Foreign Currency Current Account-i (FCCA-i) is an excellent way for you to manage the risk associated with foreign currencies. It adopts the Shariah principle of Tawarruq.
*Tawarruq is an arrangement which consists of two (or multiple) sale and purchase contracts. The first involves the sale of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to a third party on a cash and spot basis.
Eligible deposit insured by PIDM
Benefits of FCCA-i:
- Protect your savings against exchange rate fluctuations
- Enjoy Preferential Forex Conversion (FOREX) Rates
- Avoid double exchange rate conversions for foreign remittances
- Potential gain in foreign exchange depending on market condition
Range of Foreign Currencies:
Currencies |
Minimum Opening Amount |
US Dollar (USD) |
USD 1,000 |
Australian Dollar (AUD) |
AUD 1,000 |
British Pound (GBP) |
GBP 1,000 |
European Euro (EUR) |
EUR 1,000 |
Singapore Dollar (SGD) |
SGD 1,000 |
Japanese Yen (JPY) |
JPY 100,000 |
Eligibility
- The FCCA-i is opened to non individual (business and corporate entities)”
Protected by PIDM up to RM250,000 for each depositor.
No |
Description / Service |
Charges/ Fees |
|---|---|---|
| a. | Close Account by Customer (within 6 months from account opening) | RM 20 |
| b. | Changes to Account | RM 10 per account |
| c. | Dormant Account
|
Account closed and balance absorbed as service charge RM 10 yearly |
*Subject to Government Tax, if applicable