Local & Foreign Remittance
PIBB Remittance provides a range of FAST and SECURE remittance services, be it locally or anywhere around the world.
Our remittance services that are available include the following:
Local Remittance for Personal Banking
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A real-time transfer of large funds and securities payment within Malaysia |
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A fast interbank funds transfer within minutes for interbank payments within Malaysia |
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A convenient interbank funds transfer for interbank payments within Malaysia |
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A cheque issued in Ringgit Malaysia by the Bank on behalf of the applicant |
Our remittance services that are available include the following:
Foreign Remittance for Personal Banking
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A foreign currency draft drawn on another Bank requesting the latter to pay the beneficiary in overseas | |
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A safe and fast means of sending funds to beneficiary’s bank account in overseas/ receiving funds from overseas in your bank account | |
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A fast and secure way to send money to individuals in Indonesia | |
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A fast way to send money worldwide at any Public Bank branches or PBe and receive money worldwide at any Public Bank Branches. Click here to find out more! |
#Only available via Over-The-Counter
*Available via Over-The-Counter & PBe
Foreign Exchange (FE) Policy
BNM has launched a new section in their website on everything-you-want-to-know concerning the Foreign Exchange (FE) Policy that is structured according to:
- residency (resident, non-resident); and followed by,
- purpose (investing, borrowing, hedging, etc.).
Click here to access to BNM’s website on the following subject:
- FE Notices
- Frequently Asked Questions
- Online application forms (to obtain BNM's approval for non-permitted transactions)
Any transaction involving the following parties and currency should be in compliance with the FE Policy:
- Payment in Ringgit between Resident and Non-Resident
- Payment in Ringgit Between Non-Residents
- Payment in Foreign Currency between Residents
- Payment in Foreign Currency between Resident and Non-Resident
Under Section 214(9) of the Financial Services Act 2013 and Section 225(9) of the Islamic Financial Services Act 2013, any person who contravenes or fails to comply with any requirement, restriction or condition imposed under a written approval granted by BNM commits an offence and shall, on conviction be liable to:
- Imprisonment for a term not exceeding ten (10) years; and/or
- A fine not exceeding fifty (50) million ringgit.
Minimum Due Diligence for Foreign Exchange Rules
Financial Institutions (FIs) are also required by Bank Negara Malaysia to establish internal controls and procedures to ensure compliance with the FE Policy. A copy of the Minimum Due Diligence (MDD) Guide for Foreign Exchange Rules is as per attachment below.
FIs may exercise the due diligence process above the minimum standard in accordance to foreign exchange risk exposure on a case to case basis.