Good o.. Earn rm75 free 😚

Yes, pretty nice of them. I guess competition is fierce in this space.

but it's scary though, that they can suddenly close the account and for many no where else to send the money.

so how to prevent this in future?

don't use.

Kenot. Don't use then no others good to use.

use it while it last then...

its beyond our control....

so far i think no alternative similar to this yet.

True.

Did they credit the RM75 to your acc already?

It's a fee credit, it's not adding additional money to your balance, but rather only used when you're doing transfers. The fee is instead deducted from the credit you have, before touching your balance like usual.

Thanks for the clarification!

I want to send some money from Malaysia to my US account. I was initially planning to us Maybank2u TT transfer until i saw the agent fee is 30 USD. Is there a cheaper option? I heard instarem is pretty good. Does it support money transfer to the states?

What's your intention to transfer?

A simple visit to instarem should answer your question. I wonder what is the first currency you see on instarem website.

I'd say it depends because sending USD to US financial institutions may have restrictions.
On the other hand, sending USD to Singaporean banks using Instarem is fine.

Instarem bumped up the fees to 0.5% for SGD, USD, EUR, GBP

What was the rate previously?

I didn't realise they increased it. But I noticed recently that TW has been cheaper than Instarem that's why I've been using TW

This post has been edited by mr_tuzki: Jul 6 2020, 01:44 AM

The fee must be calculated as a % of amount transferred.
This varies according to the amount you transfer.

For example, in my previous conclusion (outdated now):
1) Instarem gives the lowest fee (% terms) if you transfer below RM5000
2) Big pay gives the lowest fee (% terms) if you transfer above RM10000
3) Transferwise is the worst. However, they give the best FOREX rates among the 2.

It's worth noting that some may give unfavourable rates to you (by pricing in the fee) despite stating low fees.

Edit: I updated with newer data since people seem to be interested.

roarus Tagging you too. Same conclusion for TransferWise but there's a new conclusion regarding Big Pay and Instarem.

This post has been edited by Yggdrasil: Jul 6 2020, 10:40 AM

Hi guys. If I wish to transfer money to China and I only have Western Union/Transferwise/Moneygram as options which would be the best one? Amount is less than rm2k.

Hope some experts can chip in on this. Really appreciate it. Tq.

If you're transferring for one of case and only RM2000, Instarem charges around RM15. You can shop around for the best rates or just settle for this.