Maybank eases cross-border fund transfers between SG, Malaysia

The bank added over 50 DuitNow participating institutions where customers can send money over.

Maybank has eased cross-border fund transfers with its new instant online cross-border funds transfer service for Maybank Singapore’s retail customers and small and medium enterprise (SME) customers.

Through Maybank Overseas Transfer, customers can use their Maybank2u SG (Lite) app and Maybank2u online bank platform to send money to over 50 DuitNow participating banks and non-financial institutions (NFIs) such as Touch ‘n Go.

Maybank Malaysia’s retail customers, meanwhile, will enjoy real-time and instant overseas transfers to any banks in Singapore. Customers can use the MAE app and the Maybank2u website to access the service.

This enhancement has reportedly eased cross-border funds transfers for over 900,000 Malaysians working in Singapore, whilst also serving the needs of Singaporeans working in Malaysia. 

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Dr John Lee, Country CEO and CEO of Maybank Singapore noted that the service is an extension of its earlier instant fund transfer services.

“We understand the pain points of our customers when it comes to a hassle-free experience while transferring funds to their loved ones in Malaysia. We have been providing instant fund transfer services for customers who hold both a Maybank Singapore and Maybank Malaysia account at zero fees and have now extended our services to include over 50 DuitNow participating banks and NFIs for Maybank Singapore’s customers,” Lee said. 
 
SME owners are offered cross-border funds transfer services to their vendors, and credit salary payment services to their employees.