Maybank International Transfers & Exchange Rates

Malayan Banking Berhad (Maybank) was founded in 1960 and now has over 2,400 branches in 20 countries, including all 10 countries in south-east Asia.

About Maybank

It is now Southeast Asia's fourth largest banking group, giving it a worldwide presence to provide a variety of opportunities for its members across ASEAN. Maybank has a market value of RM100.4 billion as of June 22, 2018, making it Malaysia's first stock to surpass the RM100 billion milestone.

Maybank's Global Banking division is based in Singapore, which is one of the bank's major overseas operations. It provides a wide range of services to its customers, including corporate and investment banking, stock brokerage, and insurance management.

Maybank Exchange Rates and Fees

Maybank is a relatively expensive option for transferring money abroad from the Southeast Asian countries. Its exchange rate margins are typically uncompetitive even when compared to other local banks for customers looking to save money on their transfers.

Exchange Rate

When transferring money abroad with Maybank, the commissions and processing fees will unfortunately not be the only charges you'll encounter. Maybank has a hidden fee: an exchange rate margin, which is hidden behind their foreign exchange rate tables.

The difference between the banks' actual exchange rate (known as the mid-market exchange rate) and the exchange rate at which Maybank will charge you is known as exchange rate margins, significantly higher than other banks, which typically set their exchange rate margins at approximately 1.5%.

Transfer Fees

Like other conventional Singaporean banks, for instance, Maybank has a straightforward pricing structure that includes commissions as well as set fees (dubbed "processing fees") for telegraphic transactions. The cost per transfer may be split down as follows for both corporations and individuals:

• A fee of 0.125%on the total money transferred, with a minimum of S$20 and a maximum of S$100 per transfer.

• There is a one-time processing cost of S$20 per transfer.

Keep in mind that these costs apply to funds sent to Maybank bank accounts in countries and currencies other than the United States.

Additional Costs

When transferring money abroad with Maybank, you may incur additional expenses in addition to the standard set of exchange rate margins, commissions, and processing fees.

The first of them might be in the form of a correspondent bank fee. This occurs if the bank you're sending money to doesn't have an established relationship with Maybank. Maybank will finalize the transaction through an intermediate bank. It's conceivable that the beneficiary's bank will also apply these agency fees in some instances.

If you choose to transfer through a branch rather than online, you may incur additional fees as well. In certain situations in Singapore, instead of the normal S$20 processing charge, both corporations and individuals will incur a S$30 processing fee.

How Do Maybank Transfer Fees Compare to Using a Money Transfer Provider?

Not only does the bank charge exorbitant fees, but its conversion rates to some nations, such as India, are still cost prohibitive for anyone trying to save money. Customers who are price sensitive should avoid being suffocated by these fees and instead consider switching to one of the numerous lower-cost options available on the market.

Maybank Pros and Cons

Maybank's weaknesses and strengths are listed below.

Maybank Bank Swift Codes

How to Open an Account and Transfer Money With Maybank

Maybank features iSave, an internet-only account that allows clients to create an account completely online rather than visiting a branch. The Maybank2U PH App will be used to submit all forms and documentation needed.

Opening an Account

To open an account, follow these simple steps:

• Step 1: Download the Maybank2U PH App

• Step 2: Prepare your valid ID and proof of billing (list of accepted IDs)

• Step 3: Fill out the application form in-app

• Step 4: Enjoy its features and benefits

Transferring Money

The simplest approach to transfer money with Maybank is to use itsMaybank2u app and follow these steps:

• Step 1: Open the Maybank2u mobile app and log in.

• Step 2: Select Cardless ATM Withdrawal from the Mobile menu.

• Step 3: Choose an account from which to send funds.

• Step 4: Choose a recipient from your favorites/contact lists, or type in the recipient's phone number and name.

Additional Information

There is no need to go from one bank branch to another with Maybank's Interbank FundsTransfer, which allows you to transfer funds quickly via ATM, Maybank's M2U Internet Banking, and BancNet Bank ATMs.

Customer Service Details for Users of Maybank

Maybank's Customer Care Hotline is accessible 24/7at 1300 88 6688 or 603-7844 3696 (international).

In the Philippines, you may reach the Maybank Customer Service hotline at (02) 8588 3888 or its toll-free number 1800 10 588 3888 for inquiries or concerns.

Summary

The Maybank has maintained a consistent track record of increasing operating revenues and shareholder earnings. The bank is stepping up its efforts to go digital in order to stay relevant, keep expenses down, and explore new revenue streams in the foreseeable future. It aspires to strengthen its position as one of Southeast Asia's major banking organizations in the future.

Maybank humanizes financial services in Asia by providing people with access to financial services on fair terms and at reasonable prices, and to be at the heart of the community at all times. These services, however, can come at a significant price, much of which may not be apparent at first look. Maybank has among of the largest exchange rate margins of all Singaporean banks when it comes to moving money abroad.

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