Why so susah when using TW ??????????


And so susah need to go to those money changers and special shope.

Use DBS REmit-lar,.......... all from the comfort of the home.

OR ARE YOU GOING TO COUNTER-DEBATE THAT INDONS HAVE NO WAY TO OPEN DBS ACCOUNTS ? That's argument-based technicality,... but I can also counter this argument if you reply me like this,...

Bro I am talking about those illegal indons la in Malaysia. Learn a thing or 2 from them. Why do they go those special shops/money changers? Cause the rate is cheaper than banks. They need to get as much Rp as possible per ringgit. By going to banks, the amount of Rp received is significantly a lot vs going to those shops. And being poor, getting as much Rp per ringgit is your their main concern in providing for their family back in Indon. Lots of illegal indons have Maybank and Cimb account. So they can use Malaysian banks to send money back, but why bother with special shops and money changers?

If indons want comfort job, they won't want take on jobs like construction worker.

Same concept in SG. Why do you see so many foreigners going to special shop in SG/money changer in SG? Because it's cheaper to send money via those channels than via banks. Again, we must learn a thing or 2 from those people.

This post has been edited by Ramjade: Jul 5 2018, 12:26 PM

Now I bash back : LEARNING IS OKAY. BUT YOU ARE COMPARING THOSE TECHNIQUES ABOVE TO JUSTIFY FOR THE WEAKNESS OF TRANSFERWISE. AND THIS IS THE WRONG WAY TO DEBATE/ARTICULATE !!!!!!!!

The way you wrote : You are telling Jack that, to TT to a western country, can use TW. But to TT to Indonesia, perhaps must go to those special shops, because TW has a clause in their FAQ saying that TT'ing to Indonesia is not 'encouraged'.

Why like that ?? Then wouldn't better to tell Jack to use DBS Remit instead of using those special shops ???

By using DBS Remit, he will just need to pay a slightly higher exchange rate, then he can TT from a one-stop shop from the comfort of his home to anywhere in the world. NO restrictions,....

So,........ which is better now ??? DBS Remit oo TransferWise ??? Or are you going to say depends on where you TT to ???

He as a malaysian have access to those special shops which SGreans lack. So you have access why not use it? Only if you don't have access, you need to think up of ways to gain access.

Er actually I will go with depends on where he want to TT. Every tool have it's own pros and cons. Just the right tool for the right job!

Remit USD to MYR in TW is more better than DBS...sad

You’re transferring just a few hundred USD right?

Might as well use whichever method that’s convenient & comfortable for you cause you’re not losing much anyway. FX rates doesn’t matter much unless you’re transferring tens of thousands.

Good. Told ya. If you want to give DBS free money and have less money for yourself, go ahead and use DBS. If you want to have more money for yourself then bear with it and use TW. You can't win everything.

For me very simple. I vote with my wallet. Whoever can give me cheaper rates will get my money. No brand or bank loyalty. If DBS can give me better rate, I will use them. If TW can give better rate will use TW.

This post has been edited by Ramjade: Jul 5 2018, 04:00 PM

Agreed. I am certain that 90% of the time TW's exchange rate is better than any banks in the world, for transfer in small amount (< $10K). Only some competing fintech startups would offer slightly better exchange rate. But they can't go too much lower. The bottom line is the interbank exchange as seen in Google.

Watch out for Revolut which is currently not available to Malaysia yet but they are expanding and competing head-to-head with TW.

This post has been edited by hyperzz: Jul 6 2018, 04:16 AM

Fintech really good in letting the masses move money cheaper. If not for them, we will be stuck with blood sucking banks.

Hopefully they are available to Malaysian soon.

So, in the above, you said exactly what I said you would,...

I'm sticking with DBS Remit, though the exchange rate is higher than TW's,... for reasons of convenience and certainty of transmittal,... and not opening any fintech account.

For you, close your DBS Account, which you can't,.... mati-mati also you wish to hold-on to your DBS Account, in spite of you insulting its bad exchange rate compared to your fintech companies.

Hence, we know,... overall,... which entity is better,... I CAN LIVE without TW BUT YOU can't live without a DBS Bank Account.

Good debate,...

Currently TransferWise cannot send money from Malaysia.

That is true, due to restrictions by Bank Negara, TW only allows incoming transfer converted into RM. But TW when paired with an oversea bank account where there's freedom of fund movement, is a very useful remittance tool.

Still, TW is good for those who has oversea income.

transferwise should get the license from bnm like how the instarem doing

Besides TW, any alternative?

It seems that after I gave negative comments to them, they barred me for receiving incoming funds from TW user to user.

And without giving me reason by saying they can't disclose the reason.

I don't want to make any judgement as I don't know what happened between you and TW. So far I haven't experienced any major issues with them. Their response could be a bit slow as they are expanding rapidly into many countries but they are understaffed to handle customer inquiry from different time zones.

At the moment, only Revolut can compete with TW on the same service level but unfortunately Revolut is not available to Malaysia yet. Other companies like Skrill and Neteller which are popular with FX trader might work if your customers would use them. If you search through Google, you can find even more options but these are usually not as reputable as TW. You can use Trustpilot to read customer reviews about a website.

Wait, all these talk about DBS and TW is based on a situation where you send the money yourself? Can't think of any professional company using them to pay salary though.

For TW, you can provide your GBP/EUR/USD/AUD Borderless account number to your oversea employer and ask them to pay your salary by the way of local bank transfer in the UK/EU/US/AUS. Not a cent will be lost in the transfer.
The fund received will be kept in GBP/EUR/USD/AUD and you can convert them into MYR for transferring into your Malaysian bank account anytime.
In this way, you can do the conversion when the rate is favorable to you.

This post has been edited by hyperzz: Jul 9 2018, 07:53 PM

As reply below. I open TW as I am receiving CB in USD. Not going to give the extra money to PayPal.

For sure, we can trust TransferWise, for the purpose of remittance. We can choose to convert our salary a few days later, once the exchange rate is favourable to us, as you rightly suggested.

But, can we treat TransferWise, as a savings account for a long period of time, for safekeeping of our money? After all, TransferWise is not a bank.

I will trust it more than I trust a bank. Bank loan your money out. They don't.
Secondly, they are gearing up towards the "international nomad community"