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Maybank Overseas Transfers in 2024: Charges, Exchange Rates, and Alternatives
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Byron Mühlberg
Guide
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Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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Read moreAs Malaysia's largest bank by assets and a trusted household name, Maybank offers a wide range of retail, business, and investment services to Malaysian customers, including foreign exchange and remittance services.
Although Maybank gives you excellent banking services all around, when it comes to making overseas transfers from Malaysia in particular, the bank can be surprisingly pricey. When sending an international payment online (either through your Online Banking or the Maybank2u MY App), the following costs will apply per transaction:
- A RM10 service fee,
- A 1.2% to 6.6% exchange rate margin.
In the end, this means that whenever you make an outgoing payment from Malaysia with Maybank, you'll pay a not-so-insignificant amount in total fees, leaving anyway between 1.5% to 7% or more of the entire value of the transfer chomped up by charges. Save money now by finding the cheapest and fastest alternative with Monito's live comparison engine below. 👇
Maybank transfers are pricey. Compare digital alternatives instead:
Key Facts About Maybank Overseas Transfers
🏦 Maybank int'l transfer fees | 1.5% - 7% or more |
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💸 Int'l transfer fees via Monito | 0.3% - 2% |
⏱ Maybank global transfer time | 1 - 3 business days |
⚡Transfer time via Monito | 1 - 2 business days |
💵 Maybank payment method |
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💸 Payment methods via Monito |
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Maybank Overseas Transfer Fees
Maybank overseas transfers are processed as international wires. This means that, as a customer of Maybank, you'll need to use your online or mobile banking account to instruct a transfer, and Maybank will wire your funds over SWIFT to reach its destination in a foreign country and currency.
Banks generally make money from you on SWIFT transfers by levying commissions, fixed charges, or a combination of the two on the amount you send. This is also the case with Maybank, which charges a service fee of RM10 for every overseas transfer you make with them.
Correspondent Bank Fees
In addition to this service fee, you might also be charged a correspondent bank fee (not by Maybank but by a third-party bank) which can range anywhere between RM50 and RM500.
This fee (also called an 'agent charge') isn't incurred every time you transfer money abroad, but it might happen if Maybank cannot transfer your funds directly into your beneficiary's bank account and needs to rely on a correspondent or intermediary bank to get the job done.
Avoid OUR payments. If you're choosing between SHA, BEN, and OUR, try to avoid OUR payments if possible. These instructions can let third-party banks levy fees from your transfer even after it has already been sent.
Maybank Exchange Rates
In addition to the abovementioned costs, Maybank will include another (less transparent) fee in your transfer. These fees, known as FX margins, are charged when banks or other currency exchange providers offer poorer exchange rates than the 'real' exchange rate (called the mid-market rate), thereby making a small profit on every ringgit converted into a foreign currency.
While Maybank FX margins may not appear very high (typically between 1.2% and 6.6% of the total transfer amount, according to our analysis), these costs can stack up quickly.
It's worth noting that — as with other Malaysian banks — Maybank charges lower FX margins if you're sending a ringgit transfer to a major world currency like the British pound, US dollar, euro, or Singaporean dollar. On the other hand, its FX margins for conversions to less-traded world currencies like Indonesian rupiahs or Nepali rupees tend to be much higher.
Maybank Overseas Transfer Alternatives
According to our analysis of thousands of comparisons from Malaysia here on Monito, the following money transfer service offers the cheapest money transfers from Malaysia to various countries worldwide. If you plan to send money to a specific country, be sure to double-check in advance whether the provider below facilitates transfers there and whether it's the best deal in your specific case.
Instarem
Instarem is a low-cost and trusted online money transfer provider supporting transfers from Malaysia to dozens of countries and currencies worldwide.
- Instarem Charges: RM6 - RM9.5 /RM1,000 sent
- Instarem Exchange Rates: 0.2% - 0.3%
- Available Destinations From Malaysia: Indonesia, India, the Philippines, Vietnam, Nepal, Singapore, Thailand, the USA, Pakistan, Bangladesh, the UK, the EU, and many others.
As you can see, Instarem is a great way to send money abroad from Malaysia and is usually significantly cheaper than Maybank on a per-transfer basis. However, even Instarem with its great pricing isn't always the cheapest provider from Malaysia, and the best deal varies depending on the market, your destination country, and many other factors. To find the best deal in real time, simply compare providers in real time below! 👇
Find your best deal in real-time:
FAQ About Maybank Overseas Transfers
How long do Maybank overseas transfers take?
Depending on the country and currency you're sending your money to, an overseas transfers via Maybank will take 1 - 3 business days to arrive in your beneficiary's bank account.
What are Maybank's overseas transfer charges?
When sending an overseas transfer via Maybank, the following charges apply per transaction:
- A RM10 service fee,
- A 1.2% to 6.6% exchange rate margin.
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