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What is a remittance?

A remittance of funds overseas is a payment made to a person in another country. This includes sending money to children studying overseas, foreign workers sending money to families back in their home country or payments made for the import of goods and services.

The remittance of funds overseas can only be conducted through dealers and companies authorised by Bank Negara Malaysia. These include banking institutions and non-banks. Please refer to Bank Negara Malaysia's website 1 for the list of approved remittance service providers.

Only approved remittance service providers are authorised to remit (send) monies/funds overseas on behalf of members of the public, importers, exporters or investors. As these dealers deal only with licensed agents in the receiving country, they can ensure that the monies are remitted to the rightful beneficiaries.

References
  1. The official website of Bank Negara Malaysia


Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1189
Last Reviewed :   April 25, 2014
Source :   BankingInfo
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