Bro, Admiral too many issues on hand like going to the 3 to 4 banks in a day to place/renew new FD, haha so maybe not aware that UOB auto adjust maturity day to fall on working day - interest paid for actual days (can be 364 to 367 days). Same like OCBC where they adjust the maturity date to fall on a working day. Both these banks are Statement Based accounts. For cert based FD, the maturity date is not automatically adjusted on the day we place the FD.

okuribito - the capital flight is not a new issue but have been reported many times over the last few years and now more red tape have been introduced.

For example:

3 years ago, I no need to show NRIC when I want to change AUD10K with money changer.
2 years ago, money changer will ask for my NRIC for records when I want to exchange more than RM20K into foreign currency.
1 year ago, money changer will ask for my NRIC for records when I want to exchange more than RM3K into foreign currency.

Banks that I dealt with:

2 years ago, when I got bank draft around AUD50 to AUD80K, no need to provide documented reason/proof. For more than AUD100K need to provide documented reason.
Today, even for less than AUD50K, banks want me to provide documentation why I need the bank draft (or TT) in foreign currency.

But with my Citibank Global Transfer, I can transfer USD12K a day by just clicking on my mouse button, so 10 days = USD120K, no need go to bank and provide docs and do it at home via online and money transferred faster than TT, hahaha. Then again, I posted earlier, they may want to know the source of my funds. Citibank Australia HQ has a department that audit source of fund from overseas and once they try to call my mobile phone (to check source of fund for a bank draft I deposited with them more than 3 months ago and less than AUD100K) but I did not take the call because I was sleeping (it was 6am+ here in KL and 9am+ in Sydney). So they froze all my accounts with them!!! And one of my friend TT less than AUD100K into his Australia bank account and the Australia government froze his fund and it was a big hassle to get the necessary documentation to present to the Australia government and even had to pay processing fee to the Australia government to get the fund released!

Ramjade - have you figured out what reason you giving BNM? And where you going to get the documented justification?

And now even when we go to the bank to place new FD, gsc reported they also want to know our source of fund!!! So far, the banks I dealt with have yet to ask me when I placed new FDs. However, Citibank Malaysia did ask when I opened a Savings Account with them 3 years back!!!

This post has been edited by Gen-X: Dec 19 2014, 11:11 AM

Ha ha, Admiral Boom very busy nowadays also. Not sure still counting bullets at mid nite or not.

For SCB, though a foreign bank, but not paying interest on non working days and not adjusting maturity day if falls on Sat/Sun. The recent FD cert received from them reflected that (only opened acct with them few months back). BR wise on their FD cert will adj maturity day to working day and pay the extra interest.

It depends on the amount on the FD. With Citibank encountered once recently (have mentioned this in Oct in this thread). UOB also in Oct, need to photostat proof to them. I think it involve BNM requirement to the bank so the bank needed info in case BNM do an audit.

For Captain probably the banks trusted Captain and never asked during FD placement.

This post has been edited by bbgoat: Dec 19 2014, 11:33 AM

Bro, actually I don't mind if they banks ask where my source of fund as long as no need show documented proof (which then it makes it a big hassle). I am surprised UOB wanted documented proof like you mentioned above. In November I did open a new joint FD account with UOB but my RM's assistant (my UOB RM really busy marketing other UOB banking products and only get her assistant to entertain me, hahaha) did not ask me source of fund and best of all, the new FD account ends with No.8 without me requesting for it, hahaha.

In October, when I placed new FD with Maybank - actually my very first Maybank Account with that branch (open there since got Premier Wealth Centre), my RM also never ask me the source of my fund.

What pisses me off is when the bank ask me why I withdrawing my money!!! Happened long ago at Public Bank and I told the girl non of her business! After PPB tried to cheat me for the non-working day interest, 2 to 3 years back, I have terminated all my accounts with them.

This post has been edited by Gen-X: Dec 19 2014, 12:29 PM

Is that compulsory we must tell them the purpose for withdrawing substantial amount of fund ? I have encountered the same problem before. The staff of CIMB told me that this is the bank's SOP.

I am not PB customer of UOB. But the amt is on the high side. Sure they will need documented proof so as to keep as evidence and also if there is an audit. But CB only called me about a week later and I complained why asked me now while the counter staff said no need when I volunteered during depositing cheque. The amt was also on the high side. But SCB, MBB, AmBank did not ask me any questions for relatively large amt FD.

This post has been edited by bbgoat: Dec 19 2014, 01:06 PM

Next time tell them you want go invest and double up your money at Genting Casino as FD interest too low, hahaha.

I guess the banks want to know why so that HQ can take appropriate action to maintain fund and not outflow. CIMB now got really good FD deal equivalent to UOB Christmas Deal - I guess they need to prop up their cash reserve, wonder if got anything to to with 1MDB.

You deposit huge amount sure lah the people eyes open big big

You can give them any reasons. Not compulsory. Answer can include (as Captain said) mind ur own business, investment, FD elsewhere etc.

Recently during IBG out of matured FD, some banks also asking purpose of IBG. I simply tick one of the reasons.

Note I said "relatively" large. To small fish like me, that "big" amt is just small amt for BIG fish (like Captain ).

This post has been edited by bbgoat: Dec 19 2014, 01:32 PM

Gen-X

I think I will move bit by bit Say RM10k every month. maybe few years later. Now not. I know the bank's going to charge fee. But moving slowly is better than moving suddenly. Not sure if RM10k, the banks, BNM, and other country governmrnt going to ask or not.

This post has been edited by Ramjade: Dec 19 2014, 01:48 PM

Bro, at the rate BNM keep imposing new red tape, in few years time you may not even be allowed to transfer or take out more than RM1K like what happened during the 1997-1999 years!!!

This post has been edited by Gen-X: Dec 19 2014, 02:13 PM

Wow. I didn't know such thing exist. Then I guess I need to hurry. Maybe worse come to worse I will find money changer to change RM for AUD

This post has been edited by Ramjade: Dec 19 2014, 02:19 PM

If not mistaken, we are still not allowed to carry more than RM1K CASH (and or more than USD10K CASH or equivalent Foreign Currency) with us when we go overseas unless we declare. But nowadays not so strict, Customs don't check unlike in late 1990's when our currency plummeted (now vs USD heading towards 3.8 again).

You be surprised many people do go to the money changer and exchange for AUD and keep where I don't know. But if you really want AUD, better like cherroy said, go with Foreign Currency Account, at least can earn interest and safer than hiding the cash somewhere.

This post has been edited by Gen-X: Dec 19 2014, 02:30 PM

No, I am not planning to keep my money in any bank in Malaysia in the future.

Captain, mind sharing what happened during the 1997 years? I remembered in 1995 withdrawing about RM 5k in cash was not an issue though.


Talking about people eyes big, when I put RM100k++ in Maybank during the 4% Attack promo, the teller next to my teller keep staring at the cheque without even blinking once! I was abit uncomfortable then but since was quite a young girl, excusable la..

BR has been asking me why I am transferring my money out for the past few months until ask me what is the rate I am getting at the other bank..

Just saw this news, is it for real????


http://www.thestar.com.my/Business/Busines...n-2015-says-UBS

This post has been edited by gchowyh: Dec 19 2014, 05:17 PM

These are the by products of the 97 crisis right? thanks for sharing valuable info.

The 2 articles struck me because we also affected by downward pressure on oil prices like the russians, both articles mentioned capital flight, both written eerily on the same day, russian central bank head also a lady, albeit much younger And the capital controls mentioned in the russian article sound like replay of old man m's 97 tactics

Has anyone posted the CIMB deal yet? haha everybody wondering what their exposure is to the 1M titanic

Pity the russians - capital control, so no choice but to accept the 17% FD rate while watching the currency drop 20%

how far into the future would that be?

Yes, few months ago BR also asking me when I withdrew my FD. I told them for investment, for FD elsewhere etc. They tried to deter me but I still withdrew. Until after they raised to 12 mth 4.1% I renewed one matured FD. But now with others giving higher rate and some bad news reported, looks like have to withdraw more FD soon.

This post has been edited by bbgoat: Dec 19 2014, 06:29 PM

If this is going to happen, the 3 yrs Ambank promo is becoming more attractive.
Too bad all my FDs maturing in Dec are from Ambank too.

Banks nowadays are asking the source of $$ u depositing if the amount is big. They also ask the reason when u withdraw big amount.

I think banks worried about their deposit level & maybe because of BNM rule

Later I gonna say I got the money by doing "ayam" biz

Bro, no lah, it is a by product on recent years - too much out flow. Every year same thing.

In my opinion, one solution to stop the outflow is that the government should just put a stop to foreign workers including maids. Only few days back I read that there were close to 500,000 foreign workers in the construction industry. Imagine each of them earn RM1500 per month (RM50 x 30days) and sent back 30% of their pay yearly, that will total up to RM2.7B transferred out. And if you google - you will find an article that says that they are 240,000 registered maid and estimated 480,000 illegal maids!!! So say the 720,000 maids in Malaysia each sent back home RM5K yearly, that's 3.6B!

So with just the workers in Construction and Maids, that will bring the total out flow a year to RM6.3 Billion a year. And please note, I have yet to include those foreigners working in the Plantation Sector, Factories, Security Guards, Restaurants, Mamak Stalls, GROs, Masseurs and many of the mini bosses at Low Yat Plaza and Petaling Street. If you go google - how many foreigners in Malaysia - there is an estimate of 3 million which makes up roughly 10% of our population! I repeat 3 Million foreigners! Say each of them sent RM300 (USD100) back to their homeland each month, that's close to RM1B every month flowing out of the country!!! 10% Foreign workers - that's equivalent to the 100% Indian's population and 50% of the Chinese's Population and not a single Politician or NGO are concerned about it!

So in conclusion - every single Malaysian (including those who go to mamak stalls and wanting gated communities with guard) are at fault in making our country poorer.

I tell you, our politicians/leaders are really useless as they are not tackling the issue of us relying too much on foreign workers here but back stabbing each other to stay in power.

Bro, you sure ar you want me to tell you a freaking long story? haha

1995 we still had RM1000 notes and you want take a briefcase full of RM1K notes overseas also no problem.

Here is the story, but most probably 99.9% inaccurate....

In 1997/98 when we had the power crazy DSAI as Finance Minister (but the young Malaysians today don't know and thinks he is Mr. Clean and DAP wants him to be PM because they equally power crazy ). In mid 1997, our stock market was in a all time high. Then one fine day in early 1997, Tun Daim said he plays the stock market for pocket money. Which was true, I can make more than RM1K per day (one time 2 weeks straight without a break) from the stock market (I was in my late twenties then) and would burn my money on gadgets and entertainment. Next thing you know, the stock market dived 70% followed by the Ringgit depreciating at light speed. I have a chart showing the stock market from 1992 to 2012 in my article Saving For Retirement Years.

The then FM, the power crazy DSAI allowed interest rate shoot up to 18% and USD/MYR at 4.80!!! Can get FD interest rate at 14% back in 1997/98! Banks also started to cancel loan facilities which affected businesses, people not buying houses or cars because loan freaking high, those having housing loan got less disposable income, factories keep loosing money as supplies (bouhgt in USD) keep increasing, etc. etc. The economy was really bad, many people were laid off and many become bankrupt because cannot service loan. Well, some say it was DSAI doing so that by the Rakyat suffering, he got excuse to topple the wise TDM. TDM pulak blame it on Soros. And at the same time, people were worried that our currency will depreciate further and took lots of money cash out - for example Selanor ex-MB Muhammad Taib caught in Australia in 1997 with a briefcase full of cash.

Anyway, our economy was getting from bad to worst to no hope. The wise TDM then sacked our useless FM and made himself FM and immediately took actions listed below (copy and paste from here):

On the 1st day of September 1998, Prime Minister Dr Mahathir Mohammad announced the capital controls to be installed. Malaysia's capital controls were a mix of the above measures and nothing new although the press claimed it was unique because Malaysia did not embrace the IMF.

The following measures were taken to ensure that the objectives of stabilizing the Ringgit and control the capital flows could be accomplished.

> Overseas bound local travellers were only allowed to take up to RM1,000.

> Remittance of funds by residents to overseas were capped at RM10,000.

> Ringgit is pegged to the dollar at the rate of RM3.80 to US1 to facilitate trade in the domestic sector.

> Any ringgit remaining outside of Malaysia was not considered legal tender. This was to prevent speculators from borrowing the ringgit offshore to sell it in the domestic market for dollars. In other words, to stop speculators from short selling the ringgit and when the ringgit depreciated, buy back to repay their offshore ringgit loans.

> Any credit facilities obtained overseas needed prior approval and only companies that earned foreign exchange were allowed to obtain offshore credit.

> Funds raised from the sale of equities or other forms of investments had to stay in the country for 12 months. This was to prevent short-term capital flight.

> Clearing of Stocks listed on the KLSE could only be done on the KLSE or its approved exchanges.

> RM500 and RM1000 currency notes were made non-legal tender to prevent smuggling of Ringgit to neighboring countries.

> Dealing of shares in CLOB was made illegal to prevent the flow of funds to Singapore and also to discourage the arbitraging of shares between the two exchanges.


So after the wise TDM made himself FM, things started to look brighter. With him pegging the Ringgit, our factories can once again work out costing and quote their foreign customers and price of Rolex watch finally stabilize, hahaha

This post has been edited by Gen-X: Dec 19 2014, 09:23 PM

Gen-X you're spot on about foreign labor... the many "western unions" all over ... take walk around bangkok bank area. that's one heck of a big hole, not taxable & not much circulated back into local economy

thx for the walk back in recent history

This post has been edited by okuribito: Dec 20 2014, 02:39 PM

Nowadays it is so difficult to place FD with banks. I try to place a FD at OCBC earlier but being rejected just because my IC home address is not in KL zzzz

They even want to request for my namecard to prove I'm living/staying nearby. I wonder why they tighten the rules as I just placed a FD earlier with them without so much hassle 6 months ago