UOB (United Overseas Bank) is a multi-national bank that provides service in Singapore, as well as majority of Southeast Asian Countries. If you are one of this banking organization customers, then you’d able to enjoy a wide range is service including to transfer your money to other banks, even to overseas.
This article will walk you through the steps on how to send funds from your UOB Bank in Singapore to other banks, specifically to Maybank in Malaysia. This feature is facilitated by the convenient and secure transfer system by UOB.
Moreover, the transfer transaction to other countries can be done through UOB internet banking service. It cannot be possibly more convenient than that. Whether you’re going to send the money for business or personal person, the money remittance is possible to be done anywhere and anytime. This service is offered with competitive exchange rates and fees too, which will also be explained below.
Transfer Money From UOB Singapore Using Telegraphic Transfer
To use the UOB service to remit your Maybank Malaysia or other countries, you don’t need to sign up for new bank account. You may just log into your current UOB iBanking account, perform transfer via phone call by contacting UOB call center, or pay a visit to the nearest UOB branch.
That being said, the guide in the following will be focused on how to transfer money from UOB Singapore to Maybank Malaysia via online banking. However, you need to get SecurePlus token which can be obtained through mail or from UOB branch.
Before you proceed to transfer your money, keep in mind that you need to collect the banking account details of your recipient. For currencies exchange, you may also need legitimate reason of remittance and valid phone number.
Here are the steps you have to complete:
- Sign into your UOB iBanking account.
- Open Pay & Transfer > Overseas Transfer.
- Select the recipient from your existing list or add new one.
- Input the amount of money you wish to transfer.
UOB Bank also provides the interactive guide on how to transfer money from UOB Singapore to Maybank Malaysia and other countries on its official website if you need one.
What Will UOB Singapore Charge You?
You will be subjected to charges and fees when you perform telegraphic transfer to another country from Singapore. These include:
- 125% cut for all transfer transaction to overseas for business and individual purposes. The cut ranges from $10 to $100 on each of your transfer.
- $20 flat charges per transfer because your destination country is Malaysia. Other than Malaysia, you will be charged with flat S$30.
As addition to the commissions and fees that listed above, you may also be subjected to hidden margin in the exchange rate.
You may also like: How to Transfer Money from Singapore to Malaysia Bank Account
What’s the meaning of hidden exchange rate margin? It means that UOB may have slightly lower exchange than other banks because it uses mid-market rate system. However, if there’s a difference, it will be owned by the bank without the relevant costs being explicitly stated.
