Foreign Exchange Policy
- Temporary Requirement for Form 6B Online Application Submission
As we are experiencing some technical issues, all applicants who have submitted or intend to submit Form 6B via the online application portal from 26 November 2020 onwards, are requested to extend a copy of the submitted Form 6B in PDF format and the screenshot of the submission ID via email to fepinfo@bnm.gov.my.
The additional requirement aims to ensure that all submitted applications are received for assessment in a timely manner.
- As most of Jabatan Dasar Pertukaran Asing staff continue to work from home, any public enquiries may be directed to our email at FEPinfo@bnm.gov.my
Overview
Malaysia continues to maintain liberal foreign exchange (FE) policies, which are part of broad prudential toolkits to maintain monetary and financial stability.
The Bank is committed in ensuring the policy continues to support competitiveness of the economy through facilitation of a more conducive environment for cross-border real economic activities.
Rules by Residency
Rules Applicable to Residents: (updated)
- A citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside Malaysia and is residing outside Malaysia;
- A non-citizen of Malaysia who has obtained permanent residency status in Malaysia and is ordinarily residing in Malaysia;
- A body corporate incorporated or established, or registered with or approved by any authority, in Malaysia;
- An unincorporated body registered with or approved by any authority in Malaysia; or
- The Government or any State Government.
Rules Applicable to Non-Residents: (updated)
“Non-resident” means –
- Any person other than resident;
- An overseas branch, a subsidiary, regional office, sales office or representative office of a resident company;
- Embassies, Consulates, High Commissions, supranational or international organisations; or
- A Malaysian citizen who has obtained permanent resident status of a country or territory outside Malaysia and is residing outside Malaysia.
Rules by Activity
- Preamble and Interpretation [PDF]
- Definitions on Entities Created, Incorporated, etc. in Labuan [PDF]
- Notice 1 - Dealings in Currency, Gold and Other Precious Metals [PDF]
- Notice 2 - Borrowing, Lending and Guarantee [PDF]
- Notice 3 - Investment in Foreign Currency Asset [PDF]
- Notice 4 - Payment and Receipt [PDF]
- Notice 5 - Securities and Financial Instruments [PDF]
- Notice 6 - Import and Export of Currency [PDF]
- Notice 7 - Export of Goods [PDF]
- Foreign Exchange Notices - Consolidated [PDF]
Labuan as non-resident
All Labuan entities are deemed as non-residents under the FE pursuant to sections 214 and 215 of the Financial Services Act 2013 and sections 225 and 226 of the Islamic Financial Services Act 2013.
Carrying physical notes
- No restriction for resident and non-resident to carry in and out foreign currency notes up to any amount and ringgit notes up to USD10,000 equivalent.
- However, currency declaration to carry physical notes of both currencies more than USD10,000 equivalent is required. For more information on the declaration, please refer to Malaysian Customs Department’s website at www.customs.gov.my
Dealing with Specified Person and in Restricted Currency
- All payments to and from a Specified Person arising from international trade in goods and services requires prior approval of the Bank. Payments for all other purposes are prohibited.
- All dealings or transactions using or involving a Restricted Currency are prohibited.
- No person shall open an account for a Specified Person or in a Restricted Currency unless with prior approval from the Bank.
Direction on dealings with specified person and in restricted currency can be found here. [PDF]
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