For Malaysians looking to send money to relatives in China, the days of waiting in long bank queues are over. Online banking now offers a faster, more transparent alternative for cross-border transfers. Here's how to securely and efficiently remit funds from Malaysian banks to Bank of China accounts.
Step 1: Selecting the Right Bank
Not all Malaysian banks provide equally convenient cross-border transfer services. For seamless transactions to Chinese accounts, consider these institutions:
- Maybank: Malaysia's largest bank with a robust online platform supporting multiple currency transfers.
- CIMB Bank: Known for its extensive Southeast Asian network and cross-border expertise.
- HSBC: The global banking giant offers high security for international transfers.
Step 2: Activating Online Banking
If you haven't already, register for internet banking either through your bank's website or at a local branch. This digital access is essential for initiating transfers remotely.
Step 3: Adding Beneficiary Details
After logging into your online banking portal, carefully input these recipient details for your Bank of China account:
- Full name: Must match the recipient's government-issued ID exactly
- Account number: Verify all digits meticulously
- Branch information: Include the complete bank name and address
- SWIFT code: Bank of China's international identifier (BKCHCNBJ for headquarters)
Step 4: Financial Preparation
Ensure sufficient funds in your Malaysian account to cover:
- The principal transfer amount
- Transaction fees (varies by bank)
- Currency conversion charges (MYR to CNY)
Exchange rates fluctuate, so monitor them before transferring.
Step 5: Initiating the Transfer
Navigate to the "International Transfer" or "Overseas Remittance" section in your online banking interface. After completing all required fields and verifying the information, submit the transaction. Most banks will require secondary authentication via OTP or security token.
Step 6: Choosing Transfer Speed
Malaysian banks typically offer:
- Standard transfers: 3-5 business days with lower fees
- Express transfers: Within 24 hours at premium rates
Step 7: Transaction Monitoring
After submission, track your transfer using the provided reference number through online banking or customer service. Confirm receipt with your Chinese beneficiary.
Frequently Asked Questions
How long do transfers take?
Standard transfers require 3-5 business days, while express options typically complete within 24 hours. Processing times depend on both originating and receiving banks.
What are the typical fees?
Costs include transfer fees and currency conversion charges, which vary significantly between institutions. Consult your bank's fee schedule beforehand.