I tot u have open FCA dy
Anyway, it's not too late to open 1

Local Banks do impose similar charges but differ from Bank to Bank

Bro,
I went to CIMB on Wed n Thr but my RM is on AL
Thus, no update

Official guidelines issued by BNM on latest forex:-
http://www.bnm.gov.my/documents/2016/Suppl...ation_Rules.pdf

Payrolls in U.S. Rise; Jobless Rate Falls on Lower Participation
https://www.bloomberg.com/news/articles/201...r-participation

MYR will start to tango next week

In addition, the point of conversion is upon receipt of proceeds
Tis approach is detrimental to exporter when our currency is volatile
Imagine XYZ S/B receive proceeds on 5/12 which happen to 'appreciation' day

It's a big issue for exporter n importer
1 solid example is wholesale of foreign currencies where the biz model is to export n import various foreign currencies for local use

M puzzled with the latest guidelines the whole nite
Will clarify with my RM on the mechanism as it's confusing

Take note tat Money Changers ("MC") r governed by MSB Act which is regulated by BNM unless those MC choose hawala

IMO, not all exporters will b affected by the latest ruling to convert 75% of their proceeds into MYR immediately

In fact, a lot of 'smart' exporters wud have opened FCA outside M'sia dy for the receipt of proceeds

For future Invoices (wef 3/12/16 onwards), they can specify pls credit payment into FCA maintained outside M'sia

In respect of issued Invoices (prior to 2/12/2016), they can easily nego with clients to redirect the proceeds into external FCA instead of internal FCA. Having said tat, the exporters need to give some 'discount' on the proceeds to clients so tat it's a win-win situation

Went to Maybank tis morning on the pretext to open new FCA for individual

The officer said tat new FCA can b open unless there is supporting docs. Otherwise, can't open as it's subject to their HQ n BNM approval

It seems BNM have imposed stringent controls on the opening of new FCA for individual to deter outflow

Gud news for existing FCA holders but bad news for those who intend to open FCA now

There r a lot of excuse to keep those proceeds outside
1 of them is 'my client insist for us (i.e. exporter) to furnish performance bond for each transaction'

This post has been edited by wil-i-am: Dec 3 2016, 01:44 PM

Nope
Just a basic FCA without any objective

In fact, it's quite tough n challenging for ntity or individual (M'sia resident) to open a basic CASA in S'pore with local M'sia Banks
Those M'sia Banks in S'pore insist supporting docs plus reference Letter from local M'sia Bank

The cost of doing biz for exporters will increase:-
a. Local banks will impose charges (usually flat in USD) for each transaction
b. Forex risk by converting proceeds (75%) to MYR
c. Forex risk by converting from MYR (same proceeds from [b]) to foreign currencies

RM expected to trade between 4.45 and 4.46 against USD next week
http://www.nst.com.my/news/2016/12/194046/...t-usd-next-week

Lets c whether any knee-jerk reaction on 5/12

BNM officials r confident the latest rulings will calm n stabilize d market
Thus, your wish may come true

V can't discount RM5 mark yet as m not sure how trader/investor will react to the new rulings whem mkt open next Mon

No need to wait for weeks as u may b able to catch some 'dead chicken' on Mon

Quote:
'A Special Deposit Facility ("SDF") will b offered to exporter @ 3.25% pa pursuant to conversion of 75% new export proceeds into MYR'

M just thinking whether interest income from said SDF is exempted from tax under ITA 1967