oludunamis

Hello BE members,

Finally moving to KL in 2wks with wife and 2 children. (work transfer)

Appreciate people thoughts on the followings questions:

1. What is the policy for the max amount of Ringgit that can be taken into the country cash? Is there also a limit on GBP that can be taken into MY?

2. Because we are two adults, i was wondering if the limit can be multiplied by 2 or if limit is per family?

3. I have a HSBC account here in the UK, wondering if by having a HSBC account in KL it might make it easier to transfer funds between MY and UK?

Many thanks

Yemi

InVinoVeritas

If you have an HSBC Premier account not only is it easy it is also free and can be done over the Internet.

Bluenose1

As far as I am aware, you can bring any amount of foreign cash or travellers' cheques into Malaysia, but if it is in excess of the equivalent of US$ 10,000 you have to declare it. It is per person. However, you must also provide evidence that it is your own money and when you declare it, you must state what you intend using it for. If you bring Ringgit notes in, you are restricted to RM10,000.00 (again, per person - it used to be RM1,000.00 per person, but I think it may have changed to 10,000.00 now). If you need to bring in more than the permitted amounts, you can do but you must first have written permission from the Exchange Control Department (Royal Malaysian Customs). Make sure any notes you do bring are in reasonably good condition (not torn or defaced in any way - and that includes when bank tellers sometimes write on the notes in ink!).

When my wife & I were back in the UK last year, we withdrew some money from ATMs and kept the receipts. We also withdrew quite a large sum from our Building Society - had to let them know in advance - and made sure we got a receipt. Although the amount in total was less than US$20,000 (equivalent) it was more than US$ 10,000, we declared it anyway, both at Heathrow on Departure, and KLIA on arrival. In both instances, not only did we declare it, we had to stipulate where it came from and what it was for. We were asked at Heathrow if we had evidence that it was ours, but they didn't actually ask to see the receipts. I don't think we were even asked that at KLIA, although that might have been because we showed that we had declared it on exit from the U.K. When my wife exchanged it at a money exchanger (in Melaka, NOT at KLIA) - money changers tend to offer better rates than banks - I think she had to show that it was declared (because we did it all at once), but no other proof. I cannot remember for certain, but I think she also showed the Malaysian declaration when she banked the Ringgit in our account.
Like most countries, many hotels will offer an exchange facility, but I would only ever be tempted by that as a last resort (forgive the pun!).

JC3

What Bluenose1 says above all looks correct to me, except this bit:
‘If you bring Ringgit notes in, you are restricted to RM10,000’

The permitted currency limits (effective 31/01/2012) are:

A resident and non-resident are permitted to carry into and out of Malaysia, ringgit notes not exceeding US$10,000 equivalent per person (i.e. about 33,000 Ringgit each).

JC3

oludunamis

Thanks to all for useful info.