FAQ about bank-in or transfers

I have seen many disputes about how money takes very long to transfer to accounts and how banks not doing their jobs and so on. To prevent further misunderstandings, we present you the common timeline for such transfers.

Bank-in through:

• Cash-in at bank counter - immediate
  
• Local Cheque at same or different bank (counter or machine)
  • bank-in morning - 1 day
    
  • bank-in afternoon - 2 days
• Outstation Cheque (meaning issued cheque and bank-in account is not from same state)
  • bank-in morning - 2 day
    
  • bank-in afternoon - 2-3 days
• Online transfer different bank (GIRO) - 2 days
  
• Online transfer third party account (same bank) - immediate

Notes:
1. Days listed above must be counted as working days (which does not include Saturday and Sunday currently)
2. Morning = bank opening hour till 2pm
3. Afternoon = after 2pm

Contributor: almostthere, abubin (Mar 2006)

I always use deposit mc to transfer the money. so easy & fast...

I tried to transfer money from maybank to hong leong bank through maybank2u.com.my using Online transfer different bank (GIRO) ...
but whenever I type in the hong leong account....it say invalid acc number...
has anybody experienced same probs....
help me....
thanx...

yeah, deposit i the best way. one who doesnt have maybank should open it!

If i do not have a bank account.. how do i do send the money to the seller's account ?
Can anyone advise me the procedures for conducting this type of transaction.

Thank you.

You can do cash deposit at the counter. Just fill up a form, take a number, wait for your turn and the teller will do the rest when it is your turn...

can use deposite mc la..if dont have deposite mc u can use deposite at counter,
but must q first lo...if many q, waste the time....

got any extra charger fees for deposit the cash to the other account?

can i bank-in money in one bank but different bank account??
example : can i go maybank to bank-in money for a account in hong leong bank?
any additional charge??

i think u should go to hongleong bank to bank in money for that hl account.

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Added on August 12, 2007, 12:44 amerm...got interbank transfer but it will charge u something..nothing free nowdays

This post has been edited by cavcite: Aug 12 2007, 12:46 AM

what if international bank transfer? like Public bank (malaysia) transfer to Commonwealth Bank (australia)

use TT la.

TT = teh tarik session ?



bear in mind dat TT is expensive.
i recommend you using moneygram or western union.
but safety first ya.

i am sorry but TT cost only RM35.00 to the sender, and it is depends on the receiver bank of how much they are charging.

for Hong Kong HSBC, charge less than HKD100 for receiving. I am not sure either HKD50.00 or HKD100.00.
for UK HSBC, charge 12 pounds for receiving.

It is consider cheap if sending large sum of amount.

This post has been edited by xplora: Aug 18 2007, 05:00 PM

why u apologize?
its good to discuss about money transfer.
but,the cheapest way for me is westernunion online.if use agent,more expensive.

means TT charges both side??

scared if i offended you

i think cheapest way is make bankers draft or travellers cheque which cost RM8.00-RM10.00 then use recorded delivery or poslaju send.

The receiver should only wait less than 4 days and the receiver bank didn't charge anything for it at least it happens in UK or HK.

Just postage + rm8.00-rm10.00 bankers draft quite cheap.

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Added on August 18, 2007, 5:13 pmyes, of course. Both of the bank also want to earn money too.

Try to ask your bank if they have connections with the australian bank that your friend using.

If no connection, they need to go thru to the other australia local bank first before going to your friend bank and it could be a little more expensive because the first bank want money too.

Just like if i send from HSBC UK to CIMB malaysia, but the UK bank got no connection with CIMB, they need to go thru public bank.

That means the receiver need to pay public bank for the service charges beside CIMB too.



This post has been edited by xplora: Aug 18 2007, 05:13 PM

anyone can explain more about money gram n western union?

any secure method to purchase something online.. like the bank will freeze the money 1st.. seller can get once i got the item.. any idea? thanks..

Are you purchasing something with big amount? If you so, you can apply LC.

hmm
i tried to do an interbank transfer from maybank to cimb

and have a few queries:
1. whats the extra cost (if any)
2. during the procedure, there is a column "beneficiary i.d.", what should i put there?

Anything you can put on the fields without the * for your own reference..

Interbank Giro transfer will deduct RM2 from your account..like maybank2u to a cimb account..

So it takes 2 days eh?

ohh...
thank

me such a n00b in life

Yea one more thing they won't display the beneficiary's no for the Giro interbank transfer..just make sure their account no is correct..if the transfer is successful, it will be displayed "received" or something..

if we use normal intergiro/same bank can we ask the bank to reverse the transaction if we sent to the wrong person?

hie.. where can we find 3rd party fund transfer for online ?

can clarify more regarding the '2days'?
let say i transfer today at 11pm. when can my fren get the money huh? thanks in advance.

edit: deleted. question answered in another thread.

This post has been edited by neorelated4: Dec 6 2007, 09:28 PM

may i noe more info regarding the RM2 deduction? the RM2 deduct from the sender account or receiver account? so is tat means when i wan transferred RM10 from my Maybank account to my friend account in CIMB bank, i have to transferred the total amount of RM12 in order to let my friend receive exact RM10 rite???

if i m not using maybank, let's say i use other bank like hong leong bank to transfer $ to my fren account in CIMB bank, different bank charges different rate rite? and the charges oways on sender account not receiver account?

The RM2 is deducted from the sender account so the receiver will receive the full RM10.

As far as I know the rates are standard for InterBank transfer.

The charges for this IBG transfer is always on the sender account.

however at times I do notice when people are making Cash deposits to interbanks there is 0.50 charge and this is sometimes taken out of the receiver's account. I am not sure if this is caused by using a foreign bank such as UOB, HSBC, OCBC etc etc to a local bank to bank in.

Beneficiary ID sometimes it's best to put the person's IC number for your reference or a telephone number.

thx for the useful info, currently i hav sold something worth only RM10 to oversea ppl, so if he use foreign bank 2 bankin cash to my cimb bank,i only received RM9.50 at final rite?

another question is, normally how many days would be taken by bank to successfully transfered the amount of money into my bank account? either from local to local, or foreign to local? for the local to local bank: will it be difference days taken by the bank if the money transfered from same local bank to same local bank (example: cimb to cimb) and from diff local bank to diff local bank (example: public bank to cimb bank)?

How to bank in money from my savings account to a business account? I can't do that in Maybank2U. Need to go ATM or cash deposit machine ka?

Yupe, can only ATM and cash deposit if you want to pay to a business account.

EDIT: My mistake. didn't noticed you write ATM

This post has been edited by Shizuru: Dec 28 2007, 08:57 PM

ATM can ka?

I only need to bank in RM38. Cash deposit accept RM1?

Mmmhhh...

I'm learning something new here...

No you can't. The minimum amount is RM 5 accepted by cash deposit machine.

Cheers~

If I'm not mistaken the minimum amount for cash deposit is RM10 for Maybank at least.

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Added on December 28, 2007, 8:54 pmATM can only can't through Maybank2u.

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Added on December 28, 2007, 9:00 pmSorry didn't reply earlier. Guess you already figure out how to make payment

This post has been edited by Shizuru: Dec 28 2007, 09:00 PM

if maybank to overseas maybank, use tt or 3rd part tr. ?

and does it charge $$?

i would like to ask if i want to transfer money from CIMB bank to public bank
how much is the charge and it will take how many time?
i can do it at the counter there rite?
thanks

i think its rm2 (if i'm not wrong). normally take 1-3 day for it to go over to public bank.

Hi guys, i just received an amount of rm100 from my buyer through interbank transfer(CIMB-Maybank). He did sent me the transaction print screen, with my name, acc no, amount of money....question here is, is it safe for me to post out the thing now? coz today is friday and i assume that i'll only receive the money after next monday. Is it correct? Thanks

bro, you need to confirm that the money is in your account before you sent out your item . if your account doesnt have the money yet, dont sent it.

Thanks for your help.

use internet bankin

a really really noob question i kno, but i've never done any bank-related things, so...
if u cash in money in2 an account directly, do they give u a receipt or something? otherwise how are we to show the seller that we've actually banked in the money??

You have two ways to prove to the seller.
1. You'll get a receipt upon a successful transaction. Just scan the receipt and let the seller see.
2. If you are transferring money online, you capture the screenshot of the receipt and send it to the seller.

p/s: For online transactions, you'll be given a reference number, it's advisable for you to keep it in case you wanna check with the banks or so.

^thanks

You're welcome

hey guys,

how much is the charge to transfer money to an oversea bank account? in this case let's say to US. does anyone knows anything about it? can I just go to any bank (CIMB, Maybank etc.) to transfer the money internationally?

thanks

How does paypal doing in malaysia? I want to buy prepaid online game card using paypal.
1. How do i buy the card? what to do? where to setup account for paypal?
2. can i buy paypal credits via maybank2u online?
3. is paypal safe?

Sorry i am new to bankings
If i would like to bank in into somebody's account what info do i need?
Just tell them the account number and give the amount and that's it?
Do i need to have an account of that bank too?

Go here www.paypal.com and regiter an account, you need to provide credit card information for this.

PayPal is the company or I call it as a center man who have you credit card information. When you buy something from someone who accept PayPal, you need to do the payment in PalPay web site, so the seller will not know your credit card information, safe for the buyer. You can check more info in www.paypal.com.

Get a US$ bank draft. Then send it to him by post (cheaper). Or send it by TT (faster, more expensive.)

Is money order = bank draft?

What to do if the seller don't want to send the item to me after he get the bank draft or money order?

Prefer to deposit thru counter. Cause can giv exact amount. Use machine. Muz in ten or 5 buck

Sort of .. different instrument but same concept

Same as what happens if you wire the money to him and he doesn't send the item

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Added on May 21, 2008, 10:38 amIf you can see the entry in your history that says he banked in the money, then it's safe to send.


This post has been edited by wodenus: May 21 2008, 10:38 AM

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Added on May 21, 2008, 10:46 pmThanks for info.

This post has been edited by tskhor: May 21 2008, 10:46 PM

Can I pay credit card using bank transfer too? Cause there's option for bank transfer to select credit card (3 options in cimb online, one is transfer fund, credit card and loan)

I'm not sure, cause paying credit card not available in the pay bill options..

Is it possible?

is there any service charge got online bank to bank transfer within same bank??

nope

hmm.. im a 17 year old without a bank account.. other than COD or borrowing other people's account, is there a way to transfer the money to the seller?? cos i dun reli understand all the terms u guys r saying here

use cash deposit from bank

thank you.. but how does cash deposit work?

i think that for some bank the minimum deposit is rm5, some are rm10. you just need to slot the money into the machine with the seller accounts number.
you can also take it to the counter of the bank is the amount like have cents or whatever.
the banker will assist you if you dunno how to do it.

oh.. so means i still have to find the bank.. =( oh well.. thx anyway ^^

I'm feeling anxious and stupid on my latest transaction. I'm selling PayPal fund and a guy contacted me to buy USD240. He transferred money to my Maybank account from CIMB at 1AM 3/7/08. I sent the fund to him once he showed me the screenshot of payment. My question: How long does it usually takes for the money to reach my account? Thank you.


P.S. I should have insisted on waiting for the money to get into my account first.

it should be under GIRO, right? yeah, its actually risky when you do that cos the screenshot could have been photoshop-ed

This post has been edited by yingjee: Jul 3 2008, 11:27 PM

Any1 noes what's the minimum amount for Public Bank cash deposit machine?

Sorry being a noob.......how do seller detect it is you who bank it in the money??? Bank in method......tq!!

there is a buyer told me that he has transferred money from his Cimb bank to my Maybank account,
the receipt that he sent me was with the wrong beneficial name,
but he say its ok, as long as the account number is correct.
Is that true???
however, i still not received the amount of money. he said was sent on saturday night.

Most probably I've been scammed because I've yet to receive my money till now.


I think you've been scammed too...

my place cdm accepts rm5 notes.

hmm.... should have seen the money in your bank account 1st before transfering your paypal accounts.

From my experience, CIMB to any other bank is around 1 day plus, less than 48 hours. It's usually around 25-28 hours (during weekdays)

As I said, I gave in to his pleadings. In fact, during the entire transaction, he was very convincing. So, from now on for me: It's money first, talk later.

When doing online transaction, it is better to state that deal proceed only when payment CLEARED in your account. Do you know that the buyer can anytime just call the bank to hold back the transfer?

There are a lot of scammers for this Paypal selling deals...

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Added on July 15, 2008, 12:10 amYeah...u r right...it is less than 48 hours definitely...



This post has been edited by Kenix L: Jul 15 2008, 12:10 AM

cimb to other bank, took me less 3 working days, i think other bank same too

Does this mean i can just put any Beneficiary Name in it as long as the account number is correct, the money would go thru?

what are the ways to verify a transaction? wanna know if a buyer has paid me, the time and other details to verify

atm?
online?
update bank book?

This post has been edited by synz: Sep 9 2008, 03:15 PM

i use internet banking to check balance

for maybank2u, internet banking you can only know the amount, & type of transaction . you wont know who paid you so it is save to inform the buyer to inform you once paid with exact amount.
if you want to know the time, call up to your bank and ask them the transaction, if not mistaken, pnly the main branch of your account open can check..

So what happens if you have multiple buyers banking into your account at roughly the same time? Or lets say you don't have internet access for the time being and end of the day when you check your account got a few people bank in. How are you going to know who paid you?

owh i'm just using cash deposit machine at bank. but not very good indeed~ some money would be rejected (only the pretty money will be accepted). trying to use bank islam online, but dunno how.

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Added on October 5, 2008, 11:45 amone question:
if i bank in the money using cash depo mc on weekends, when people will receive it? that day or on weekdays?

This post has been edited by Dark Amaterasu: Oct 5 2008, 11:45 AM

hi...

i have came across a few of my customers bank in through maybank to me...
no problems...

but one of my customer said that the maybank2u need IC number/ company registration number? insisted on the details...

is this true?
i'm afraid...

I think I.C. number is when you need to do interbank fund transfer, that means transfer fund from other bank to other bank.
Actually you can simply type in a figure in that column but just hope that the transaction goes smoothly else it will be troublesome. That I.C. number is just for verification if anything happens, i.e. frozen account.

anyone know how to use bank islam online?

almost d same as other.
get ur pin @ atm --> go to bankislam.biz --> 1st time login...then juz follow d flow

The money will be credited into the account instantly.

Typo

This post has been edited by ilovecookies92: Dec 14 2008, 12:55 PM

And one more question, what details should the seller should provide to the buyer to do bank-bank transfers. And what details should the buyer provide to the seller. What are the risks if providing someone your I.C.

same question...

no choice but to wait for them to tell you.. if possible, show proof of payment (cash deposit machine receipt or online receipt) but it's risky also as photoshop can make wonders these days. never tell the buyers that you've received payment and ask if it's them. CIMB is better online i heard.. as it has reference numbers for the receiver or something. not sure

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Added on December 25, 2008, 2:01 amType of bank, bank account number & account holder's name as well as e-mail (e-mail is optional but it tells you who paid)

Buyer only needs to provide his/her name, address & phone number for postage purposes. Other additional informations are optional but to tell the truth, I think giving out your I.C. number is not that safe.

This post has been edited by yingjee: Dec 25 2008, 02:01 AM

Anyone can tell me which banks have online banking? And any charges for interbanking?

If you use Hong Leong Online, they have a new service call Pay+ for you to transfer your fund to other bank immediately. I have test it and it work. Only Maybank still can't. The best thing about it (other than immediately of course) , it will tell the account holder name automatically. Not sure other bank have this though...

This post has been edited by Hisyamudin: Jan 2 2009, 08:20 AM

Maybank2U and CIMB dont have any charges for interbanking though they may take up to three days for the transfer to go through.

Really? I thought Maybank does charge for fund transfers to other banks. I tried it before. CIMB i don't know since i don't have that.

Didn't know Hong Leong was already online. Cool. Thanks for that!

i only know CIMB & Maybank.. ahaha.. CIMB is RM 2 while maybank is 50 cents i think

really? last time i tried maybank to dunno which bank they wanted to charge RM 2!! siao.

i guess it depends to which bank then? cos my sis transferred to CIMB it was 50 cents only?

can anyone help me with this?

http://forum.lowyat.net/topic/907132




Ty.

oh i see. maybe with friendly banks it costs less? so weird.

MayBank2U question:

To receive money, does one need to generate a TAC (Transaction Authorisation Code)?

How does one know if one has receive it for 3rd party transfer (same bank)?

It is odd that MayBank2u does not provide email notification in this day and age.

Nope. You only need TAC if the money is going out.

They will notify you by e-mail entitled "Maybank2u.com 3rd Party Transfer‏" if the person who paid included your e-mail in the transfer page.

It looks like this :



If he/she did include your e-mail, check your Junk Mail folder?

i want to trasfer to 3rd party account...
from CIMB to Public Bank...
how many days it'll take to receive??

should be 2 working days

Have some questions here..
I seldom do deals online... what i meant was. I seldom sell online..
But im planning to open up an online shop sooner or later..
Could I just use the existing savings account I have...? Or it isnt suitable.
Can anyone enlighten me...?
Another thing is, I am not really familiar with online transfers...
Can transfers be done using savings account or need current account..?

This post has been edited by Manufacture: Jan 31 2009, 10:40 PM

u muz apply for an online account, saving account will do.
and I suggest u get a paypal account, coz online business sure will use it.
and include CC payment oso.

maybank2u is the most preferred choice here.

you don't need a current acc. but if you want to have a separate acc from your savings, then open a current one. preferably with banks that have e-banking. paypal also if you trade overseas