The Cheapest Way to Transfer Money to Overseas
Normally, for internationally money transfer, I would prefer Western Union to send money from Turkey to Malaysia, as the fee is much cheaper compare to Telegraphic Transfer (TT).
I believe a lot of businessman and parents are looking for a cheaper way to send money abroad either to pay for product from oversea or paying their children university tuition fee..
Maybank has introduced a cheapest way to send money abroad by using M2U Visa Direct.
M2U Visa Direct enables Maybank2u customers to transfer money to any overseas issued debit, credit or prepaid Visa Cardholders via Maybank2u and Visa Network.
You can make a real time fund transfer for a flat service that cost RM 10 to more than 200 countries. However you can send money for FREE /waived from 4 November till 31 December 2014.
You can send to any overseas issued Visa cards worldwide. However, M2U Visa Direct is not available to Visa cards issued in only 8 countries i.e.
Too bad USA is on the list, since a lot of Malaysian students are studying there. As for businessman you can always find other alternatives such as Singapore to buy your product. As nowadays, regional agent will take care all enquiries from ASEAN countries.
How To Transfer Money Abroad Using M2U Visa Direct
M2U Visa Direct is a cross border fund transfer service that allows Maybank Savings and Current account customers to perform fund transfers using Maybank2u online to overseas Visa debit, credit and prepaid cardholders via Maybank2u.
The funds are credited directly to the beneficiary’s card account where the beneficiary can either perform a cash withdrawal or spend at participating Visa merchants.
Please follow below instructions to use M2U Visa Direct using Maybank2u :
1) Open Maybank2u account online. Go to Transfers and click Open M2U Visa Direct.
2) Declaration and Terms and Conditions. This is Bank Negara Foreign Exchange Administration Rules, so you have to declare either you are Resident with or without Domestic borrowing. Click Agree to Terms and Conditions then click Accept.
3) Next step, you have to declare purpose of transferring the money abroad. Such as
i) Transferring to a Resident for Investment Abroad
ii) Transferring to Non Resident for Investment Abroad
v) Payment to Immediate family members
4) Key in recipient’s Visa Card number and name and click continue
5) On this next screen, please key in amount in USD or Malaysian Ringgit that you want to transfer. Bare in mind there is a transfer limit.
- Minimum transfer amount – RM300
- Maximum transfer amount – RM7,500 daily
- Maximum transaction limit of RM50K or 8 transactions per calendar month
6) Request for TAC and key in your TAC code and click confirm and you are good to go.
* Notice that the Exchange Rate that bank charge is quite high 3.5397 as ringgit value is falling.
** Also you can see the Fast Fund Status on the screen.
- Fast Fund – within 30 minutes
- Non fast fund – within 2 working days
M2U Visa Direct Features
M2U Visa Direct Service is 24 hours x 7 days except during Maybank2u maintenance hours. Just make sure you have enough money in your Maybank account.
You can almost make a transfer on a real time directly to overseas Visa debit, credit and prepaid card accounts to more than 200 countries. The beneficiary has the option to use the funds directly at participating Visa merchants or cashing it out. No “hidden cost ” to beneficiary to receive the money.
My 2 cents
M2U is convenient and cheap way to send money to overseas. You don’t have to go to the bank to fill in forms and wait for your number like Telegraphic Transfer or Western Union.
However, due to the currency rate for Ringgit is worsening right now maybe its not the best time to send your money abroad.