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Maybank Overseas Money Transfer Review

Transfer money and enjoy preferential forex rates with a Maybank online overseas funds transfer.

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Ranked among the top 5 banks in Southeast Asia in terms of assets, Maybank has an extensive global network of over 2,400 branches and offices in 20 countries. If you’re looking to transfer money overseas, you may do so on-the-go or from your desktop with Maybank Internet banking.

Why should I consider Maybank?

  • Competitive forex rates. Maybank offers preferential forex rates for remittances made via Maybank online banking, so you can save more while enjoying the convenience of transferring from anywhere.
  • Extensive global network. With Maybank’s wide network of correspondent banks, you can conveniently access and transfer your funds to virtually any part of the world.
  • Ease of application and convenience. Enjoy the convenience of remitting funds from the comfort of your home or from any of Maybank’s 27 locations in Singapore.
  • Existing bank. There’s no need to register for a new account with another international money transfer service. Simply log into your Maybank online banking account, make a call to the call centre or visit a branch to make a transfer.
  • Foreign currency current account. Enjoy the flexibility of making payments and receiving different foreign currencies in one account. A Maybank foreign currency current account also provides checking facility with high-interest rates.

What to look out for?

  • High margin. Unlike specialised money transfer providers, banks in Singapore, including Maybank, typically add a high margin on the interbank exchange rate.
  • Fees. There is no fee waiver for an overseas fund transfer at Maybank. For all modes of transfers, regardless of whether it is done through Internet banking, the call centre or at a branch, you will have to pay a percentage of your transfer amount as a commission (minimum $20 to a maximum of $100) along with cable charges.

Maybank overseas funds transfer fees

RegionLink Online Fund TransferTelegraphic Transfer (TT)
  • To Maybank Malaysia accounts: S$15 per transaction
  • To Maybank Philippines accounts: S$6 per transaction
  • 0.125% commission (min. S$20, max. S$100)
Processing fee
  • N/A
  • Online: S$20
  • Branch: S$30

*Fees are accurate as of 26 March 2021.

Maybank foreign exchange rates

Maybank offers money transfers for most major currencies, including USD, GBP, AUD, CAD and EUR. However, many specialist money transfer providers tend to provide better exchange rates compared to banks, so be sure to make a thorough comparison before committing to a service.

See a complete list of Maybank’s currencies and exchange rates

How long does a Maybank overseas money transfer take?

Depending on the currency, destination and agent banks involved, transfer speed typically vary between one to five working days.

If you’re transferring from a local Maybank account to a Maybank Malaysia account, your funds may be credited on the same day if you initiate the transfer before 4pm on business days.

What do I need to send money online through Maybank?

Before you begin an overseas bank transfer, make sure you have your beneficiary’s details on hand: recipient name, IBAN, address and contact number. Other payment details such as a valid transfer reason and registered phone number may be necessary for transfers in some currencies.

How to conduct an overseas fund transfer with Maybank

Access to Maybank overseas fund transfer services requires that you register for an online Internet banking account. You may also transfer directly via the Maybank2u SG mobile app.

Here’s a step-by-step guide for conducting an overseas funds transfer from the Maybank2u digital platform:

  1. Log into Maybank2u mobile banking
  2. Click on ‘Pay & Transfer’ on the top menu bar
  3. Select ‘Transfer’
  4. Click on the ‘Transfer from’ drop-down list and select the account you wish to transfer from
  5. Click on the ‘Transfer to’ drop-down list and select ‘Overseas’
  6. Select the country you’re transferring to, remitting currency and enter amount before you click ‘Convert’
  7. Review the fees and select ‘Foreign telegraphic transfer’ as your transfer option
  8. Fill up your recipients’ transfer details and click ‘Transfer’ to proceed
  9. Review and authorise the transaction with Secure2u or SMS TAC
  10. Click ‘Request’ to complete the transfer

Is there a Maybank app?

Maybank app

Yes, Maybank has an app on both Google Play and the App Store. The app makes it possible to do the following:

  • Funds transfer. Conduct both local and overseas funds transfer at real-time competitive FX rates.
  • Scan & Pay. Enjoy cashless payments to any participating merchants by scanning their PayNow QR code, or generate your own PayNow QR code for peer-to-peer transfer.
  • Easy bill payments. Settle your local or Malaysian bills, or credit card payments directly from your smartphone.
Reviews accurate as of March 26, 2021
Google Play Store3.8 out of 5, based on 325 customer reviews
Apple App Store1.8 out of 5, 5 customer reviews

More on the best money transfer apps

Bottom line

While Maybank do offer its customers the convenience of transferring funds overseas directly from its digital platforms, the service comes with hefty fees starting from S$10 or more per transaction. In addition, it also typically adds a higher margin on the interbank rates, making it a rather expensive money transfer option.

Before transferring, always compare other options to be sure that you’re getting the best deal.

Compare Maybank to other money transfer services

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.694 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
1 day SGD 0.00 0.699 USD
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
SGD 250 1 day SGD 0.00 0.699 USD
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.702 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.698 USD
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.702 USD
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 Within an hour SGD 50.00 0.696 USD
Use code Use code FINDER to access the S$500 discount. to access the $250 discount.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers

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