Q & ACategory: BusinessForeign Currency Account for Sole Proprietorship
Anonymous asked 8 years ago

Hi KCLau,
I was searching for foreign currency account information and landed here in your website. I will appreciate if you can offer me some advices.
I am a sole-prop business owner in Malaysia started in 2011, mainly doing export business for electronics product. The nature of business is dealing with export and import activities very frequently. The payment is usually done in USD. So i receive payment in USD, and make payment to overseas vendor in USD too.
The problem is I am suffering heavy currency exchange losses with ringgit currency account. So i think Foreign currency account is the right way to go. However, I have tried to apply many banks in Malaysia (CIMB, Maybank etc). Most of the foreign currency account for business purpose is only limited to SDN BDH companies (not sole prop). So i am having headache now. Can you recommend a solution? I am willing to pay for the advice if it’s within my budget. There is a overseas payment coming soon and I need to sort this out asap.
Thanks
frequent export import
frequent export import
frequent export import