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Can we transfer US stock sale proceeds to Malaysia, Will BNM block or hold the funds?
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Ramjade
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 Oct 17 2023, 01:26 PM
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QUOTE(cybermaster98 @ Oct 16 2023, 11:48 AM) If we sell our US stocks and wish to transfer our capital gains back to Malaysia, will BNM block it under our money laundering laws? Im concerned the funds will be allowed in but we will be unable to touch the funds. Has anybody successfully transferred funds from the US stock brokerages to Malaysian local bank accounts this year? If so, what amount and were there any problems? Please advice. Why are you opening so many threads. Can. Also some banks will block you from funding your account cause "Forex rule" from BNM. Which bank easiest? Don't know. Cause all my transaction done via SG banks and not Malaysian banks. Too much bureaucracy in Malaysia. |
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Ramjade
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Oct 17 2023, 08:21 PM
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QUOTE(abcn1n @ Oct 17 2023, 06:53 PM) Wow, didn't know banks will block you. Years ago also transferred out from bank to brokerage account. No questions asked. Never experienced it before cause all my transaction is directly via Sg banks. But saw so many random post in lowyat forum about transfer to IBKR cannot go though via using Malaysian banks. |
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Ramjade
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Oct 17 2023, 08:43 PM
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QUOTE(abcn1n @ Oct 17 2023, 08:34 PM) Ramjade I transfer both from Malaysia (long time ago) and Singapore banks. So far all ok. Thank goodness. But last time it was not to IBKR, (but another US brokerage firm). Unfortunately not all Malaysian bank officers are familiar with SWIFT codes etc, I did struggle with it last time. BTW, is there another US brokerage account we can use besides IBKR? Yes. Tastytrade, first trade. But can only received in USD. No local deposit via SGD. I believed only US market. No other market. |
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Ramjade
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Oct 18 2023, 11:33 AM
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QUOTE(cybermaster98 @ Oct 18 2023, 11:12 AM) Nowadays with all the money laundering scandals and risks, most banks are becoming very stringent when receiving international funds. Thats why im keen to know if anybody has done recent fund transfers from US stock brokers into Malaysian banks. Because if i see it as being a big risk, i may just opt to purchase US stocks on the Maybank platform going forward. I already have a significant holding on IBKR now but just concerned about the future. Then you are just giving free money to Maybank. You know how much they charge on commison + hike on Forex rates? That's a lot of free money to give Maybank. You can transfer back. Just give them your brokerage statement f they ask. It's the part about funding your account directly using RM is the hard part due to "Bnm Forex rules". This post has been edited by Ramjade: Oct 18 2023, 11:33 AM |
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