Analysis (6/7/2020) [Newer data]
Updated with newer data. Conclusion is slightly different
Still leaving the old data for comparison.

NOTE: I've only done this for MYR/SGD pair. MYR/USD or MYR/EUR might give different results





Conclusion (6/7/2020)
Transferwise is most expensive. Don't use it unless you don't have a choice or want 'average fee' so you don't have to calculate every time.
For amounts <RM2750, use Instarem.
For amounts >RM2750, use BigPay.

Old data below in Spoiler:



This post has been edited by Yggdrasil: Jul 6 2020, 04:04 PM

I would just include the RM 7 fee... ignore 1st xfer offer...this to be 'fair' comparison

I want to xfer... usd to myr, too bad bigpay don't support

Transferwise has a sweet spot I think if big amount it goes to a lower fee tier...

This post has been edited by dwRK: Oct 29 2019, 12:02 AM

Yes. I included RM7 fee in my data. Although here didn't say:



I included the RM7 cost by:

1) Subtracting RM7 from the MYR to be sent. E.g. Send RM100 but minus RM7.
2) So technically one is sending RM93 at their exchange rate of 0.324198.
3) The actual SGD received should be SGD 30.15 [(100-7) x 0.324198.]

This was already in my results above.

This post has been edited by Yggdrasil: Oct 29 2019, 12:12 AM

Nope.

The maximum you can transfer using Transferwise is RM30000.

Even at maximum of RM30000, you still get extra SGD5.12 transferring using Instarem.

Obviously I don't know how to read....

RM30k is bank negara limit... Buy you can transfer a bit more than USD200k to MYR...

And it now seems that Instarem is cheaper... there was a time it flips over to Transferwise...lol

thanks for the analysis!

Does Instarem issue debit card like Transferwise?

Actually there is another one which is cheaper than instarem. Is max pay. But I am not sure if is cheaper than BigPay.

BigPay max transfer is RM20k/transacrion or RM30k/month.

Not for Malaysia market. Only SG market.
https://www.instarem.com/en-sg/amaze

Transferwise doesn't issue debit card to Malaysians right?

Not yet. But coming soon I can tell you. Usually the best stuff always our neighbours will get first.

Thank you for the detailed analysis. This increased my confidence in using Instarem over BP.
I understand that BP would start to get cheaper at the MYR9k mark, but the difference would be too small to make a huge impact.

Got any validation for this info? I did ask CS previously, and they couldn't give me a definite answer.

Have used TW for a long time.
Their exchange rate into MYR used to be very good but their corresponding commission rate has been increased at least three times, IIRC.
As a result, the net exchange rate is closer to the bank's rate now.
The only good thing is the ability to lock in the rate when it is in your favor.

Chat with customer service.

That's sad. The start of the rot of a good thing. Wish revolut will faster open shop in Malaysia.

can I use Instarem to transfer USD to my Transferwise acc?

Hello sifus,

May I ask any alternatives for sending KRW to MYR?
It seems all 3 above does not support KRW.

I tried to search online but only found one "OSK" with minimum transfer 1000USD.

Have a nice day~

Buy bitcoin, send to luno Malaysia, sell & withdraw...

If price crash before selling then gg

This post has been edited by dwRK: Nov 2 2019, 11:33 AM

You need to find Korean fintech.

Hmm... maybe kinda risky since I'm not bitcoin expert

Yeah, any ideas?

That you need to do your own homework. I can't help with that.

If they cost more or less the same, why not use BP? At least, u r paying from your own account?