With the announcement of DuitNow Overseas Transfer by Bank Negara Malaysia, Maybank is proud to be one of the first participating banks to offer this service to its customers. With DuitNow Overseas Transfer, Maybank customers can make real-time transfers using recipient’s registered mobile numbers in Singapore. Maybank Singapore customers will also be able to use PayNow Overseas Transfer to seamlessly send money via the Malaysia recipient’s mobile number. This service will be rolled out progressively from 17 November 2023.
DuitNow Overseas Transfer allows for transfers to Singapore of up to RM3,000 per day available on Maybank2u web and the MAE app. Customers can enjoy fee waiver for DuitNow Overseas Transfer from now until further notice.
For transactions above RM3,000, Malaysian Maybank customers may opt for the Maybank Overseas Transfer for instant transfers to Singapore Maybank accounts and other banks in Singapore, also available via Maybank2u web and the MAE app. Currently Malaysian Maybank customers utilising Maybank Overseas Transfer enjoy zero transfer fees until 31 December 2023.
Maybank Singapore also announced its instant online cross-border initiatives via Maybank Overseas Transfer earlier in the week. For Maybank Singapore customers, Maybank Overseas Transfer is available through Maybank2u SG (Lite) app and Maybank2u Online Banking where customers can send money to over 50 DuitNow participating banks and non-financial institutions. Transfer fees are currently waived for Singapore Maybank Overseas Transfer to Maybank Malaysia and $2.00 to other banks in Malaysia.
Dato John Chong, Group CEO of Community Financial Services at Maybank, spoke about this new development, stating, “We are excited to launch the DuitNow Overseas Transfer service as part of our Maybank Beyond Borders’ initiative as we aim to address the ever-evolving needs of our customers in both Malaysia and Singapore. DuitNow Overseas Transfer is a hassle-free alternative for Maybank Malaysia customers to send money to their loved ones in Singapore.
Similar service via PayNow Overseas Transfer will also be introduced by Maybank Singapore soon. This is part of our humanising of Maybank’s financial services to empower customers with interests in both Malaysia and Singapore to manage their finances seamlessly across the region; aligned with our M25+ strategic thrust to strengthen our presence beyond Malaysia.”
Beyond Borders represents Maybank’s commitment to delivering a comprehensive suite of digital cross-border services and financial solutions for the evolving needs of Maybank customers by offering seamless, borderless banking transactions.
Other Maybank Beyond Borders initiatives include no-charge withdrawals for Malaysia Maybank cardholders at Maybank ATMs overseas and Cross-border DuitNow QR Payments at participating merchants in Singapore, Indonesia, Thailand and China. In addition, Maybank will also be introducing Regional View, which enables Maybank customers in both Malaysia and Singapore to seamlessly manage their finances via a single, consolidated dashboard view of all their accounts, fixed and term deposits, cards, loans, and wealth products.
The consolidated single view dashboard Regional View is available for Maybank Singapore customers on Maybank2u SG (Lite) app and Maybank2u Online Banking, facilitating the ease of fund transfers between their Maybank Singapore and Malaysia accounts.
Alvin Lee, Head of Group Wealth Management and Community Financial Services of Maybank Singapore, added, “Maybank has been at the forefront of facilitating cross-border digital banking services as demand for cross-border payments is on the rise. We are very pleased to be one of the first financial institutions to offer customers instant, secure and more cost-effective person-to-person funds transfers and remittances between Singapore and Malaysia. This latest real-time payment systems linkage will further encourage cross-border transactions, with PayNow and DuitNow as amongst the widely-used digital payment methods by customers. With customers becoming increasingly digitally savvy, we will continue to provide seamless and secure financial solutions to facilitate regional payments interconnectivity, which supports the Bank’s strategic thrust of customer centricity.”
Dato John concluded, “Maybank is committed to providing our customers with the most convenient and affordable cross-border financial services solutions possible. Our Maybank Beyond Borders offerings ensure convenience, security and efficiency for over 15 million Maybank customers, especially the 1 million Malaysians who either work, study or live in Singapore.”
For more information, please go to: maybank.my/beyondborders
