Money Matters during MCO in Malaysia – Prime Minister Tan Sri Muhyiddin Yassin has implemented the Movement Control Order (“MCO”) for the period of 18 – 31 March 2020. On 23 March 2020, he also announced that the MCO might be extended by up to two weeks. Here are some of the FAQ from Bank Negara, which you may find useful during this period.
What are Essential Financial Services?
They are as follows:
- Self-service terminals e.g. ATMs, Cash, Cheque and Coin Deposit Machines will be fully operational in accessible locations i.e. for premises and locations not affected by MCO. However, daily operating hours for all Self-Service Terminals including ATMs will be restricted from 7.00 a.m. to 10.00 p.m. during this containment period.
- Online banking i.e. electronic banking, mobile banking; payment card services; and cheque processing services are fully operational
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Money changing and remittance services are still available at bank branches
- Processing and handling of insurance and takaful claims, issuance of guarantee letters and annual renewal of insurance and takaful policies.
E-payment providers are considered an essential service as they fall under the category of E-commerce, which has been approved by the National Security Council as an essential service under the MCO.
While all providers of these essential services are allowed to provide limited counter services throughout this period, we strongly encourage you to use electronic channels and avoid unnecessary trips to the branches and premises of these providers for y
Will all financial service providers be closed? Or is it business as usual?
No, it is not business as usual in view of the need to ensure social distancing measures are observed during this MCO period for the safety and health of the customers and employees of financial service providers alike.
The providers of essential financial services that have been approved to operate during this period are banks, development financial institutions, insurance and takaful companies. But, you should expect some disruption or delays in normal branch operations in line with the need to ensure effective crowd containment.
Some branches may be closed and branches that are open will have limited counter services or reduced operating hours.
However, all your usual banking transactions can still be conducted through online or mobile banking.
If you do not have an online account, you can still withdraw and deposit cash, and make fund transfers and bill payments 2 No. Question Answer at self-service terminals i.e. ATMs and cash deposit machines. If you do need to make a trip to the bank or insurance company, please do check their websites first to confirm which branches are open, or call their customer service hotlines.
Will the ATMs run out of cash? Any changes to ATM operations?
Bank Negara Malaysia and all banks have established the necessary infrastructure to ensure that ATMs nationwide will continue to be stocked with sufficient cash to meet the needs of all households and businesses during this MCO period. Please note, daily operating hours for ATMs will be restricted from 7.00 a.m. to 10.00 p.m. for the duration of the MCO.
I need to remit some money to my child who is studying abroad, but all money changers and remittance service providers are closed. What do I do?
Please check on the websites or call the customer hotlines of banks to check which branches are offering money changing and remittance services during the MCO period.
While non-bank money changers and remittance service providers are not allowed to operate or offer counter services at this time, some are offering online services which are fully operational during this period. Please refer to the Bank’s website http://www.bnm.gov.my/msb, MSB Advisor app or websites of these providers for more information
Read more about Money Matters during MCO in Malaysia from Bank Negara Malaysia 21 March 2020 https://www.bnm.gov.my/documents/2020/FAQ_Essential%20Financial%20Services%20MCO.pdf
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