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

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

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.

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

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.

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.