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1. |
What
are the benefits of opening a FCA account?
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Transactions are
less costly and save a significant amount of money lost through the
exchange conversion process to : |
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Individuals with
children studying overseas |
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Individuals who
are employed overseas or have regular income from abroad |
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Repatriation of
funds from individual FCAs offshore send back to FCAs onshore |
| b. |
Provides an alternative
form of investment / savings |
| c. |
Protects customers
from foreign exchange fluctuations |
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2. |
Do I earn interest for the deposit in Foreign Currency Account ? If Yes,
what is the rate and the currencies offered.
Yes. You will earn interest for the deposit in Foreign Currency Account
i.e Australian Dollar (AUD), Euro (EUR), Pound Sterling (GBP) and US Dollar
(USD). The rates and minimum balance to earn interest is as follows :
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Currency |
Interest Rate |
Minimum Balance to earn Interest |
Individuals |
Non-Individuals |
AUD |
3.0% p.a |
AUD3,000 |
AUD10,000 |
EUR |
1.5% p.a |
EUR3,000 |
EUR10,000 |
GBP |
2.0% p.a |
GBP3,000 |
GBP10,000 |
USD |
0.5% p.a |
USD3,000 |
USD10,000 |
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3. |
What is the frequency of the interest payment and is it paid in the respective currencies?
The interest will be credited on the 1st day of the following month and to be paid according to the respective currencies.
Please take note that interest earned is subject to 5% withholding tax.
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4. |
How
do I open an Individual Foreign Currency Account (FCA)?
You will have to follow the same procedure as opening a current account.
However, you must maintain a Ringgit (MYR) account at the same branch. |
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5. |
How
much do I need to open such an account?
A minimum of USD1,000 or its equivalent is required to open a Foreign Currency
Current Account whereas for Foreign Currency Placement Account, a minimum
of USD5,000 equivalent is required to earn interest. |
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6. |
Are
there any special conditions for opening a FCA?
Residents are free to open FCAs onshore and offshore. No permission is required.
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7. |
Do
I need to be a Maybank customer?
Yes. You can open an account at any of our branches. You must open a MYR
current account for the following reasons:
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For withdrawal /
conversion and credit to your FCA |
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To debit your account
(FCA or Ringgit current account) for conversion and and other charges |
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8. |
What
is the difference between a normal current account and FCA?
A cheque book is not issued to an individual FCA compared to normal current
account holders |
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9. |
What
is the difference between a normal FD placement and a FCA placement?
The interest rate for FCA placement is being revised daily whereas under
normal placement, the rates are revised from time to time. |
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10. |
What
are the charges for a Foreign Currency Account?
There are no charges for opening an account and no yearly charges. But a
service charge will be levied for each currency transaction (the amount
varies for each foreign currency) and you will have to pay the cost of foreign
telegraphic transfers (USD10 or equivalent). |
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11. |
How
can I withdraw money from my FCA account?
Withdrawals can only be made through the following methods :
• Telegraphic transfers
• Bank Drafts
• Conversion to Ringgit account |
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12. |
Are
there any restrictions if I want to open a joint FCA?
There are no restrictions to open a joint FCA account. |
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13. |
What is FCA Plus benefits?
FCA Plus consists of 3 extra benefits for FCA accountholder as follows:
• Free Personal Accident Insurance Coverage.
• 25% Discount on Service Charge for Traveller’s Cheques
valued above RM2,000.
• 25% Discount on Service Charge for Telegraphic Transfers
in any amount. |
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14. |
How
can I be eligible for FCA Plus benefits?
An individual customer (single or joint FCA accountholder) will qualify
for FCA Plus as soon as the balance in FCA reaches RM5,000 or equivalent.
However, for free Personal Accident (PA) coverage, the entitlement is to
Malaysian resident only, aged between 18-65 years old and for joint account,
the coverage is extended only to primary accountholder. |
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15. |
How can I claim for free PA insurance?
You can go to your Home Maybank Branch and complete the Claim Form and Written
Notification with details of the circumstances of accident and nature of
injury/disablement for submission to Mayban General Assurance Berhad. The
following documents are to be attached together:
• A certified true copy of Statement of Account
• A Police Report (If death occurs as a result of Motor
Vehicle accident or other major injuries sustained
resulting from accidents or involving Third Party,
suicide or homicide).
• For Death & Funeral Expenses Claim
• A certified true copy of Death
Certificate of the Accountholder /Jointholder.
• Post Mortem Report (for cases
where post mortem was done to establish the cause of death).
• Certified true copy of Claimant’s
Identity Card
• Marriage Certificate (If available).
• Grant of Probate / Letter of
Administration
• Permanent Disablement Claim
• A certified true copy of Medical
Report/SOCSO panel doctor’s report (if available) certifying that
the
Accountholder/Jointholder is
currently disabled may be required (at Claimant’s own expense).
• Photographs depicting injury.
• For Medical Expenses Claim
• Medical Expenses Claim Form
• Original bills relating to cost
of medical and surgical expenses from qualified medical practitioner
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