Maybank foreign telegraphic transfer: Exchange rates and fees for international transfers revealed

Maybank is the largest bank in Malaysia, and if you have a Maybank account you may be wondering about the process and costs involved when remitting money abroad. This guide has you covered.

To help you find the best deal for your payment, we’ll also review an alternative payment service - Wise - as a cheap and convenient option to send money abroad.

Maybank telegraphic transfers - an easy way to check and compare rates, fees and more

Use the Wise comparison tool to instantly check the overall cost of sending money with Maybank. Just enter the amount you want to send and the currency it should be deposited in, to get an instant quote and comparison.

Make sure you look at both the fees charged by your bank for international payments, and the exchange rates on offer. That’s because it’s common for banks and payment services to add a markup to the exchange rate they give to customers.

You may well find that Maybank has a low transfer fee, compared to Wise. However your recipient could still receive more if the payment is processed using Wise, because Wise uses the mid-market exchange rate with no markup.

Learn more about Wise 👀

Maybank exchange rate (Maybank TT rate)

You can send payments with Maybank to 100 countries in 24 currencies¹. However, as we have described above, the exchange rate offered by Maybank includes a markup on the mid-market rate. This is not uncommon - many banks and payment services choose to add a markup to their rates - but it can make your payment more expensive than you expect.

As we can see in the comparison tool above, although Maybank offers a low transfer fee for online payments, there’s an extra fee hidden in the exchange rate which you should also consider when working out the costs.

Not all currency services add a markup to the mid-market rate. Wise uses the mid-market rate and splits out the fees you pay transparently to make it easy to compare quotes from different providers. More on that later.

Maybank international transfer fees

The price you pay for a Maybank overseas transfer depends on how you arrange your payment. Let’s take a look at the options.

Your recipient may pay extra fees unless you set up a G’OUR payment². These charges are a result of the way the SWIFT network operates. Under this system, a series of banks will work together to process your international payment - but each can deduct a fee as they pass the payment on. This can result in unexpected charges, which mean your recipient gets less than you want them to.

To avoid this, Maybank offers the opportunity to pay upfront to cover these SWIFT costs. You can set up a G’OUR payment online or in a branch and pay a fixed fee according to the currency you’re sending. G’OUR is available for selected currencies only: AUD, EUR, GBP, and USD. For example, with a payment to the UK, you’d pay an extra GBP17 to make sure your recipient gets the full amount².

A cheap and transparent alternative: Wise

If you want a different way to send your international payment, try Wise. Send money to 160+ countries from your phone, with fast or even instant delivery³ and low fees from 0.43%⁴.

Wise uses low, transparent fees and the mid-market exchange rate without any mark-up. Want to know exactly how much your recipient will get when you make an online transfer? With Wise that’s a standard - there are no extra charges to ensure your recipient gets the full amount of the payment you make, so no need to worry about additional fees or nasty surprises.

You can also receive money to a Wise account from Malaysia, and countries and regions including the UK, US, Australia, New Zealand and any Eurozone country, just as if you had a local bank account in those countries. Hold dozens of currencies in your account, and send payments all over the world - or switch back to ringgit and withdraw to your bank account if you prefer.

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

How Wise works

Wise is not a bank - but it’s a flexible alternative to your bank’s traditional telegraphic transfer system. Wise has bank accounts all over the world and uses them to send money abroad more efficiently, cutting the costs and the processing time.

For example, if you want to send MYR to the United Kingdom, you log into Wise and pay in MYR to the Wise Malaysia account. Then the Wise UK account sends GBP to the recipient.

To send money from Malaysia with Wise:

1. Download the Wise app or head to the Wise desktop site
2. Register an account using your email address, FaceBook, Google or Apple ID
3. Upload your documents for verification - your MyKad or passport and visa
4. Once your account is verified, set up your payment by entering the amount to send
5. Add recipient’s bank details
6. Pay for your transfer in MYR by bank transfer or FPX

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Sign up for Wise 🚀

How to make a foreign telegraphic transfer with Maybank

Ready to make a Maybank international transfer? Here’s how.

1. Log in to your M2U account
2. Click ‘Pay & Transfer’
3. Choose ‘Transfer’
4. Under ‘Transfer From’, pick the account you want to use
5. Under ‘Transfer To’, select ‘Overseas’
6. Select the destination country and currency
7. Enter the transfer amount and click ‘Convert’
8. Choose ‘Foreign Telegraphic Transfer’ as the transfer method
9. Complete the required details and click ‘Transfer’
10. Authorize the transaction using Secure2u or SMS TAC

You can also make an international transfer in a branch if you’d prefer.

How to make a foreign telegraphic transfer on MAE

MAE is the Maybank digital wallet and card service which lets you access lots of Maybank features right from your phone. If you want to make a foreign telegraphic transfer on MAE you can get everything set up, and your money on its way in no time at all.

1. Log in to your MAE app and tap ‘Transfer’, then select ‘Overseas’
2. Choose the destination country, then select your account and enter the amount and currency
3. Follow the prompts to fill in your details and the recipient’s information
4. Review the exchange rate and select Foreign Telegraphic Transfer (FTT) as the transfer method
5. Check the details and approve the payment using Secure2u
6. You’re all done!

Learn more about how to use MAE in Malaysia from our full guide.

Information you need to make a telegraphic transfer with Maybank

Here’s what you need to arrange an international transfer with Maybank:

• Recipient’s full name, contact number, and email (if available)
• Recipient’s address
• Recipient’s bank name and branch details
• Recipient's bank account number
• SWIFT/BIC code of the recipient’s bank
• Purpose of transfer (required for certain transactions or higher amounts)

Maybank foreign telegraphic transfer time

Maybank’s online international payment service is not available 24 hours a day. According to Maybank’s FAQ, Foreign Telegraphic Transfer (FTT) services are available daily from 6.00am to 11.30pm.¹
Transactions made between 6.00am and 6.00pm are generally processed on the same day, while those made after 6.00pm are processed on the next working day. Transfers made on weekends or public holidays are also processed on the next working day.

Once your payment is sent, delivery time can vary depending on the destination country and the recipient’s bank. International transfers typically take 1 to 3 working days to arrive¹

Can I receive an international transfer with Maybank?

Yes. If someone is sending you a payment to your Maybank account it’ll be deposited right into your account in MYR or supported foreign currencies once it’s processed. You just need to make sure the sender has all the correct details for your Maybank account, including the account number and SWIFT/BIC code.

If you’re expecting an international payment through Maybank, you can read all you need to know in our handy guide to receiving money from overseas with Maybank.

Contact Maybank

You can call into a local branch of Maybank if you have questions, or get in touch via their customer service team⁵:

• Call the customer care team on 1-300 88 6688 (Malaysia) or +603-7844 3696 (from overseas)
• Email on mgcc@maybank.com.my
• Use the online contact form on the Maybank website

Sending an international payment with Maybank shouldn’t be difficult. However, you may find there are cheaper and more convenient ways to arrange your transfer, with online non-bank services such as Wise. Do some research before you decide how to process your transaction, to make sure you find the best deal for your needs.

1. Maybank Malaysia | Foreign Telegraphic Transfer - FAQs
2. Maybank Malaysia | Foreign Telegraphic Transfer
3. Speed: The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions
4. Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
5. Maybank Malaysia | Customer Service