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Public Bank is one of the largest banks in the Southeast Asia region, serving over 9 million customers. If you have a Public Bank account and need to send or receive a telegraphic transfer, you’ll want to learn a bit about how the process works, and what fees may be involved.
This guide covers all you need to know, and also takes a look at Wise as an alternative way to send and receive money internationally, which could help you save.
Before we dive in, let’s get a cost example to compare the fees and exchange rates used by both Public Bank and Wise. Here’s what you’ll pay - and what your recipient will get - if you send 10,000 MYR to a friend in the UK.¹
|Provider||Transfer fee||Exchange rate (1 MYR → GBP)||Recipient gets|
|Public Bank||32 MYR||0.180549 (Exchange rate with markup)||1,799.71 GBP|
|Wise||54.65 MYR||0.184217 (The real exchange rate )||1,832.10 GBP|
(14 April 2020)
This example shows how important it is to look at both the fees, and the exchange rate used by different providers, when you’re looking for a good deal.
Public Bank has a lower transfer fee compared with Wise, but your recipient will end up with less in their account in the end, because there’s an extra charge hidden in the exchange rate.
Wise, on the other hand, uses the mid-market exchange rate, and charges a transparent upfront fee. This works out cheaper overall, so your recipient gets more - 32.39 GBP more in this example. We’ll take a look at the mid-market exchange rate - and why in matters - in just a moment.
|Up to 4x cheaper than banks, create a free Wise account🚀|
As our example shows, it’s crucial to check both the upfront fees charged for sending a telegraphic transfer, and the exchange rates used². This is because service providers often add a markup - effectively an extra fee - to the exchange rate they offer their customers.
To see this in action, you need to know a bit about the mid-market exchange rate. The mid-market exchange rate is the rate banks and currency services get when they buy and sell currency on the global market. It’s also the rate you’ll see if you use an online currency converter tool.
However, it’s common for banks and currency services to add a markup to the exchange rate they give customers. They can then keep the difference between the mid-market exchange rate and their own rate as profit. This makes it hard to see the true cost of your international transfer, and can result in you paying more than you need to.
If your bank or currency service adds a markup to the mid-market exchange rate, you might be better off with an alternative like Wise. Wise uses the mid-market exchange rate for international payments, and charges a transparent upfront fee with no hidden costs to worry about. This can mean you pay less overall.
Let’s look at an example. At the time of research, the Public Bank selling rate for British pounds looks like this. We’ve added in the mid-market rate from an online currency converter, as a comparison²⁺³:
- Public Bank - 1GBP = 5.4930MYR
- Mid-market rate - 1GBP = 5.42861MYR
This means that to send GBP1,000 to an account in the UK using Public Bank, it would cost you MYR5,493 + transfer fee.
If Public Bank instead offered the mid-market exchange rate, the same transfer would cost about MYR5,429 + transfer fee. This difference can quickly mount up, meaning you pay more than you expect for your transfer.
If you’re sending money to someone from your Public Bank account, you’ll want to look at the costs involved. Here’s a rundown.⁴
|Fee type||Public Bank costs|
|Cable charges||MYR 30.00|
|Exchange rate markup||A markup may be added to the exchange rate used - compare the Public Bank rate for your destination currency, with the mid-market rate using a currency converter, to check|
|Additional fees may occur||Intermediary banks or your recipient’s own bank might deduct fees from the money you send - more on that below|
If your international transfer is processed using the SWIFT Network, you may find that there are additional costs which are deducted from your payment as it is processed.
The SWIFT network is used by many payment providers to send money across borders. It involves a series of partner banks - known as intermediaries - working together to get your payment to its destination safely. It’s a well established way of making international transfers - but it can be costly because intermediary banks may deduct a fee for the service they provide. You won’t always know in advance what the charges will be, which means your recipient may get less then you expect in the end.
If you’re looking for a simple, safe and convenient way to send low cost international payments, try Wise.
You can send money overseas easily online and via the app, with no hidden fees. You’ll also be able to receive money to a Wise multi-currency account from the UK, US, Australia, New Zealand and any Eurozone country, just as if you had a local bank account there. Hold dozens of different currencies in your account, and send payments all over the world using the mid-market exchange rate. It couldn’t be easier.
Try a caclulator on the website, and see how much you could save with Wise compared to banks.
Here’s what you need to do to make an online telegraphic transfer from your Public Bank account.⁴
- Log into your account online, on PBeBank.com
- Select Fund Transfer, and click Foreign Remittance
- Choose the Telegraphic Transfer option, to see the terms and conditions of TT payments
- Click Accept when you’ve reviewed the terms and conditions
- Choose which account you want to send from, and select the currency needed
- Follow the online prompts to complete the recipient’s information, including name and bank account details
- Select Request PAC Now, and enter the PAC number you receive
- Hit Confirm to complete the payment
If you’d prefer, you can also make a telegraphic transfer by visiting a Public Bank branch.
To make a telegraphic transfer, you’ll need your recipient’s full details, which you’ll enter when arranging the payment. You’ll also need a PAC number.
The recipient details required will vary depending on the country you’re sending money to. For example, payments to Europe may require an IBAN number to identify the recipient’s bank account, while a payment to the US might need a routing number. You can see the details required for your payment, by following the prompts on Public Bank’s online banking service.
No matter where you’re sending money to, you’ll also need a PAC⁵. This is a 6 digit authentication code which you can receive via SMS to your registered phone. You’ll need to hit the Request PAC Now button as part of arranging your TT payment, to get the code you need.
If you’re expecting to receive a transfer to your Public Bank account, you’ll need to give your details to the sender to make sure it arrives safely. The exact information they require may depend on their own bank and the country they’re in. You can expect to provide your name, bank account details, and the address of your bank branch.
Public Bank account numbers for current and savings accounts are 10 digits long, and can be found on statements or by logging into your online banking service.⁶
Public Bank international transfers will usually take around 2 working days, depending on the recipient’s own bank’s processes.⁴
To get in touch with Public Bank, you can visit a local branch, or call the customer support team. Here’s what you need:⁷
- Call customer support on 603-2179 9999
- Email customer support on firstname.lastname@example.org
- Use the online contact form
There’s a full list of branch addresses, as well as further contact options available on the Public Bank website.
Sending a telegraphic transfer with Public Bank shouldn’t be too tricky. However, it is worth looking at the costs and exchange rate available, and doing some research to make sure you’re getting the best deal available for your payment. You might find that it’s cheaper to use a currency specialist like Wise, for low cost international payments which use the mid-market exchange rate.
- Wise | Compare exchange rates at 05:54(GMT+7) on 14 April 2020
- Public Bank | Foreign Exchange Rates (FOREX) at 05:37(GMT+7) on 14 April 2020
- Wise | GBP to MYR - Convert British Pound Sterling to Malaysian Ringgit at 05:47(GMT+7) on 14 April 2020
- Public Bank | Foreign Remittance
- Public Bank | PAC
- Public Bank | FAQs “What are the common account number formats in Public Bank?”
- Public Bank | Contact Us
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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