1. In line with enhancements to our Group Anti-Money Laundering and Counter-Terrorist Financing Procedures we now require the following information for all cross-border payment transactions, regardless of currency.
a) The beneficiary’s full name, account number and address including country; and,
b) Your full name, account number and address including country (please note that when using Online or Mobile Banking, we already have your details on account and will automatically use them in your transaction, but if you have changed your contact details, please update them through online, phone banking or at your nearest branch).

2. Some banks in other countries (e.g., in France, Germany) may require the IBAN of the payee / beneficiary account. Please ensure this is provided in the Account Number / IBAN field in the payee details section. If the IBAN is missing or incorrect, the receiving banks may delay or reject these transfers and impose additional charges at their discretion for processing any amendment or cancellation of the transfers.

3. Outward Telegraphic Transfer (“OTT”) via Online Banking and Mobile Banking have a transfer limit capped at RM200,000 per day.

4. Please have sufficient funds including remittance amount and related charges in your account to ensure successful transactions.

5. Exchange rates and charges applicable is the prevailing rates at the time of the transfer being processed by the bank.

6. The expected arrival time of funds shown is based on transactions submitted before the cut-off time (set out below) on a business day and is an estimate. Transactions submitted after the cut-off time or on public holidays, Saturdays and Sundays will be processed on the next business day. We have no control over the time taken by the beneficiary bank to credit the funds to the beneficiary’s account. The expected arrival time may be affected depending on the beneficiary bank, purpose of transfer, remittance amount, regulatory requirements (where applicable), screening/checks done by us or the beneficiary bank, etc.

Payment Currency (Payee Receives)	Destination Market	Payee Type	Processing Days	Cut-off Local Time (MY time)	Payee will receive funds by
AUD*	AU	Individuals	Monday – Friday	01:30pm	Next Business Day
CAD*	CA	Individuals	Monday – Friday	08:00pm	Next Business Day
USD*				08:00pm	Next Business Day
EUR*	SEPA	Individuals	Monday – Friday	07:30pm	Next Business Day
GBP*	UK	Individuals	Monday – Friday	3.30pm to 06:00am	Same Business Day
SGD*	SG	Individuals	Monday – Friday	02:00pm to 02:00pm	Same Business Day
USD*	US	Individuals	Monday – Friday	1.30am	Next Business Day
Other currency and country combination		Individuals / Corporate	Monday – Friday	Process by next business day	3 – 5 days

*Same / Next Business day turnaround time not applicable for ”Education” purpose of payment
*Following payment currency and destination market pairs does not support Public holiday transactions

FEA related Notices

With effect from 17 May 2020, it is mandatory for all OTT transactions initiated through Standard Chartered Bank Online Banking to:
i Declare the correct Purpose of Payment (“POP”).
ii Provide supporting documents (if required).
iii Complete a declaration on Domestic Ringgit Borrowing (only applicable to Residents and selected POP).

1. Who is a Resident?
   Under Financial Service Act 2013 / Islamic Financial Services Act 2013, Resident is defined as:
   i. A citizen of Malaysia, EXCLUDING a citizen who has obtained Permanent Resident status in a country or a territory outside Malaysia AND is residing outside Malaysia;
   ii. A non-citizen of Malaysia who has obtained permanent resident status in Malaysia AND is ordinarily residing in Malaysia;
2. What is the definition of Domestic Ringgit Borrowing?
   Under Bank Negara Guidelines on Foreign Exchange (“FE”) Notices, domestic ringgit borrowing means any borrowing in Ringgit obtained by a Resident from another Resident OR any obligation considered or deemed as Domestic Ringgit Borrowing under any of the FE Notices.
3. Why do I need to declare whether I have domestic ringgit borrowing?
   Under the FE Notices, a Resident with domestic ringgit borrowing is allowed to invest in Foreign Currency Asset to RM 1 million equivalent per calendar year. However, the restriction is not applicable for Resident without Domestic Ringgit Borrowing.
4. What is Foreign Currency Asset?
   It is a Foreign Currency Asset (“FCA”) Offshore and FCA Onshore.

   FCA Offshore

   FCA Onshore

   a)    A financial asset in Malaysia swapped for a financial asset outside Malaysia b)    Foreign Currency Loan to a Non-Resident c)    Working Capital arising from the setup of any business arrangement, including a joint venture project outside Malaysia where no entity is created or established; d)    Deposit in a Foreign Currency account outside Malaysia excluding for education, employment or migration outside Malaysia e)    Foreign currency denominated: i.   Asset offered by a Non-Resident or any person whose residency cannot be determined. The term asset shall include tangible and intangible asset. ii.   Asset in Labuan International Business and Financial Centre or outside Malaysia. iii.   Financial Instrument or Islamic Financial Instrument (excluding Exchange rate Derivatives) without Firm Commitment offered on a Specified Exchange under the Capital Market and Services Act 2007 outside Malaysia undertaken by a Resident through a Resident futures brokers.

   a)    Foreign Currency denominated securities or Islamic securities offered in Malaysia by a Resident as approved in writing by Bank Negara Malaysia; b)    Foreign Currency denominated Financial Instrument or Islamic Financial Instrument offered in Malaysia by a Resident as approved in writing by Bank Negara Malaysia excluding derivative transaction entered with Firm Commitment c)    Deposit in Investment FCA with licensed onshore bank or an approved Financial Institution as specified under Notice 3 of FE Notices. d)    Any instrument offered by licensed onshore bank with Foreign Currency delivery at maturity such as dual currency investment.

5. What if I have reached the RM 1 million limit for the year?
   You need to obtain approval from Bank Negara Malaysia for transactions more than RM1 million in a calendar year.
6. Which POP requires supporting documents?
   Please refer to the table below.

   Purpose of Payments	Documentation Required
   a.     Education related b.     Education services (For Education overseas)	For sponsoring entity: Letter of award / scholarship / sponsorship, letter of offer by overseas school / college / university for sponsored student, invoices for tuition / accommodation / other fees For individual: Letter of offer by overseas school / college / university for student, valid student card / pass / Identification Document / invoice for tuition / accommodation / other fees, letter indicating estimated fees and/or living expenses for an academic year.
   a.     Swaps b.     Forwards c.     Futures d.     Options e.     Other derivatives	Approval letter from Bank Negara Malaysia.

7. How do I submit the supporting documents?
   After initiating an OTT transaction via Standard Chartered Bank Online Banking, an email will be triggered to your registered email with the list of required documents. You can furnish the relevant supporting documents by attaching them in the email reply to MYSCBFEADOC@sc.com.Example of email from SCB:

   Subject Template:-
   StanChart: Please submit your supporting document for OTT#<transaction reference no>/<transaction currency and amount>/<value date)

   Subject Sample:-
   StanChart: Please submit your supporting document for OTT#2004-141222422000/EUR12008.18/17Jan2022

   Please kindly take note of the clauses stated below in this email.

   1. Please take note that you must submit the above-requested document to the bank within One (1) business day from the date of this email to to MYSCBFEADOC@sc.com. Do ensure you only send the requested document to the email stated above and not to any other email.
   2. For OTT submitted before 3:30pm MYT, the supporting documents must be furnished before 6pm MYT on the same date failing which the OTT will be rejected. For OTT submitted after 3:30pm MYT, the supporting documents need to be furnished before 6.00pm MYT on the next business day. The Bank will only act on your instruction once we have received the requested documents.
   3. The Bank will only act on your instruction for the Outward Telegraphic Transfer through Online Banking and will not act on any other instructions (if any) in your email attaching the supporting documents.
   4. Should you wish to change your earlier instruction, please initiate a new instruction through Online Banking. The earlier instruction will be rejected after the cut-off time mentioned above. Any Foreign Exchange (“FX”) booked (if any) that needs to be unwound will be at the cost of the client.
   5. The Bank makes no representations or warranties as to the security of the email communication that you are sending to the Bank and you acknowledge that there are risks in sending to the Bank the requested documents via email.
   6. Please note that for non-resident, no additional documentation is needed. Transaction will be processed accordingly.
8. What is the timeframe to submit the supporting documents?
   For OTT submitted before 3:30pm MYT, the supporting document must be furnished before 6pm MYT on the same day. For OTT which is submitted after 3:30pm MYT, the supporting document needs to be furnished before the next business working day 6pm MYT. The Bank will only act on your instruction once we have received the requested documents. The OTT transaction will be rejected if the supporting documents are not received within stipulated timeline. Any FX booked that need to be unwound will be at the cost of the client.
9. What happens if I submit incomplete supporting documents?
   Standard Chartered Bank will not be able to process your OTT instructions. If we do not receive the requirement documents by the cut-off time, the transaction will be cancelled, and you may have to bear the FX cost (if any).
10. Will Standard Chartered Bank notify me if I submit incomplete supporting documents?
    Standard Chartered Bank will trigger an SMS to your registered number informing Standard Chartered Bank unable to process your OTT transaction due to incomplete supporting documents.
11. Can I request for an extension to submit/resubmit the supporting documents after the stipulated timeframe as mentioned above?
    No. We will not be able to process your instructions if the supporting documents are submitted after deadline. You will need to submit a fresh OTT application along with the complete list of supporting documents.

We’re here to help. For any inquiries, please email us at Malaysia.Feedback@sc.com or log in to online/SC Mobile to send us your message.