I am using Transferwise for this (EUR) many years already.

Sorry, off topic a bit.

I received this e-mail from InstaReM.

I can login to my InstaReM once a month, to ensure that my InstaReM account is active. However, if InstaReM 'forces' me to transfer money via InstaReM, I feel that this action is not right and fair, if I feel that InstaReM's currency exchange rate is not as competitive as their competitors'.

For example, InstaReM's fee for conversion of MYR to SGD was progressively increased from 4%, 4.5% to 5% now.




This post has been edited by kart: Jan 25 2021, 09:13 AM

If they're not competitive then why are you worried for your account to be closed? Can always request re-open if needed in future (and verification is done online anyway).

Hi,

I have a question probably also off topic a bit as well.

If foreign company make monthly payment to me either to my Malaysian bank or Paypal.

Which option is better taking into account the cost that will be deducted from the money that I will receive.

Thank you for sharing your opinion, LostAndFound.

I do have some concern that upon account reopening in the the future, Instarem may have more stringent requirements of supporting documents, since Instarem is already aware that I do not really actively use their remittance service.

Don't care. They can deactive my account for all they like. I also have not been using them to transfer money as they are expensive.

what do u recommend nowadays? thought u were instarem staunch supporter last time

Intially but I stopped using them after seeing that I am getting less foreign currency per RM. Don't know how many months I never use Instarem already. Nowadays it's Sunway money, Bigpay, Transferwise (whoever is the cheapest at that time - more foreign currency per rm)

This post has been edited by Ramjade: Jan 30 2021, 10:11 PM

If I want to transfer 60000hkd to myr, I saw there is 360hkd fees.

Is it still cheaper compare to wire transfer?

Use transferwise or some other HK fintech remittance company. There's bound to be a lot in HK as it's a financial hub.

i'm still getting better rates from instarem than sunway money. (as of 2 weeks ago, around 500usd to US)

I plan to use Sunway Money to remit SGD to Singapore Savings Account. Some of the SGD fund will be used to invest in SGX.

So, can I declare the following, in Sunway Money website?

Purpose of Payment Category: Investment
Purpose of Payment: Corporate stocks and shares.


Or, should I declare the Purpose of Payment, as Deposit with financial institutions aboard?

Thank you for the clarification.

Yup that will do. That's what I fill up too.

PS stop buying sg stocks. Don't waste money and time anymore Open IB and buy better companies.

Ramjade

Thanks for the advice.

Yes, I am investing in only SReits, in SGX. I have an account in Tradestation Global, similar to many of forum users here. And, I plan to invest in other stock exchanges, other than SGX.

Transferwise is now "Wise".

https://www.theedgesingapore.com/news/compa...ingapore-office

Looks like Visa logo

I just did a comparison using my own sheet (thank you TS for the format), BigPay's winning by a big shot because it has fixed RM5 transfer compared to the other 2 charging proportionate to your transfer amount.


(I've never used BigPay international transfer, so I minused the RM5 fee i.e. by inputting 995, 2995, 4995... to get the numbers)

I guess I'm going there this time haha, no more manual minus.

edit: Just read up past messages about SunwayMoney, added to list for quick comparison... still BigPay
I added the "special discounts" manually such that Total Payment tallies with the rest (with about 2 cent spread)


This post has been edited by Takudan: Feb 23 2021, 10:42 PM

Don't compare during non office hour. Compare during office hour.
Bigpay problem. Max only RM10k/transfer.

This post has been edited by Ramjade: Feb 24 2021, 05:19 AM

In general, we get better conversion rate from MYR to SGD during office hour, right?

I wasn't aware that they have a different rate during office hour O.o
Alright I did another comparison as below, funny BigPay doesn't allow me to screenshot in the phone app...



SunwayMoney has a much better rate now, but still very slightly losing out to bigpay on larger amount.
BigPay uses the exact same rate as yesterday night (12h ago), which was slightly higher, so the gap seems bigger to the other 2. I'm surprised to see Instarem and TW having such a shitty rate, in fact I used TW last year as it was the best at that time.

Conclusion:
1k = SunwayMoney
3k-10k=BigPay
20k+ = SunwayMoney
SunwayMoney is the best choice if BigPay indeed has max 10k/transfer. I didn't see anywhere in the app though... then again I don't have more than 10k to see the app rejecting my transaction lol.