Nepal: Maybank Brings Down Remittance Charges To US$1.39

KUALA LUMPUR, May 22 (Bernama) -- Maybank is offering discounted charges for remittances to Nepal, bringing the cost down to only US$1.39 (RM5) per transaction, available from now till June 15, 2015. This represents a discount of between 50 per cent and 90 per cent on the various remittance modes available, said Maybank. The discounted rates would be applicable to all customers undertaking remittances using Foreign Telegraphic Transfer (FTT) via Maybank2u or over thecounter, as well as, via MoneyGram services. Current charges for these services range from US$2.78 (RM10) to US$11.15 (RM40) depending on the service and amount remitted, said the bank in a statement Friday. It said the special remittance fee is aimed especially at assisting the Nepalese community, including foreign workers in Malaysia, who wish to transfer money to their families and friends in Nepal affected by the recent earthquake. "We hope that with this discounted charges, our Nepalese customers are able to remit a higher amount home, which would no doubt greatly assist their families in their efforts to rebuild their lives as well as their homes," Maybank Head of Community Financial Services Malaysia Hamirullah Boorhan said. The reduction in fees is an effective way to contribute positively to its customers and it is very much in line with the bank's mission to humanise financial services, he added. --BERNAMA