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Are you working abroad and need to send money back to your home country? Perhaps you are working with international clients and want to know more about the remittance options available to you? Sending money overseas used to be a hassle – but not anymore. Nowadays, remittance can be completed within the same day and the greatest feature is that you can now remit via your mobile devices.

 

As the global economy continually evolves, there are various options for remittance available in Malaysia. Most banks, such as CIMB, offer more than one remittance service as well as the assurance of safety and reliability, which sets them apart from third-party service providers.

 

But which one suits your needs best? We compare the fees, speed, currency and locations available for all the remittance services in CIMB. That way, you can make an informed decision before sending money to your loved ones overseas.

Foreign Telegraphic Transfer: For transfers to over 200 countries

For large ticket transaction sizes, Foreign Telegraphic Transfers (FTT) are a safe and secure way to transfer your money overseas to over 200 countries worldwide using the SWIFT network.

 

Fees

From RM10 (read more on fees and charges)
Location Over 200 countries
Currency More than 25 currencies are available
Speed

FTT transactions are processed on the same day for transactions submitted before 4 pm. For requests submitted after 4 pm, Saturdays, Sundays and Federal Territory Public Holidays, they will be processed on the following Federal Territory working day.

 

The actual time taken for the beneficiary to receive the money will depend on the respective agent or beneficiary bank. In most cases, the beneficiary would receive the funds on the next working day.
Available via CIMB Clicks? Yes, it is available via the CIMB Clicks website or app with a daily transfer limit of up to RM50,000. Alternatively, you can walk into the nearest CIMB branch.
Details Required Beneficiary’s Name, ID No., Mobile No., Address, Beneficiary’s Bank Account Number/IBAN, Bank Address
Best Used For

Large ticket size transactions globally (over 200 countries and over 25 currencies) and for cross currency payments to countries (e.g: USD to Euro)
 

Learn more about CIMB Foreign Telegraphic Transfers at our FAQ section.

SpeedSend: Best for instant money transfers

 

SpeedSend is a speedy, simple, and affordable method for overseas transfer at a low fee. Rather than waiting days for the funds to clear, SpeedSend allows instant transfers to the UK, Indonesia, Thailand, Hong Kong, Singapore and India with full amount payout to the recipient. This means that no overseas bank fee will be charged to your beneficiary.  

 

As an added benefit, expatriates from countries like the Philippines, Nepal, Bangladesh and Sri Lanka can choose from cash pickup or account credit, and get more competitive rates.

 

With CIMB SpeedSend, the transfer limit is RM50,000 per day via CIMB Clicks for all purposes. At CIMB Branches, the limit is RM50,000 per day for immediate family members and educational purposes, while for other purposes, it is RM29,999 per day.

 

Fees

A flat fee of RM10 (Read more on fees and charges)
Location SpeedSend corridor listings
Currency Up to 16 currencies available
Speed

Instant transfer to United Kingdom, Hong Kong, Singapore, India, Indonesia & CIMB Thai.

 

(Find out more information on SpeedSend transfers)
Available via CIMB Clicks? Yes, it is available via CIMB Clicks website or app with a daily transfer limit of up to RM50,000. Alternatively, you can walk into the nearest CIMB branch
Details Required

Beneficiary’s Name, ID No., Beneficiary’s Bank Account number/IBAN, Bank Name

 

Note: IBAN is applicable for EU corridors only
Best Used For

1. Instant money transfers with no processing fees.

 

2. Availability for cash collection or bank transfer for selected corridors
 

Visit our FAQ page to learn more about CIMB SpeedSend services.

Foreign Demand Draft: Ideal for payment of goods and trade services

 

Foreign Demand Draft (FDD) is a written order issued by CIMB on your behalf to pay a recipient. Unlike a Banker’s Cheque, an FDD is drawn on CIMB’s overseas correspondent banks.

 

In other words, you can send foreign currency overseas to the beneficiary, who receives payment from the issuing bank on the FDD. Moreover, FDD is a suitable option for payments to beneficiaries who do not accept cash.

 

Foreign drafts are a convenient way to facilitate the transfer of funds in one country, from one currency to another, in another country. Typically, this method can help the sender avoid steep fees and bank routing delays, especially when fast delivery is not a priority.

 

Fees

From RM5 (read more on fees and charges)
Currency Up to 21 currencies available
Available via CIMB Clicks?

It is only available at CIMB branches nationwide.
Best Used For

Payments in foreign currency to beneficiaries who do not accept cash and for goods and trade services.

 

For more information on CIMB FDD services, visit our FAQ section.

 

Remittance services are a modern, convenient solution for those living and working away from home. If you plan to regularly send money overseas, you should get to know the important factors to consider when choosing a remittance service.

 

Using the CIMB Clicks website or app, you can add beneficiaries as favourites to save their information for easier and faster transactions.

 

With CIMB’s selection of remittance services, you can be assured of safe and secure transactions. Before making your next money transfer, log in to the CIMB Clicks website or app to view live rates. 

 

 

This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.

 

 

 

 

 

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