Maybank International Transfer

If you’re getting ready to send money abroad with a Maybank international bank transfer you’ll want to know all about the costs and exchange rate that will apply. This guide covers all you need to know about setting up an overseas payment with Maybank.

As Malaysia’s largest bank, you might expect that sending an international telegraphic transfer with Maybank is the obvious choice. However, you may find that specialist services like Wise and Western Union can offer a more convenient 24/7 service with a faster delivery time, lower overall fees and a better exchange rate.

Maybank international money transfer comparison

Before you transfer money abroad with Maybank you’ll want to understand the different potential costs which may apply:

• Transfer fee - this is an upfront fee which is often the cheapest of all the charges involved

• Exchange rate markup - a percentage rolled up in the exchange rate

• Beneficiary bank or agent charges - these costs are paid to third parties and the recipient’s own bank

To give an idea of how Maybank compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending a standard online telegraphic transfer of 5,000 MYR to a GBP denominated account, with Maybank and a few specialist services.

Maybank international money transfers have a fairly low headline fee - but the costs can start to mount up when you take into account the exchange rate markup and the potential agent bank fees that can creep in.

It’s also worth noting that even though Maybank has an online international transfer service, it’s only available within banking hours. If you want to make a payment out of hours or on a weekend, check out specialist services like Wise and Western Union. You’ll get a 24/7 payment service, and you’ll also usually find more transparent charges, and a quicker delivery time.

Maybank international transfer fees

Here’s what you need to know about Maybank international telegraphic transfer  fees:

Maybank telegraphic transfer exchange rate

You’ll be able to get the Maybank live exchange rates online, or by logging into your mobile banking service. There are different rates depending on the transaction type, so do make sure you’re looking at the correct rate for your payment.

Like most banks and exchange services, Maybank’s international transfer exchange rate will include a markup. That’s an extra fee which is wrapped up in the exchange rate applied when you make a payment overseas. It’s common for this markup to be about 3% - but to understand the exact markup for your currency you’ll have to compare the Maybank rate against the mid-market exchange rate you can get from Google yourself.

To give a picture, here’s how the fee mounts up if there’s a 3% markup added to the rate used for a few different transfer values:

• Sending 1,000 MYR - the exchange rate markup adds 30 MYR to the total

• Sending 5,000 MYR - the exchange rate markup adds 150 MYR to the total

• Sending 50,000 MYR - the exchange rate markup adds 1,500 MYR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you set up your payment online and send 5,000 MYR to a GBP denominated account:

• Maybank: 10 MYR + exchange rate markup + beneficiary bank or agent charges

• Wise: 24.33 MYR

• Western Union: 10 MYR + exchange rate markup

Maybank additional fees

Maybank warns customers that extra fees may be applied by agent banks or the beneficiary’s own bank which would be deducted from the payment as it’s processed.

Agent bank fees arise when payments are processed through the SWIFT network. Under this system, your money is passed through 1 - 3 agent banks until it reaches the final destination. Each intermediary bank can charge a service fee, which means your recipient may end up with less than you were expecting in the end.

Maybank has a separate service called G’OUR payments which is designed to ensure that the recipient gets an exact amount. In this case you’ll need to visit a branch to arrange your payment - which costs more than an online transfer. You’ll then have to pay the agent charges upfront, which can vary depending on where you’re sending to. In our above example of sending money to the UK, for example, you’d pay 17 GBP to ensure your recipient doesn’t have to cover agent costs themselves.

How long does a Maybank international telegraphic transfer  take

Maybank international transfers can only be arranged during normal banking hours and take 1 - 3 working days to arrive. If you want to send a payment out of hours, at a weekend or during a public holiday you won’t be able to use Maybank’s services - even online. Specialist services on the other hand tend to offer 24/7 transfers, with faster delivery times.

Here’s how the providers we looked at earlier measure up on delivery times:

• Maybank: 1 - 3 working days 
• Wise: Payments can be instant -  80% of payments arrive in 24 hours
• Western Union: 0 - 1 business day

Pros and cons of transferring money abroad with Maybank

Pros:

• Online or in-branch service options

• Low transfer fee for online payments

• Familiar service

Cons:

• Exchange rate markups and agent bank fees push up costs

• Transfers can only be arranged during banking hours

• Delivery times are not the fastest available

Specialist online services like Wise or Western Union may be able to offer an easier and faster online or in-app service, which you can use any hour of the day or night. Compare these options against Maybank to decide which is most convenient for you.

Learn more on how Wise compares to international bank transfers here: Wise vs International Bank Transfer

How to make an international transfer with Maybank

You can transfer money overseas with Maybank online, via your mobile device, or in a branch. Here’s how to set up your payment in the Maybank2u online banking system:

• Log into online banking

• Click Transfer and then Transfer to overseas

• Follow the prompts to add the payment amount and currency

• Select Foreign Telegraphic Transfer to see a quote for the fee and rate

• Check everything over, enter your recipient details and confirm

It’s worth noting that the online Maybank2u transfer service is only available from 10.00am to 6.00pm, on banking days. You won’t be able to place your transfer outside of these times.

What information do you need to make an international transfer with Maybank?

Here’s the information you can expect to need when making a Maybank international money transfer:

• Beneficiary name

• Beneficiary contact number

• Beneficiary address

• Beneficiary email Address

• Beneficiary bank name and address - branch codes are also required for some countries

• Beneficiary bank account number

• Purpose of Transfer (Mandatory if you are transferring more than 5,000.50 MYR)

Transfer limits and available countries

Under Maybank international transfer limits you can send from 250 MYR to 30,000 MYR per day in most cases. You can make multiple payments as long as the total remains under the maximum limit. Some account types may have higher limits. There’s no limit to the amount you can send by visiting a branch - although higher fees will apply for this.

You’re required by law to state the purpose of any international transfer over the value of 5,000.50 MYR. There are also Bank Negara Malaysia rules when sending money from resident to resident in a foreign currency unless the reason for the transfer is for education. Make sure you check out the full details if this applies to you.

Maybank international transfers can be made in 24 currencies to over 100 countries.

Receiving money from abroad with Maybank

If you’re expecting to receive an international payment into your Maybank account, you’ll have to give the sender some key information to make sure your money arrives safely. Exactly what’s needed can vary according to the sender’s own bank - but will usually include:

• Your full name

• Your bank account number

• The Maybank SWIFT code

• The address of the Maybank branch which holds your account

Maybank SWIFT code

SWIFT codes are important as they help to guide international payments to the right account - even if it’s on the other side of the world. If someone is sending you money to your Maybank account you’ll need to give them the Maybank SWIFT/BIC code to avoid issues or delays.

The Maybank SWIFT/BIC code is: MBBEMYKL

Conclusion

If you bank with Maybank normally then you might think that using their service for international money transfers is an obvious choice. However, banks often don’t offer the best service when it comes to international payments - specialists can usually get your money where it needs to be faster and for a lower fee.

Maybank international payments may also not be a convenient choice - as the service is only available in banking hours, even through the online banking system. Compare your options with Maybank against specialists like Wise and Western Union to see which is the better balance of cost and convenience for you.