/requirements needed by Bank Negara Malaysia to remit to a foreign non-Malaysian personal bank account?

Thanks in advance.
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5 Answers

answered on Jun 16, 2017 at 11:57
by   jeff005
How much is the chq?
Which countrry is yr offshore bank in?
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answered on Jun 16, 2017 at 13:07
by   Louie
@jeff005

The amount is >10k
Canada
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answered on Jun 16, 2017 at 15:11
by   jeff005
Tbere are 2 charges. Check with yr bank. These is clearing charges for both sending and receiving banks and poor exchange rates. May costs USD 120 in all.
So 10k is worth it.
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answered on Jun 17, 2017 at 02:35
by   Louie
@Jeff005
Thanks for your reply.

I am ok with the bank charges.

Heard that there are rules imposed for non residents by Bank Negara Malaysia ie cashing a company cheque by a non resident through an overseas bank. There are vague details at both BNM and the local Malaysian bank (where the cheque drawn upon) websites.

To ensure smooth process, I like to know what exactly documents, forms and details required by BNM and the Malaysian bank.

Any insights.
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answered on Jun 17, 2017 at 03:00
by   jeff005
Sorry I have no idea.
Why can't the company T.T. the dividends to you. However  if it is a Public Co / BHD, they will not do it.
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