Let’s say you are purchasing something from a Malaysian who also happens to be a Maybank Malaysia account holder; while yours is POSB.
That would be easier if you have a Maybank account, but, do you really need to go that far? With your POSB bank account, it is possible to transfer money to a Malaysian Maybank account. Find out how to transfer money from POSB to Maybank Malaysia in the article below.
Overseas Transfer: What to Prepare
There are some details you need to prepare in order to continue with the transfer process. These following details are pretty basic, and many banks require these to go with international remittance. The information you need to prepare are as follows:
- Bank name and account number of the recipient. In this case, it is Maybank Malaysia.
- Recipient’s full name, it’d be better if the name you provide is not a nickname.
- Recipient’s full address
What Happens If the Information Given is Not Accurate?
Inaccurate information may result in delayed overseas transfer or even a rejection. That’s why it’d be nicer to have the recipient’s full name same to the name written in their saving book.
How to Transfer Money from POSB to Malaysian Maybank?
There are several methods to answer how to transfer money from POSB to Maybank Malaysia. These methods will require you to either use internet banking (PC and mobile use), or going directly to a bank branch.
- Make sure you have logged in to your mobile digibank application. Either go with touch/face ID or simply enter your user ID and password.
- Tap Pay & Transfer icon, which is located on your lower center screen.
- Tap the Overseas icon, then Add overseas recipient.
- You will be directed to a recipient’s details page. Customize the required form and click Add recipient now once you completed the whole process.
- Choose any funding source afterwards, and simply enter the amount you want to transfer. Tap Next afterwards.
- Review the transfer detail and make sure everything is all settled. Tap Transfer now to confirm and end the process.
- Indeed, make sure you logged into your account first by entering your user ID and PIN.
- Under Transfer tab, you can pick DBS Remit and Overseas Transfer. When prompted, complete the whole authentication processes.
- Pick Malaysia as the country, and enter the amount of fund you want to transfer. If required, you can change the remit currency as well. Make sure the amount of transfer doesn’t surpass your daily limit of international transfer.
- Now, complete the recipient’s details. This is where you can input the Malaysian Maybank account number of the recipient.
- Review the transfer details. Make sure the data you’ve just entered are all correct. Validate by ticking the checkbox and continue by clicking Next.
- Again, review your transfer details. Click Submit to complete the transaction process.
As mentioned earlier, aside from having internet banking to go on with the transfer process, going directly to the POSB/DBS branches to transfer is also a possible method of how to transfer money from POSB to Maybank Malaysia.
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This method is highly advised if the amount transferred is exceeding S$200,000 per recipient and/or you want to transfer to more than one recipient with that amount.