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PSA: For those Going to Study Abroad

PSA: For those Going to Study Abroad

by Mitchell W.

In an act to reduce illegal activities and strengthen Malaysia's financial integrity, the country is now planning on implementing a new rule on cash transaction limit next year.

The talk now is that the new limit would be RM25,000.

According to Bank Negara deputy governer, Datuk Abdul Rasheed Ghaffour, "this is to address the abuse of physical cash used for illicit activities.”

If successful to get this new ruling implemented, it will affect all transactions involving physical cash payments including payments of goods and services and donations and transfers between parties, which are applicable to individuals, businesses and other entities.

We honestly don't know if it'll work out...

This would negatively affect big corporates that deal with high-amount transactions -- those in industries like medical tourism, hotels, and wholesale.

These people do not have the time to make multiple transactions in a week just to send out RM100,000 lol.

 

There are some Exemptions that You might wanna take note of:

1. Any cash transactions that has to do with financial institutions aren't affected.

2. Cash transactions under circumstances such as for humanitarian aid also won't be affected, pending approval from the Ministry of Finance.

Hence, for you students already studying abroad or planning too, either choose a cheaper country instead of UK* or...spend way less -- cause it'll take awhile for your parents to get you your "Survival Fundings".

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