Foreign Currencies

Buy / Sell Foreign Currencies refers to the feature in AmOnline that allows you to perform currency exchange.

Buy – You can convert Malaysian Ringgit (MYR) or US Dollar (USD) to a foreign currency (e.g. Singapore Dollar, British Pound Sterling, etc.)

Sell – You can convert foreign currency back to MYR or USD

Launch the AmOnline app > Tap on Foreign Currencies

You will need to serve a cooling-off period if your AmOnline profile has been bound to a new device. For more details, please refer to the “Cooling-off Period” FAQ

No, this service is free of charge. However, Foreign Currency Current Account may have fees and charges. Please click here to learn more.

Your default limit per day is RM20,000.

You can increase this up to RM50,000 via AmOnline (Launch AmOnline App > More > Transaction Limit > Transfers > Buy / Sell Foreign Currency)

Even if your transaction does not involve Malaysian Ringgit (e.g. US Dollar converted to Singapore Dollar), the daily limit still applies. Standard counter rate applies for conversion of US Dollar to Malaysian Ringgit for limit checking purposes.

Important:

If you increase your transaction limit, you will need to serve a cooling-off period.

For more information, please refer to the 'Transaction Limit' FAQ.

For transactions performed using AmOnline, you can view past transactions in Recent AmOnline Transactions. You can also view your account transaction history in your account details.

After completing a transaction, you can tap on the ‘Share Receipt’ button. Alternatively, you can view your transaction in Recent AmOnline Transactions to view and share the receipt.

We need to perform additional internal verifications for certain transactions. While this verification is being performed, your transaction amount will be put on hold. While on hold, you cannot use this transaction amount for other transactions.

Refer below processing/verification schedule:

• Transactions submitted before 7p.m. on a business day, will be verified the same day
• Transactions submitted on weekends/public holidays or submitted after 7p.m. on business days, will be verified the next business day

If verification is successful, the transaction will be processed. If verification failed, the held amount will be released.

Immediately after submitting the transaction, you will see a screen informing you that the transaction is Pending Verification.

For all transactions performed via AmOnline, you will receive status updates through push and email notifications. You can also view your transactions by filtering for the ‘Pending Verification’ status under Recent AmOnline Transactions.

Once the transaction is processed, you will receive push and email notifications. You can also check your transaction status in Recent AmOnline Transactions or check your account history by navigating to Account > Savings/Current.

Refer below processing/verification schedule:

• Transactions submitted before 7p.m. on a business day, will be verified the same day
• Transactions submitted on weekends/public holidays or submitted after 7p.m. on business days, will be verified the next business day

No. Please ensure that all the transaction details are correct and you are agreeable to the rates offered before submitting the transaction.

No.

No. This service is not available from 10 p.m. to 6 a.m. the next day.

No. Please visit your nearest branch for this.

No. Please visit your nearest branch for this.

Preferential rates are live rates that are constantly updated accordingly to market rates and are usually better than counter rates. Preferential rates are only available on business days and during working hours from 9 a.m. to 5 p.m..

Counter rates are fixed rates that are set during the beginning of the day and only adjusted when market rates have moved substantially. Counter rates are available in AmOnline when Preferential rates are not available (Example : after working hours, holidays, etc.)

It could be due to below reasons:

• Your account is a joint account. Please visit your nearest AmBank/AmBank Islamic branch to transact using joint accounts for foreign currencies.
• Your account is meant for trading of goods and services, which is not available for online transactions. To change your account purpose or to perform transactions using such account, please visit your nearest AmBank/AmBank Islamic branch.

‘Domestic borrowing’ refers to any credit facilities in Ringgit obtained from financial institutions in Malaysia which excludes the financing of one residential property and one vehicle. Credit card facilities is not considered as part of domestic borrowing

It enables AmBank to process the transactions, i.e. conversion from Malaysian Ringgit (MYR) into foreign currency accordingly based on your residency and domestic borrowing status.

There are 2 main currency pairs available to you:

• MYR currency pair – you can convert MYR to foreign currency or vice versa (e.g. MYR to EUR or EUR to MYR)
• USD currency pair – you can convert USD to other foreign currencies or vice versa (e.g. USD to EUR or EUR to USD)

Refer below the full list of currencies for the different currency pairs. For currencies not available, please visit your nearest branch.

USD currency pairs are usually only available on business days and during working hours from 9 a.m. to 5 p.m..

In general, the annual limit is up to RM 1 million, sourced from conversion of ringgit for a resident individual. For more information, you may visit BNM website.

In AmOnline, the annual limit is RM 700,000. If you have reached this limit, you may visit your nearest branch to perform foreign currency transactions. This AmOnline-specific limit of RM700,000 will reset every year.

Please visit your nearest branch to perform transaction.

RM10,000 per transaction and also subject to daily limit set by customer (max. RM50,000 per day)

Preferential rates are live rates that are constantly updated accordingly to market rates. This rate will expire after 60 seconds in AmOnline.

Rate expiry and refresh is not applicable when counter rates are being offered.

No.

You may have exceeded any of the below limits for buy/sell foreign currencies:

• Annual limit of RM 1 million for resident individuals
• AmOnline’s annual limit of RM700,000
• Daily limit as per what you have set up in Transaction Limit (Max. RM 50,000 per day)
• Non-resident limit of RM 10,000 per transaction

Yes. For more information on AmSecure authorization, please click here.