MaxTerminal enables overseas money transfer with debit cards

KUALA LUMPUR: Max Money recently launched its MaxTerminal service which allows customers to remit money abroad using only their debit cards at selected retail outlets.

Max Money also launched its new portal, www.maxmoney.com , where customers can transfer money and exchange currencies online.

The MaxTerminal service, which can be used 24/7, will see Max Money placing it's proprietary terminals in convenience stores, sundry shops and momand-pop stores in business centres, industrial hubs and rural areas nationwide.

This offers foreign workers, and rural folk the service and convenience in transferring funds to over 150 countries, the company said in a statement.

The MaxTerminal eliminates the need to carry around large amounts of cash to be remitted, along with tiers of middlemen which unnecessarily increase the costs of transactions.

Max Money's retail partners who qualify to become official distributors, meanwhile, can earn up to RM5,000 a month from the minimal fees imposed on transactions.

Max Money plans to install some 3,000 MaxTerminals nationwide within the next 12 months. The new portal will allow users to purchase currency at Max Money’s ultra-competitive exchange rates.

“Soon, a ‘lock-in’ feature will be added to the portal, allowing customers to buy currencies when the exchange rate is low and collect them from any Max Money outlet at a later date,” it added.

As Max Money services are regulated by Bank Negara Malaysia, customers can rest assured knowing their transactions are secure and comply with the central bank's stringent regulations, said the statement.