Maybank has launched a new service to customers – Cardless Withdrawal service via ATMs, Malaysia's first such service where cash withdrawals can be made without any ATM card. This new feature enable Maybank customers with an online banking account to transmit money directly to any person in Malaysia using a Malaysian registered mobile phone number. The recipient can then withdraw the cash instantly at any Maybank ATM without the need to use an ATM card.
How it works:
# Sender initiates the Cardless Withdrawal function from Maybank2u.
Login to Maybank2u, click on Transfers and proceed to Cardless Withdrawal. Select Open Cardless Withdrawal and proceed to input required details including the debiting account, the Recipient's mobile number, name and amount of cash to be transferred. Display status of transactions. The Sender will receive an SMS with a withdrawal code that needs to be informed to the Recipient.
#Recipient receives SMS notification and withdraw cash from ATM
The Recipient will be notified via SMS regarding the initiated transfer. In ATM, select Cardless Withdrawal from the Main Menu. Enter the transaction ID which recipient received via SMS and will need to obtain the withdrawal code from the Sender. Cash will only be dispensed upon successful validation of the transaction ID and withdrawal code
The transfer must be encashed at a Maybank ATM Machine in Malaysia within 24 hours.
Maybank expects some 20,000 cardless transactions to be undertaken each month in the first year. A minimal charge of RM1 is applicable to the sender for each Cardless Withdrawal initiated. This charge is waived from now until Feb 28, 2014.
