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

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.

Transferwise doesn't issue debit card to Malaysians right?

What's your intention to transfer?

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.

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For example, in my previous conclusion (outdated now):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

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.

Put Singapore

... 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.

Banks. But it's much more expensive.

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

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

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.

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

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.

I check most when I'm about to transfer.

It depends on what currency you send. Best is to cross reference all before sending.
Like it's cheaper to send EUR using Transferwise than Sunway Money.

Looks like Visa logo

Sending huge amount sometimes you can try negotiating. Why not drop Wise and CIMB an email and ask them to quote you best price.