QUOTE(yenchenje @ Apr 20 2023, 10:44 AM)
Hi all, I’ve just gotten my first paycheck, but I got some questions. So currently I have a DBS/POSB Payroll Account, and there’s DBS Remit to send money back to Malaysia. It advertises 0% fees, how true is that statement? If compared to wise how’s the fees/charges? Should I be transferring my money from DBS to Wise and then transfer through Wise for the best exchange rate/fees etc? Would appreciate any advice

[QUOTE]
Hi there,
I can share a little on my personal experience.
I have been using both CIMB FastSaver & Wise remittance service a little over a year now, so I can share a little;
So far Wise has been quite reliable (in the context of MY-SG conversion), the transfer using PayNow (SG version of DuitNow QR Scan) is virtually instantaneous, if the transferring amount is not too large of a sum (usually I perform <$500 per transaction). The latest transfer so far it took me about 1+ hour for a large sum (>$800), especially when you are not performing it consistently on routine basis. The transfer fees of Wise was considered the most competitive among others that I have checked until recent months, they hiked a little amount, which then I switched to CIMB as the fees difference were negligible.
No further explanation required for CIMB interbank conversion, it's just about the transfer fees; usually it eats away 0.03 for each transaction, e.g. real-time rate at 3.86ish, they offered to convert at a rate of 3.50.
(Paiseh, I am a frugal kiamsiap guy, as the difference of conversion between Wise-CIMB for the amount I usually convert is good enough for me to have an above average eat-out meal in Malaysia, so it matters to me 🙈)
Please feel free to PM me for the referral codes to both Wise & CIMB FastSaver account! I am happy to answer some of your doubts for the online application