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> FOREX: Instarem v BigPay v Transferwise, True as at 6/7/2020

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TSYggdrasil
post Oct 28 2019, 11:34 PM, updated 3w ago

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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

user posted image
user posted image
user posted image

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:

» Click to show Spoiler - click again to hide... «


This post has been edited by Yggdrasil: Jul 6 2020, 04:04 PM
dwRK
post Oct 28 2019, 11:58 PM

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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
TSYggdrasil
post Oct 29 2019, 12:10 AM

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QUOTE(dwRK @ Oct 28 2019, 11:58 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...
*
Yes. I included RM7 fee in my data. Although here didn't say:

user posted image

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
TSYggdrasil
post Oct 29 2019, 12:22 AM

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QUOTE(dwRK @ Oct 28 2019, 11:58 PM)
Transferwise has a sweet spot I think if big amount it goes to a lower fee tier...
*
Nope.

The maximum you can transfer using Transferwise is RM30000.

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

user posted image

user posted image
dwRK
post Oct 29 2019, 12:22 AM

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QUOTE(Yggdrasil @ Oct 29 2019, 12:10 AM)
Yes. I included RM7 fee in my data. Although here didn't say:

user posted image

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.
*
thumbup.gif

Obviously I don't know how to read.... biggrin.gif
dwRK
post Oct 29 2019, 12:40 AM

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QUOTE(Yggdrasil @ Oct 29 2019, 12:22 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.

user posted image

user posted image
*
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
moosset
post Oct 29 2019, 02:00 AM

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thanks for the analysis!

Does Instarem issue debit card like Transferwise?
Ramjade
post Oct 29 2019, 05:50 AM

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QUOTE(Yggdrasil @ Oct 28 2019, 11:34 PM)
So I made a comparison to see which is the best.
Note: I did not transfer from BigPay yet so it did not charge a fee in my data. But their website says RM7 to Singapore banks. Hence, I deducted RM7 from the MYR to be sent before converting at their rates. Data: https://imgur.com/a/9yxkOtj

user posted image

user posted image

See my pdf for more. Password (small caps): yggdrasil

Conclusion (28/10/2019)
Transferwise is most expensive. Don't use it unless you don't have a choice.
For amounts <RM5000, use Instarem.
For amounts >RM5000, use BigPay (Based on RM7 fee to Singapore. I could not see the fee as my first transfer is free).


Someone can correct me if I am wrong.
*
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.

QUOTE(moosset @ Oct 29 2019, 02:00 AM)
thanks for the analysis!

Does Instarem issue debit card like Transferwise?
*
Not for Malaysia market. Only SG market.
https://www.instarem.com/en-sg/amaze
TSYggdrasil
post Oct 29 2019, 11:28 AM

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QUOTE(moosset @ Oct 29 2019, 02:00 AM)
Does Instarem issue debit card like Transferwise?
*
QUOTE(Ramjade @ Oct 29 2019, 05:50 AM)
Not for Malaysia market. Only SG market.
https://www.instarem.com/en-sg/amaze
*
Transferwise doesn't issue debit card to Malaysians right?
Ramjade
post Oct 29 2019, 01:42 PM

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QUOTE(Yggdrasil @ Oct 29 2019, 11:28 AM)
Transferwise doesn't issue debit card to Malaysians right?
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Not yet. But coming soon I can tell you. Usually the best stuff always our neighbours will get first.
Jordy
post Oct 31 2019, 12:06 PM

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» Click to show Spoiler - click again to hide... «


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.

QUOTE(Ramjade @ Oct 29 2019, 05:50 AM)
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
*
Got any validation for this info? I did ask CS previously, and they couldn't give me a definite answer.
hyperzz
post Oct 31 2019, 08:07 PM

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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.
Ramjade
post Oct 31 2019, 11:56 PM

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QUOTE(Jordy @ Oct 31 2019, 12:06 PM)
» Click to show Spoiler - click again to hide... «


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.
*
Chat with customer service.

QUOTE(hyperzz @ Oct 31 2019, 08:07 PM)
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.
*
That's sad. The start of the rot of a good thing. Wish revolut will faster open shop in Malaysia.
moosset
post Nov 1 2019, 10:30 PM

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can I use Instarem to transfer USD to my Transferwise acc?
chidori
post Nov 2 2019, 11:21 AM

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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~

dwRK
post Nov 2 2019, 11:32 AM

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QUOTE(chidori @ Nov 2 2019, 11:21 AM)
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... biggrin.gif

If price crash before selling then gg

This post has been edited by dwRK: Nov 2 2019, 11:33 AM
Ramjade
post Nov 2 2019, 12:05 PM

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QUOTE(moosset @ Nov 1 2019, 10:30 PM)
can I use Instarem to transfer USD to my Transferwise acc?
*
QUOTE(chidori @ Nov 2 2019, 11:21 AM)
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~
*
You need to find Korean fintech.
chidori
post Nov 2 2019, 02:39 PM

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QUOTE(dwRK @ Nov 2 2019, 11:32 AM)
Buy bitcoin, send to luno Malaysia, sell & withdraw... biggrin.gif

If price crash before selling then gg
*
Hmm... maybe kinda risky since I'm not bitcoin expert

QUOTE(Ramjade @ Nov 2 2019, 12:05 PM)
You need to find Korean fintech.
*
Yeah, any ideas?
Ramjade
post Nov 2 2019, 02:50 PM

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QUOTE(chidori @ Nov 2 2019, 02:39 PM)
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.
aspartame
post Nov 2 2019, 09:41 PM

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

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