Maybank announced that it has added Visa Direct and Western Union for its overseas funds transfer feature on the MAE by Maybank2u (MAE) app. With this, the bank hopes to offer more convenient and secure ways for its customers to transfer money to family and friends who are residing abroad.
In its notice, Maybank shared that with the addition of the two new options, customers using the overseas funds transfer feature on the MAE app will now be able to access up to five ways to conduct their remittance transactions, namely:
- Foreign telegraphic transfer (FTT)
- Maybank overseas transfer (MOT)
- Maybank-Bakong transfer (specifically for instant money transfers to Cambodia)
- Visa Direct
- Western Union
Briefly, Visa Direct lets you transfer funds of between RM300 to RM7,500 per day directly to overseas Visa credit, debit, and prepaid cards in 200 countries, with fees from RM10 onwards. Meanwhile, Maybank customers can use Western Union to transfer money (up to RM9.999 per day) directly to bank accounts in 12 countries, or to over 500,000 Western Union agent locations in 200 countries. Fees begin from RM5 upwards.
To tap into these new functions, go ahead and launch your MAE app, then tap on “Quick Actions”, followed by “Overseas”. Select the country that you want to transfer to, your debiting account, transfer amount, currency, and preferred transfer mode. You’ll also be required to fill in your transfer details. Once done, approve the transfer with Secure2u.
Note that you must update your MAE app in order to enjoy these latest features. Maybank has been gradually moving various functions from Maybank2u app to the MAE app as there are plans to phase out the Maybank2u app, leaving the MAE app as Maybank’s only mobile banking app. However, there is currently no set timeline for this move.
(Source: Maybank)
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