Master Foreign Currency Account
How often is interest paid and in what currency is it paid?
Interest will be credited on the first day of the following month and paid according to the respective currencies.
What is the difference between a normal current account and a Master Foreign Currency Account?
A cheque book is not issued to an individual Master Foreign Currency Account compared to normal current account holders.
How much do I need to open such an account?
A minimum of USD1,000 or its equivalent is required to open a Master Foreign Currency account whereas for Foreign Currency Placement, a minimum of USD5,000 equivalent is required to earn interest.
Are there any special conditions for opening a Master Foreign Currency Account?
Residents are free to open Master Foreign Currency Account onshore and offshore. No permission is required.
Do I need to be a Maybank customer?
Yes. You must open a MYR current / saving account for the following reasons:
- For withdrawal / conversion and credit to your Master Foreign Currency Account
- To debit your account (Master Foreign Currency Account or Ringgit current account) for conversion and other charges
What is the difference between a normal FD placement and a Master Foreign Currency Account placement?
The interest rate for MFCA placement is being revised daily whereas under normal placement, the rates are revised from time to time.
What are the charges for a Master 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).
How do I withdraw money from my Master Foreign Currency Account?
Withdrawals can only be made through the following methods:
- Telegraphic transfers
- Bank Drafts
- Conversion to Ringgit account
Are there any restrictions if I want to open a joint Master Foreign Currency Account?
A resident individual is allowed to open and maintain a foreign currency account with a licensed onshore bank or a non-resident financial institution, individually or jointly with
- another resident individual or jointly with
- a non-resident individual who is his immediate family member
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 Etiqa. 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)
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
Medical Expenses Claim
- Medical Expenses Claim Form
- Original bills relating to cost of medical and surgical expenses from qualified medical practitioner