It’s fair to say that Maybank is a household name in Malaysia as well as its many services.
However, if you’re a regular user of Maybank’s foreign telegraphic transfer, it may be time to rethink your options.
Why? Simply because there’s a faster, cheaper and easier way to transfer money to Australia: BigPay!
In case you’ve missed out, BigPay is all about giving you the smarter way of managing your money. This includes helping you with the best way to send money overseas. While Maybank has its own merits, switching to BigPay for telegraphic transfers can effectively save you time and money.
Enough said - let the numbers do the talking
If you’re a regular user of Maybank’s Foreign Telegraphic Transfer to send money to your children studying in Australia, here’s a nifty comparison table to weigh the lowdown of every RM10,000 transferred with Maybank vs BigPay:
To summarize, there are clearly three key takeaways when it comes to utilising BigPay’s international transfer versus Maybank’s foreign telegraphic transfer.
1. BigPay’s international transfer saves you money (and maybe time!)
Numbers don’t lie - and BigPay’s exchange rates for AUD has consistently outperformed Maybank’s!
In fact, taking 27th October 2020 as an example, you could’ve saved around 49 AUD or RM145 based purely on the exchange rate difference alone.
While this isn’t a groundbreaking margin on the surface, it can translate to massive savings for those transferring to Australia regularly in large sums!
Also, with BigPay, your money could arrive at your recipient’s account within 2 working days versus Maybank’s promised 3 working days. No harm in receiving your money slightly earlier!
2. BigPay charges flat fees versus unknown beneficiary fees
Wait, you say - isn’t BigPay’s flat fee of RM 15 higher than Maybank’s RM10?
Yes, and that’s a good thing. With BigPay, you’re 100% sure that the fee you’ll be charged is only RM15.
With Maybank, sure, you’ll save RM5 on the transfer fee. But there’s an important hidden fee that many don’t realise - beneficiary fees.
You see, beneficiary fees are fees that are charged by the receiving bank (in this case, the Australian bank receiving your money) - Maybank has no indication on how much they will charge!
(Don’t just take our word on this - it’s on Maybank’s FAQ!)
This is an unknown amount that will be deducted from your recipient account. It could be RM20, RM50 or RM100. In fact, one of our BigPay customers has told us that her transfer fees for Maybank FTT came up to RM170! Yikes!
With BigPay, your fees are flat and transparent. That means paying less and receiving more with every transfer, guaranteed.
3. BigPay international transfer takes convenience to the next level
As of the time of writing, Maybank’s Foreign Telegraphic Transfer is only available digitally via Maybank2u’s website. That means for every transfer, you’ll have to:
Access a web browser via mobile or desktop
Visit the Maybank2u website
Key in your user ID, wait, then key in your password
Navigate to Maybank’s Foreign Telegraphic Transfer
Sure, the process of international transfer has improved over time. You no longer need to visit bank branches, or wait in line at forex booths. It is, however, already 2020 - shouldn’t it be much easier than that by now?
With BigPay, your international transfers can be easily done on a mobile app in a matter of minutes.
BigPay International Bank Transfers: cheaper, faster, better than Maybank Foreign Telegraphic Transfer
Regardless of which country you’re transferring to, BigPay often delivers savings that far outshine most Malaysian banks.
Adding to that, our transparent fees, lightning-fast processing times and the absolute convenience of remittance via the BigPay app can make every transfer a breeze.
How To Start Transferring Money Internationally With BigPay
Getting onboard with BigPay is easy. Transferring money internationally with BigPay? Even easier - here’s how:
Get the BigPay mobile app for free and create an account
Top-up with the amount desired to be remitted
Choose your recipient country, amount and finish with your recipient bank details
That’s it! With the BigPay app, there are no fussy processes with browser logins and switching between your laptop and phones for OTPs - it’s all done with the ease of your phone.
When it comes to sending money overseas to your loved ones, BigPay is giving you the best rates, lowest fees and fastest processing time. No hidden fees, no surprising surcharges, and no regrets when you see better exchange rates elsewhere!
So, the next time you’re planning to send some money overseas with Maybank, why not give BigPay a go?
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