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Here's the Fastest Way to Receive/Transfer Money - and it only takes you a Minute!

Here's the Fastest Way to Receive/Transfer Money - and it only takes you a Minute!
Mitchell Wong
on Young Money
Oct 15, 2018
3:22 pm

You can now avoid the hassle of filling in the person’s name, bank and the actual account number - when all you need is his/her MOBILE NUMBER!

Yep, your mobile number now acts as your personal ID and your MyKad/Passport will be your acting bank account. 

Oh btw, businesses can do it too - by using your business registration number.

TAKE NOTE: One (1) Mobile number (DuitNow ID) can only be linked to ONE (1) bank account at a time - as long as can be verified by your bank.

Fund transfers performed are sent instantly, without charge if you transfer nothing more than RM5,000. Anything above that figure, you may be charged RM0.50

 All personal transactions have a limit of RM100,000/daily while businesses have a daily limit of RM100,000,000.

Here are the partnering banks:

However, if you're one with multiple savings or current accounts with different banks, you may receive an sms as shown below when registering:

As you're only allowed to link one bank account to your mobile number, your non-preferred bank account for receiving funds might be pre-registered automatically - so ff you don’t agree to the pre-registration, you can deactivate it before the given expiry date.

After that, you will be able to manage your DuitNow ID on the respective bank channels once the service has gone live.

According to HongLeong Bank, DuitNow will be launched in December 2018. Before that happens, all customers are urged to update their mobile numbers with their respective bank.

For more info on DuitNow, click right HERE.

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