If you are in Malaysia. there are many ways to send or receive money to/from overseas. Each methods differ in terms of transfer speed and fees involved.
Some methods also requires additional the sender or recipient utilize their cards such as VISA Money Transfer.
The table below is some of the methods to send and receive money to/from overseas. Transfer speed and fees is relative.
| No |
|
Speeds |
Fees |
Remarks |
| 1 |
Foreign Telegraphic Transfer / Wire Transfer |
Fast to Slow |
Low |
Speed depends on the recipient country, Bank & whether any intermediate bank involved |
| 2 |
Western Union |
Very Fast |
High |
|
| 3 |
MoneyGram |
Very Fast |
High |
|
| 4 |
International Money Orders |
Slow |
Low |
Limited to 21 countries |
| 5 |
VISA Money Transfer |
Very Fast |
Low |
Service by M2U Visa Direct & UOB Visa Money Transfer. Recipient must have VISA Card |
| 6 |
PayPal |
Instant |
High |
No fees for country allow personal payment. |
| 7 |
Citibank Global Transfer |
Instant |
Free |
Limited to certain countries & must have Citibank account. |
Maybank2u users are now be able to use M2U Visa Direct, an international fund transfer service which allows Maybank Savings and Current account to transfer funds to an overseas Visa debit, credit or prepaid cards via Maybank2u.
This service will bring a lot of convenience to Maybank2u user to transfer fund overseas and the most importantly, it only cost RM10 per transfer. On top of that, there is no service fee charged to the beneficiary for receiving funds.
Upon transfer completion, the funds will be credited directly to the beneficiary’s card account. The method for the beneficiary can access the funds depending on card type and shown below.
- Visa debit card – Funds will be credited into the beneficiary’s banking account linked with the Visa debit card. Beneficiary can do cash withdrawal, bill payment or retail purchases.
- Visa credit card – Funds credited into Visa credit card will offset the Visa credit card’s outstanding balance. The beneficiary can directly use the available credit balance for bill payment or retail purchases.
- Visa prepaid card – Visa prepaid cardholder can directly use the available credit balance amount for bill payment or retail purchases.
With M2U Visa Direct, Maybank2u users may transfer money to more than 200 countries with an exception to Visa card issue in Columbia, Cuba, Iran, Israel, USA, Sudan, Syria and Venezuela.
Another good feature of M2U Visa Direct is the money will be fast credited to the beneficiary card. For card with fall under Fast fund category, the money will be available almost realtime (within 30 minutes) while for Non fast fund category, the money will be available within 2 working days.
The transaction limit are as below
- Minimum transfer amount – RM300.00
- Maximum transfer amount – RM7,500.00
- The limit is also subjected to a total of RM50,000 per calendar month or 8 transactions per calendar month whichever is earlier.
The service is available 24 hours x 7 days a week except during Maybank2u maintenance hours.
