how to transfer money online from rhb bank to maybank

5 Easy Ways to Transfer Money Online from RHB Bank to Maybank

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Are you seeking a hassle-free and convenient way to transfer money online from your RHB Bank account to Maybank in Malaysia? Whether it’s for family, friends, or business transactions, you have several options at your disposal. In this comprehensive guide, we’ll walk you through five distinct methods for transferring money online from RHB Bank to Maybank. You’ll also gain insights into the benefits, costs, and expected delivery times for each method.

Method 1: Interbank Money Transfer via RENTAS

RENTAS, or Real-Time Electronic Transfer of Funds and Securities, facilitates secure and efficient transfers to other Malaysian banks, making it ideal for larger sums (above RM10,000).

How to Use RENTAS

  1. Access your RHB Online Banking account.
  2. Navigate to “Pay & Transfer” and select “Overseas Transfer.”
  3. Indicate Malaysia as the destination country and MYR as the desired currency.
  4. Provide the recipient’s details, including their name, account number, bank name, bank code, and branch code.
  5. Enter the transfer amount and specify the purpose.
  6. Review the transaction details and click “Submit.”
  7. Confirm the transaction with Secure Verification or SMS TAC.

Benefits of RENTAS

  • Cost-Efficient: A flat fee of RM5 is charged per transaction, regardless of the transferred amount.
  • Swift Delivery: Funds are credited to the recipient’s account on the same day if initiated before 5:00 pm.
  • Security: RENTAS, managed by Bank Negara Malaysia, adheres to stringent security standards.

Drawbacks of RENTAS

  • Limited Availability: RENTAS transactions are only possible on weekdays between 9:00 am and 6:00 pm.
  • Minimum Amount Requirement: RENTAS is suitable for transfers exceeding RM10,000.

Method 2: Interbank GIRO (IBG)

Interbank GIRO (IBG) offers a cost-effective and speedy way to transfer funds and make payments to other Malaysian banks, particularly for smaller amounts (below RM10,000).

How to Use IBG

  1. Log in to your RHB Online Banking account.
  2. Visit “Pay & Transfer” and select “Transfer.”
  3. Search for the bank name (Maybank) and provide the recipient’s details, including their name and account number.
  4. Specify the transfer amount and purpose.
  5. Choose “IBG” as the transfer mode.
  6. Review the transaction details and click “Submit.”
  7. Confirm the transaction with Secure Verification or SMS TAC.

Benefits of IBG

  • Cost-Effective: A fee of RM0.10 per transaction is levied, irrespective of the transfer amount.
  • Prompt Delivery: Funds are credited to the recipient’s account within the same day for transactions initiated before 5:00 pm on weekdays, or within one business day for those initiated after 5:00 pm, on weekends, or public holidays.
  • Convenience: IBG can be used anytime and anywhere via RHB Online Banking.

Drawbacks of IBG

  • Lower Maximum Limit: IBG is suitable for transfers below RM10,000 per day.
  • Potential Delays: Network issues or system maintenance can cause delays in fund transfers.

Method 3: DuitNow

DuitNow allows instant fund transfers using mobile numbers or other personal identification details (MyKad/Passport/Business Registration), offering quick and effortless transactions.

How to Use DuitNow

  1. Access your RHB Online Banking account.
  2. Visit “Pay & Transfer” and select “DuitNow.”
  3. Enter the recipient’s mobile number or other personal identification details.
  4. Specify the transfer amount and purpose.
  5. Review the transaction details and click “Submit.”
  6. Confirm the transaction with Secure Verification or SMS TAC.

Benefits of DuitNow

  • No Charges: DuitNow is free to use, regardless of the transfer amount.
  • Instantaneous Transfer: Funds are immediately credited to the recipient’s account, accessible anytime and anywhere.
  • Simplicity: No need to know the recipient’s bank account details; their mobile number or personal identification is sufficient.

Drawbacks of DuitNow

  • Restricted Usage: Both you and the recipient must be registered for DuitNow with your respective banks to use the service.
  • Transaction Limit: DuitNow is suitable for transfers up to RM5,000 per day.

Method 4: Local Demand Draft

A local demand draft is a paper-based instrument that facilitates transfers to other Malaysian banks, making it suitable for individuals without a bank account or for specific transactions.

How to Use a Local Demand Draft

  1. Visit your nearest RHB branch and complete the local demand draft application form.
  2. Provide recipient details, including their name, address, and bank name.
  3. Pay the amount and the RM5 fee for the local demand draft.
  4. Collect the local demand draft and deliver it to the recipient via mail or in person.

Benefits of a Local Demand Draft

  • No Online Access Required: A local demand draft can be used without an RHB Online Banking account or internet access.
  • No Amount Limit: It can be used for any sum of money.

Drawbacks of a Local Demand Draft

  • High Costs: A fee of RM5 per local demand draft is charged, with additional postage or delivery charges if applicable.
  • Delayed Delivery: Funds are credited only after the recipient deposits the local demand draft at their bank, which may take several days or weeks.
  • Risk of Loss or Theft: The local demand draft can be lost or stolen in transit, potentially causing delays or disputes.

Method 5: Maybank2u

Maybank2u, Maybank’s online banking platform, enables online money transfers from RHB Bank to Maybank accounts, provided you have accounts with both banks.

How to Use Maybank2u

  1. Log in to your Maybank2u account.
  2. Navigate to “Pay & Transfer” and select “Transfer.”
  3. Search for RHB Bank and enter your RHB account details, including the name and account number.
  4. Specify the transfer amount and purpose.
  5. Choose “DuitNow – InstantTransfer” or “IBG” as the transfer mode.
  6. Request “Secure Verification” or “SMS TAC.”
  7. Confirm the transaction by selecting “Confirm.”

Benefits of Maybank2u

  • No Charges: Maybank2u does not impose any fees, regardless of the transfer amount or mode selected.
  • Swift Transfer: Funds are debited from your RHB account and credited to your Maybank account within the same day for transactions initiated before 5:00 pm on weekdays, or within one business day for those initiated after 5:00 pm, on weekends, or public holidays.
  • Convenient and User-Friendly: Maybank2u is accessible at your convenience, provided you have internet access.

Drawbacks of Maybank2u

  • Requires Accounts with Both Banks: Maybank2u can only be used if you hold accounts with both RHB Bank and Maybank.
  • Transaction Limit: Maybank2u is suitable for transfers up to RM50,000 per day.

Conclusion

In this comprehensive guide, we’ve outlined five distinct methods for transferring money online from RHB Bank to Maybank in Malaysia. Each method has its own set of advantages, costs, and anticipated delivery times, allowing you to choose the one that aligns with your requirements and preferences. We trust that this article has been informative and helpful. If you have any questions or feedback, please feel free to leave a comment below.

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