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Doing Business with Malaysia

Discussion in 'Asia' started by ringmeister, Jan 2, 2008.

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  1. ringmeister

    ringmeister Formula Junior

    Jan 17, 2005
    538
    NJ
    #1 ringmeister, Jan 2, 2008
    I wonder if someone in Malaysia could help me out with this. Is there a problem with wiring funds from Malaysia Banks to USA Banks (US funds)? I have a business transaction with someone and they tell me they are unable to wire due to monetary problems in Malaysia. Am I getting jerked around?

    Thanks for any help.
     
  2. SFchallenge

    SFchallenge F1 World Champ

    Jun 28, 2004
    11,945
    Sgp, KL, HK & London
    Full Name:
    Jon Wijaya
    #2 SFchallenge, Jan 2, 2008
    Not that I know of. There's a new law introduced to curb "terrorism funding" so the banks are quite tight with where the money's coming in & out. If your side can present some invoice of proof of what the money is for it should be alright.
     
  3. ng_sh

    ng_sh Karting

    Sep 5, 2007
    69
    malaysia
    Full Name:
    Hoong Rampante
    #3 ng_sh, Jan 3, 2008
    Yes, it is true that there's capital control in Malaysia.

    If anybody wiring money of Ringgit Malaysia (RM) 50,000 or more out of the country, which is around US$15,105/=, approval from Malaysia's Central Bank required.

    Approval will take 1 to 2 weeks. That's if they are not asking too many questions.
     
  4. ringmeister

    ringmeister Formula Junior

    Jan 17, 2005
    538
    NJ
    #4 ringmeister, Jan 3, 2008
    That's it. The amount is greater than $15k US. Thank you for helping.
     

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