Analysis (6/7/2020) [Newer data]
Updated with newer data. Conclusion is slightly different
Still leaving the old data for comparison.

NOTE: I've only done this for MYR/SGD pair. MYR/USD or MYR/EUR might give different results





Conclusion (6/7/2020)
Transferwise is most expensive. Don't use it unless you don't have a choice or want 'average fee' so you don't have to calculate every time.
For amounts <RM2750, use Instarem.
For amounts >RM2750, use BigPay.

Old data below in Spoiler:



This post has been edited by Yggdrasil: Jul 6 2020, 04:04 PM

I would just include the RM 7 fee... ignore 1st xfer offer...this to be 'fair' comparison

I want to xfer... usd to myr, too bad bigpay don't support

Transferwise has a sweet spot I think if big amount it goes to a lower fee tier...

This post has been edited by dwRK: Oct 29 2019, 12:02 AM

Yes. I included RM7 fee in my data. Although here didn't say:



I included the RM7 cost by:

1) Subtracting RM7 from the MYR to be sent. E.g. Send RM100 but minus RM7.
2) So technically one is sending RM93 at their exchange rate of 0.324198.
3) The actual SGD received should be SGD 30.15 [(100-7) x 0.324198.]

This was already in my results above.

This post has been edited by Yggdrasil: Oct 29 2019, 12:12 AM

Nope.

The maximum you can transfer using Transferwise is RM30000.

Even at maximum of RM30000, you still get extra SGD5.12 transferring using Instarem.

Obviously I don't know how to read....

RM30k is bank negara limit... Buy you can transfer a bit more than USD200k to MYR...

And it now seems that Instarem is cheaper... there was a time it flips over to Transferwise...lol

thanks for the analysis!

Does Instarem issue debit card like Transferwise?

Actually there is another one which is cheaper than instarem. Is max pay. But I am not sure if is cheaper than BigPay.

BigPay max transfer is RM20k/transacrion or RM30k/month.

Not for Malaysia market. Only SG market.
https://www.instarem.com/en-sg/amaze

Transferwise doesn't issue debit card to Malaysians right?

Not yet. But coming soon I can tell you. Usually the best stuff always our neighbours will get first.

Thank you for the detailed analysis. This increased my confidence in using Instarem over BP.
I understand that BP would start to get cheaper at the MYR9k mark, but the difference would be too small to make a huge impact.

Got any validation for this info? I did ask CS previously, and they couldn't give me a definite answer.

Have used TW for a long time.
Their exchange rate into MYR used to be very good but their corresponding commission rate has been increased at least three times, IIRC.
As a result, the net exchange rate is closer to the bank's rate now.
The only good thing is the ability to lock in the rate when it is in your favor.

Chat with customer service.

That's sad. The start of the rot of a good thing. Wish revolut will faster open shop in Malaysia.

can I use Instarem to transfer USD to my Transferwise acc?

Hello sifus,

May I ask any alternatives for sending KRW to MYR?
It seems all 3 above does not support KRW.

I tried to search online but only found one "OSK" with minimum transfer 1000USD.

Have a nice day~

Buy bitcoin, send to luno Malaysia, sell & withdraw...

If price crash before selling then gg

This post has been edited by dwRK: Nov 2 2019, 11:33 AM

You need to find Korean fintech.

Hmm... maybe kinda risky since I'm not bitcoin expert

Yeah, any ideas?

That you need to do your own homework. I can't help with that.

If they cost more or less the same, why not use BP? At least, u r paying from your own account?

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.

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.

Thanks for the reply. Unfortunately they don't have the instarem option. Only WU/transferwise/moneygram. Do you have any experience with moneygram before? I read the website and it seems I have to do it through their agents. Any one with relevant experiences with moneygram?

Hi,
I am looking to transfer USD from my Singapore account to Malaysia bank in MYR. So far I understand it can be done using Transferwise but Instarem indicate you can only trasfer out from Malaysia if you are a resident in Malaysia. Is this tru? Is TW the only vehicle to transfer USD back to Malaysia Myr ? Any other recomendation? I see BigPay also only can transfer out.
Thanks

I tried sending myr to sgd via instarem to my own cimb sg account but instarem asked for recipient's country of residence and malaysia is not on the list. What should i put?

Put Singapore

Hi, does sending money using transferwise through credit card to top up my account incur cash advance fee?

i want to send MYR (RM 8K) to my US bank account (in USD), which one give me the best exchange rate? is it Instarem here?

Transferwise does not support credit card payment

You need to compare on the spot. I could tell you company A is better but it can change within the next few hours.

But Intarem and BP don't have MYR to JPY transfer... kindly help

... this thread is not to help you solve problems with transfer. It's to find out which is cheapest.

I can't help you because I can't force Instarem and Big Pay to offer JPY transfer.

Then no choice.. but to continue use Transfer wise
you know any other transfer able to transfer JPY? Thanks in advance

This post has been edited by yehlai: Jul 22 2020, 02:33 AM

Banks. But it's much more expensive.

What you complain? TW is already so cheap for MYR to JPY.

The only pair I ever saw IR a little bit cheaper is MYR/SGD. But also not always, right now TW is cheaper.

transfer 6 digit amount, don't mind if can get cheaper rate.

For huge amounts, try negotiating with bank manager for better rate.

anyone used sunway money here before? seems rate is kinda good

Yeah, looks not bad.

For EUR almost as good as TW and better than IR.

And for SGD much better than the other two, nice.

This post has been edited by David_Yang: Aug 18 2020, 07:03 PM

yeah it seems the MYR-SGD rate is the best among all, just that the transfer time seems would take T+2 business days for transactions submitted before 4.00pm Malaysia time, and up to T+3 business days for transactions submitted after 4.00pm., which is a bit slower

Wah so cheap. Just heard about it. Even better than Instarem/TransferWise etc

Deleted.

This post has been edited by Gwynbleidd: Aug 18 2020, 09:38 PM

Sorry, I am confused with your analysis. If Transferwise has the closest rate to Xe , then why is it the most expensive of the three?

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.