Maybank2u provide a variety of online services. Funds transfer is one of the services in addition to bill payment, investment and so on. Funds transfer is a system of transferring money from one bank account directly to another without any paper and money changing in hands. This facility give the Maybank2u' clients a more direct method to manage their finance rather than the typical visit to local Maybank branch.
Currently, Maybank2u offer 2 major types of funds transfer to individual user under personal banking. They are foreign funds transfer and domestic funds transfer. This service is available to everyone as long as they register as Maybank2u users with saving or current account.
In order to do funds transfer via Maybank2u, first and foremost, individual users must login to their account. Next, they will have to choose the transfer option for the purposed of their funds transfer. The following step is users choose the transaction, either for international transfer or local transfer. After that, they need to key in their personal details and the amount to transfer. They are required for a Transaction Authorization Code (TAC) for this transaction. TAC is a second password used for particular kind of transaction, it gives extra cover of security to protect users' account when accessing this service. Finally, they may print out the receipts after the transaction is approve and successfully done. Besides, they will be given a references number which must be kept for future reference if the funds are not transferred.
Foreign Telegraphic Transfer service is one of the services which can transfer cash and credit money into third party account via Maybank2u.com. The individual users can transfer money conveniently to 50 countries in 24 currencies. The countries include Australia, Bangladesh, Denmark, Egypt and so on. The minimum daily transfer limit for credit is RM250, the maximum amount is RM10,000. Whereas, the minimum amount of cash transfer is RM250 and maximum amount is RM1,000. RM10 is charged for any transaction fee.
On the other hand, there are several choices for domestic funds transfer via Maybank2u.com, such as GIRO Interbank Transfer or 3rd party and own account transfer. For the GIRO Interbank transfer, it allows the individual users to transfer money into saving or current account to other financial institutions. For an example, transfer the money from Maybank to Standard Charted Bank via Maybank2u.com. GIRO is refer to an electronic payment system, which is a method transferring the money directly from one bank account to another. It is an effective way for the individual users to receive the money from other bank customers. By using the GIRO Interbank transfer, the maximum amount for daily transfer is RM5,000 and RM2 for each transaction fee.
Whereas, there is the same amount of transfer limit with GIRO Interbank Transfer for transferring funds to the third party or any recipient which are also using the Maybank account via Maybank2u. But, no transaction fee is required for this transaction.
Both international and local funds transfer via Maybank2u.com are convenient to the individual users. It helps them to save more time especially for those busy people. Besides that, it also allows them to manage their finance at home by using the online system which performs faster instead of queuing up at the bank. But, the difference between both systems is the speed of their transaction system. For example, individual users required 3 until 7 days in order to receive money through Foreign Telegraphic Transfer.
On the other hand, individual users can receive the money within a day if they do the transaction before 12pm through GIRO Interbank transfer. Whereas, they need at least 1 working day to receive the money if the transaction is done after 12pm. For those who are transferring the money to the recipient which are using the Maybank account also, they can immediately receive the money in just a few minutes.
Further more, Maybank2u online transfer also provides the users with the latest information announcements. This may include interest charge of different currency in different country such as Denmark, Macau, and service fee and so on for any funds transfer.
In order to provide secure funds transfer to China, Maybank2u corporate with Banks in China. It allows the users to transfer funds to any part of China of more than 10,000 branches of bank which is covered by extensive networks under the China Remittance service
Besides that, Maybank2u also provide service such as Insurance. It allows either personal or corporate users to have the opportunity to purchase insurance via online system.
Maybank2u has a new promotion plan for insurance, which is PesonaLady. PesonaLady is offered to women clients in order to ensure that all the specific needs and risks as women are taken care of. The benefits of purchasing this insurance is because PesonaLady provides Personal Accident Benefits which is up to RM100,000 and RM70,000 female coverage. On top of that, it also covers for female cancers up to RM20,000. Ladies are subjected to 30 days of survival period from the day if they are diagnosed with any female cancer. Furthermore, Pesonalady also cover the additional personal accident benefits such as compassionate cash for domestic violence up to RM500, as well as the family prosperity bonus for delivery of twins or more up to RM1000.
All ladies can apply for this insurance under certain conditions:
She is a Malaysian Citizen or Permanent Resident of Malaysia
Aged between 18 and 60 years
Policy renewal is applicable up to a maximum age of 70, there is subject to Maybank satisfaction of applicant' state of health.
All the ladies can claim only RM22 per month for their financial independence by purchasing PesonaLady via Maybank2u. However, PesonaLady is only valid for those who are within in Malaysia. It do not covered for those who are outside Malaysia which their vacation period exceeding 3 consecutive months in a year. Besides that, it is not available for those ladies clients who seek medical treatment oversea by which the same treatment can be performed locally. Moreover, PesonaLady will not be giving any benefits to those who attempt suicide, mental or nervous disorder.
BIZ GroupPA is also one of the insurance offered by Maybank2u to corporate users especially for those employees who are working within the Small & Medium Enterprise (SMEs). BIZ GroupPA consists of 5 schemes. The maximum annual premium among those 5 schemes is RM150 per employee, whereas, the minimum annual premium is RM30 per employee. BIZ GroupPA provides several benefits which include accidental death, reimbursement medical expenses, foods and drinks poisoning. BIZ GroupPA also offer additional benefits such as gas inhalation, unprovoked murder and others.
Employees can apply for this insurance as long as they are Malaysian's citizen or permanent residents, all of them that are aged between 18 until 59 years old, selected, complete and submit BIZ GroupPA plan via Maybank2u.com. However, BIZ GroupPA exclude several benefits for employees which are suicide, attempt suicide, and wars.
Moreover, the users will always be updated with the latest information about the insurance plan, new promotions, interest rate for the insurance and the products of its insurance via Maybank2u.
2b)
Maybank2u online transfer brings a lot of benefits to their users such as convenience, fast and secure. However, it has limitations too. The improvements that they wish to achieve are as below.
First and foremost, Maybank2u should enhance their service for the domestic as well as international funds transfer system. For the domestic funds transfer, Maybank2u should come out with an effective communication system with other banks to improve the speed of their funds transfer online. For example, set up an intranet system among banks to get bona fide information. Therefore, users can send and receive money faster rather than waiting for one working day. Currently, individual users are required to wait for 1 working day to receive their money if their transaction is done after 12pm through GIRO Interbank transfer. However, the recipient can receive the money within a day even the transaction is done after 12pm if Maybank2u successfully enhance their domestic funds transfer system.
On the other hand, Maybank2u should also improve their overseas funds transfer system. It is necessary because it allows the overseas users receive or send money within 1 day rather than 3 until 7 days. It is quite a long period for them to get know whether the transaction is done. Besides that, it is more beneficial for those who need the funds urgently overseas. Hence, Maybank2u funds transfer system will become an effective system in order to allow the users perform their transaction within a short period of time.
Secondly, Maybank2u could add a new transaction under funds transfer service. Currently individual users are not allowed to transfer money to Maybank Singapore online. Users are required visit Maybank branches to do their transaction. It will be easier and convenient for personal users if they can perform this transaction via Maybank2u.com.
On top of that, MoneyGram money transfer service allows the individual users to receive and send money in just a few minutes within the limit of RM10,000 and the service fees are depending on the country and the amount sent. However, this transaction can currently be done at the counter by submit an application form attached with the passport or identification card. It is an effective and fastest communication way for funds transfer system. Therefore, it is a good idea if Maybank2u introduces this service to the users to do their transaction instantly via Maybank2u.com instead of queuing up at the bank.
Furthermore, suspicious email and phishing had become the most common Information System (IT) threats in the banking industry. In order to protect the user' account and preventing fraud from happening, it is necessary for Maybank2u to enhance their security.
Although every user of Maybank2u are required to enter the TAC for their further proceed in any transactions to make sure the transactions are secure, safe, and confidential. But, there are still some frauds happening especially for those who are the new to Maybank2u which are still confuse with the complexity methods of using Maybank2u. Fraudsters will send emails or phone calls to collect private information about the user' account details such as passwords, ATM card number and so on.
Hence, Maybank2u should upgrade their firewall security system in order to protect user' account. Firewalls can help to keep network computer safe and secure and protect them from those automated attackers. For example, software based Microsoft Internet Security. Maybank2u should improve their security by purchasing and upgrading the latest version of their operating system. They should maintain their control security system strong in order to prevent the clients' confidential data to be stolen and used for fraud.
In addition, Maybank2u can also improve their security by requesting their users to enter their account number or identification number again after entering the TAC to double confirm their transaction. For an example, Hong Leong Bank is one of the banks which require their clients to enter 2 different TAC to double confirm their transaction. It is necessary for the users to do that because it allows Maybank2u to trace or discover errors or any mistakes for any transaction even it is only a numerical error or wrong spelling. Maybank2u will terminate the transaction immediately if there is an error. Maybank2u will recover all the mistakes so that the transaction can be successfully done.
Maybank2u will be more attractive and reliable to users and can compete with other banks' online service system if this system has been improved.
