Cardless Withdrawal Service enables Maybank2u users to initiate a fund transfer to any Malaysian mobile number. Once transaction is done, sender will receive a 6-digit Withdrawal Code and recipient will receive transaction ID via SMS. The sender is required to communicate this code directly to the intended recipient as an added security measure.
The transaction ID and Withdrawal Code are valid for 24 hours from the date and time the transaction request is completed. If the recipient fails to do so within the validity period the transfer will be considered null and void and the funds will remain in the sender’s account. The operating hours for Cardless Withdrawal service is from 6 am to 12 midnight daily.
The current transaction limit is a maximum of RM 300 per day. There will be a service charge of RM 1.00 (effective 1st March 2014) imposed to the sender for each transaction done, regardless whether the intended funds are withdrawn or not by the recipient. There is also a transaction restriction to the recipient mobile number. The same recipient mobile number can only receive up to 2 transactions per day.
This service is the first of its kind in Malaysia, although it sounds like CIMB Clicks OctoSend. The main difference is on the recipient side whereby OctoSend requires recipient to be CIMB customer while Cardless Withdrawal allows even non-Maybank customer to withdraw cash instantly and cardless from Maybank ATM.
From 7th January to 5th February 2014, be one of 3 winners everyday to win RM 500 when you send cash the cardless way! The service charge will be waived until 28 February 2014.