I'm looking for a comparison between different service providers that help us send money from Malaysia to other countries. Which service is the best in your experience so far?

Criteria should be:
- total fees and charges
- speed of transfer
- supported sources of funds (bank, credit card)
- supported destinations for funds (bank, eWallet, agents, cash out from ATM)
- ease of use for sender
- ease of funds collection
- network strength

Candidates include:

- Western Union
- Bank TT (SWIFT)
- MoneyGram
- SpeedSend
- Paypal
- TransferWise
- MoneyMatch
- BigPay
- WorldRemit
- InstaRem

Thanks for sharing.

Sorry what is the difference between this thread and the one existing thread?

https://forum.lowyat.net/topic/4857608

that thread only compare 3 providers against 1 dimension - cost. is it better to ask the question there? saw the thread was quite dead.

what is the best way to transfer money from Malaysia to China?

Western Union ?

Cost is the most important stuff. Rest all not so important. Unless you are sending money to bangla/nepal/indon.
2nd criteria is obviously speed. I take cost over speed anytime anyday. After all what's the hurry?

For funds you can forget about using card. The only provider who give you credit card to pay is Bigpay.

Supported destinations for funds (bank, eWallet, agents, cash out from ATM) + ease of funds collection, again unless you are transferring to bangla/nepal/indon. Then by default it will always be bank account. If you want cash, go find your local moneychanger. Many moneychanger have options for cash on delivery. Then again with Bigpay who needs cash unless you are in bangla/nepal/indon.

For ease of use for sender I am online person. Hence I like my stuff to be online. Forget about wasting time and money looking for carpark. Everything settle with a click of the mouse.

Network strength
What network strength are you talking about? The countries they support or those places for you to collect cash?

Transferwise, instarem, moneymatch. Have your pick.

Avoid western union. Is among the most expensive. Good if you want cash. But avoid at all cost.

Very difficult. Transferwise cannot do this currency pair, so maybe Instarem is best, but rate is not so good and tiny limit also I think (not did before).

Other currencies Transferwise usually beats Instarem, but MYR/SGD is different, much more competition going on

Interestingly, Tranglo (BigPay) supports MoneyExpress which transfers foreign money via app into the UnionPay account of people in China, but they aren't offering it to us yet!

https://www.unionpayintl.com/en/servicesPro...rderRemittance/

i use e remit, the app makes transfer very convenient and easy, after you have done all the kyc and account opening

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.

Moneygram seems best

Thanks for this. Have you tried moneygram? I've checked their website and it seems I need to go to one of their agents to do it. So I just bring my money to the agent and fill up the forms and get it done with?

Yes, or most banks offer moneygram service too.. some online..

So when you say bank offer moneygram, do I just go to say maybank branch and it can be done on the spot? And no other documents needed? Just money in my account?

https://www.maybank2u.com.my/maybank2u/mala...m_transfer.page?

Thanks. Yea I came across this earlier.

Note that Bigpay can now transfer to China via UnionPay / AliPay ... Flat fee of rm23.

Sorry to revive but this is the latest post that did mention SpeedSend by CIMB. Anyone actually studied or used it yet?

https://www.cimb.com.my/en/personal/promoti...a7:pre_a8:popup

This post has been edited by Hamsom: Jan 21 2021, 05:48 AM

Avoid. Exchange fees cannot even beat those fintech companies.