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Q:

What information is required for Purpose of Payment for payments to Malaysia

A:

Malaysian Banks have changed their payment process. so that all payments are now required to include a 'purpose of payment' description with the payment. This change is with immediate effect and includes all currencies.

The purpose pf payment description should include a narrative detailing what the payment is for e.g "Payment of Commercial Invoice, Invoice number xxxxxx"

Acceptable Example:

Purchase of Dairy Products, invoice no 123456

Unacceptable Example:

Invoice no 123456

Failure to include a 'purpose of payment' description will result in the payment being rejected by the receiving bank in Malaysia.

 

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