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Malaysia Banking Services

Malaysia Banking Services

Hotline: 603-21418908, Email:tannet-solution@hotmail.com

Malaysia’s Central Bank has a well-developed regulatory regime, and as a consequence of a policy of maintaining healthy foreign exchange reserves and limited exposure to riskier financial instruments, Malaysia came through the recent global financial crisis largely unscathed. The official language is Malay, although English is widely used in commerce and industry and many other languages are also spoken. The currency is the Malaysian ringgit (MYR). As of April 2010, the exchange rate was approximately 5.38 MYR to £1 GBP (pound sterling).

Banks in Malaysia
1. Central bank--Bank Negara Malaysia
2. Commercial banks in Malaysia
Bank Islam Malaysia
Bank Muamalat Malaysia
CIMB Bank
Malayan Banking (Maybank)
Public Bank
RHB Bank
Standard Chartered Bank Malaysia
3. Foreign banks with a presence in Malaysia
ABN Amro Bank
Bank of America
Barclays Bank
BNP Paribas
Commerzbank
Crédit Lyonnais
Crédit Suisse First
Deutsche Bank
Macquarie Bank
Société Générale

Bank opening time in Malaysia
Typical banking hours in the major towns and cities are as follows;
9.30am to 4pm (Monday to Friday)
9.30am to 11.30am (Saturdays)

However, the states of Kelantan and Terengganu operate different banking hours, due to religious considerations. Here the banks are typically open from;
9.30am to 4.00pm (Saturday to Wednesday)
9.30am to 11.30am (Thursdays)

Money transfers to and from Malaysia
Money transfers are usually fast and efficient, and in addition to money transfer services provided in bank branches there are a range of specialist businesses operating in this market. Research the charges and exchange rates in advance to help you secure a competitive rate.

Currency regulations relating to the import and export of currencies are subject to change. You should check with the national bank for the latest details on current payments and capital payments. As of April 2010, the following limits apply;

A resident and non-resident are permitted to carry into and out of Malaysia ringgit notes not exceeding RM 1,000 per person (approximately £186 GBP).

There is no limit for a resident and non-resident to bring in foreign currency notes and traveler’s checks to Malaysia but non-residents need to declare total amounts that exceed $10,000 USD (approximately £6,370 GBP).

If you have any queries, please do not hesitate to contact Tannet by visiting Tannet’s website www.tannet-group.net, or calling us at Malaysia hotline at 603-21418908, Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannetcom88@gmail.com.




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