Maybank’s MoneyGram Money Transfer
September 27, 2007 – 12:03 amI saw this new mode of remitting funds internationally by Maybank called MoneyGram money transfer. According to the website, one does not need a bank account or a credit card to send or receive money. So I am thinking that we can take cash to a Maybank local branch, fill out some forms and the money will be ready for the receiver/beneficiary wherever they are in ten minute’s time, but that also depends on the business hours of the office where the receiver/beneficiary claims the funds.
Note that it is very dangerous to carry cash to the bank to initiate a money transfer so it is still best if you have an account with Maybank if you are a regular user of MoneyGram money transfer, even if they have a reputation as blood suckers. Oh well, you can’t win them all.
The website did not mention about the service fee that will be incurred but it will only be a one time, one sided fee. Do you remember that Maybank also has a USD10 telegraphic transfer service? Well, the receiver has to pay as well. That’s why it’s just USD10 over here.
So the rates are not stated upfront and I hate surprises. They should at least fix a percentage instead of leaving us guessing right now and then finding out at the point when we initiate a transfer. Bah!
Anyhow, the transaction maximum limit is MYR10,000 per customer per transaction per day (a little vague here hhhmmm) where there is no minimum limit. In some cases, you may as well use PayPal. The money is instant and the receiver can withdraw the money pronto if he/she has the PayPal debit card (USA only).
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