Select the account you want to send money from.Choose option 1 for Send-iMali and accept the terms and conditions.Then, select option 6 for money transfers.Login to your Nedbank cellphone banking and on the menu.The USSD service is the most popular and quickest way of transferring cash via the Nedbank send money facility. Nedbank account holders have 3 easy options to use the send money service. The recipient of the transaction have up to 7 days to withdraw the money, otherwise, it'll be returned to the sender's banking account.Īs indicated, the recipient can withdraw cash from the ATM free of charge and spend the money however they feel. When you left your Nedbank card at home, you could still send money to yourself for instant access to cash. Your family and friends will have instant access to the money and can withdraw for free at any Nedbank ATM, anytime. It'll only cost you R10.00 for sending any amount up to R1,000.00 per transaction and R14.00 for amounts from R1,001.00 to R2,500.00 per transaction per day. You can send cash up to R2,500.00 per day at the best affordable fee, anytime. ![]() And your friends don't need to have a Nedbank account, the money will be transferred directly into their cellphone number. Knowing that, let’s use the eWallets that are available to us to our advantage.You'll be able to send money to friends and family via the Nedbank account. These fees aside, look out for annual fees, account cancellation fees, or even fees to retrieve account info from your eWallet provider.Īll in all though, us Malaysians sure are lucky! Most eWallets in Malaysia don’t charge any fees for users at all. To your local bank account: RM3, free for withdrawal above RM400 What fees are Malaysian eWallets charging? (for users only) eWallet Joining fees or signup fees are one-time fees merchants may be requested to pay in order to partner with an eWallet company. Merchants looking to partner with certain eWallet companies may be charged a transaction fee or merchant discount rate of approximately 0.5 – 3.0% of every transaction made from customers using the respective eWallet. While eWallet users in Malaysia aren’t usually charged fees, this is where merchants get the short end of the stick. TNG eWallet also allows you to increase your maximum eWallet size from the default RM200 to RM1500 upon linking your credit/debit card, or up to RM5000 once you register as an RFID user. Instead, you might be asked to provide extra authentication of your identity (as with Boost). You’d be glad to know though, that most Malaysian eWallets will not charge you to upgrade your account. Premium account fees are one-time fees that you can opt for to upgrade your eWallet balance size if you find yourself in need of larger capacity. If you’re wondering why, such limits are imposed to mitigate any possible fraudulent transactions. PayPal charges between 3.5% – 4.0% depending on the currency into which the amount is converted Account upgrade feesĮarlier, we mentioned how most Malaysian eWallets will place a cap on the maximum balance you can have in your eWallet. You might not associate this with eWallets, but bigger eWallets which accept cross-border transactions will typically have this fee. As handy of a feature as it is, you may incur a fee to send money via this feature. In recent years, many eWallets have introduced the feature to perform fund transfers to other users of the same eWallet. Internal transaction fees are also known as remittance fees. These may incur separate fees from withdrawal to your bank account. ![]() ![]() Boost refers to this as Cash-Out, and charges 2% of the Cash-Out amount (up to a maximum fee of RM2 for each request) ATM Withdrawal feesĬard-based eWallets like BigPay sometimes allow you to withdraw cash from select ATMs, similar to a debit or credit card. Withdrawal fees are charged when you choose to retrieve funds from your eWallet and transfer them into your bank account. Most eWallets in Malaysia don’t charge this fee, but most do have a maximum limit on the amount of funds you can store in your eWallet at any one time. Hence why most Malaysian eWallets completely waive it off – allowing users and merchants both to use their eWallet completely for free! What type of fees do eWallets typically charge?ĮWallet fees and charges in Malaysia For Usersĭeposit fees may also be known as top up fees, and are imposed when you top up funds into your eWallet. We’ll explore these further below.ĭo note that such fees typically only make up for a small percentage of revenue for eWallet providers. Such fees could include merchant fees, withdrawal fees or fees for premium accounts. If you’ve ever found yourself wondering where eWallets actually derive their profits from (especially when they’re giving away so much cash-back), one of the ways is through fees charged to users and/or merchants.
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