The difference between local and foreign banks in Malaysia
A recent attempt to send some money back for my maid by Telegraphic Transfer via a local bank, illustrates the negative effects of protecting a market too much (in this case the banks.)
Local Bank:
Ask counter officer if you can apply for T/T online
Officer answers No.
Ask for T/T application form.
Indicate you want to pay from your account.
Officer checks and says you can only do that from your Branch!
However she says you can pay by cheque or cash
Chequebook in office.
Drive back to office.
Pick up Chequebook
Drive back to bank.
Write cheque for payment for T/T
Bank officer tells you have to pay RM5 extra for cash cheque due to the extra handling
Look blankly at officer.
Quietly pay up.
Wait for officer to look up the Indon bank branch on her computer
Officer gives up after 10 minutes of looking and suggests she just posts it to the Jakarta Main branch.
Look blankly at officer and agree.
Wait for signature from bank officer
Transaction is processed
Pick up copy of receipt.
END
Foreign Bank:
Go Online
Click on Transfers
Click on T/T
Fill up online form and indicate amount of transfer
Click ok
Choose whether to pick up T/T at the branch or have it sent to you via Registered Post.
END
If a consumer like myself struggles for a relatively simple personal transaction, I shudder to think the experiences business owners go through.
Technorati: banks, malaysia
posted by hew @ 11:00 am
2 Comments:
I always don't understand what with home branch and stuff. This is the technology age, "world becoming smaller" and stuff...where are those banks going?
I also don't understand. In this virtual age, our banks look like dinosaurs and moreover they project themselves as being so tech savvy! sigh
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