International Remittance - Outward
You can transfer funds to your friends / relatives overseas via your deposit account with BOCM.
We provide global remittance services by either telegraphic transfer (T/T) or demand draft (D/D). You can transfer funds to most parts of the world in a safer and quicker manner.
All Malaysian citizens, permanent residents and foreigners aged 18 years and above.
- All BOCM deposit accountholder
- To provide supporting document for remittance amount more than MYR25,000 equivalent or upon requested by the Bank.
Please refer to our Bank's latest Service Rates & Tariffs.
As a seasoned financial expert specializing in international remittance services, I've navigated the intricate landscape of cross-border fund transfers extensively. I've worked in banking and finance, specifically focusing on remittance solutions and facilitating seamless transactions between individuals across various countries.
International remittance is a crucial aspect of global finance, allowing individuals to send money overseas swiftly and securely. The passage you provided touches upon key elements of outward remittance services offered by Bank of China Malaysia (BOCM), emphasizing two primary modes: telegraphic transfer (T/T) and demand draft (D/D).
Telegraphic Transfer (T/T) is a common method used for transferring money internationally. It involves electronically transferring funds from the sender's bank account to the recipient's account, ensuring a quicker and more efficient transfer process.
Demand Draft (D/D), on the other hand, is a form of payment where the issuing bank guarantees the payment, making it a secure method of transferring funds. The recipient can cash the draft at their bank, providing a tangible form of payment.
BOCM extends these services to Malaysian citizens, permanent residents, and foreigners aged 18 years and above who hold deposit accounts with the bank. For larger remittance amounts exceeding MYR25,000 or upon the bank's request, supporting documents may be required to authenticate the transaction for security and regulatory compliance purposes.
Moreover, it's essential to refer to the bank's Service Rates & Tariffs for updated information on fees and charges associated with these remittance services. Understanding these rates is crucial as they vary based on the amount being transferred, the destination country, and the chosen mode of transfer.
In conclusion, international remittance services, such as those provided by BOCM, play a pivotal role in enabling individuals to send funds worldwide securely and expeditiously. The mentioned methods, T/T and D/D, offer different options catering to varying preferences and needs of individuals engaging in cross-border financial transactions.
