FOREIGN REMITTANCE SERVICES
Send money overseas at competitive exchange rates and charges.
- Can remit ≥ 100 foreign currencies* to ≥ 100 countries around the world electronically.
- Transfer fund electronically in a safe, expedient and cost effective manner.
- Shariah compliant – based on the principle of Bai’Al Sarf.
- Regulated by Bank Negara Malaysia.
- Customer may enjoy special rate for transaction above RM20, 000**.
- Customer may request to make payment in full to beneficiary**.
Receive money from overseas and get conversion at competitive exchange rates and charges.
In Bank Islam, customer can do foreign exchange transaction for value SPOT and FORWARD.
Bai’ al Sarf – A contract of exchange of money for money of the same of different type
- Value Today (same day)
- Value Tomorrow (next business day)
- Value Spot (two business days from the deal date
Customer must have a current/saving account with Bank Islam
Bai` al-Sarf and Wa`d – Wa’d is a unilateral promise. An expression of commitment given by one party to another to perform certain action(s) in the future. Under this agreement, the Bank is allowed to enter into FX Forward transaction based on unilateral promise i.e. binding only on the promisor.
A Future date after the SPOT date
- Customer must have a current/saving account with Bank Islam)
- Customer must have foreign exchange contract (FEC) line with Bank Islam
For further details, kindly contact our Treasury FX Sales Team at 03-20901700.