thank you for taking the time to analysis this

What do you recommend for transferring large amount MYR to AUD?

One question for Instarem users.

I performed a transaction to transfer MYR to SGD (my SG bank account) today, but then when I login to Instarem, I could no longer transfer HKD to MYR/SGD anymore.

The currency to be converted is fixed at MYR and can't be changed. Is this normal? As I have bank accounts in SG, HK and Malaysia, I will deal with currencies in HKD, SGD and MYR often, so being able to convert SGD/HKD into the other currencies is important for me.

Is there any way to solve this issue?

Thanks for help, sifus.

This post has been edited by TOS: Sep 15 2020, 09:33 PM

Instarem is country specific. You can only use it in the country you opened account in. If you want to transfer HK, best choice is TW.

You can try luck and see if world first, world remit accept you as a customer.

So, TW offers transfer from multiple countries to multiple countries?

yes

Yes. But you can try World first world remit if you have a HK address.

HK address not permanent, as it's my university hostel's address which only lasts for 3 years more for me, I don't want to transfer from an invalid address in the future and run into regulatory issues in HK.

TW is okay, their rates+charges only 1 dollar or so less than Instarem, good enough for not-so-frequent transfers.

PS those companies don't usually ask for update even after how many donkey years.

BigPay Expands Into Singapore as Its Gears up for South East Asia

Very poor security. And can expand into Singapore. Lol
Too and they have too many competitors there. No first mover advantage.
Youtrip (sg own version of bigpay, first mover), tw card, instarem card, revolut.


This post has been edited by Ramjade: Sep 29 2020, 09:45 AM

Hmm, what do you mean by it being country-specific? Meaning to say that if I am a Malaysian, I can only transfer out from Malaysia to other countries, but cannot transfer to Malaysia from other countries? So it only allow one way-out...

Also, are there any fintech companies that allow money to be transferred from Singapore to Malaysia? I know some don't allow that. Is it true that TW borderless account had been closed, if so, what are the other alternatives?

So far the ones with international presence are instarem and tw.
Instarem is country specific while TW is not. So yes instarem is only one way out.

Yes there are. Lots. Question is do they accept retail customer with no business dealings in Singapore. I only know of 2 which accept Malaysian. TW and one more I have not tested. So I can't comment yet.

Rumours said they blocked Malaysian to have access to borderless account. Only valid if you are new customer. If you are old customer like me, I still have access to my functioning borderless account.

Alternative? Wait for revolut to set up shop in Malaysia. If they are going to set up shop.

Hi all, I need to transfer USD from Cambodia to Malaysia. Previously, carried cash back but not feasible option now, so have to look for other means. Transferred using FTT via Maybank KH to Maybank MY - USD17 fees. Anyone have tried the options mentioned, looking for some reviews.

I assume you already have Malaysia bank account? Why not transferwise?

At the moment Transferwise doesn't have a bank set up in Cambodia, I'd have to pay to Barclays then the local stop in Malaysia pays out. I incur more fees from my Cambodian Bank to Barclays since it has couple of intermediary banks in between. Figures come up to 50$ plus which is a no brainer to not use. Scouting for something lower

Is it just me or are TransferWise/InstaRem/BigPay all super much more expensive than SunwayMoney for SGD transfers now?

For 10k amount, the rates I'm seeing now are:-
BP - 3275.20 SGD (fees RM5)
Insta - 3270.22 SGD (fees RM45)
TW - 3271.82 SGD (fees RM56.72)
Sunway - 3281.71 SGD (fees RM-3.99)

Even though I have a RM60 transferwise coupon I'm not sure using it makes sense. Let's say I increase my transaction to 30k (only send 29940 from Sunway Money and TW to make comparison fair in terms of cost)

Sunway receives 9826.80
Instarem receives 9810.65
TW receives 9797.79

Is there something I'm missing here?

Agree best is sunway money. I manage to transfer at MYR3.03/SGD in the morning

It depends on what currency you send. Best is to cross reference all before sending.
Like it's cheaper to send EUR using Transferwise than Sunway Money.

I'd like to deposit and withdraw fund from a trading account in GBP or EUR. Broker is based in UK. Which service allows me to receive transfers from broker back to me?

This post has been edited by simplesmile: Jan 16 2021, 10:22 AM