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?

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.

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

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

Is it still cheaper compare to wire transfer?

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.

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)

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.

What's your experience with sunway money? Do they often fuss for supporting documents? Submitted my e-kyc documents twice but they don't seem to be getting it thus stopped registering with them for now.

Is this Sunway Money good for sending tuition fees of Euro 42(per lesson per week) to Austria's bank account?

i am planning to open instarem account

any referal?

So what is your new recommendation, sifu?

So much to keep up

I was just reading On IB from first based on ur recommendation of IBKR

Now hav to change strategy of reading

Compare all fintec you can register with.
Instarem
Wise
Sunway money
Big pay
Money match

I only used instarem for its first time because of referral promo, reduced RM25-ish or something. Other times it is usually TransferWise or Sunway Money that gives the best value.

Sunway money can send frm sgd acc to myr? I'm in Malaysia now

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

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?

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

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

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

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?

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 due to this FEA rule