• SpeedSend

SpeedSend is a Money Transfer service offered by CIMB Islamic Bank that allows individual customers to send and receive money, to any of the following countries:

  • Europe, United Kingdom, United States of America, Hong Kong, Indonesia, Philippines, India, Bangladesh, Nepal, Vietnam, Thailand, Myanmar, Singapore, Cambodia, Laos, Australia, Sri Lanka, Pakistan, Brunei and Malaysia.

 

This service is based on Shariah Principle of Bai’ al Sarf and Ujrah. Ujrah is the concept of payment for remittance services. Bai’ al Sarf which refers to a contract of exchange of the same or different currency. The transaction must involve two parties, seller and buyer. There must be offer and acceptance between both parties which can be expressed orally, in writing or by any other methods recognised by Shariah.

Both parties shall determine and mutually agreed on the currency at the time of the execution of the contract. The exchange contract is binding in nature. Therefore, the contract shall not be terminated unilaterally by either of the contracting parties. Any termination must be mutually agreed.

Once execution terms are agreed, both parties shall inform each other of the terms of delivery of the currencies. Upon completion of the Bai al Sarf, both parties cease to have any further obligation.

 

Send and Receive Money at:

  • all CIMB Islamic Bank Malaysia branches
  • selected CIMB Currency Exchange locations i.e. KL Sentral, Genting Highland & Menara Bumiputra Commerce.
  • all appointed SpeedSend Agents or Partner Banks worldwide
     

SpeedSend provides flexibility to both the Sender and Receiver by allowing various modes of payment for the money transfer transaction:

  • Cash to Account
    Sender pays cash; amount is credited to the receiver’s account
    .
  • Account to Account
    To debit sender’s account with the Bank; amount is then credited to the receiver’s account.
  • Cash to Cash
    Sender pays cash, receiver will collect cash payout at Speedsend partner locations.
  • Account to Cash
    To debit sender’s account with the Bank; receiver will collect cash payout at SpeedSend partner locations.   

Delivery within:

  Credit to Account Cash Collection
Indonesia
  • 30 minutes for CIMB Niaga bank accounts
  • All other banks, 2 hours delivery if below IDR25mil.
  • For transactions above IDR25mil, if the transactions are completed by 1pm (Malaysia), money will be credited on the same day. Otherwise, it will be credited on the next working day.
  • Above timeframes for account credit is achievable during perfect operating conditions (no network error in all parties, zero system downtime, etc.)
  • This is subject to all account details are correct and 100% match with beneficiary bank’s database.
  • Funds available for collection immediately at Wesel Pos Indonesia (3,800 locations) 
  • Funds also available for collection immediately at all CIMB Niaga locations.
Phillipines
  • Instant credit to Metrobank 
  • All other major banks, same day delivery before 11am and next business day delivery after 11am 
  • For rural banks, 3-5 days for delivery
  • Funds available for collection immediately at Cebuana Lhuillier (1,750 locations), Metrobank (576 locations), Palawan Pawnshop (784 locations) and BDO (800 locations) and LBC ( 1079 locations).
India
  • Instant credit to Kotak Bank, Yes Bank, ICICI Bank, Union Bank, Federal Bank 
  • All other banks, same day delivery before 3pm and next business day delivery after 3pm.
Not available
Bangladesh
  • Credit to account to ALL banks in Bangladesh 
  • Funds will be credited into receiver's account the next business day Funds will be credited into receiver's account the next business day
  • Funds available for collection immediately at BRAC Bank
Pakistan
  • Credit to account to ALL banks in Pakistan 
Not available
Nepal
  • Credit to account to ALL banks in Nepal 
  • Funds will be credited into receiver's account the next business day
  • Funds available for collection immediately at Prabhu Money Transfer (2,100 locations), CG Remit (4,000 locations)
Vietnam Not available
  • Funds available for collection immediately at Vietin Bank (1,100 locations)
Thailand
  • Credit to account to ALL banks in Thailand
  • Funds available for collection immediately at I-Bank Thai (108 locations), CIMB Thai (80 Bank locations, and Government Savings Bank (1,052 locations)
Myanmar Not available
  • Funds available for collection immediately at Ayeyarwady Bank (250 locations), AGD Bank(24 locations), KBZ Bank (100 locations), CB Bank (206 locations)
Singapore
  • DBS and POSB Bank; next business day
  • All other banks 3 days for delivery
  • Fund available for collection immediately at Ameertech (3 locations), Aramex (1 location), RediMoney Express (1 location), International Exchange Co (Singapore) Pte Ltd (1 location)
Cambodia Not available
  • Funds available for collection immediately at CIMB Bank (11 locations)
Laos Not available
  • Funds available for collection immediately at BCEL (150 locations)
Australia
  • Credit to account to ALL banks in Australia
Not available
UK
  • Credit to account to ALL banks in UK
Not available
USA
  • Credit to account to ALL banks in USA
Not available
Hong Kong
  • Credit to account to ALL banks in Hong Kong
Not available
Europe
  • Credit to account to ALL banks in the following countries:

Austria, Netherlands, Ireland, Belgium, France, Portugal, Norway, Finland, Denmark, Germany, Italy and Spain

 

Not available
Sri Lanka
  • Credit to account to ALL banks in Sri Lanka
  • Funds will be credited into receiver's account the next business day
  • Funds available for collection immediately at Seylan Bank
Brunei Not available
  • Fund available for collection immediately at Remittance@Seconds (1 location)  and Md Jumin Remittance (1 location)
Malaysia
  • Credit to account to ALL banks in Malaysia
  • Fund available for collection immediately at Ageless Wealth Sdn Bhd, Link Remittance Sdn Bhd, Maslee Cash & Carry Sdn Bhd, Vitcomex Sdn Bhd and CIMB Islamic Bank branches.

 

Transaction Limit:

  • Min Limit = RM30 per transaction
  • Max Limit = RM20,000 per customer per day
     

Customers are required to fill in:

  • SpeedSend 'Send' Money Form:
    The sender initiates the transaction by completing the "SpeedSend Send Money" form, provides proper identification and pays the Bank, either via account debiting or present cash over the counter to cover the transfer amount plus applicable fees. The Bank immediately processes the transaction
  • SpeedSend 'Receive' Money Form:
    To collect the money, the receiver completes the “SpeedSend Receive Money" form and provides proper identification. The Bank then verifies and processes the transaction and pays the transfer amount to the receiver.

Terms and Conditions apply.

  Transfer Amount Charges
1 RM30.00 to RM20,000 RM10.00 / transaction

 

FAQs

What is the transaction limit? Minimum sending amount per transaction?

  • Minimum sending amount per transaction = RM 30.00
  • Maximum sending amount per transaction = RM 20,000

Where can I send money from?

You can send money through CIMB Bank Branches, CIMB Bureau De Change locations and appointed agents of SpeedSend.

Will any changes to be imposed to amendments made to the transaction?

No

Any deduction fee charges if I am receiving money?

No Charges

Which currencies can I remit?

You can only remit in MYR and beneficiary can receive in local currencies.

What is the mode of transaction for SpeedSend?

  • Credit to Account
  • Cash Collection
Call Us Anytime
We are contactable 24/7
+603 6204 7788