I transferred Euros straight to IB, not a receiver bank and no fees for receiving funds.

I transferred 30k MYR yesterday and after 2 transfers, Myr to Eur to USD, I was only off 40USD from google's spot rate.

I did that all in under 3mins and could trade in 4 hours. 830pm transfer out and 12.17am available for trade in IB and just in time to buy some dips last night.

Will the local banks do better than the above? I don't think so.

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1. bank(myr) to transferwise(myr->eur) to ibkr(eur->usd)... 2 fees, 2 spot rates

2. bank(myr->eur) to ibkr(eur->usd)... 2 fees, 1 bank 1 spot rates

3. bank(myr->usd) to ibkr(usd)... 1 fee 1 bank rates (but limited banks)

in order of cheap... 1, 3, 2 for end usd

if not for usd, say sgd, hkd, eur, etc... then usually transferwise

you will always kena fees...it's total fee+rates which one cheaper or less hassle...  different ppl needs (usd, sgd, hkd, eur) got different options

I don't think anyone does this. The whole point of Transferwise/InstaRem is to send MYR, NOT Euro via M'sian banks!

So, send MYR to Transferwise/InstaRem, and they do the conversion to whatever currency you want, and deposit the money to your desired destination.

There's no TW receives Euro, there's no €25 charge, and they don't deposit to your TW acc unless you asked them to.
The money goes straight to IBKR after conversion.

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on a side note, I think you don't understand how FinTech like TW and IR work.
Unlike conventional banks, they don't really send the money over.
Instead, they've funds in multiple locations. Their branch in M'sia receives your money, and their branch in other countries will send some money to your recipients. In this way, there are just two local transfers, instead of an international transfer like Telegraphic Transfers.

Banks can't do this because they don't have branches all over the world, and they are usually quite independent.