Welcome Guest ( Log In | Register )

7 Pages < 1 2 3 4 > » Bottom
Bump TopicReply to this topicRSS feed Start new topic Start Poll

Outline · [ Standard ] · Linear+

> cheapest way to transfer money to singapore

hurtedheart
post Aug 22 2017, 11:40 PM

Casual
***
Group: Junior Member
Posts: 379

Joined: Feb 2009
QUOTE(ikanbilis @ Aug 22 2017, 11:37 PM)
For small amount like sgd100, it's not a good idea to use bank TT because of the costs involved i.e. service fee, transaction fee, beneficiary bank (agent) fee etc.

http://www.maybank2u.com.my/mbb_info/m2u/p...cntKey=ACC04.01
*
Ops, my bad. Forgotten TS was transferring only SGD 100.. good deal I suppose
weyyt
post Aug 22 2017, 11:58 PM

Getting Started
**
Group: Junior Member
Posts: 88

Joined: Feb 2012



Can check out Visa Direct
jack2
post Aug 23 2017, 10:14 AM

Mr
********
Group: Senior Member
Posts: 10,604

Joined: Oct 2004


QUOTE(hurtedheart @ Aug 22 2017, 11:36 PM)
It looked 'cheap' as it involved only RM0.11 for IBG, but that's superficial. Base on the rate offered @ RM3.20 .. is no difference from after you add in the RM 10.60 + sgd 10 (Maybank my to Maybank SG no agent fees). Did a transfer last week, after considering the RM 10.60 & sgd10 it is RM 3.19xx equivalent to RM 3.20 lo ..
*
Probably you failed in your maths?

Current buying SGD rate = 1 Singapore Dollar 3.1875

When you transfer via bank or M2U, you need to pay SGD110 since recipient will receive 100 only.

Who told you there is no agent fee from MAYBANK MY to MAYBANK SG? I transferred twice and I got deducted SGD10.

110 x 3.1875 = 350.62
Add Local service fee + GST = 10.60

RM361.22 = you spent for SGD100 payment. Count yourself the effective rate.

This post has been edited by jack2: Aug 23 2017, 10:15 AM
Ramjade
post Aug 23 2017, 10:33 AM

10k Club
********
Group: Senior Member
Posts: 14,370

Joined: Feb 2011


QUOTE(jack2 @ Aug 23 2017, 10:14 AM)
Probably you failed in your maths?

Current buying SGD rate =  1 Singapore Dollar  3.1875 

When you transfer via bank or M2U, you need to pay SGD110 since recipient will receive 100 only.

Who told you there is no agent fee from MAYBANK MY to MAYBANK SG? I transferred twice and I got deducted SGD10.

110 x 3.1875 = 350.62
Add Local service fee + GST = 10.60

RM361.22 = you spent for SGD100 payment. Count yourself the effective rate.
*
SGD10 is for bank fees. If got agent fees, you will be charged an additional SGDxx. So it became RM10.60+ SGD10+ SGDxx.

To cut away the SGD10, find a bank which doesn't charge you SGD10 (the onky bank I found was cimb).

Hence since we got moneymatch (our very own trnasferwise) now, use it la.
- lower exchange than banks
- no fees (RM10.60 + agent fees)
- not sure about SG side. If worried about the SGD10, then deposit into Cimb SG.
elea88
post Aug 23 2017, 10:38 AM

Look at all my stars!!
*******
Group: Senior Member
Posts: 3,345

Joined: Dec 2008


QUOTE(Ramjade @ Aug 23 2017, 10:33 AM)
SGD10 is for bank fees. If got agent fees, you will be charged an additional SGDxx. So it became RM10.60+ SGD10+ SGDxx.

To cut away the SGD10, find a bank which doesn't charge you SGD10 (the onky bank I found was cimb).

Hence since we got moneymatch (our very own trnasferwise) now, use it la.
- lower exchange than banks
- no fees (RM10.60 + agent fees)
- not sure about SG side. If worried about the SGD10, then deposit into Cimb SG.
*
Ramjade, hv u personally tried the MONEY MATCH?
jack2
post Aug 23 2017, 10:49 AM

Mr
********
Group: Senior Member
Posts: 10,604

Joined: Oct 2004


QUOTE(Ramjade @ Aug 23 2017, 10:33 AM)
SGD10 is for bank fees. If got agent fees, you will be charged an additional SGDxx. So it became RM10.60+ SGD10+ SGDxx.

To cut away the SGD10, find a bank which doesn't charge you SGD10 (the onky bank I found was cimb).

Hence since we got moneymatch (our very own trnasferwise) now, use it la.
- lower exchange than banks
- no fees (RM10.60 + agent fees)
- not sure about SG side. If worried about the SGD10, then deposit into Cimb SG.
*
I dont know about moneymatch. Will have a look.
Ramjade
post Aug 23 2017, 10:53 AM

10k Club
********
Group: Senior Member
Posts: 14,370

Joined: Feb 2011


QUOTE(elea88 @ Aug 23 2017, 10:38 AM)
Ramjade, hv u personally tried the MONEY MATCH?
*
Nope. But I have been checking them out (their rates, whether really get approval from BNM, email them).

Reason for not using yet
- KYC required front facing phone camera which sad to say my phone only VGA (when I get a new phone then yes open account). A front VGA camera = same as no camera (quality is that bad).
- No requirement to transfer money at the moment (SGD is very high now)

So far I like what I see.
- reply quickly to email
- rates are way way cheaper than banks/sometimes money changer
- no fees yet
- support all major currency (that's why I said can use this to pair with transferwise)

What I don't like
- Max transfer limit of only RM30k/day unless your account is a business account
- Slow (money takes few days to reach destination according to their email reply)
- No other competition in malaysia (apart from money changer)

This post has been edited by Ramjade: Aug 23 2017, 10:55 AM
ikanbilis
post Aug 23 2017, 11:00 AM

Regular
******
Group: Senior Member
Posts: 1,046

Joined: Jan 2003
QUOTE(Ramjade @ Aug 23 2017, 10:53 AM)
Nope. But I have been checking them out (their rates, whether really get approval from BNM, email them).

Reason for not using yet
- KYC required front facing phone camera which sad to say my phone only VGA (when I get a new phone then yes open account). A front VGA camera = same as no camera (quality is that bad).
- No requirement to transfer money at the moment (SGD is very high now)

So far I like what I see.
- reply quickly to email
- rates are way way cheaper than banks/sometimes money changer
- no fees yet
- support all major currency (that's why I said can use this to pair with transferwise)

What I don't like
- Max transfer limit of only RM30k/day unless your account is a business account
- Slow (money takes few days to reach destination according to their email reply)
- No other competition in malaysia (apart from money changer)
*
Good info! Unfortunately TS is unable to use this Money Match service as the min is RM500. TS only wants to transfer SGD100.

Attached Image


ikanbilis
post Aug 23 2017, 11:20 AM

Regular
******
Group: Senior Member
Posts: 1,046

Joined: Jan 2003
QUOTE(jack2 @ Aug 23 2017, 10:14 AM)

Who told you there is no agent fee from MAYBANK MY to MAYBANK SG? I transferred twice and I got deducted SGD10.

110 x 3.1875 = 350.62
Add Local service fee + GST = 10.60

RM361.22 = you spent for SGD100 payment. Count yourself the effective rate.
*
How fast is Maybank My to Maybank Sg? The deal breaker for money match is definitely TOO SLOW! A few days is not acceptable in today's digital world.

I transferred fund a few times from my DBS acc to Malaysia bank acc. It's always same day arrival with no fees.

This post has been edited by ikanbilis: Aug 23 2017, 11:26 AM
Ramjade
post Aug 23 2017, 11:31 AM

10k Club
********
Group: Senior Member
Posts: 14,370

Joined: Feb 2011


QUOTE(ikanbilis @ Aug 23 2017, 11:20 AM)
How fast is Maybank My to Maybank Sg? The deal breaker for money match is definitely TOO SLOW! A few days is not acceptable in today's digital world.

I transferred fund a few times from my DBS acc to Malaysia bank acc. It's always same day arrival with no fees.
*
That's SG > MY. MY > elsewhere memang need to wait. Not so efficient sad.gif
jack2
post Aug 23 2017, 11:58 AM

Mr
********
Group: Senior Member
Posts: 10,604

Joined: Oct 2004


QUOTE(ikanbilis @ Aug 23 2017, 11:20 AM)
How fast is Maybank My to Maybank Sg? The deal breaker for money match is definitely TOO SLOW! A few days is not acceptable in today's digital world.

I transferred fund a few times from my DBS acc to Malaysia bank acc. It's always same day arrival with no fees.
*
Within same day if you remit before 12pm... After that, I don't know. They have cut off time one.

I thought moneymatch is real time or within minutes as advertised in their web???

How you got Singapore Bank de?

I wanna go Singapore open UOB for USD account.... can u bring me go? haha
rae0724
post Aug 23 2017, 12:15 PM

Casual
***
Group: Junior Member
Posts: 488

Joined: Dec 2007
QUOTE(ikanbilis @ Aug 23 2017, 11:00 AM)
Good info! Unfortunately TS is unable to use this Money Match service as the min is RM500. TS only wants to transfer SGD100.

Attached Image
*
oppppppsssss bad news! just realised
i need to download the money match app to have verification
however, i only have iphone, which they only have android app
so i still not using it yet
ikanbilis
post Aug 23 2017, 12:18 PM

Regular
******
Group: Senior Member
Posts: 1,046

Joined: Jan 2003
QUOTE(jack2 @ Aug 23 2017, 11:58 AM)
Within same day if you remit before 12pm... After that, I don't know. They have cut off time one.

I thought moneymatch is real time or within minutes as advertised in their web???

How you got Singapore Bank de?

I wanna go Singapore open UOB for USD account.... can u bring me go? haha
*
See below the FAQ for the time they need to transfer fund..

Attached Image


My Spore account was opened long time ago when they were not so strict. Just my passport needed to open an account. Nowadays are very strict especially UOB. Dont think you can open an account without a working permit. Perhaps you can check here for more info

https://forum.lowyat.net/topic/1440794


ikanbilis
post Aug 23 2017, 12:22 PM

Regular
******
Group: Senior Member
Posts: 1,046

Joined: Jan 2003
QUOTE(rae0724 @ Aug 23 2017, 12:15 PM)
oppppppsssss bad news! just realised
i need to download the money match app to have verification
however, i only have iphone, which they only have android app
so i still not using it yet
*
PM me or add my wechat : wygoh99 if you need my help to transfer SGD to your friend.
jack2
post Aug 23 2017, 12:26 PM

Mr
********
Group: Senior Member
Posts: 10,604

Joined: Oct 2004


QUOTE(ikanbilis @ Aug 23 2017, 12:18 PM)
See below the FAQ for the time they need to transfer fund..

Attached Image
My Spore account was opened long time ago when they were not so strict. Just my passport needed to open an account. Nowadays are very strict especially UOB. Dont think you can open an account without a working permit. Perhaps you can check here for more info

https://forum.lowyat.net/topic/1440794
*
oh... I wanna be their community as well...
rae0724
post Aug 23 2017, 01:37 PM

Casual
***
Group: Junior Member
Posts: 488

Joined: Dec 2007
QUOTE(ikanbilis @ Aug 23 2017, 12:22 PM)
PM me or add my wechat : wygoh99 if you need my help to transfer SGD to your friend.
*
okay!! you reliable horr? haha
ikanbilis
post Aug 23 2017, 01:47 PM

Regular
******
Group: Senior Member
Posts: 1,046

Joined: Jan 2003
QUOTE(rae0724 @ Aug 23 2017, 01:37 PM)
okay!! you reliable horr? haha
*
Well you can look at my profile...I'm lowyat member since 2003, mostly active at FD and amanah saham section. My reputation is at stake blush.gif

Just to help forummers here so you will not pay excessive charges by banks... cool2.gif
hurtedheart
post Aug 23 2017, 10:25 PM

Casual
***
Group: Junior Member
Posts: 379

Joined: Feb 2009
QUOTE(jack2 @ Aug 23 2017, 10:14 AM)
Probably you failed in your maths?

Current buying SGD rate =  1 Singapore Dollar  3.1875 

When you transfer via bank or M2U, you need to pay SGD110 since recipient will receive 100 only.

Who told you there is no agent fee from MAYBANK MY to MAYBANK SG? I transferred twice and I got deducted SGD10.

110 x 3.1875 = 350.62
Add Local service fee + GST = 10.60

RM361.22 = you spent for SGD100 payment. Count yourself the effective rate.
*
Post #21, I have replied that I suppose it is a good deal after ikanbilis reminded TS is transferring only SGD100..

wengherng
post Aug 24 2017, 01:09 AM

Regular
******
Group: Senior Member
Posts: 1,855

Joined: Jun 2008
QUOTE(Ramjade @ Aug 23 2017, 10:53 AM)
- KYC required front facing phone camera which sad to say my phone only VGA (when I get a new phone then yes open account). A front VGA camera = same as no camera (quality is that bad).
*
Sorry, off topic a bit......but dude, seriously, it's time for an upgrade......everybody knows you can afford it many times over. tongue.gif
I didn't know you can even still find phones with VGA cameras these days......I thought those were obsolete already. blink.gif

Ramjade
post Aug 24 2017, 01:21 AM

10k Club
********
Group: Senior Member
Posts: 14,370

Joined: Feb 2011


QUOTE(wengherng @ Aug 24 2017, 01:09 AM)
Sorry, off topic a bit......but dude, seriously, it's time for an upgrade......everybody knows you can afford it many times over. tongue.gif
I didn't know you can even still find phones with VGA cameras these days......I thought those were obsolete already.  blink.gif
*
Now you know how I save my money? Phone companies will hate customer like me. tongue.gif

7 Pages < 1 2 3 4 > » Top
Bump TopicReply to this topicTopic OptionsStart new topic
 

Switch to:
| Lo-Fi Version
0.0867sec    6.17    6 queries    GZIP Disabled
Time is now: 20th March 2019 - 01:00 PM