Because Transferwise charge higher fee.

You must measure based on input output method.
How much input you put in (MYR) and how much output you get (foreign currency).

This is because one company might charge higher fee but give good rates.
Another may lie to you and say low fee but give terrible rates.

Best is you register a few accounts: Instarem, TransferWise, BigPay and Sunway Money.
When you want to transfer, compare all the rates at one go. Once you find the best, go for that one.

Just an example using fictitious rates:

You transfer RM10,000. They quote:

Instarem: SGD 3,273.20
TransferWise: SGD 3,275.20
BigPay: SGD 3,270.20
Sunway Money: SGD 3,271.20

In this case, you should proceed with TransferWise because they give you the highest amount of SGD for your RM10,000.

Btw, my analysis might be outdated because they keep changing rates/fees to stay competitive.

Sorry, I don't have time or money to try all four of them. I need to find the best.

How much is the fixed service fee for Transwise per transaction?

All four will have different rates upon time of use. SO to get best rates you need to shop around. I can tell you TW maybe cheap but that's valid for say 10 minutes. Then in 10 minutes time TW maybe the most expensive.

Don't look at fees. Look at final amount of foreign currency you are getting.

If you're making a one off transaction, then you can just choose whichever convenient.
All are already cheaper than banks.

It's not a one-off, it's every several months one transfer.

Their verification process is complicated and troublesome . Wouldn't want to try all of them.

Might save you few hundreds/thousands in the long run.
Like if it saves you RM30 per month, 1 year already save you RM360.
10 years save you RM3,600.

If lazy to set up then just go for TransferWise.

u dont need "much" time to try all four of them, u just need to open new tab for
instarem
transferwise
sunway money

and open ur mobile app big pay

key in the transfer from MYR amount, and check the final amount u will get, then u know which is the best.
unless u are telling me to register urself to each of it is troublesome, then beat it
albeit IMO the monie i saved by doing this is worth it


TW seem to have this 24/48 guaranted rate once u key in

It's only one time pain for verification. All my accounts were up and ready like in 2-3 days max. All you need is IC, bank statement, proof of income.

I am not in Malaysia so I can't give anything else other than my IC scan.

Everything is online.
Ic (just take picture with your phone)
For bank statement download the bank statement in PDF and send email them.
Money match and TransferWise are fully online. You don't need to meet them in person to set up your account.

all the sifus here gave their input, but nobody can help u but urself.

Hi all, may I know what's maximum transfer amount if using transferwise, instarem and sunway money?
Yesterday I tried transferring via transferwise RM5000 to SGD and the fee was RM25 , and money match only charged me RM8, seems money match fee is much lower compare to transfer wise.

Rm30k as per fpx.
Don't look at fees. Look at final foreign currency you are getting.
Key in RM5K into all the providers, the one which give you the most foreign currency for the same RM5k is the cheapest.

Thanks for the info. Will try to compare and see

What is your SOP when planning a transfer on day X, just transfer on the day itself or try to monitor exchange rate just before/after (if so, how long will you wait)?

I check most when I'm about to transfer.

Get your cash ready.
Fire up all the provider account. Make sure to login before checking.
Check all provider account.
Select the one which give the most foreign currency per ringgit.
Pay for your transfer.

Yeah that part I'm clear (OP is very well written), but day to day rates will change right? How often do InstaRem/TW etc. update their rates, and is it ever worth it to wait a few days (or transfer earlier than your planned)?

Yes they change everyday. One of them I think their rates change every 5 minutes. No I don't wait. Once I have collected sufficient amount of money, I just transfer over.


So far I see instarem is the most expensive of them all. They use to be cheap.

My experience
>Myr10k to USD

Maybank cheaper than TransferWise