No. It only works from Malaysia to any other country. If you want other country back to Malaysia use TransferWise.

OK thanks.. Is it safe to transfer like 4k sgd at 1 time? 😅

Of course.

If sending RM200k to AUD or GBP, it's cheaper using CIMB cos don't have to incur many times charges cos max for Wise is only 30k per transaction right?

Wrong. Cause the rates charge by CIMB is more than the fees by Wise.

Sending RM30k to Oz cost RM160+. 200k is 7x ie. more than a thousand just on fees alone, rates is better now at CIMB for PB customer but need to check rate before sending and compare who's cheaper

For me small difference doesnt matter. We going to gain alot more from forex trades.

Go compare with
Rm210k on CIMB
And RM30kx 7 using TransferWise. Don't look at the fees.

Look at final cash in AUD. What is important is final amount in AUD. If CIMB can give more AUD than TransferWise, then yes they are cheaper.

If they give you less AUD than transferwise means TransferWise is cheaper.

Sending huge amount sometimes you can try negotiating. Why not drop Wise and CIMB an email and ask them to quote you best price.

CIMB will give special rate but Wise I don't know

Even with special rate, always check with other fintech. Cause fintech are basically giving money changer rate and bank can never match money changer rate. Remember see final amount received.

My friend is not confident with myr
He suggest to transfer all his 1 million ringgit saving to SGD
What is the best way and to which bank
Thank you all.

1 Mil will take 34 days by Wise cos max a day is 30k. Can use Wise, Instarem and Sunway Money for total 90k a day. Sunway money has better rate for SG, difference can be SGD30-40 per MYR30k

What if compare with foreign curency account in local banks, difference based on MYR30k?

As long as you are using banks get ready to be charged extra markup by 2-3% for each transaction/conversation. Only way is fintech then deposit into Interactive Broker and you can convert at market rate (even cheaper than fintech)

Thanks. But i dont quite understand your 2nd sentence:
Using Instarem or BigPay or Transferwise to transfer to IB?
What is even cheaper than fintech?

No use fintech to transfer to sg nank account. Then deposit SGD into interactive broker. From there convert using interactive broker. Interactive broker conversion rate is the lowest in town. No priority banking/fintech can beat their rates as they are giving you interbank rates. I don't think private bank also can get those rates. Cause the rates offer by Interactive broker is what the banks use to exchange currency among themselves.

You can convert millions and only pay USD2.00/conversion. That's it. No markup rates. No hidden fees. No extra fees.

converting such huge amount might need watch out FEA rule malaysia right?
i remember Malaysian is allowed to invest+exchange only up to 1million MYR per calendar year due to this FEA rule

This post has been edited by tadashi987: Jul 13 2021, 10:47 AM

If you got no debts you can remit out how much you want. If you have debts then you are only limited to RM1M/year.

This post has been edited by Ramjade: Jul 13 2021, 09:39 AM

Thanks for a clear explanation, appreciate it.