is forex legal in malaysia
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 Mar 8 2016, 08:57 PM
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#1
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Staff
25,802 posts Joined: Jan 2003 From: Penang  
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http://www.bnm.gov.my/microsites/fraudalert/0203_forex.htm
QUOTE Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act 2013 or Islamic Financial Services Act 2013. |
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Mar 9 2016, 04:08 PM
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#2
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(silverfoxxy @ Mar 9 2016, 03:56 PM) isnt forex broker / agent has a license to do it? If a forex broker claimed doing forex operation in Malaysia, then the broker needs to have BNM license, as simple as that.btw does you tt from your own local to / from foreign account consider forex?  We have list of approved financial institution/banks that can operate forex activities. While there is reason, why you see those money changer out there, always put up signboard "licensed money changer". Because you cannot do forex activities without BNM license. All the list are available in the BNM website, which one can easily look upon. |
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Mar 9 2016, 04:27 PM
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#3
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(silverfoxxy @ Mar 9 2016, 04:16 PM) so based on your facts, it doesnt really consider as "forex" if you do transaction between your own account (local & foreign account) right? How can you transfer RM to a foreign account...?   While foreign money transfer (eg. converted to USD then TT out) then it is subjected to BNM's foreign money transfer regulation. |
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Mar 9 2016, 04:47 PM
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#4
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(silverfoxxy @ Mar 9 2016, 04:41 PM) lemme give a example... The SG bank account may not accept the money in RM...you got a local bank account. you transfer money to sg bank account via TT. you earn the exchange rates. something like that. it is both your account btw  You need to change to SGD or USD or whatever first locally before TT. |
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