had issues with financial authorities before? or maybe as ramjade say, ur location cannot 'open' account?

No. If my location cannot open account, sure they will tell me so. Now they claimed that it is their internal policy and cant tell me why.

I believe that they must google my name and found that I have companies in oversea and thought that I am going to do money laundering. The reason why they can't disclose they reason is, they afraid of salah by saying that I opened the account for money laundering and being sued.

Red flag or blacklisted.

that is possible if they are related with Transferwise as TW closed my account too when someone sent CAD60 to my borderless account and the CAD was not instantly converted. I sent the ticket to ask the expedite or otherwise, refund this CAD60 to the sender. The next day they emailed me to close my account.

If so, they have relation or connect relationship with TransferWise.

This post has been edited by jack2: Dec 25 2019, 11:35 PM

guess u have ur answer

Yes. My conclusion: They are related to TransferWise or has connection or holding or subsi relationship

Thanks for pointing out the new KYC verification used by Instarem.


Ramjade, other initial Instarem Malaysia users and I needed to physically meet with Instarem Malaysia employee, before Instarem Malaysia approved our Instarem Malaysia account.


So, can you say that KYC verification used by Instarem is somewhat similar to KYC verification used by BigPay (BigPay method: take a photo of our IC, take our selfie, pronounce a few words, and move our head left and right)?


It is kind of ridiculous and absurdly silly for us BigPay users to perform such KYC verification, even though BigPay really needs to really verify who we really are, in such modern society with major issue of trust deficit.


I guess that it is a hassle we have to bear, since it removes the need for us to physically travel to BigPay office, for BigPay prepaid card application.


Sorry to hear your predicament, jack2.

Isn't TransferWise borderless account supposed to receive any currency from any country? After all, the account is called borderless, for some reasons, right?

By default, TransferWise borderless account can hold USD, EUR, AUD, NZD and Pound Sterling. Upon receipt, the other currency should be converted to any of the 5 base currencies.

This post has been edited by kart: Dec 26 2019, 04:21 AM

Bro,.. I can't remember if I saw these things when I applied sometime back... but I'll ask you this question first : are you able to key-in your Msian hp number in the application process ?

Memang. We Malaysians practically got no luck with instarem Singapore. There are only 3 ways to bring money back to Malaysia from Singapore.
- transferwise
- cimb sg
- 3rd fintech not tested yet.

Not very good. Cimb usually better rates. But still cheaper than DBS. Cimb > transferwise > DBS

I think got issue with transferwise (got something to do with him involving with bitcoin). Hence sharing of information among financial companies.

This post has been edited by Ramjade: Dec 26 2019, 05:21 AM

I'm trying instarem at the moment.

Dec 23 - opening account, submit necessary document online
Dec 24 - account approved (approx 22 hours for the approval). Initiate money transfer SDG1k to my Malaysia account around 9.30am. (transfered to their Sg bank account)
Dec 25 - still haven't receive anything. can't blame them, it's festive holiday.
Dec 26 - received the following email, seems like they just going to process my transaction


Greetings from InstaReM!

We have processed your payment from our end and sent the same for disbursement to your beneficiary’s account. Your beneficiary should receive the funds within 1 business day.


I was comparing Instarem and transferwise on Dec 24.
actually both is having same conversion rate, I decided to give instarem a try (as recommended by other bro here) and I found a $12 discount code.

will update when I receive the money in my malaysian bank account.


not really complaining, my first time using transferwise also took me 2 business day.
Subsequent transaction is same day

anyone know how can i link cimb acc malaysia to cimb sg? cant see this option in my cimb clicks thou

u will probably get an email saying ur funds returned from the bank pending bank statement. subsequent ones should be fast.

For your answer

https://www.cimbbank.com.my/en/personal/ban...via-clicks.html

hmm..which bank statement?
Singapore or Malaysia bank?

just check my My bank, it's in.
under

Instarem - Instarem Malaysia SD - INxxxx

saw this also but cant even find the service section in my cimb click

from the transferring babk

suspect maybe some new procedures change after multiple complain?
anyway, I already received the money (from SGD to MYR)

oops misunderstood. yours actually SG to MY

?? You using apps or website?
Think the Service button at left hand site is very obvious