In the world of international business as well as personal transactions, money transfers in foreign currencies or foreign exchange (forex) have become an essential necessity. Many companies in Indonesia are expanding into the global market, while individuals are increasingly transacting across countries. From supplier payments, remittances to relatives abroad, to overseas investments, all require fast, easy and secure forex transfer services online..

What is Foreign Exchange?

Foreign exchange or what we usually call forex is the currency of another country that is used in international transactions. When Maybank Indonesia customers want to send money to another country, such as to the United States, they will make a transfer in US dollars (USD). Other examples include Euro (EUR) for European countries, Japanese Yen (JPY) for transactions in East Asia, and Pounds Sterling for the UK (GBP). Forex transfers involve the conversion of rupiah to foreign currencies as needed, with the aim of enabling fast and secure cross-border remittances.

As one of the largest banks in Indonesia, Maybank Indonesia understands that Customers need more than just conventional banking services. Global transactions have now become an integral part of business strategies and personal financial needs, making forex transfer services a very relevant solution.

In this case, mobile banking applications such as M2U ID App from Maybank Indonesia provide convenience for customers in making foreign exchange transfers practically in the palm of their hand.

Advantages of Forex Transfer via M2U ID App

1.   Fast and Efficient Process

With the M2U ID App, customers can make forex transfers anytime and anywhere, without the need to visit a Maybank branch office. All transactions can be done directly from a smartphone with an easy-to-understand interface.

2.   Competitive Exchange Rate

Maybank Indonesia provides competitive exchange rates. Checking the exchange rate can also be done anytime anywhere via M2U ID App or Maybank Indonesia's official website, www.maybank.co.id . With this competitive exchange rate, international transactions can be more economical, both for businesses that need to send large amounts of funds, as well as individuals who send money to families abroad.

3.   Various Foreign Currency Options as Needed

Maybank Indonesia provides a variety of foreign currency options that can be tailored to your needs. Starting from the US dollar, Euro, Yen, to other currencies. This makes cross-border transactions easier and not limited to one particular currency.

4.   High Transaction Limit

In M2U ID App, customers can enjoy a high forex transaction limit, which allows sending up to more than USD 100,000 per month. This advantage provides greater flexibility for customers who have large transfer needs, both for business and personal purposes, while still enjoying the ease and speed of the transaction process through the application.

To maximize the convenience offered by Maybank Indonesia, you can follow these steps to make a forex transfer through M2U ID App. . There are two types of forex transfers that can be made: transfers to other banks abroad and transfers between Maybank accounts. Here's how to do it:

How to Transfer Forex to Other Banks via M2U ID App

1. A. Login to M2U ID App, click the top left icon on your account view, select Foreign Exchange Rates (to view updated rates).
   B. Tap the yellow round three dots button.
   C. After the Transfer menu appears, select the option “Other Bank via SWIFT”
2. Select the source of funds account that you want to use for the transaction
3. Select Destination Bank
4. Double check that the destination Bank name, SWIFT code is correct and select the currency, click Next
5. Input the amount and recipient information, click the checkbox at the bottom if the Foreign Exchange transfer is not more than USD100,000 or equivalent/month/Customer, then click Next
6. Input the purpose of the transaction and the type of underlying document*. If the Foreign Exchange transfer is not more than USD100,000, select “No Underlying”
   *Underlying document is required for IDR-CNY transfer in any amount, to any destination bank located in or originating from Mainland China.
7. Make sure all data is correct and click confirm
8. Enter Secure2u passcode
9. Forex transfer successful**
   
   **Status “Forex Transfer Processing” will be displayed on Interbank Forex Transfer using Underlying Document

How to Transfer Forex to Maybank via M2U ID App

1. Login to M2U ID App then choose 'Transfer' menu and select “Inter Maybank”
2. Select the source account that you want to use for the transaction
3. Select 'Currency' and input the destination 'Account Number'
4. Input the amount you want to transfer
5. Check if the transfer amount and recipient's name are correct then click 'Process'
6. Make sure all the data is correct and click 'Confirm'
7. Enter your Secure2u passcode
8. Forex transfer successful

You can see complete information on how to transfer forex between banks and fellow Maybank on this page.

Let's enjoy the convenience of forex transfers at competitive rates with a fast and convenient process through the M2U ID App. Download M2U ID and make global transactions in the palm of your hand!