KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects a 15% growth in remittances for its Maybank Money Express service following its tie-up with Axis Bank of India to introduce remittance services to beneficiary accounts in India.
Maybank said yesterday this service offers competitive service charge to its customers and it also reduces the time taken from Malaysia to India compared with the conventional remittance method (Swift) which takes about two days to reach the beneficiary.
Maybank deputy president and head, community financial services, Lim Hong Tat, said the tie-up with Axis Bank “speaks volume” about the potential from the large number of remitters to India from Malaysia and vice-versa.
“We expect this new service to strengthen Maybank’s foreign remittance segment for which we currently have a 36% overall outward remittance value among the banks and we are targeting for it to grow 15% by June 2012,” he said.
The new remittance service is an extension of the existing facilities offered by Maybank Money Express.
The service offers straight-through remittances to intended beneficiaries holding accounts with Axis Bank or any of the 78,000 National Electronic Funds Transfer-enabled (NEFT) branches of over 100 other banks in India.
For individual customers, there is a limit of RM10,000 per customer per day for remittance via Maybank. Maybank Money Express currently serves nine countries, including Indonesia, Vietnam, Pakistan, Nepal, the Philippines, Cambodia, Brunei, Singapore and India.
India is the largest recipient country in the world, with inward remittances of more than US$55 billion (RM172 billion) from 2009 to 2010.
This article appeared in The Edge Financial Daily, October 25, 2011.
Maybank said yesterday this service offers competitive service charge to its customers and it also reduces the time taken from Malaysia to India compared with the conventional remittance method (Swift) which takes about two days to reach the beneficiary.
Maybank deputy president and head, community financial services, Lim Hong Tat, said the tie-up with Axis Bank “speaks volume” about the potential from the large number of remitters to India from Malaysia and vice-versa.
“We expect this new service to strengthen Maybank’s foreign remittance segment for which we currently have a 36% overall outward remittance value among the banks and we are targeting for it to grow 15% by June 2012,” he said.
The new remittance service is an extension of the existing facilities offered by Maybank Money Express.
The service offers straight-through remittances to intended beneficiaries holding accounts with Axis Bank or any of the 78,000 National Electronic Funds Transfer-enabled (NEFT) branches of over 100 other banks in India.
For individual customers, there is a limit of RM10,000 per customer per day for remittance via Maybank. Maybank Money Express currently serves nine countries, including Indonesia, Vietnam, Pakistan, Nepal, the Philippines, Cambodia, Brunei, Singapore and India.
India is the largest recipient country in the world, with inward remittances of more than US$55 billion (RM172 billion) from 2009 to 2010.
This article appeared in The Edge Financial Daily, October 25, 2011.
