FYI - BigPay has just reduced its fee for transfers to Singapore, it's not RM5 (vs RM7 before). Same for Indonesia: RM5 vs RM8 before.

Good work, TS. Perhaps can expand on comparison with other forex transfer companies like MoneyMatch, MaxMoney etc

Will it possible to include Western Union transfer as well?

i use transferwise for NZD to MYR (same day transfer) morning send NZD, 7pm received MYR in my bank.

Anybody received the email regarding the closure of Transferwise Borderless Account?

Received notification from Transferwise of Borderless Account closure. Must clear account by 14 May. Seems that this is affecting Malaysian resident only as you can still have your account reopened if you can prove that you are not Malaysian resident. Any other alternatives?

No such email for me.

This post has been edited by Ramjade: Apr 30 2020, 07:16 PM

yup, received notification as well. Sent them a support email about this clarifying. Really sad news, especially at such a time.

This post has been edited by 000022: Apr 30 2020, 08:26 PM

Keep us up to date what they say.

Is Paypal/Payoneer the only alternative for receiving international payments?

So Transferwise cannot be use to receive money from overseas anymore?

Is Instarem able to receive money from overseas such as UK, same functionality as borderless account?

I didn't receive any email either. We can still send from Malaysia to overseas and vice versa right?
Only thing is we can't keep $ in the wallet?

Ya cannot keep money only. Cannot received money overseas unless you have revolut.

Ohh, I thought still can receive money from overseas (ie transfer from S'pore bank account SGD) and receive RM in Malaysia bank account. Guess I was wrong

Can still transfer sgd -> myr. But you cannot received USD from overseas company say you are freelancing and company pay you usd.

Thanks. Just say hypotethically I have a brokerage account overseas in USD. Can I then transfer USD from that overseas brokerage account and receive RM in my Malaysia bank account? (assuming both accounts are under my name)

Can. You pay more only aka once it become RM in your bank account = less RM for you.

Thanks.

Thinking this means transferwise no use for anyone not sending money oversea in Malaysia since this cannot be use to receive any money from overseas (As you cannot keep money in transferwise for Malaysia).

Good news - it looks like Transferwise have changed their minds about closing their Borderless Accounts for Malaysians. Just received an email today my Borderless Account will remain open.