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Remittance

Frequently Asked Questions (FAQs) - Remittance Products
 
 
 
 
1. What are the Remittance products available?
2. Does the beneficiary need to be physically present to collect the funds?
3. What is the rate used when I perform a Remittance transaction?
4. What would happen if the transaction failed because I have provided incorrect information?
5. Who should I call for further enquiries?
 
1.
What are the Remittance products available?
 
 
No.
Product Description
1.
Renminbi Individual Remittance
For delivering funds to China in Renminbi.
2.
Banker’s Cheque A cheque issued by the Bank payable to the order of a specified payee for payment within a local area.
3.
Demand Draft
Also known as a bank draft, it is a cheque drawn by a bank on its Head Office, on a branch or on another bank for payment outside the local area, either domestically or abroad.
4.
Telegraphic Transfer
The fastest mode of money transfer used for delivery of funds within or out of Malaysia.
5.
Telemoney
Used for delivering funds to an individual beneficiary in the Philippines.
6.
Direct USD TT
An efficient way of transferring money to Nepal. Funds are remitted in USD.
7.
Direct TAKA TT
Enables convenient and smooth money transfers to Bangladesh.
 
 
 
2.
Does the beneficiary need to be physically present to collect the funds?
 
No. All our Drafts are "Crossed", as such, no cash pay-out will be made over the counter (OTC), and therefore the beneficiary needs to bank-in the draft. Payment OTC will only be made to the beneficiary via Western Union and Telegraphic Transfer where the payment instruction is "Pay A & I" (Attendance and Identification).
 
 
 
3.
What is the rate used when I perform a Remittance transaction?
 
  1. The prevailing Selling TT /OD rate will be used on issuance of outward remittance such as Foreign Demand Draft, Foreign Fund Transfers (Telegraphic Transfers / Electronic Fund Transfers) and sale of Travellers Cheques.
  2. The prevailing Buying TT Rate will be used for payment / crediting of funds to beneficiaries of inward remittances denominated in foreign currencies and drawn on us such as Telegraphic Transfers and Electronic Fund Transfers.
  3. The buying OD Rate will be used for payment / crediting of funds to beneficiaries of inward remittance instruments denominated in currencies such as Drafts drawn by us, Foreign cheques / drafts purchased from customers with FBEP facilities and Travellers Cheques presented for encashment at our counters.
 
 
 
4.
What would happen if the transaction failed because I have provided incorrect information?
 
The funds will be refunded after deducting all the relevant CIMB charges and also charges by the beneficiary bank (if applicable). The funds will also be converted to MYR using the prevailing Buying TT Rate before it is credited to the sender.
Customers should contact the branch where they performed the transaction for any problem encountered in the transmission process.
 
 
 
5.
Who should I call for further enquiries?
 
 
Call 1 300 880 900 (Customer Care Hotline)
603 2619 2380 (Customer Resolution Unit)
Fax 603 2691 3248
Email callcentre@cimb.com
Write to Customer Resolution Unit
17th Floor Menara Bumiputera Commerce
11 Jalan Raja Laut 50350 Kuala Lumpur.
 
 
 
 



For Assistance
Call us at 1300 880 900 or
+603 22956100
Email us at callcentre@cimb.com
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