Send & Receive Money Instantaneously, No Sweat!
Whether you are buying something online, or simply splitting a bill with your colleagues, we cannot imagine a life without the facility to transfer money quickly and conveniently. You can almost walk around for days without any cash in your wallet – because it’s safer and more convenient to just use your ATM or debit card or transfer the money electronically for payments.
Based on The Global E‑Commerce Payments Guide, published by Adyen (the international payment services provider) in 2015, 42% of respondents in Malaysia prefer online banking when making payments online.
Some of the advantages of online banking are security, cost and speed. With instant transfer allowing senders to check the recipient’s account name based on the account number, the risk of errors in the transfer will be limited. Plus, the less cash you have to handle, the safer you are.
The lower transfer fees make it even more appealing for consumers. For example, by making payments via cheques, you will be charged RM0.53 (inclusive of GST) per cheque, and it will take one and a half days for cheques of the same bank to clear, while cheques from a different bank will take three working days. Good luck if you are banking in your cheque on the weekend.
If you make your payment via instant transfer, you will be charged the same RM0.53 (inclusive of GST) per transaction, but your payment will be transferred immediately. And the best part? You don’t need to drive to the bank, look for a parking bay and queue up just to bank in the cheque. Additionally, credit card and loan/financing repayments can be made using MEPS Instant Transfer service to ensure prompt payment to avoid penalties.
In today’s fast-paced world, almost everything you do needs to be immediate, and waiting for one to two working days just doesn’t make sense anymore. This is why MEPS’ instant transfer facility should be your go-to fund transfer facility – to save cost and time.