QUOTE(Gen-X @ Dec 19 2014, 10:44 AM)
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.
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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!!!
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
QUOTE(Gen-X @ Dec 19 2014, 01:21 PM)
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.
Has anyone posted the CIMB deal yet? haha everybody wondering what their exposure is to the 1M titanic
QUOTE(Gen-X @ Dec 19 2014, 01:49 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!!!
Pity the russians - capital control, so no choice but to accept the 17% FD rate while watching the currency drop 20%
QUOTE(Ramjade @ Dec 19 2014, 03:01 PM)
No, I am not planning to keep my money in any bank in Malaysia in the future.
how far into the future would that be?
Dec 9 2014, 11:26 PM
I dunno if right or not based on "BNM regulations"
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