Maybank has launched an online foreign telegraphic transfer service that allows its customers to remit money overseas in 24 currencies to 50 countries at a lower service charge.
The foreign telegraphic transfer (FTT) service enables customers to send between RM250 and RM1,000 for cash transfer and RM10,000 equivalent in foreign currency per day for third-party transfers. A RM10 fixed fee will be charged to the customer for each transaction made, irrespective of the recipient country or the amount remitted.
This online service expands the range of innovative services offered by Maybank2u.com, said Spencer Lee, senior executive vice president and head of consumer banking at Maybank. Given the convenience and the low fixed transaction fee, we are providing customers an extra avenue to send money to these countries in their respective currencies within a short period. Customers who wish to send money to their children studying overseas or to relatives and friends will find this online FTT service efficient and helpful.
The FTT service is currently available during banking hours and offers immediate cash transfers to six countries, namely Bangladesh, China, Hong Kong, Indonesia, Pakistan and Singapore.
The online FTT service complies with regulatory requirements on foreign remittances with security features. Customers are required to declare the purpose of the transfer before proceeding with the transaction, and a transaction authorization code is required before confirmation of a transaction.