Maybank Overseas Money Transfer Review

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

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Established in 1960, Maybank is Malaysia’s universal bank, with key markets in Malaysia, Singapore and Indonesia. 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 need to transfer money overseas, Maybank can facilitate the transfers conveniently and securely.

Initiate a money transfer with Maybank using an account below

A Maybank overseas money transfer provides a fast and cost-effective way to send money to any bank account overseas through its Internet banking services. With Maybank personal or business Internet banking, you can conveniently remit money from the comfort of your home or at any of Maybank’s 27 locations in Singapore. Also, you can access all major currencies and enjoy preferential forex rates when you remit funds with Maybank online banking.

Maybank’s SWIFT code is ‎ MBBESGSG.

What are the options available for overseas funds transfer with Maybank?

Maybank money transfers enable you to conveniently send payments in a range of currencies to virtually any part of the world via Internet banking or any of its branches. There are a few options that can help facilitate your overseas funds transfer.

Overseas Visa Card Payments

Transfer funds globally and securely via the Visa card payment network at a low cost. You can use the funds from your Maybank Savings, Current or CreditAble Account, or charge to your Singapore-issued Maybank Credit Card to anyone overseas. Take a look at the comparison table below and find out how you can save with this option. Bear in mind that this option will require online banking access.

Note: This service is not available to Visa cards issued in the USA, Venezuela, Colombia, Nigeria, Myanmar, North Korea, Belarus, Congo, Cuba, Iran, Iraq, Ivory Coast, Liberia, Sudan, Syria and Zimbabwe.

iCheque (Foreign currency)

Easy application via online banking for your Demand Draft (DD) to be sent anywhere in the world with minimum hassle. As long as you’re an existing customer of Maybank with access to online banking and transactional account, you can apply for this service anytime. iCheque is a cheaper alternative to Telegraphic Transfer (TT).

Telegraphic Transfer (TT)

A TT is a fast and effective way to send money overseas by sending an authenticated message via SWIFT / Telex to an overseas party, instructing it to pay your beneficiary a specified sum of money. While this may be a faster mode of remitting money overseas, it is usually more costly compared to a demand draft.

Compared to other banks, such as DBS, OCBC and specialised money transfer providers, making an overseas transfer via Maybank’s TT may be a pricier option.

Demand Drafts (DD)

A demand draft is a written order issued by the bank on your behalf to the bank’s overseas correspondents to pay a stated amount (either in foreign currency or SGD) to your beneficiary.

Overseas Visa Card PaymentsiCheque (Foreign currency)Telegraphic Transfer (TT)Demand Drafts (DD)
Commission/Fee$5 (To Visa cards issued in RegionLink countries: Brunei, Indonesia, Malaysia & the Philippines)

$8 (To Visa cards issued in all other overseas countries)

0.125% commission (min. $20, max. $100)$200.125% commission (min. $20, max. $100)
Processing feePostal Charges for via registered mail:

  • $2.50 (local address)
  • $4 (overseas address)
$20, agent’s fee may apply
Replacement/Cancellation feeTransaction is immediate. Unable to cancel after confirmation.$30$30$30

*Fees are accurate as of 8 May 2018.

Maybank foreign exchange rates

Depending on the beneficiary’s country and bank, the turnaround time for payment is a few business days (generally within one to five working days).

CurrencyCurrency Code(Bank Buys) IMT(Bank Sells) IMT

*Rates are current as of 8 May 2018.

Why choose Maybank for international money transfers?

  • 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.

What other products and services does Maybank offer?

  • Maybank business banking. Maybank offers various accounts and financing options designed to help you with your business operations, help you manage your cash flow and help you capitalise on new opportunities.
  • Maybank premier banking. As a premier banking account holder, you will enjoy additional privileges, preferential FX rates, exceptional credit cards, personalised services and other benefits. Deposit or invest $200,000 in fresh funds to be eligible for a premier banking account.
  • Financial planning. Maybank provides a wide range of financial planning services, offering you personalised strategies to help you secure your family’s financial future, manage your investment portfolios and help you prepare for retirement.
  • Financial assistance. Maybank provides a myriad of financing options such as car loans, property loans, personal loans and business loans.

What are the pros and cons of using Maybank?


  • 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.


  • 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.

Frequently asked questions

Cancellation and transfer amendments for iCheques, TTs and DDs are provided on a best-effort basis and will incur a charge of $30 in addition to processing fees and agent fees, if any.

This code is required for any incoming fund transfers to your Singapore Maybank account from international bank accounts.

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