1.Investment Foreign Currency Account (IFCA)
-- In line with the Supplementary Notice which required Trade Foreign Currency Account (TFCA) and Investment Foreign Currency Account (IFCA), all the existing FCA opened and maintained with the Bank prior to 5 December 2016 are classified as IFCA with effect from 5 December 2016.

2.All EXPORTERS:
Trade Foreign Currency Account (TFCA)
-- Exporters are require to open a new FCA designated as TFCA with the Bank for the purpose to retain up to 25% of foreign currency proceeds from export of goods (foreign currency proceeds).
-- The remaining 75% must be converted into Ringgit and the exporter may choose to credit the same to a new Ringgit Special Deposit Facility (SDF) Account or the ordinary Ringgit account. Exporters with requirement for SDF account should contact their Relationship Manager or approach the branch to open the SDF Account.
-- The SDF will earn you a higher rate of return at 3.25% p.a. on end of day balances. This facility will be offered until 31 December 2017 subject to further review by BNM. Customers are advised to communicate to the Bank the quantum of foreign currency conversion from exports proceeds of goods they intend to be credited to their SDF account once the SDF account is opened and operational.
-- To facilitate conversion of the foreign currency proceeds, you are require complete the “Instruction Letter to Bank” (“Instruction”) and return to us soonest possible. In the event you fail to provide the Instruction to the Bank within the grace period specified by the Bank or BNM, the Bank reserves the right to exercise its discretion to convert 75% of the total foreign currency proceeds from export of goods into Ringgit at the prevailing foreign exchange rate and credit to your SDF Account (if available) or any of your Ringgit account or return the foreign currency proceeds if you do not maintain any Ringgit account with the Bank.
-- Should you fail to open the Trade FCA and SDF Account within five (5) business days from the date of receipt of export proceeds, the Bank reserves the right as it deems fit to credit the converted Ringgit equivalent amount to your existing ordinary Ringgit account or return incoming funds with no interest payable to you.
-- If you wish to proceed with opening of Trade FCA and/or SDF account, kindly contact your respective Relationship Manager or your account holding branch.

In the interim, we would request you to please take note of the following:
-- Kindly contact Relationship Manager or branch of any incoming Foreign Currency transaction you are receiving.
-- Please request your remitters to clearly indicate in the payment instructions – the ‘Purpose of Payment’ and if the transaction is specific to payment for ‘Goods’ OR ‘Services’. This is of importance as it impacts the conversion of 75% of the value of the transaction (i.e. goods export proceeds) into Ringgit and compliance with the Supplementary Notice and the Foreign Exchange Administration Rules.
-- In instances where the ‘Purpose of Payment’ is not present in the inward Telegraphic Transfer message, the bank will hold the funds and seek confirmation from the remitting bank or beneficiary and release the funds only upon receipt of the confirmation on the purpose of payment.
-- For Outward payments – please note that Foreign Currency transfers between Resident to Resident will only be allowed up to 31 March 2017 subject to the provisions stipulated in the Supplementary Notice or any other notices or directions issued by BNM from time to time. However, Residents may transfer Foreign Currency between their own accounts with other onshore banks.

Should you have further enquiries or need additional information please contact our Branch or your respective Relationship Manager.

Thank you.