Why you should get Transferwise? Transferwise is a Fintech (financial technology) company that offers cheap cross-border money transfer, like InstaRem, MoneyMatch, Revolut etc. In addition to highly competitive exchange rates (at the moment, it has the best rate among these fintech companies),
ITS MAIN SELLING POINT is that, it provides you with virtual bank account details - they call it the Borderless account.
With Borderless accounts, you have your own bank account details for USD, GBP, EUR, AUD, PLN, SGD and NZD. You can use these account details to accept payment from third parties. For example, I can give my GBP account details to someone in the UK to pay me in GBP, or my SGD account details to someone in SG to pay me in SGD.
To sign up for TW: FREE (you can PM me for a referral code)
Accept payment via Borderless account: FREE
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Transfer money from borderless account to your bank account:
https://transferwise.com/help/17/borderless...derless-accountFor example, if you withdraw from your Transferwise EUR borderless account to your EU bank account, i.e. no conversion, it costs €0.63.
If you withdraw from EUR borderless to your Malaysian bank account, i.e. conversion involved, then it costs €6.34.
It may look expensive but Ramjade said, don't look at the fees or rates, look at the final conversion.
You can click on the link above the estimate how much you get in the end.
Click the link > conversion fee > send money from balances.
I can assure you, TW offers very competitive rates.
At the point of writing, €1,000 gives RM 4774.65.
versus InstaRem, €1,000 gives 4763.94.
What about banks?? Hmm, I'm not sure but .... good luck!
Debit mastercard: FREE (only for those residing overseas). Perfect for when you're travelling abroad!
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If you reside in any of these countries, you can get a TW debit mastercard which allows you to withdraw up to £200 (or equivalent) monthly at no charge.
Europe
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (only Metropolitan), Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Gibraltar (British Overseas Territory) and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey.
Asia
Singapore.
Oceania
Australia and New Zealand.
North America
The US, except for residents in Nevada and Hawaii.
However, TW Borderless account is not available at the moment for Malaysia? I just checked and its still not available. I guess whoever who opened their TW Borderless account before they removed it can still use it.