M2u Visa Direct – International Money Transfer


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.

e-Debit Payment System in Malaysia


e-Debit is a simple, secured, precise and cashless payments system. The payments system utilized regular ATM card to pay the merchant at the Point-of-Sale (POS) terminal.

Consumers only need to present their ATM card, key in the PIN number in order to complete the purchase transaction. Debit request is passed through the Inter-Member Network where the ATM Card, Personal Identification Number (PIN) and required funds for the purchase are verified by the issuing bank.

The payment will be deducted immediately from consumer’s savings or current account and deposit directly into the retailer’s or merchant’s bank account.

This provides consumers with better cash management and peace of mind as all transactions are PIN based. In addition, the new card is embedded with a sophisticated, tamper-resistant smart chip to protect consumers against the risk of fraud.

At the end of a successful transaction, the merchant will hand over the official receipt for the purchase.

Similar to the purchases made by any other payment method, refunds and exchanges are depending on merchant policy. Refunds can be processed through the e-Debit service providing the cardholder who made the purchase is present to authorize the refund transaction.

e-Debit are chip-based ATM cards issued by Malaysian banks. Some of the issuing banks are Affin Bank, Alliance Bank, Agro Bank, Ambank, Bank Islam, Bank Muamalat, Bank Rakyat, CIMB Bank, Hong Leong Bank, Maybank, Public Bank & RHB Bank.

e-Debit payments system is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

Direct Debit Payment Systems in Malaysia

Direct Debit Payment System is a simple, safe and the most convenient way for consumers to pay bills or make recurring payments such as insurance premium, utility bills, loan installment payment directly from their bank account.

It is more secure than making payment by using cheque or cash, because the fund is automatically deducted from consumer account and credited directly into the merchant’s account. As the payment is fully automatic and certain, consumers don’t have to worry about their bills either forgot to make payment or lost in the mail. Automatic payment also eliminates the risk of late-payment charges.

If you are interested to enroll in Direct Debit, here are the steps.

  • Contact the organisation or company that you wish to make payment.
  • Complete the MyClear Direct Debit Authorization Form (DDA Form) to authorize a merchant to debit your bank account for the agreed amount and frequency.
  • The merchant will then notify your authorization instruction onto your bank to deduct the agreed amount from your account for verification of signature and approval.
  • Upon approval, the agreed amount will be automatically deducted from your bank account for the recurring payments to your merchant’s account.
  • Just ensure that, you have sufficient funds in your account when the payment is due.

Participating banks are Bank Islam, Bank Kerjasama Rakyat, Bank of America (M) Berhad, CIMB Bank, Citibank, Deutsche Bank, Hong Leong Bank, HSBC Bank, J.P. Morgan Chase Bank, Maybank, OCBC Bank, Public Bank, RHB Bank and Standard Chartered Bank.

Consumer may be charged for Direct Debit transaction, but the charges or fee will depend on the merchant.

There is no limit on the number of direct debit transactions or value of each transaction. You just need to ensure the fund available in the account is sufficient.

For any reason, if you need to cancel authorize direct debit instruction, simply complete the Direct Debit Authorisation Form (DDA Form) which is available from your merchant. On the form you will find ‘Type of Application’ field; please select ‘Termination’

Direct Debit is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

MyClear role is to provide technical expertise, interbank switching and routing infrastructure and manage the clearing and settlement for the banks.

Retail Payment Systems in Malaysia

Retail payments systems are method used to make small payments by individuals and businesses. The most popular method is via cash. These are the payment systems, other than cash, that ca be use in daily life.

Retail payments in Malaysia can be divided into three categories

1. Types of retail payment systems

2. Types of retail payment instrument

  • Cheques
  • Credit cards
  • Charge cards
  • Debit cards
  • ATM cards
  • E-money

3. Types of retail payment channels

  • Internet banking
  • Mobile banking
  • Mobile payment

Interbank RENTAS Money Transfer in Malaysia

Real-time Electronic Transfer of Funds and Securities System (RENTAS) is the only large value payment system in Malaysia.

It provides multi-currency real-time gross settlement of interbank fund transfers, multi-currency debt securities settlement, and depository services. Foreign currency custodian services and securities settlements are done via Euroclear link.

Normally, RENTAS is used for

  • Transfer large value of funds between banks.
  • Banks withdraw cash from their deposits (accounts) with Bank Negara Malaysia
  • Adjustments of statutory reserve requirements that the banks must hold with Bank Negara Malaysia
  • Settle money market transactions
  • Settle the ringgit part of large foreign currency transactions
  • Transfer of scripless securities such as Malaysian government debt securities that are issued in electronic form

Currently, RENTAS interbank transfer is only can be done over the counter as participating bank as internet banking does not offer this kind of facility.

When compare with Interbank GIRO transfer, the cost to make a RENTAS transfer is higher. It normally cost in between RM5 to RM14 depending on banks versus RM0.10 to RM2 for GIRO Transfer.

RENTAS Transactions are settled throughout the day, as they occur in real time. Normally, the fund will be sredited to recipient account on the same day.

Although RENTAS is designed for large value payments, there is no minimum limit for payments between member institutions. However, there is a minimum limit of RM10,000 for payments that originate from a non-RENTAS member, but this limit does not apply to payments to or from the government or Bank Negara Malaysia itself.

RENTAS is operated by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

RENTAS membership is restricted to licensed financial institutions in Malaysia. The members include commercial banks, Islamic banks, Investment banks, Development Financial Institutions and non-bank financial institutions that operate in the money markets or capital market. RENTAS is also used by the government of Malaysia.

FPX Payment (Financial Process Exchange)

FPX Payment (Financial Process Exchange) is a secure online payment gateway system that allows consumers to make real time online payments by using their existing current or savings account. FPX provides consumers with the convenience to purchase at their retail websites and online stores. Consumers are not required to register to make FPX Payment.

The great thing about FPX is it allow to make payment between different participating financial institutions or banks. Currently, the participating banks are Maybank, CIMB Bank, RHB Bank, Public Bank, Hong Leong Bank and Bank Islam.

The only drawback of FPX Payment is, consumer needs to have an Internet banking account with any of the six (6) participating banks mention above. Since FPX is for online payment, there should not a bigger issue as most of the consumers who shopping online, have an online banking account.

To use FPX payment, kindly follow these simple steps,

  1. Ensure pop-up blocker of your browser is disabled.
  2. At the merchant website. Select FPX as a payment option.
  3. Select your preferred bank and you will be directed to the Internet banking log-in page.
  4. Proceed to log-in and complete the payment.
  5. Once the transaction is successful, a separate notifications will be sent from the merchant, bank and FPX System.

FPX service operating hour is from 1:00am to 12:00am daily, seven days a week, 365 days a year. However, FPX service is also dependent on the participating banks’ Internet banking service availability.

The maximum transaction limit for an individual banking account is RM 30,000.00 per transaction and RM 1,000,000.00 per transaction for a corporate banking account. However, the above limit is subject to your Internet banking transaction limit, whichever is lower.

FPX Payment System is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia. MyClear provides technical expertise as well as providing interbank switching and routing infrastructure for the banks. They will also manage the clearing and settlement on behalf of the banks for the FPX service.

Interbank GIRO (IBG) Money Transfer in Malaysia

Interbank GIRO (IBG) is an electronic fund transfer payment system which allows transfer of money in between paticipating financial institutions within Malaysia. The IBG system is managed by MyClear, a subsidisary of Bank Negara Malaysia.

IBG fund transfer is secure, convenient and cost effective way to move fund between different banks. IBG Services allow customers to transfer fund between own or third party for the purpose of normal money transfer or payment to loan or credit card accounts.

Individual can perform IBG transaction via ATM machines or internet banking or over the counter. The maximium limit for fund transfer via internet banking is up to RM10,000 per day depending on banks, while over the counter IBG transfer can be as high as RM1,000,000.

The charges for IBG transfer is only RM1.00 for ATM machines transaction, RM0.10 for Internet Banking transactions and RM2.00 for transaction over the counter transaction.

For IBG transfer via ATM machines, the fund will be available instantly.

If the transaction is made via internet banking, the money will be available in the recipient account on the same day if transaction is made before 12.30pm on Monday to Friday. After 12.30pm, the fund will only be credited into recipient account next working day. If the transaction made on Saturday, Sunday or Federal Territory Public Holiday, the fund will be credited on the next working days.

Paticipating banks are Affin Bank, Agrobank, Alliance Bank, Al-Rajhi Bank, AmBank, Bank Islam, Bank of China (soon), Bank Rakyat, Bank Muamalat, Bank of America, Bank Simpanan Nasional, Bank of Tokyo – Mitsubishi UFJ, CIMB Bank, BNP Paribas, Citibank, Deutsche Bank, Hong Leong Bank, HSBC Bank, Industrial and Commercial Bank of China (ICBC), JP Morgan Chase, Kuwait Finance House, Maybank, Mizuho Corporate Bank, OCBC Bank, Public Bank, RHB Bank, The Royal Bank of Scotland (soon), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.

What is SWIFT Code?

SWIFT Code or also commonly known as SWIFT-BIC, BIC code, SWIFT ID or ISO 9362 is a standard format of Business Identifier Codes. These codes are commonly used for transferring money between banks, especially in the international wire transfers or foreign telegraphic transfer.

The SWIFT code consists of 8 or 11 characters in the following format.

AAAA BB CC DDD

  • The first 4 characters (“AAAA”) specify the bank. Only letters are allowed.
  • The next 2 characters (“BB”) specify the country. It use the format of ISO 3166-1 alpha-2 country code.
  • The next 2 characters (“CC”) specify the location. Letters and digits are allowed. The passive Participants will have “1” in the second character
  • The last 3 characters (“DDD”) specify the branch. This is an optional. A ‘XXX’ refers to the primary office. Letters and digits are allowed.

When 8-digits code is given, it refers to the primary office.

The codes are divided into Live & Passive Codes. The Live Codes are for institutions who are actively connected to the SWIFT network while Passive Codes are used for manual transactions.

The registrations and management of SWIFT Codes are the responsibility Society for Worldwide Interbank Financial Telecommunication (“SWIFT”). SWIFT headquarters is located in La Hulpe, Belgium.

The best way to obtain SWIFT Code is to ask your bank directly. However, for quick look-up you may find the code at www.theswiftcodes.com. Prior to using it, it is wise to check with your bank to ensure the money went into the intended account.

How to Send Money by Using Western Union

In Malaysia, Western Union is one of the most commonly use method to send money overseas. The recipient will receive the money within hours or minutes depending on transfer method.

Western Union has many authorized agents throughout Malaysia. The main agents are RHB Bank, Bank Simpanan Nasional (BSN), POS Malaysia, Bank Rakyat, Bank Islam, Kuwait Finance House, Public Bank, Bank Muamalat, AmBank & Hong Leong Bank. Click here to search for agent locations or refer to Malaysia Bank Directory.

There are 4 ways to transfer money by using Western Union.

1. Send Money directly to Bank Account

This method is currently only available to send money to Indonesia, China, India and Philippines’s bank account only. For the list of the eligible bank, kindly refer here.

Here are the steps to send money directly to a bank account

  1. Visit the nearest Western Union authorized agents and fill out the “SEND MONEY DIRECT TO BANK” form.
  2. Submit the completed form together with the money, transfer fee and identification document. Remember to keep the receipt.
  3. The money will be deposited into the receiver’s bank account within an hour.

2. Send Cash to Receiver

Here are the steps to send cash to receiver.

  1. Visit the nearest Western Union authorized agents and fill out the “SEND MONEY” form.
  2. Submit the completed form together with the money, transfer fee and identification document. Remember to keep the receipt.
  3. Inform your receiver the following information in order to pick the cash
    • The sender’s full name (as written on the Send Money form)
    • The country from where the money was sent
    • The amount that was sent and the currency
    • The Money Transfer Control Number (MTCN)
    • Receiver must bring valid identification
  4. The money will be available to pick by received within minutes.

3. Send Through Online Banking

To send Western Union through online banking, you need to have access to either RHB Bank or Public Bank online banking.

Here are the steps to send money through online banking.

  1. Login to RHB Bank or Public Bank online banking
  2. Fill out Western Union money transfer form.
  3. Inform your receiver the following information in order to pick the cash
    • The sender’s full name (as written on the Send Money form)
    • The country from where the money was sent
    • The amount that was sent and the currency
    • The Money Transfer Control Number (MTCN)
    • Receiver must bring valid identification.

4. Send Money via Mobile

Mobile Money Transfer is only available for Maxis Hotlink customers.

In order to send money via mobile, you need to sign up for M-Money.

  1. Sign-up for M-money via SMS – type REG and send to 27007
  2. Top-up cash into M-money account. The first transaction must be done at Maxis Centre and select retailers.
  3. Subsequent top-up can be done internet banking channels and via cheque or cash deposit machines at participating banks.

Registered M-money user with money available in their M-wallets can use the service immediately via SMS.

Bank Transfer in Australia

Bank transfer is one of the most frequently used methods for transferring transfer money locally within Australia. The recipient normally will receive the fund transferred instantly if funds are transferred within the same bank. If the money being transferred between a different bank, the recipient will receive the money on the next working day.

In Australia, a bank transfer can be made either by visiting the bank’s branch, through ATM that is available throughout the country or the most convenience way via internet banking. Normally, bank imposed a transfer limit of up to a maximum of $5,000 per day if the transfer made through internet banking. Fund transfer can be made to own or to somebody else’s account.

To make bank transfer locally within Australia, you will need the recipient’s BSB Number, Account Number and Recipient name. Please be aware that when transferring to an account in Australia, only the BSB and Account Number information is used. Banks will not check the Account Name provided. As such, it is very important to ensure that the BSB Number and Account Number provided are correct. Recipient street address and postcode are also not required for local bank transfer.

For inward international fund transfer to the Australia, swift code is also needed on top of recipient name, bank name, BSB Number and account number. International fund transfer to Australia may take approximately between 1 to 3 days.