So if I want to open a Fixed Deposit account in Malaysia with 200-300K as an example, how can I do it?
It seemed that even if some local write me a cheque greater than 10-20K, and it is also not possible...
It seemed that even if some local write me a cheque greater than 10-20K, and it is also not possible...
By Malaysian Law-
For bank account in Malaysia under a foreigner's name - Daily deposit limit is RM10,000. That's it!
There are many loopholes whereby you can deposit more than RM10,000/day because the limit is not set in bank's system, but it's against the law of course.
You can deposit more than RM10,000/day into your account via 'Cash deposit Machine'.
Your friend can TT more than RM10,000/day into your account.
Again, it's against Malaysian Law.
If you want to deposit more than RM10,000 over the counter and that particular officer attending to you knows about this law, she will tell you that you can't deposit more than RM10,000.
If that officer doesn't know about this law or maybe she slipped her mind at that moment, she will proceed to deposit the 'more than RM10,000' amount for you.