Use transferwise borderline account.

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

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.

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

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

They validated me already.

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.

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.

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.

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

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

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

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

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.

Thanks for the feedback. It's very helpful.

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)

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.

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

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?

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