Knowledge Base Issues
If I accept a cheque denominated in foreign currency, what charges will I incur and how long will it take before I can get the money?
The common charges that you may incur when you deposit a foreign currency denominated cheque include commission, stamp duty, agent's charges, drawee bank's charges, courier charges and handling...
What is a current account?
A current account is a form of deposit account that allows, among others, payment by way of cheques 1. This Knowledge Base category highlights the basic requirements relating to the operation and...
When does a current account become classified as inactive? What happens to inactive current account in Malaysia?
Where there has been no transaction (either a withdrawal or deposit) in the account for a period of seven years, the account will be classified as unclaimed moneys. Under the Unclaimed Moneys Act...
What is a banker's cheque?
This is a cheque drawn on the bank. This means that payment is guaranteed by the bank. It is often used in situations where the payment needs to be secured, e.g., payment for a large purchase item...
Who is eligible to open a current account in Malaysia? Where can I open a current account in Malaysia?
Different banks have different criteria for opening a current account. Generally, banks would only consider the application if the applicant is: 18 years old or above not a bankrupt of sound mind...