sgd1500 only. cus im new user?

Yup, because is first transfer, My first transfer via TransferWise also need submit documents for verification, i submited approved everything but in the end I cancel the transfer because I was testing it. Second time, my real transfer took it 3-4 days to complete.

This is my story for your reference.

What documents required by them? I was required to submit a letter proved of address and driving license on first testing transfer.

the thing is during registration or prior to transfer, they should have asked for it. not after processing and sending the money, only to u turn. wasted many many days. they asked for my bank statement showing the name, address, account number and bank name that is used to transfer the money.

As far as my experience goes, no problem as I have remitted 6 times using Instarem into my iSavvy account. Upon application for an Instarem account, you have to meet up with their representative to perform a simple KYC process. Once that is done, then only your account will be approved. I don't remember the representative asking me for any documents, he just came to see me and asked me to sign on his tablet, gave me an Instarem t-shirt and then he left. They just want to make sure that the person is as per IC. Since then I never faced any problem remitting money into iSavvy. Even the first S$500 was transferred smoothly in 2 separate transactions.

Anyone wanna sell of the SGD and get MYR? I want SGD. Rate is better than CIMB SG.. huhu

This post has been edited by jack2: Dec 21 2019, 02:32 PM

Morning bro,...

I have checked for SGD to RM - it's very good, it comes even near to money-changer rates. But I must comment too that I thought I saw some comments by bro Ramjade here that TW's rates are good too. But that's for SGD to RM rate.

For RM to SGD - I think it would be bad. I have not tried though,... I don't send out RM anymore.

alexanderclz, alright, no worries.

For your future transfer via Instarem, you think that it is not necessary to change the SWIFT code from MBBESGSG to MBBESGS2, right?

It is fine by the way, as long as it works for you.

If I am not mistaken, after processing by Instarem Malaysia, Instarem Singapore will transfer your SGD money to your Savings account in either Maybank Singapore or CIMB Singapore, via FAST transfer.

Singapore FAST transfer is similar to our Malaysia Instant Interbank Fund Transfer (IBFT). Essentially, FAST transfer is just a local interbank transfer entirely in Singapore.

So, for fund transfer via Instarem, remittance service from a country to another country is never used, so inward remittance fee is not applicable at all. It is because your Singapore Bank will perceive the fund received from Instarem as a local interbank transfer entirely in Singapore.


Try asking ikanbilis. We may be ill-advised to perceive that ikanbilis is just a anchovy, but ikanbilis did post a screenshot of ikanbilis's sizeable SGD money in ikanbilis's DBS / POSB savings account, in this forum.


ikanbilis did offer to exchange SGD for MYR, at a fee which should be cheaper than what is charged by Fintech and any bank.

Disclaimer: ikanbilis, no offense is intended. If I am not mistaken, you did offer to exchange SGD and ASNB units, to interested posters in this forum.

Disclaimer: I do not have any relationship with ikanbilis, and do not gain any profit from the potential transaction(s) between ikanbilis and jack2.

This post has been edited by kart: Dec 22 2019, 08:14 AM

Hi there...i do not offer SGD exchange services anymore as i do not want to be at the wrong side of the law. Thanks



This post has been edited by ikanbilis: Dec 22 2019, 09:40 AM

sad...

Yes the rate from CIMB SG is good (SGD-> RM) but not RM->SGD

You want to know the reason why Cimb SG have good rates?
They want to lure more people to open up Cimb MY account cause in order to be eligible for the good rates you need to have Cimb account on both side of the country. Is a promo. Enjoy it while it last. Cimb SG have every right to pull the plug on that promom

Is not they cannot beat fintech. They choose not to. Cause with fintech you can only transfer limited amount of money compare to banks. So why would they want to sacrifice profit for you retailers which makes up a small percentage of their customer base vs businesses? If you lower rates for retailers, you also need to lower rates for businesses.

what about bigpay?

alexanderclz, sorry, I have not used BigPay yet, for fund transfer to Singapore.


I am pretty sure that you are a regular in BigPay thread who is well aware of any latest development in BigPay. And yet, you ask this question here, probably because there is no one yet in BigPay thread, who has posted the nature of BigPay fund transfer to Singapore.


Alright, other experts here can definitely give better answer than me.


For conversion from MYR to SGD via Instarem, you have to pay transaction fee, which is worth 0.45% of your conversion amount to Instarem. Naturally, the more you convert MYR to SGD, the more expensive the transaction fee you have to pay to Instarem. This is one major disadvantage of using Instarem.


For conversion from MYR to SGD via BigPay, you have to pay a fixed transaction fee (of RM 8.00, if I am not mistaken), regardless of your conversion amount. For sure, we also have to compare the currency exchange rate between Instarem and BigPay.


As such, if you intend to transfer a huge amount of SGD to Singapore, we do agree that it is more cost-effective to use BigPay, assuming almost similar currency exchange rate between Instarem and BigPay.


I am sorry that I cannot offer you a better advice, since I have no prior experience of using BigPay international fund transfer. As a very normal person, I just do not have deep pocket, as compared to many experts here who invest a huge amount of money in Singapore Exchange, and/or in share market in other countries via whitelabels of Interactive Brokers.

This post has been edited by kart: Dec 23 2019, 04:34 AM

Avoid RHB as their online bank problematic as of now having issue unable to fund transfer to other bank

If you have performed a financial transaction, please check your transaction history before proceeding with another transaction. Please call us at 603- 9206 8118 for further assistance.(00999)

oh ok thx....have u tried the RM to SGD transfer? Is it in line with other banks, like 1% to 2% above Instarem rates?

CIMB SGD to MYR promo rate will end on 31 Dec 2019. Not sure what's the rate after the promo end.

Oh ok, so it’s really a promo rate la...ok ok...I thought it was not explicitly stated as promo

thanks for recommending InstaREM, just created an account today, pending verification now.

previously i'm using transferwise, i guess instarem would be another good options.
will try to compare both and see which one give me the better rate (as in amount received) when i need to remit/transfer money

InstaREM can be verified via online or must present?

online