How did you transfer ? Did you use a bank as an intermediary or one of those "service providers" as been suggested in this forum.

Keep us updated

Maybe the TT will come in as normal,... no jamming by the bank,... let's see.

Yup, actually I have been using bitcoins to transfer my money from overseas to Malaysia.
Been working well so far, no hassle, no supporting documents needed, no questions from banks.


This post has been edited by wengherng: Apr 6 2017, 11:52 PM

But bitcoins are volatile no? You can lose everything if it swings in the wrong direction.

Yup, most definitely, the price could move in either direction.
But, from personal experience, barring some extreme cases like sudden hacking and theft from an international bitcoin exchange or something planetary like that, these days the price is relatively stable, maybe moving a few US dollars up or down within an hour or two, or something like that.
But because I could buy bitcoin instantaneously, and then transfer it to my bitcoin account on the Malaysian exchange and sell it there within the hour, usually the price movement is not significant.
What could be significant, though, is the buy/sell spread (i.e. the price you paid for it overseas, and the price that someone in Malaysia is willing to pay for in ringgit) which could sometimes be a few percent off......but from my personal experience, I lose that amount in forex anyway when I use TT, so I'm cool with that.
Plus, I can get the money in my local bank account within the same day, which is good.

This post has been edited by wengherng: Apr 7 2017, 12:13 AM

I am not familiar with bitcoin transfer. Correct me if I am wrong.

You buy a bitcoin using your overseas account and sell it to a Malaysian buyer through a bitcoin middleman/broker. Then the broker will transfer the money to your Malaysian bank account. Am I correct?

If the amount is huge, how do we answer to BNM? Is there any way to avoid BNM's 'radar'?

Well, generally speaking, yes that's the process, but instead of a middleman, we sell it on an online exchange (just like using HLebroking for stock exchange trading).
Once you sold the bitcoin, the amount is immediately credited into your account in the exchange (no time delay).
From there, you can just click on fund withdrawal, and put in the amount you want to withdraw, and the exchange will send to your bank using normal GIRO.
I have never transferred sums large enough to draw the attention of BNM (sad...) but if that's an issue, you can basically withdraw several times over a few days, I suppose.
But the downside then will be that the price of bitcoin might go up or down within those few days.
Note that I am not advocating that bitcoin is the best method for funds transfer (there is still risk involved).
I am just sharing my personal experience that it's worked well for me so far, for funds less than RM20k at any one time.

Thanks.

next day received.

and i called the hotline too,large amount will be hold then fill explanation form.

Right,... that's what I thought too,... no issue-lar for small amounts,... so, can come in bit by bit, no issue for individuals. For companies, if needed to follow co procedures, then must submit docs,...

Thank you Bee for updating,....

How much would be considered as a "large amount"?
RM100k and above?

Bank negara guideline is RM 10,000 need declaration, unless suspected fraud.

That is last time, now dont know if they changed it.

This post has been edited by gark: Apr 8 2017, 04:30 PM

Really? So low?
Personally, I have transferred up to RM40k without anyone calling me from the bank.
The only one instance that I received a call from the bank, was when I had around RM180k or something transferred to my Maybank account from Hong Leong bank (balance from the proceeds from the sale of an apartment).
Maybank called me, and I just told the lady that this was the balance amount from the apartment sale, after HLB had deducted the remaining loan balance.
She just said OK, thank you very much, and that was it.
No declaration, no filling up forms, no supporting documentation or any such nonsense.

If you transfer out >10K, you have to declare and state the purpose on the TT form. You never state meh? Or you transfer within Malaysia then obviously no need declare lah. This declaration is for overseas outward/inward remittance only..

For money changer >3K, i think i have a huge stack of declarations to BNM....

This post has been edited by gark: Apr 8 2017, 05:05 PM

last time under zeti no such strict policy. now under the new guy, wanna flex his power...

I think he transfer in using bitcoins. So since not many people in malaysia using bitcoins, so they close eyes.

Btw, have you use money changer to transfer money out of malaysia before?

This post has been edited by Ramjade: Apr 8 2017, 05:28 PM

Not yet... I usually just change and bring manually or pass to friends and relatives going to SG..

1K SGD note is surprisingly easy to carry.. . Every time I request all in 1K notes, the money changer gimme a sly smile..

China already clamp down on bitcoin... Malaysia coming next..

This post has been edited by gark: Apr 8 2017, 05:41 PM

Nah. Malaysia not many know what is bitcoins what.
Hate it that sometimes money changer tell me no SGD1k notes. Give me SGD50 notes
Wah you trust your friends with pieces of SGD1000?

According to her rm50k

Ah damn, you're right......sorry about that, my mind slipped for a while and I totally forgot we were talking about overseas TT.
Sorry, my bad, please forget about the example I gave.
But, for overseas TT, the most I transferred in recent months was something just under RM20k......from my overseas bank account to my Malaysian bank account using overseas TT.
When I transferred, I had to fill a form at the overseas bank, so I just wrote "personal/family", no problems, and no questions asked by the local bank (but not sure whether it could be due to both accounts being under my own name).

For bitcoins, it's even easier, because as far as the local bank is concerned, the inward deposit is coming from another local account (the Malaysian bitcoin exchange's bank account) so no questions asked either.