What payment method is used for MYR transfers?
MYR payments will be sent via IBG (local network).
What types of beneficiaries can I transfer MYR to?
You can send MYR payments to individual or business accounts in Malaysia.
Is there a limit on the amount I can send?
There is a maximum limit of MYR 100,000 per transaction.
How long does it take for the funds to reach the beneficiary?
The transfer will typically arrive to your beneficiary within 1-2 business days. Do note that transfers are subjected to compliance checks.
What will the sender's name be reflected as?
Our payment partner, CurrencyCloud's local payout partner’s name.
What is the accepted number of digits for the Account Number?
We accept account numbers up to 16 digits.
What is the accepted number of characters for the BIC SWIFT code?
We accept BIC SWIFT codes with 8 or 11 alphanumeric characters.
What information should I include when sending MYR transfers?
When initiating the transfer in the app, Admin users and Finance users with transfer rights will be asked to choose the purpose or reason for the transfer from a list of options:
|
Code |
Description |
|
advertising |
Advertising and public relations-related expenses |
|
advisor_fees |
Fees for advisory, technical, academic or specialist assistance |
|
business_insurance |
Product indemnity insurance |
|
construction |
Construction costs/expenses |
|
delivery |
Delivery fees for goods |
|
education |
Education-related student expenses |
|
exports |
Payments for exported goods |
|
family |
Family maintenance |
|
fund_investment |
Mutual fund investment |
|
hotel |
Hotel accommodation |
|
insurance_claims |
Insurance claims payment |
|
insurance_premium |
Insurance premium |
|
loan_repayment |
Repayment of loans |
|
medical |
Medical treatment and expenses |
|
office |
Representative office expenses |
|
other_fees |
Broker, front end, commitment, guarantee and custodian fees |
|
property_purchase |
Purchase of residential property |
|
property_rental |
Property rental payment |
|
royalties |
Royalty, trademark, patent and copyright fees |
|
services |
Information service charges |
|
share_investment |
Investment in shares |
|
tax |
Tax payment |
|
transfer |
Transfer to own account |
|
transportation |
Transportation fees for goods |
|
travel |
Travel |
|
utilities |
Utility bills |
Important note for MYR Transfer
-
Non-ASCII characters will be converted to their ASCII equivalents or removed, to the best of our ability, in order to comply with the limitations of the domestic payment system.
Questions? Please log in to the app and reach out in the chat at the bottom right corner of the screen.
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