Hi, as the nature of my work received salaries in different currencies, I'd like to know if anyone could recommend a good bank to open a multi currency account.

Right now I've read about RHB's MCA and Maybank MCA. Difference between two as far as I can tell with Maybank at least you could transfer monies through M2U while RHB you need to walk in every time.

This post has been edited by nyunyu: Feb 22 2018, 09:30 PM

PayPal can be used to receive payment ?

while waiting for responses......I googled and found some old threads in lyn regarding this almost similar topic....
hope you can get some ideas while you wait for responses....
https://www.google.com/search?q=multi+curre...iw=1920&bih=963

Unless the currency is non convertible or receivable is illegal, why can't receive in either USD, Euro or myr?

I use Citi and Maybank for FCA - have USD with Maybank and USD, EUR with Citi

Afaik you can only transfer USD > RM and vice versus on Maybank but can do TT overseas from Citi

Citi does have higher minimum balance limits vs Maybank though - can’t remeber the exact amounts right now.

My work don't involve paypal.
Thank you. I posted in most of the related thread there before opening this thread. Unfortunately no one shared which bank has the best rate for converting foreign currency to RM.
Not sure what you're saying there but I do get paid in either GBP, EUR, USD mainly.
For my purpose, I don't need to transfer RM to foreign currency but only vice versa. Although seems like the banks only allow fund conversion foreign -> RM by the counter though.


Reason for opening a MCA is that before, my salary was sent in foreign currency and for some reason before it got into my local bank, it was already converted and then sent via RENTAS and I lost some few hundred to few thousands somewhere. So, by having a MCA, the amount of monies won't have any discrepancies and I only need to monitor the exchange rate of the bank before converting the funds to RM if that make any sense.

Maybank FCA should be OK for your needs - receive salary in USD and convert to your RM account when the rate is good

If you’re eligible for Citigold (RM400k on deposit) the exchange rates they offer are slightly better than Maybank. However you can’t do USD > RM account transactions online anymore, they need to be done on the phone.

Maybank no issue to do it online, it’s instant as long as during working hours.

Thank you. So Maybank can do conversion transactions online? Sounds good. I guess I'll go check it out.

Yup, rate is slightly worse than CitiGold but no issue to transfer from USD to RM

Limit is RM50k equivalent per transaction but you can do multiple ones on the same day. FX rate is displayed before you confirm the transfer.

If you receive money through SWIFT transfer into a foreign currency account in the same currency, it's likely that you still won't get the exact same amount sent to you.
This is due to the involvement of the middleman bank in SWIFT transfer. In the worst case, there can be more than one middleman bank. Each middleman bank will take a cut of the amount transferred. This process is not transparent and you will not be informed of it unless you ask the bank for a breakdown of fees after getting your payment.

If your purpose is to convert the foreign currencies into RM when the exchange rate is favorable to you, you might want to consider Borderless Account offered by Transferwise(TW).

Transferwise Borderless Account


With the Borderless account, it is as if you have a local bank account in the US, UK, EU and Australia, in your own name, to receive local payment. The payment received will be kept in the original currencies, i.e. USD, GBP, EUR and AUD. You can convert them into RM anytime you want and initialize the transfer into your RM account. TW will send RM to you through their company bank account with CIMB. The amount received is exactly as expected.

However, I would not advise you to keep your foreign currencies with TW for too long. TW is after all not a bank.

This post has been edited by hyperzz: Mar 7 2018, 04:15 AM

I am looking into this as well. A colleague of mine introduced HSBC's foreign currency account, he said it's flexible enough that he could make a transfer between his USD acc and his myr acc without much charges, hadnt verified that yet.

Since my main account is with pbe, I checked it out a bit and found that they have this service as well. In most cases, it's stated that each debit transaction would incur 4 USD or so, this seems common among foreign currency bank services.

Just want to update regarding this. I opened an Multi Currency Account with RHB bank and while everything was okay and my monies transferred into the account without any hitch, I found that you can only do withdrawal at the branch which you open your account at.

So, pissed at myself for not realizing this beforehand, I went to Maybank and asked if they have the same service and they told me they do. Within 24 hours I got my account activated and never been happier. My monies can be transferred at any time I wish through online banking.

From your previous replies, I sense that because you want to avoid the monetary loss when they send you into local banks due to different currency...let me tell you that regardless the recipient account is same currency with remitted money or no, the end result of getting MYR is still the same.

That is because of intermediary fee and your local bank fee.

Say, your customer sent you USD 1000 and they remitted it using SHA fee. And the current USD//MYR rate is RM4. If give them your MYR account, you will receive $1000 less intermediary bank fee less local bank fee...
Intermediary fee say $30
Local bank fee RM10

So 1000-30 = 970
970*4 minus RM10

If you give them foreign currency account, you will receive usd970 minus local bank fee (Maybank $4 per incoming).. so you get 966....

To compare apple with apple, you convert immediately at the same day you received, so 966*4... U loss some RM..

Hehe

Correct. Previously when receiving my salary into my normal savings/current, there are always monetary loss sometimes up close to RM1K.
So far, after having this setup, I received my monies as per earned and only less the fees when I converted them to MYR. Still, they're less than before.

Use transferwise borderline account.

After reading all of the above suggestions, I would like to recommend one more method. Since you have income from overseas and you need to bank-in this income into an account, you can open a DBS multi-currency account in DBS or in POSBANK Singapore.

The foreign currency salary will drop in very nicely into your account every month.

Then you can TT the currency back to your local Maybank Account without any charges. But of course, you would then be subjected to the foreign currency-to-MYR conversion rate at DBS.

The other small snag is you need to have SGD3k as the minimum daily amt, and if it falls below SGD3k,you will be charged a fall-below fee of SGD7.50.

Perhaps you may need to pay this SGD7.50 until you managed to collect SGD3k.

No need so susah. Just open Transferwise borderless account. Much more sophisticated than DBS. So much for being a digital bank. Can't even beat a UK fintech.

Cheaper, easier to open account, no fees or minimum amount to maintain

Banks are things of the past. If banks can't evolve, they will be obsolete

This post has been edited by Ramjade: Jun 25 2018, 11:30 PM

Sure, sure,... but after what I heard happening to many 'accounts' which suddenly got closed or forced to use Bitcoin in the world,... I would prefer to use DBS-lar,..

Secondly, an account in DBS is not solely for the purpose of funds transfer,... you don't need me to tell you all of the other benefits of having an SG DBS Account,...

Funds Transfer is BUT one of the facilities of a DBS Account.

If you don't have a minimum amt to maintain a DBS Account, why don't you close your DBS Account ? Why always talk abt your DBS Account ? NO money, don't do,... why force yourself and then start talking bad abt DBS and saying Transferwise is good ?

DBS let you open an account and you criticize like this,... close it then,... you are a Malaysian, you are not obligated to support Singapore in any way.

People have a good reason now (for now) to open a DBS Account, give people a chance-lar,... you think so easy to open-ah ???

And who said got fees to TT using a DBS Account ? ....... NO need to say cheaper, say FREE when TT'ing using a DBS Account.

And who said you can't transfer USDs using a DBS Account ?

YOU are under-informed !!!!!!!!!!

YOU laughed at me, I also laugh back at you !!!!

I am very happy to have DBS

Maybe DBS should check ALL Malaysians who don't use their account, and advise for those accounts to be closed. People don't use their accounts because they don't like their accounts,... people like Ramjade.

Perhaps it will be more efficient for DBS to open accounts only for Malaysians who really have a need to use their account, rather than doing a total block against all Malaysians without a work permit or study permit.

Yes ! This is the spirit !!!!!!!!!!!!

I call upon DBS to close some Malaysians' accounts which are not productive.

Give chances to other Malaysians who don't have work permits to open accounts there.

After Ramjade's posting,... now we know more why there are dormant Malaysians' accounts in DBS,... wasting disk space inside their computer system only, and depriving of other Malaysians who wished to open...

Do you own UOB?

Too bad that DBS can't to have IDR currency...

Err,... no, I don't own UOB. I think it's a family-controlled bank,...

Yes, I have a UOB Account too, but DBS seems to catch my attention always when I need to use banking facilities,...

Yeah,.. I know,.. emerging mkt currencies are not favoured by banks worldwide, that's why there are limited wallets for EM currencies in multi-currency accounts worldwide. DBS MCA does not have a wallet for the Ringgit too.

Hence, I must always use the SGD as a proxy, and I TT SGD back to Msia at zero charges at both ends when I need to use larger amounts in Msia.

Never realise TT SGD back to Malaysia is zero fee. I thought to FAST to CIMB and use CIMB SG to TT back to CIMB MYR

Have applied TransferWise account and awaiting for verification.

Using DBS Remit is free, SGD is converted into MYR, then transfer back to, say, your Maybank Account in Msia. ALL THE WAY IS FREE. At this end, also no charge,... Transferring by using DBS Remit to any bank is Australia, The USA, Canada also no-charge.

How abt CIMB SG to CIMB MY ? Any charge at either end ?

The interesting part is,... there is also no charge by any intermediary bank,... I noticed this too,... but I'm still studying this. DBS has a lot of facilities if we know how to use it ! To me,... it's a great bank,... lots of facilities that other banks don't have.

Hence, if no charge at all, then the only thing we need to worry abt is the exchange rate.

If you tell me to hold multucurrency, Transferwise can do that for free. So tell me why should I pay or give DBS free money? Multicurrency card? Many card offer better deal than DBS multicurrency card. Even created by our very own Malaysian company.

I don't like giving banks free money. Hence I will find ways to get things for as cheap as possible from the bank. Transferwise is offering masses a cheap option to hold multicurrency with ease. No need to go begging people.

Read the PDF. Incoming TT is charged. You may not be charged TT fees but you are charged marked up exchange rate. Don't believe me? Check out exchange rate offer by fintech vs DBS. I did and noticed the difference. Again why bother giving banks free and good money? Are they your relatives that you must help them? No. They are just glamorous money lenders.

Try moving USD to other bank in SG. If within DBS bank I am sure no problem. Try moving it to say UOB and OCBC via online. Not by RM or cheque. See if it can be done.


I would use their account more often if they are more generous. Since they are so stingy, I am also stingy with them. If they are generous, I will be more generous with them.

Good example was Maybank MY. Back when they have eGIA which give 4.5%p.a with no lock in penalty, I parked my cash with them.

Agreed free but never let free fool you. Free is good but keep your eyes open on the exchange rate. I have surveyed their rates (other currencies). Definitely better than what Malaysian banks offer but not the best vs fintech. Now free transfer vs cheaper than free transfer, which would be a better pick?

PS I never laugh at you. But I am trying to open your eyes that better options exist.

But transfer via transferwise to anyone will not be under your name right

From my experience:

For GBP:
The sender's name will appear as "your name TW". For example, your name is John Doe, the sender's name will appear as "John Doe TW". Brokerage account might not accept this transfer.

For EUR:
The sender's name will appear exactly as your own name in the SEPA transfer. This method is acceptable for transfer to brokerage account in your own name.

For USD:
It seems that the sender's name appears as your own name. I noticed this from a TW transfer into my US bank account.
However, when I tried to send a TW transfer to top up my Interactive Broker (IB) account, the transfer was rejected. Possibly the ACH transfer was sent in a different bank account number but still in my own name, just my guess.

In addition, for GBP/EUR/USD/SGD, you can add a short message/text which will be sent along with the money transfer. However, no short message/text cannot be added for HKD/CNY transfer. For currencies where no message/text can be added, they offer to send the message via email to the recipient.

This post has been edited by hyperzz: Jun 28 2018, 02:47 PM

Thanks for your useful inputs. Appreciated.

But still some brokerages require to match with account number and it will be used for withdrawal purpose.



This post has been edited by jack2: Jun 27 2018, 05:12 AM

Just give brokerage your account as appear in transferwise. Each currency account on transferwise have their own account no.

This post has been edited by Ramjade: Jun 27 2018, 07:50 AM

I appreciated yr comments. I am open to suggestions,...

To simplify things,... I will look at DBS' function on TT'ing money only... I have not used TransferWise,... using TransferWise, pls tell me :-

1) How much cost, overall, to TT, say SGD1000 into a Malaysian Maybank Account ?

2) What would be the Exchange Rate used, for SGD to MYR for today ?

By the way,.. I'm aware of the exchange rate matter,... I have mentioned it in my posts earlier,... still, I have compared the exchange rate used in DBS Remit against other banks' inside SG. I find DBS' exchange rate is still good enough, after taking-in the overall cost of doing the DBS Remit TT.

Incoming TT AT THE RECEIVING BANK is NOT charged when using DBS Remit,....................except for TT's to a Japanese bank, to be more specific...

We can move USDs from one bank to another bank online in SG. USD clearing is done inside SG. I will leave it at that.

CORRECTED

For all outgoing transfers from TW, the sending account number is most likely different from your Borderless account number but your name will appear as the sender.

In case of withdrawal from IB, the EUR IBAN works fine. The GBP account number won't work as IB requires an IBAN.
The USD account number might work for ACH withdrawal but I never tried it as I already have an US bank account linked to IB.

This post has been edited by hyperzz: Jun 28 2018, 04:21 AM

@Ramjade,... pls reply on the bolded above,... let me compare,...

Sure. No problem. These are rates offered by the bank and Transferwise as of 7.14pm
Cimb SG (Transfer to My CIMB Malaysia Account )
SGD1000 = RM2925.90

DBS Remit
SGD1000 = RM2916.30
- Of course I don't know whether beng priority customer can get you better discount or not.

Transferwise
SGD1000 = RM2936.86

And this is just the tip of the iceberg. Many other remittance company from SG can offer cheaper rates than Transferwise. Seen it before. But we cannot apply as either
1) open to SGrean only
2) must have address and SG phone no.



This post has been edited by Ramjade: Jun 28 2018, 07:34 PM

It has been 4 days TW hasnt verified me

They validated me already.

How long it was done for you.

In less than a week.
Need to upload IC and bank statement.

For me I uploaded both. Then they email me said watermark cover too much. Ask me to upload new pic. Upload new pic, validated within 2 days.

Ya, I uploaded both.

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.

Thanks for the feedback. It's very helpful.

Well,... can try with TW,... with all the details seen here, no harm,... however, for big amounts,... just be careful.

I will continue to use my DBS Remit,...

..bro Ramjade,... close your DBS Account-lar,... let others who have more uses open a DBS or POSB account..... why hold-on to an account which is not cheap enough to transfer money, does not give high enough interest rates, and does not give good enough of other rates hold on to your minimum deposit ??? Correct or not ???

Look at me,.... I don't like,... I go somewhere else,... I don't stay,...



I heard those who wish to deposit foreign-currency salaries may still be able to open account in DBS,... sorry talking abt Malaysians here,... can try for those who still have confidence in DBS.... can try to open,....

Actually I asked them already. As long as can proof source of money, amount can be unlimited. Unlimited amount is available for AUD , GBP, EUR. Only USD got limit of USD 10k. If have more than that need proof.

Simple. I need a SG base account for storage purpose in future.
All money put in SG banks are considered free money to the banks. You choose to give more, I choose less. Both ways banks earning but they earning less from me.

Look at me. I don't like the service, I don't use the service. I find alternatives and support the alternatives. If I like I will continue to use them. (these applies to non financial stuff as well)

OKay,... So,.. in spite of whatever bad you see in DBS,.. you still want to stay with them.

Well should a pure SG bank offer zero amount account or say SGD20 and are open to Malaysian, I will close my DBS account and open that instead. My amount with DBS is already the min at SGD500.

Tell me for what I want to keep so much with them when
1) I can't participate in rights/preference offering via DBS V?
2) their broker is super pricey for international stocks?
3) they don't have good exchange rate?

End of the day they are still a bank bend on sucking/extracting out as much money as possible from you.

Well,... stay with DBS then since this will NEVER COME : Well should a pure SG bank offer zero amount account or say SGD20 and are open to Malaysian !

Never know bro. Fintech is eating into bank's profit. Banks have to bring themselves down to fintech standard or else they risk losing customers.
Funding societies, Transferwise, you name it.

This post has been edited by Ramjade: Jul 2 2018, 05:49 PM

Transferwise is slow in service. Email enquiry took more than 2 days.

I dont recommend

Use livechat. If livechat available, why bother using email? That's how you work with mat salleh companies. If live chat available, use it. If not use email.

If you don't recommend Transferwise, which other platform do you recommend with multicurrency account?

Live chat is only UK working time only. That is because it is not available so I used email.

Their service standard is beyond standard. First time was verification took 5 business days which is beyond their agreed period wiring 3 business days.

Same with email response which they wrote we will response you within 1 business day.

You go and see their working place... They have relax working style and I believe this is their factor that making everyone is slow and Tak apa.

If ASEAN people are the owners or staff, this won't be happened.

(Forgot to mention, I got two incoming funds and they put in on pending to be checked... Just USD 10 and AUD45...also took 1 day and still belum check.)

This post has been edited by jack2: Jul 3 2018, 05:43 AM

Actually in my experience with western country, they are more efficient than us. Don't know about transferwise. But identity verification of course la. Need to check your name against international database. But email should be reply within 1 day.

For me. Just stay up a bit loh. For live chat, all do in the night. There's no other fintech offering multicurrency account yet. Unless you know of any.

This post has been edited by Ramjade: Jul 3 2018, 07:48 AM

I need to send another e-mail to express dissatisfaction, then only they will response. Otherwise, the first e-mail sent is legan2.




Check out how they work
https://transferwise.com/about/life-at-transferwise

When I process my remittance using DBS Remit, I will get an sms saying my submission has been processed on the next available 3 working hr...

Then I will get the funds in my account on the same day in Australia,... within one hour after I did the remittance in the morning at SG.

For Maybank Msia,... I will receive the funds in my Maybank Msia account by the same evening or the next morning after I did the remittance in the morning at SG.

Higher exchange rate than TransferWise. Free Transfer. Faster remittance process than TransferWise.

I'll continue using available tools to invest till the day it comes (if it comes) so as not to lose on any opportunity cost, and to be able to experience the mkt for exposure.

You can Continue Waiting,....

Have you ever tried to remit to Indonesia?

This TW took 4 days and hasn't released the fund sent from my client. Claimed need check... Just AUD 45 and they took 4 days ..
Another is USD 10.

Even if I remit use banks, I have got the clearance. I will never use them regardlesd of cheaper than DBS.

Useless service with slow response.

No one uses TW for transferring money to Indon. Use TW to send to Western country where you have no access unless you fly there and open account
Reason is TW is based in UK and they see Indon as a dirty country. So the need to check the money. They already mentioned in their FAQ indons are some country where it will take longer time.

If you want fast send to Indon, use what the illegal/legal indons here are using. Same day will reach and is super cheap. Service is available at most money changers and special shops in KV. Don't waste money on those fintech to send money to send Indon not worth your money.

Reason those remittance service and money changer can offer cheaper rates than what TW or other fintech can provide is because of the bulk of businesses they are getting.

This post has been edited by Ramjade: Jul 4 2018, 07:48 PM

No. I was asking Hansel about DBS remit to Indon.

Not TW.

Dangerous...

TW could be a bit cautious when you receive your first few payments. Malaysia's reputation does not help, no thanks to the 1MDB scandals. But as you use TW regularly without any high-risk transactions (i.e. incoming transfer from crypto exchange), things should go smoothly for your account. It takes time to build trust.

This post has been edited by hyperzz: Jul 5 2018, 04:50 AM

Hmm,... so many inconveniences using TW,... so wht if the exchange the is cheaper,...

A forum like this is good,... now, many problems are unravelled to the public.

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