View all Deposits & Banking FAQs

1. What is Maybank Visa Money Transfer (“Maybank VMT”)?
2. How does it work?
3. Can money be sent to any Visa card worldwide?
4. What if I do not know my recipient’s Visa card number?
5. Who pays the fees, the person sending the VMT funds or the person receiving it?
6. Can I choose the currency to send my Maybank VMT?
7. What exchange rate will be used?
8. What is the maximum amount I can transfer?
9. Can I cancel the transaction?
10. I have provided the wrong details. Can I rectify it?
11. I have sent money and didn't receive my goods or services in return. Can the Bank assist me to reverse the Maybank VMT transaction?

1. What is Maybank Visa Money Transfer (“Maybank VMT”)?

   Maybank Visa Money Transfer (“Maybank VMT”) is a remittance service offered by Maybank in collaboration with Visa International. It is a fast, simple and safe remittance service that allows the transfer of money from your Savings, Current or CreditAble account, or Maybank Visa Credit Card account into another Visa card issued locally or overseas.

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2. How does it work?

   If you have a Maybank Savings, Current or CreditAble account or Maybank Visa Credit Card account, simply login to Maybank2u.com.sg (Online Banking) to make your transfer. Follow the Step-by-Step Guide here.

   If you do not have Online Banking access, you can apply for it here.

   You can still make a Visa Money Transfer transaction even if you do not have a banking relationship with us. Just sign up for Maybank ePocket, an online facility that allows you to manage your cash across all your other bank accounts with just a single login, through the use of 2-Factor Authentication (2FA) to access your accounts.

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3. Can money be sent to any Visa card worldwide

   Visa Money Transfer is not available to Visa cards issued in the USA, Venezuela, Colombia, Nigeria, Myanmar, North Korea, Indonesia, Belarus, Congo, Cuba, Iran, Iraq, Ivory Coast, Liberia, Sudan, Syria and Zimbabwe.

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4. What if I do not know my recipient’s Visa card number?

   The Visa card number is required for the crediting of the VMT funds. Therefore, you will need the recipient’s 16-digit Visa card number to remit funds to his/her Visa card.

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5. Who pays the fees, the person sending the VMT funds or the person receiving it?

   The sender pays a transfer fee per VMT transaction, plus the indicative equivalent in Singapore Dollars for the amount to be remitted in the receiving card’s official currency.  As to whether there is any fee imposed on the receiving end when the recipient withdraws the funds, your recipient may wish to check directly with his/her Visa Card issuer.

   Transfer from a Maybank Visa Credit Card to another Visa card issued in Singapore is considered a cash advance and will be subject to a cash advance fee.

   Click here for information on the Fees and Charges for sending Maybank VMT.

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6. Can I choose the currency to send my Maybank VMT?

   No. You can only remit funds in the official currency of your recipient’s Visa card. In the event that Maybank is unable to determine the official currency of the receiving card, the transaction will be effected in Singapore Dollars. Visa International will convert the amount to the official currency of the receiving card at an exchange rate determined by them on the day the transfer is completed.

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7. What exchange rate will be used?

   The exchange rate to be used will be based on the day the transfer is completed.

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8. What is the maximum amount I can transfer?

   The maximum amount per Visa Money Transfer is set at S$3,000 and cannot be increased any further. For multiple VMT transfers, the default total combined transfer limit (for transfers performed online or at the Branches) is set at S$3,000 per day with an option to increase to a maximum limit of S$20,000 per day.

   If you wish to increase your total combined transfer limit to a maximum of S$20,000 per day, you can login to Maybank2u.com.sg (Online Banking) to make changes online via Funds Transfer > View/Amend Limit.
   
   In the case where the transfer is from your CreditAble or Visa Credit Card account, the maximum transfer per day is subject to the available credit limit of either account

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9. Can I cancel the transaction?

   As the transfer is initiated immediately upon your confirmation, you will not be able to cancel the VMT transaction once you confirm it.

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10. I have provided the wrong details. Can I rectify it?

    You will not be able to change the details of your transaction after you have confirmed it with your One-Time Password via SMS or Security Token. Please ensure all details are correctly entered before you confirm your transaction.

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11. I have sent money and didn't receive my goods or services in return. Can the Bank assist me to reverse the Maybank VMT transaction?

    No. The Bank will not be able to reverse the VMT transaction once you confirm it. As such, please ensure all details are correctly entered before you confirm your transaction.

    Please note that Maybank Visa Money Transfer is a remittance service and as such does not provide any purchase guarantee or protection for goods or services purchased.

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