MBSB Bank has introduced Global Easy Transfer (GET), a new international remittance service developed in partnership with Wise.
With this launch, MBSB Bank becomes the first Malaysian bank to partner with Wise Platform, the company’s global infrastructure for financial institutions.
The service allows customers to send money abroad directly through the Bank’s M Journey retail banking app in what it describes as a faster, more transparent and straightforward process.
Global Easy Transfer aims to address common challenges faced by Malaysians when sending money internationally, including hidden fees, slow processing times, unclear exchange rates and limited visibility of transfers.
At launch, the service supports transfers in 12 currencies, including the United States dollar, the British pound, the euro, the Singapore dollar, the Indonesian rupiah and the Australian dollar.
Customers are able to track their transfers in real time, with delivery times ranging from instant to same-day depending on the destination.
Rafe Haneef, Group Chief Executive Officer of MBSB Bank, said:
“With GET, Global Easy Transfer, we are giving families, professionals and business owners the confidence to send money abroad knowing exactly how much will arrive and when. This is what customer-first innovation looks like.”
International transfers are a necessity for many Malaysian households.
It is estimated that around 55,000 Malaysians are currently studying overseas, particularly in Australia, the UK and the US.
According to MBSB Bank, the new service is intended to provide a more reliable and transparent option for covering tuition fees, accommodation, living costs and other expenses.
Samarth Bansal, APAC General Manager at Wise Platform, added:
“With local payments in Malaysia and other parts of Asia Pacific being instant, customers now expect the same from cross-border transfers. We are excited to partner with MBSB to redefine cross-border payments and make international transfers as fast and convenient as domestic ones. MBSB Bank’s commitment to customer-first innovation aligns perfectly with our mission, and together we’re setting a new standard for cross-border payments in Malaysian banking.”
The bank stated that transfers made through Global Easy Transfer can be tracked end to end and will initially be free of transfer charges during an introductory period.
Daily transfer limits of up to RM100,000 are available.
Featured image credit: Edited by Fintech News Malaysia, based on image by user850788 via Freepik
