OKay, bro,... thank you.

I appreciated your effort here,...

Can you please include the charges for each of the three entities in the above ?

Let's compare in an absolute sense,...

I assume it's already nett charges because both Cimb and dbs are not charging fees. Keep in mind that. Transferwise is already nett fees.

Of course I assume that's no charges on our side. That I can't confirm unless I do a real transfer which I am not going to.

My account has been approved after sending email to marah them for being slow that exceeded 3 business days as termed.

Thinking to try moving back SGD from DBS to see who is faster and cheaper.

Okay,... in that case, let's assume there are no more charges at our end for the CIMB Transfer and the DBS Remit. But, I am quite sure there will be charges at the receiving end (our end) for TransferWise.

Just by comparing the above three snapshots above, we can derive the following opinions :-

1) The moment there is a charge of RM20 at the receiving end for TransferWise, the amount received will be equal to DBS Remit's. Incoming TT will normally incur this amount, unless it's from the same overseas branch.

If the final amount to be received is the same,... then I will choose to use DBS Remit because DBS Remit is part of DBS, which has many, many more functions than TransferWise.

2) CIMB, fine,... gain of RM10. But CIMB SG is very limited in its functions,... you know that too,... compared to DBS. Sure, as you said in your eg above, CIMB will not incur any charge IF transferring back to CIMB Msia.

But what happens if the sender needs to transfer to ANOTHER Bank inside Msia. There will be charges then !!!!!!!!! And it will be RM20 or more for incoming TT ! The moment there is a charge of RM20, my received amount via DBS Remit would have beaten yours.

Bear in mind that I have not taken into account yet of intermediary bank charges in the above.

DBS Remit - FREE from all charges to any bank in the world except to a Japanese Bank.... Free from Intermediary Bank charges and FREE from Incoming TT charges at the Receiving Bank. I have personally TT'ed to many countries in the world, including Msia using DBS Remit,... it's all free from all banking charges.

NO need to consider abt priority customer or not with DBS Bank,... because to be a priority customer, you need to be a Treasures Customer,... that's SGD350K Assets-Under-Mgmt, which is another cost in our debate here,... hence, just use normal customer only to debate here.

So,... what do you think ?

Actually from my experience of using fintech (moneymatch to send money to SG), what you see is what you get. For eg if you are sending SGD3000 to SG, you will get excatly SGD3k in your bank account. Not a cent less. Keep in mind that Transferwise transfer the money to you from their local malaysian bank. So the SGD you send them never actually leave SG. It will go into their SG bank account while they will pay you from their MY account (kind of like IBG/IBFT you the money)

Hope it's clear how transferwise works. Cimb promises no fees if you transfer to your own Cimb bank account but not sure about fees to other bank in Malaysia.

[quote=Ramjade,Jun 29 2018, 09:23 PM]
Actually from my experience of using fintech (moneymatch to send money to SG), what you see is what you get. For eg if you are sending SGD3000 to SG, you will get excatly SGD3k in your bank account. Not a cent less. Keep in mind that Transferwise transfer the money to you from their local malaysian bank. So the SGD you send them never actually leave SG. It will go into their SG bank account while they will pay you from their MY account (kind of like IBG/IBFT you the money)

Hope it's clear how transferwise works. Cimb promises no fees if you transfer to your own Cimb bank account but not sure about fees to other bank in Malaysia.



So conclusion using TW is cheaper? I saw there is few options like ACH, wire transfer and international wire transfer.

Which one to choose

Depends la. So many companies offering the same thing. Not necessary TW is the cheapest. World First is actually cheaper than TW (for SGD > RM). But there's a problem with WF as you need to prove to them you are staying in that origin country before they let you transfer. Eg, open account from Malaysia means can transfer using RM only. you cannot transfer SGD if you open the account from Malaysia.

But fintech is definitely cheaper than banks. Surveyed already.

ACH is basically your IBG/IBFT for US bank account.

This post has been edited by Ramjade: Jun 29 2018, 09:40 PM

It's reasonable to doubt TW as this is a relatively new company. You can always consult Mr Google to find out more about the background of TW and who are the big names or venture capital that back TW.

I think TW won't go burst anytime soon. In fact, the high street banks are feeling the heat from fintech, especially in Europe and the US.

Bro apparently you have not read enough. BNM relaxed their rule that's why we have 2 fintech able to operate out of Malaysia for transferring money.

https://www.thestar.com.my/business/busines...icences-issued/
However the cheap ones for transferring money out of Malaysia are moneymatch, instarem and max money. Transferwise does not have license to transfer money out of Malaysia but they have license to transfer money into Malaysia.

BNM tighten their rule and moneymatch can't transfer to your own account anymore. Transferring to family account no problem. But no issue with instarem and max money.

TW will not last that long? They are actually very profitable. TW is from UK. They are giving big banks a run for their money as more mat salleh are choosing transferwise. Transferwise is huge in Europe and US.
https://techcrunch.com/2017/05/16/fintech-u...l-services/amp/.
https://www.bloomberg.com/amp/news/articles...oubling-revenue

I can't help but agree with hyperzz statement. Big banks are feeling the heat from transferwise in Europe since Transferwise was born. Transferwise have been very vocal about big banks.


This post has been edited by Ramjade: Jun 30 2018, 05:58 AM

TW has branch in KL but Tak ada vacancy bo...

No their nearest branch is in SG. All customer service have to call SG.

US account send to TW US is real time?

Should be kot. Never get chance to test it out.

How about TW to TW?

ACH transfer is either free or low cost but it takes longer time, usually 1 to 2 days.

Which method is the fastest

You are asking the wrong guy. I just set up my TW account and I don't have any US person to send me money yet. Open up account to save money on cash back received from US site rather than ask them to pay into PayPal.

Ok la bang...

Just got someone payment using TW. It is real time.