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 Best way to transfer large amount of money

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MilesAndMore
post Dec 20 2011, 09:58 AM

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Or withdraw all in cash and bank directly to your brother's account at CIMB Bank. Do request for all RM100 note so it is less bulky biggrin.gif
MilesAndMore
post Dec 20 2011, 03:22 PM

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QUOTE(WintersuN @ Dec 20 2011, 10:03 AM)
This seems very dangerous. Is it have to withdraw at the counter then go the CIMB counter to deposit?
Of course there is a risk but i've done this many times myself. Most of the time was because i needed the money urgently. Else, i'll buy a banker's cheque instead.


QUOTE(WintersuN @ Dec 20 2011, 10:23 AM)
So RENTAS or GIRO is rekomended?

What the difference pros and cons between rentas n giro?

thnx for the help
For your case, RENTAS is recommended. The fee for RENTAS is higher but transfer is done almost real-time and it is the electronic transfer method for a huge sum of money.


QUOTE(skylee18 @ Dec 20 2011, 10:33 AM)
Do banker cheque by paying RM5 then use cheque machine to transfer, It will take immediate effect.
RM5 for a Maybank banker's cheque is right but no. It won't take immediate effect. It will still subject to clearing like any other normal cheques.


QUOTE(WintersuN @ Dec 20 2011, 10:51 AM)
Just discussion,

if bankers cheque rm10 is it more worth to use rentas? cos only rm9 can save rm1
Banker's Cheque is cheaper actually at only RM5.


QUOTE(cute_boboi @ Dec 20 2011, 11:21 AM)
To risk saving RM10-20, just withdraw 50k cash from MBB, walk over to CIMB use Cash Deposit Machine.
Not cash deposit machine but the counter. It's going to take forever to deposit it through cash deposit machine.


QUOTE(cute_boboi @ Dec 20 2011, 11:21 AM)
For fast inter-bank, use RENTAS. Same day if before 12pm. Next working day if after 12pm.
I understand RENTAS is almost real-time. It means you should get it in the other bank in just a few minutes top.


QUOTE(WintersuN @ Dec 20 2011, 11:25 AM)
walk over to cimb csash deposit hmm.gif

but when deposit the machine i think can accept max 100 notes duno need do how long
Yes. That is why i suggest you to deposit it over the counter.


QUOTE(WintersuN @ Dec 20 2011, 11:33 AM)
Not need urgent.

Cash out 50k like very scary la sweat.gif

max i hold cash b4 oso not exceed 3k

i discuss wif him la..

so now all suggest bankers cheque is most useful la right
Since he doesn't need it urgently, banker's cheque is the safest and most money saving method. Maybank will charge you RM5 for the banker's cheque.


QUOTE(aeiou228 @ Dec 20 2011, 11:37 AM)
The cheapest and most convenient method is GIRO transfer at your home bank counter.
RM2 GIRO fee
RM50k transfer no problem.
If you GIRO it before 12pm, the money is good tomorrow. (during working days only)
No need to go to CIMB bank.
Safe and convenient.
Maybank actually allows to transfer such a big sum of money through MEPS IBG at a single MEPS IBG transfer only over the counter ? I wasn't aware of this. Can anyone else please confirm this ? Most banks impose a limit for over the counter MEPS IBG too. Standard Chartered for instance, has a limit of RM5,000 for a single MEPS IBG via its online banking portal and RM9,999 for a single MEPS IBG through the counter. To transfer an amount of money more than RM9,999 in a single day over the counter, you will need to do multiple MEPS IBG.


QUOTE(rayng18 @ Dec 20 2011, 11:44 AM)
that's the cheaper and easier just buy the banker's chq and bank into your bro a/c. Settle and kautim. I think u just need to pay RM2.15
QUOTE(xproc @ Dec 20 2011, 12:14 PM)
ya banker cheque only rm 2 sth not rm 10... but need others to confirm...
For Maybank, it's RM5.


QUOTE(OneBuck @ Dec 20 2011, 12:29 PM)
If no urgent but want to save kaw-kaw.

Walk to Maybank, draw 5000 through counter and walk to CIMB, bank in.
Repeat 10 times.

Scare get robe, draw 1000 through counter, repeat 50 times

You can save RM2.
Might as well withdraw all the money at one go then...


QUOTE(WintersuN @ Dec 20 2011, 01:06 PM)
Oh giro oncounter can rm50k then is best la. Cos i not urgent and just 1 the transaction is safe
doh.gif

Risk get rob also X 50
Do note that this is not confirmed yet because as far as i am concerned, there is a limit imposed for each MEPS IBG done over the counter too even if you do it at your account holding branch.

Anyway, should you decide to use MEPS IBG (GIRO), may be you can update us if there is a limit for Maybank MEPS IBG (GIRO) done over the counter ?
MilesAndMore
post Dec 20 2011, 07:06 PM

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QUOTE(WintersuN @ Dec 20 2011, 04:03 PM)
ok thnx miles n more

great explanation there notworthy.gif
No problem smile.gif


QUOTE(aeiou228 @ Dec 20 2011, 06:02 PM)
Yes there is a limit. The limit is RM500,000.00 in one GIRO application form. If you want to GIRO RM1Million, just fill up 2 GIRO form and pay additional RM2. You must go back to your home branch counter though.
Oh, if I still remember correctly, I guess home bank but not home branch also can giro more that 50K for Ex EON.
Thanks for the confirmation!

So, @WintersuN, there you go, you can transfer your money through MEPS IBG and only pay RM2 for this service.

MilesAndMore
post Dec 20 2011, 11:07 PM

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QUOTE(aeiou228 @ Dec 20 2011, 10:03 PM)
If the money is for own account transfer, and the amount exceed RM100K, I would rather use Rentas coz it will cost the same as the RM2 GIRO but immediate clearance.
*
Another informative information! Thanks. thumbup.gif

MilesAndMore
post Dec 20 2011, 11:41 PM

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QUOTE(Kaka23 @ Dec 20 2011, 11:20 PM)
Just use bankers cheque... Few ringgit charge don't hv to dilly dally la for the amount you are taking out!
*
For TS's case, MEPS IBG or RENTAS is a much wiser choice.


 

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