Moving money beyond borders

CIMB Bank is running a campaign with cashback for money transfers overseas for up to RM50,000. HSBC offers zero cable fees for telegraphic transfers via online banking and several other banking groups have their own offers.

HAWALA used to be an ancient and informal way of transferring money across borders where there was no physical money movement.

It is said to be based on a huge network of money brokers. Even though it is deemed illegal now, it does exist in some parts of the world.