Fund transfer simply means send some amount of money from an account to another account via Internet. By having this function, Maybank2u(M2U) allows its registered users to transfer fund online without having queuing at bank counter to carry out transaction. For example, parents can transfer fund to their children who study overseas by using this service. Besides, corporate user can use this function to pay their supplier and so they do not need to use cheque to make payment which is more risky compared to fund transfer because the user or supplier may lost the cheque.
On Maybank2u.com, users can transfer funds between own Maybank accounts, e.g. from savings account to current account, to other Maybank accounts, to other local banks or financial institutions and transfer funds overseas.
Transfer between own Maybank accounts
M2U users can transfer funds between own Maybank accounts. To transfer funds between own Maybank accounts:
Users must be a registered M2U user.
First, login on Maybank2u.com.
They can then choose banking area of Accounts and Banking to transfer funds.
An overview of saving and current accounts balance will be shown on screen afterward.
By clicking Transfers at the option panel at left hand side, it will bring users to main transfer page and users can choose “own account transfer”.
Then, users can enter transfer details such as amount to be transferred, transfer funds from which account to which account and select an effective date for the transfer to take place.
After this is done, users can review transfer details to confirm the transaction. If users have changed their mind, they can correct it by moving back to the previous page.
If users confirm the transaction, they can click the ‘Confirm’ tab and a confirmation screen will be shown to show whether the transfer is successful or fail.
Users will be given a unique reference number for the transfer as record.
They can then print receipt of the transfer or make another transfer.
This transfer takes less than 3 minutes to be done. It is fast and convenient. There is no limit for users to transfer fund between own accounts as long as there is balance in their account.
Figure 1.1: Own account transfer
Transfer to third party’s Maybank account
To transfer funds from own account to third party’s Maybank account, M2U users can choose to transfer funds immediately or at a selected future date, just like how transferring between own accounts does. If users have selected any future transfers, all the outstanding future transfers will be recorded in a table and users are allowed to check on pending funds transfer and cancel them anytime. However, there is a limit for daily transfer which is of maximum RM5000 per day. This service is free of charge.
Steps to carry this transfer are almost the same with that of transfer between own Maybank accounts. The differences between these two are users have to select ‘3rd party account transfer’ instead of ‘own account transfer’. There are also some functions available in this transfer.
The first function is 3rd Party Account Maintenance. This function allows users to save account details of someone whom users transfer funds frequently, so that users do not need to key in account number every time when they want to transfer funds. Users are allowed to save up to 20 favourite accounts and update or delete the account details.
Another function provided for this transfer is Transaction Limit Maintenance. The maximum limit of amount that users can transfer per day is RM5000. Users may set their own daily transaction limit from 1 cent to maximum of RM5000.
Besides, for immediate transfer, users are allowed to send e-mail to recipients in order to inform them that they have transferred money to their accounts.
Figure 1.2: Transfer to 3rd party’s Maybank account
Transfer to accounts of other local banks or financial institutions
M2U users can also transfer funds to savings or current accounts of other local banks or financial institutionssuch as Alliance Bank, CIMB Bank, HSBC, Citibank, etc. This transfer is named GIRO Interbank Transfer. There are a few types of payment can be made through GIRO which is funds transfers to savings or current accounts, credit card payment, loan payment and hire purchase payment.
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During weekdays, recipients will receive fund transferred at the same day if users transfer fund before 12pm and the money will be credited to recipient’s account before 12 midnight. For funds transferred after 12pm, recipients will receive the amount in the next working day. For funds transferred during weekends and public holidays, recipients will receive the money in the next working day.
Steps to carry out this transfer are almost the same with the steps above but senders have to select ‘New Interbank GIRO Transfer’ and they also needed to select which bank to transfer to before they enter transfer details. Senders will also be questioned about whether they want validation of recipient’s ID at their bank.
Figure 1.3: Transfer to other banks’ account
There is also a daily transfer limit for this transfer which is RM5000 and there is also RM2 charge for service fee. Like the transfer funds to third party, users can also set their favourite IBG Transfers to their favourite list and there is a maximum of 20 favourites.
Transfer funds overseas
If M2U users want to transfer funds (cash or credit money) overseas online, users can do this by using Foreign Telegraphic Transfer. Users can transfer money to 3rd party account by ‘Credit to Account’ to 50 countries in 24 currencies conveniently while for cash, users can only send it to 6 countries.
Maybank2u has set a daily transfer limit for this fund transfer. To transfer cash, users must transfer at least RM250 or maximum up to RM1000. For credit to account, users must transfer at least RM250 and maximum up to RM10000. This transaction is processed by SWIFT and TAC (security code) authentication, so it is fast and safe. Besides, Maybank2u is able to calculate the value of the funds that you want to transfer by converting currency instantly. The amount will then be debited directly from users’ Maybank saving or current account to 3rd party account.
Maybank will charge a transaction fee of RM10 to sender for each transaction carried out. Recipient will also be charged by their bank and the amount is different in every country. The time taken for recipient to receive money depends on recipient’s bank.
Besides all these transfers’ functions, on the Transfers page, users are also allowed to check transfer history, future transfers and foreign telegraphic transfer history and manage their favourite transfers.
There are total 23 types of credit card available in Maybank. Details about various types of credit cards are available on Maybank2u.com. People who are Malaysian and aged 21st to 65th years old with specified range of amount of income can apply for Maybank credit card. For supplementary cardholders, they must be of at least 21st years old. For those who wish to apply Maybank credit cards, they are provided with a function which can help them to get a card that is best suit themselves.
First, they will be questioned about their income and also what type of card are they looking for. After make selection, all results will be shown and users are allowed to make comparison between cards.
Figure 1.5: Choose income range and types of card
After users have made decision on which card to choose, they can download application form from Maybank2u.com, print it and fill in details. For applicants who wish to have a supplementary cardholder, they can download supplementary form online too. After all these are done, they can hand up the application form attach with all required documents to one of the branches to apply for credit card.
dl application form.jpg
Figure 1.6: Download credit card application form
There are total 8 methods available in Maybank to transfer fund which are Maybank Money Express, Foreign Telegraphic Transfer, 3rd party & own account transfer, GIRO Interbank Transfer, China Remittance Service, MEPS Interbank Funds Transfer, Foreign Worker Telegraphic Transfer and MoneyGram Money Transfer. However, there are only three methods available on Maybank2u.com.
In order to increase customers’ option in transferring funds, Maybank should include a few more methods on Maybank2u.com. In other words, it should make any of the five methods available to use online.
For example, Maybank Money Express is one of the methods that allows overseas recipients to receive money instantly. By providing reference number given by the sender, recipients can receive the money immediately without having to wait. If this function is available online, users (sender) do not have to travel to branch physically to perform this transaction and recipients can still receive money at once. By having this, users can transfer funds in a more efficient manner. This directly increases customers’ satisfaction and also the bank’s reputation and it may attract more customers since it provides the most convenient way for customers to transfer funds overseas.
Besides, M2U should increase daily transfer limit for transfer fund to 3rd party account. The default daily transfer limit is RM5000. If users want to transfer more than RM5000, they have to wait until next working day or proceed to ATM to conduct the transaction. This causes inconvenience to users who wish to transfer funds in a larger amount without having travel to branch physically. So, M2U should increase its daily transfer limit so that users can transfer more money online.
In order to response more promptly to customers’ request, M2U should provide a function which allows customers to have direct conversations with customer service representatives online when they face problem in using functions on M2U. This is also known as chat box. Many online shopping websites adopt this function so that they can react faster to customers’ question and need. Conventionally, when users face problems, they either give a call to customer service department or send e-mail and wait for their reply. These take time and some customers may feel impatient while waiting for their reply. Businesses should always place their customers as their top priority and they should fulfill customers’ need as much as possible and as fast as possible. So, if M2U develop this function, it can response more quickly to customers’ need and this indirectly increase customers’ satisfaction and they can retain customers’ loyalty.
For users who wish to apply Maybank credit card online, M2U again causes another inconvenience as there is no function that allows customers to apply credit card online. All it has are only detailed information about credit cards and users can download application form if they want to apply credit cards.
So, M2U should insert this function and it can further develop another function for applicants to upload supporting documents. By having this, supporting documents such as NRIC, latest BE form with official tax receipt, latest 2 months’ salary slips, latest 3 months’ savings account activity/current account statements, etc can be uploaded and submitted online by the applicants together with the application of credit card. This function really bring great convenience for people who are busy and always have no free time to travel to branch physically.
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