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BANKING SERVICES
4.1 REMITTANCE
Through many ups and downs in the development of the banking systems in Malaysia, nowadays they have provided a variety types of products that help the clients in performing their daily businesses including making payments. Payments can be made in two ways such as personally hand the payment or using technology or systems provided. Due to the competition in the banking industry, the services of credit cards and debit cards are now mostly offered by all of the banks including AmBank. Debit card of AmBank which is called AmBank Debit MasterCard is a form of payment method given by AmBank to all of its customers that registered for Savings or Current accounts or both. This MasterCard used by the customers to pay for their goods or services in particular premise or businesses. However, a person must first open for the account and do not close it before they will be given the Debit MasterCard or otherwise the Debit MasterCard services will be revoked.
Such as any other banks, AmBank also provide some extra benefit for the AmBank Debit MasterCard users. The first benefit is known as ‘Easy Cash Access’ in which the users will be able to withdraw their money at any Automated Teller Machines (ATMs) that have MasterCard, Cirrus or MEPS logo. Secondly, AmBank Debit MasterCard make it easier for the users to use worldwide in purchasing the products or services as long as the place recognize the services of MasterCard or MyDebit. Last but not least, AmBank provide its customers the easier way for the payment known as ‘Contactless Purchase Feature’ in which can be made only by a single tap wherever have the logo of MasterCard PayPass or MyDebit. Despite all of the benefits provided, AmBank also put a safety measure for the contactless payment such as the need of PIN entry for the payment. AmBank also put a limit for the contactless purchase feature in which can only reach up to RM1000 and 5 times per day. Any changes needed by the customers can be made by contacting their Contact Centre or going to any AmBank branch themselves.
The same as any other banks in Malaysia, AmBank also charge some of their services. For example, AmBank charges as much as RM8 as the annual fee and an additional RM12 for the upgrading and issuance of the ATM Card to the Debit Card. However, they are also some that did not require any fees such as the replacement of card specifically due to the faulty of chip and for renewal purposes in which can be made for free. For their own protection and to avoid any misunderstanding with their customers, AmBank applied key terms and conditions for the application of the AmBank Debit MasterCard which include the payment process for pre-authorized transaction. The amount authorized will be deducted from the relevant account and later adjusted with the payment of the actual amount. Same as other banks, the Cardholders need to activate the card in order to withdraw cash from the ATM or make payment outside Malaysia. It is also programmed that any transaction made outside Malaysia without the consent of the Cardholder will be automatically blocked.
The obligations of the Cardholder are to safe keep their Card wisely taking all the precaution to avoid losing the Card and to not disclose any of their personal details to anyone including the PIN or otherwise will be asked responsible with the occurrence of any unauthorized transaction made. Generally, they will be held liable if AmBank found them act suspiciously, for the late report of the missing Card or unauthorized transaction and expose the PIN on their own in any way in addition to voluntarily giving other people the Card to use. Next, any changes in contact information is required to be informed to the bank itself by visiting any of the branches or by contacting their customer service. In order to increase their customers’ satisfaction, AmBank is willingly give out their contact details which can be found in their website and product disclosure sheet. Apart from the AmBank Debit MasterCard, AmBank also offer another debit card called TRUE by AmBank Debit MasterCard.

Other than that, AmBank offer the same services offered by other banks which is the Credit Card product. This product allow its users to use the amount given by AmBank per month within the limit. However, the customers later will be asked to pay back the money used using the credit card at the end of each month. Due to the inability of most of the customers, they will be required to pay either 5% of the total or RM 50 whichever is higher and bring the balance to the next month. Unfortunately, the balance amount will be subject to finance charges of AmBank. The limit amount given by AmBank for the clients of VISA Credit Card is three times of the salary per month and for the people with RM 36000 of income per year will be entitled with a credit limit of not more than two times of the monthly income. The finance charges in purchasing the other Credit Cards is the same except for TRUE VISA Credit Card. Basically, the interest charged for the normal VISA Credit Card is more than the product in the TRUE Banking. The hardcopy of settlement will be delivered to the mailing address of the users with RM 12 fee per month and free for eStatement. For the late payment of the monthly amount, AmBank will charge the higher amount of either 1% of the outstanding balance or RM10 with the limit of RM 100.
Generally, TRUE Banking with the TRUE Debit MasterCard offered has the same function and characteristics as the normal Debit MasterCard. The small differences between the two Debit MasterCard are TRUE Banking offered the customers with five free MEPS withdrawal every month in which totalled up to RM 60 per annum. This banking also featured with free online transfers with unlimited Interbank Giro (IBG) and can save up to RM 6 a year. From the saving perspectives, TRUE allowed the customers to enjoy 2% of the interest rate for the balance amount in TRUE Savers Account. The Fixed Deposit rate is also a little higher than board rate in which is 0.15% above the normal rate. In addition, the spending spent using TRUE VISA Credit Card give the clients with the ability to save up to RM 324 per year. The interest rate offered by TRUE Banking is as low as 7.99% p.a. for the first year of the account activation and increase to 12% for the next years. The users of this banking also can do their savings through paying online in which can save up to RM 108 p.a. by having 3% cash rebate with online shopping. The criteria to apply for TRUE Banking membership is to be the existing customers of AmBank or paid RM 10000 or above of gross salary per month. Other requirement include Asset Under Management (AUM) in the range of RM 50000 to RM 200000. This criteria is applicable with terms and conditions apply.

4.2 E-BANKING OR DIGITAL BANKING
Digital banking or e-banking is the banking services offered by the banks in which allow the clients to perform daily transactions or some other functions via online without having to visit branches and waiting for their turn meeting the banks clerk. AmOnline is an e-banking offer by AmBank that allow the customers to perform all the basic function of internet banking. However, currently AmBank has come up with new features that will make the banking easier, simpler and fast. The clients can easily apply and sign up for Supplementary Card via online. However, the customers must first have the account for AmOnline before they are allowed to use the services provided. Finally, the customers just need to complete the application form for the card and submit it. AmOnline also make it easier for the customers to apply for the increase of their Credit Card limit in which can be made anytime and anywhere. Other than that, the customers will be able to manage their account more efficiently and easier since they can view their accounts on a single page. The transfer of fund including will also be simpler using AmOnline and can even be made using mobile device. Next, AmBank digital banking make it simpler to settle the payment for Credit Card that can be completed using All-New AmOnline.
Other services soon will be provided by AmBank e-banking is known as Duit-Now which is a type of real-time electronic that help to transfer the fund and make payment to other accounts by using Identifiers (ID) which are Mobile Numbers, NRIC numbers, Passport Number or Business Registered Number. However, this service is currently unavailable and will be further introduced. Basically, the advantages of Duit-Now are it does not require the users to memorise the account numbers and it enables them to make or receive payment easily. Other benefits include no charges for AmBank customers, no hard steps needed in which just by using the mobile number and that it will be made available on Internet and Mobile Banking.
In addition, AmBank Online Banking also serve the customers with JomPAY service in which is one of the payment method introduced by all banks. By using this service, the customers will be able to make any payment to any banks and large billers that participate in this service. The payment can be made through up to 40 Bank’s Internet by using the accounts they registered including Savings, Current or Credit Card account. Generally, the benefits offered by AmBank through this service is the same as other banks which are is available to all other banks that participate in JomPAY service and the payment can be made anytime with tight securities without having to wait merely to make simple payment. The customers also does not have to pay any fees in order to use this service and easier transaction can be completed with more efficient without the usage of any cash or cheque.
Last but not least, the service of AmOnline is called Transaction Authorisation Code (TAC) which responsible for the safety of any leaked of personal details of the customers during online transactions. Apart from using the Username and Password to log in, this service will required the customers to pass the second level of security check before allowed to perform any transactions. This service will be applicable to many transactions including transferring fund to 3rd party or Interbank GIRO, repayment for 3rd party, maintenance of 3rd party or Interbank GIRO account which is to delete or add new beneficiaries, e-Remittance that related with transfer of fund to foreign currency account, e-Fixed Deposit/eTD in which to perform the redemption or placement, change of password and to top-up the prepaid including Mobile, Internet or IDD/STD Prepaid.

4.3 CURRENCY EXCHANGE
Currency exchange is most of the time cannot be separated with foreign exchange rate in which is the price that one currency traded in order to exchange with other currencies in the foreign exchange markets between two currencies (Alastair, 2000). Based on the exchange rates shown in AmBank website under foreign exchange rate, the exchange rates is divided into two parts which are Telegraphic Transfer (TT) rates and On Demand (OD) rates. The TT rates shown is said to be applied for the funds that is already cleared with the banks and OD is applicable for the contra situation. The selling of currency with TT and OD rate for Australian Dollar is shown to be RM 3.0580 in which means that if a customer of AmBank want to exchange the money, one unit of Australian Dollar will need as much as RM 3.0580 for the exchange. The most expensive currency for the clients of AmBank to exchange with is the pound sterling currency which can reach RM 5.5676 to exchange with one unit of pound sterling. For the buying rate for both TT rates and OD rates, generally AmBank takes up to RM 0.20 as the profit for this currency exchange rate business.
Other than that, there are also other currencies from other countries that need to be exchange in units of a hundred. The currencies include United Arab Emirates Dirham, Bangladesh Taka, Chinese Renminbi, Hong Kong Dollar, Indonesian Rupiah and Japanese Yen. It is shown that the selling rate of TT and OD rates for 100 yen is equivalent to RM 3.7770, the buying TT rates is RM 3.5965 and for OD rates is RM 3.5915. From this figure, it clearly stated that the customers need to pay RM 3.7770 for 100 yen and will get RM 3.5965 for a change with 100 yen with TT rates meanwhile RM 3.5915 with OD rates.
REFERENCES
Alastair, G. (2000). Foreign exchange market. Chicago, Illinois: Fitzroy Dearborn Publishers.
Retrieved from
https://books.google.com.my/books?id=NTvfAQAAQBAJ&pg=PA123&dq=currency+exchange&hl=en&sa=X&ved=0ahUKEwjZ6MX91fTdAhXFiSwKHbZ0AngQ6AEILjAB#v=onepage&q=currency%20exchange&f=falseAmBank Debit MasterCard: Product disclosure sheet. (2018, September 1). Retrieved from
https://www.ambank.com.my/ambank/SiteAssets/pdf/cards/DebitCardPDS.pdfAmBank Product Disclosure Sheet: Credit cards. (2018, September). Retrieved from
https://www.ambank.com.my/ambank/SiteAssets/SitePages/simple/cards-related/AmBankPDSCreditCards2018.pdf
Foreign Currencies – Foreign Exchange. (2018, October). Retrieved from
https://www.posb.com.sg/personal/rates-online/foreign-currency-foreign-exchange.pageOnline Banking AmBank. Retrieved from https://www.ambank.com.my/eng/online-bankingRates, Fees and Charges. Retrieved from https://www.ambank.com.my/eng/rates-fees-chargesTrue Banking AmBank. (2015). Retrieved from http://www.truebyambank.com/Pages/home.aspx

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