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 Wise (Transferwise) Malaysia Discussion, v1.0

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leo_kiatez
post May 6 2020, 10:53 AM

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QUOTE(Ramjade @ May 1 2020, 10:52 PM)
This is bad. sad.gif I need somewhere to hold my USD.
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Does instarem/bigpay works the same as Transferwise?
Ramjade
post May 6 2020, 11:11 AM

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QUOTE(leo_kiatez @ May 6 2020, 10:53 AM)
Does instarem/bigpay works the same as Transferwise?
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Nope. They cannot hold foreign currency or received foreign currency.
chrysm P
post May 9 2020, 12:46 AM

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Is Paypal the only viable option for holding USD?
You mobile
post May 9 2020, 12:48 AM

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payoneer
000022
post May 9 2020, 09:33 AM

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QUOTE(You mobile @ May 9 2020, 12:48 AM)
payoneer
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Take note that you cannot self fund your USD account; only by another's business bank account via ACH transfer
TSweisinx7
post May 9 2020, 03:34 PM

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QUOTE(000022 @ May 9 2020, 09:33 AM)
Take note that you cannot self fund your USD account; only by another's business bank account via ACH transfer
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do you know the extra transfer fees of payoneer?

For example, if business bank account send 1K usd, how much i receive at payoneer?

also if i want to send this received 1K usd to my local msia bank, what would be the expected fee?
Hansel
post May 9 2020, 03:56 PM

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For many here who have SG bank accounts and/or SG brokerage accounts, chk if your account is a multi-currency account. Most probably one would be, or you can open one online if you have the capability to do so.

A multi-currency account will help you hold your USDs.
000022
post May 9 2020, 04:13 PM

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QUOTE(weisinx7 @ May 9 2020, 03:34 PM)
do you know the extra transfer fees of payoneer?

For example, if business bank account send 1K usd, how much i receive at payoneer?

also if i want to send this received 1K usd to my local msia bank, what would be the expected fee?
*
Sorry bro, I cant help you there, I tried moving funds from transferwise to payoneer, but like i mentioned earlier, it was rejected due to barring self-funding acts ( most likely to prevent money laundering acts? Am not sure). But from the FAQ, this is probably what payoneer will charge:

receiving: 1%, so that's 10USD
sending off: 2%, so that's 19.8USD


So most likely, your available funds towards the end would only be:
970.2

The fees are pretty steep in this sense, compared to Transferwise where the fee, would basically be just about 7USD


QUOTE(Hansel @ May 9 2020, 03:56 PM)
For many here who have SG bank accounts and/or SG brokerage accounts, chk if your account is a multi-currency account. Most probably one would be, or you can open one online if you have the capability to do so.

A multi-currency account will help you hold your USDs.
*
So the problem with this is that the exchange rate for banks are pretty shitty, so that's definitely the last resort. Urg, Looking at all the other services and their charge rate, Transferwise is definitely the best to me.
Hansel
post May 9 2020, 04:23 PM

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QUOTE(000022 @ May 9 2020, 04:13 PM)
Sorry bro, I cant help you there, I tried moving funds from transferwise to payoneer, but like i mentioned earlier, it was rejected due to barring self-funding acts ( most likely to prevent money laundering acts? Am not sure). But from the FAQ, this is probably what payoneer will charge:

receiving: 1%, so that's 10USD
sending off: 2%, so that's 19.8USD
So most likely, your available funds towards the end would only be:
970.2

The fees are pretty steep in this sense, compared to Transferwise where the fee, would basically be just about 7USD
So the problem with this is that the exchange rate for banks are pretty shitty, so that's definitely the last resort. Urg, Looking at all the other services and their charge rate, Transferwise is definitely the best to me.

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The thing here is : you need to transfer out your funds for awhile while they sort out the legal requirements with the ECB. So, you transfer out your foreign currencies to an interim account with your required denomination, say, if you have USDs, transfer to the USD wallet of a multi-currency account somewhere. Minimum fee of USD7 will be imposed here to transfer out to your designated acct....

After everything has been settled and the borderless account is re-opened, you can transfer back your foreign currencies into the borderless account. There is no conversion at all in this activity. After the funds are transferred back to the borderless acct., things will go back to normal.

We shld be happy this is just a temporary 'blip' and not that this facility has been closed down / out from Msians for good.
000022
post May 9 2020, 04:46 PM

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QUOTE(Hansel @ May 9 2020, 04:23 PM)
The thing here is : you need to transfer out your funds for awhile while they sort out the legal requirements with the ECB. So, you transfer out your foreign currencies to an interim account with your required denomination, say, if you have USDs, transfer to the USD wallet of a multi-currency account somewhere. Minimum fee of USD7 will be imposed here to transfer out to your designated acct....

After everything has been settled and the borderless account is re-opened, you can transfer back your foreign currencies into the borderless account. There is no conversion at all in this activity. After the funds are transferred back to the borderless acct., things will go back to normal.

We shld be happy this is just a temporary 'blip' and not that this facility has been closed down / out from Msians for good.
*
I think you're misunderstanding something here. Sure, would be good to have my existing funds transferred to another USD acc, but that's not the main point. Point is moving forward while TW is getting things sorted out ( which we're not even sure when it'll take), at least for me, is to hopefully look for a similar service with low rates like transferwise so future payments can be dealt with the same way. So exchange will definitely happen, since I still spend in MYR at the end of the day.

Unfortunately, there doesnt seem to be case, payoneer's 1% charge in receiving and 2% charge in sending may be so steep that their better exchange rate may not even matter.
Hansel
post May 11 2020, 12:44 AM

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QUOTE(000022 @ May 9 2020, 04:46 PM)
I think you're misunderstanding something here. Sure, would be good to have my existing funds transferred to another USD acc, but that's not the main point. Point is moving forward while TW is getting things sorted out ( which we're not even sure when it'll take), at least for me, is to hopefully look for a similar service with low rates like transferwise so future payments can be dealt with the same way. So exchange will definitely happen, since I still spend in MYR at the end of the day.

Unfortunately, there doesnt seem to be case, payoneer's 1% charge in receiving and 2% charge in sending may be so steep that their better exchange rate may not even matter.
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Things chg,... we have to adapt,.. look deeper.
moosset
post May 11 2020, 09:09 AM

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QUOTE(Ramjade @ May 1 2020, 10:52 PM)
This is bad. sad.gif I need somewhere to hold my USD.
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CIMB (SG) in USD is your next best bet?
Ramjade
post May 11 2020, 09:40 AM

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QUOTE(moosset @ May 11 2020, 09:09 AM)
CIMB (SG) in USD is your next best bet?
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Nope. I got one more ace up my sleeve. Awaiting the fintech to reply me biggrin.gif biggrin.gif
TSweisinx7
post May 11 2020, 09:50 AM

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QUOTE(Ramjade @ May 11 2020, 09:40 AM)
Nope. I got one more ace up my sleeve. Awaiting the fintech to reply me  biggrin.gif  biggrin.gif
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fintech? Mind to disclose more?
Ramjade
post May 11 2020, 02:20 PM

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QUOTE(weisinx7 @ May 11 2020, 09:50 AM)
fintech? Mind to disclose more?
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Later. Going to test if it works first. Most important is if they will accept Malaysians as their customer.
chrysm P
post May 14 2020, 03:35 PM

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Now... anybody got an email clarifying that it's all human error?
000022
post May 14 2020, 04:01 PM

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I did. Am following up with email. I doubt it's so simple as human error after clarification.
chrysm P
post May 14 2020, 04:37 PM

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I just confirmed with them that the account is "permanently removed for the foreseeable future" yesterday and got this email today.
TSweisinx7
post May 15 2020, 08:18 AM

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QUOTE(chrysm @ May 14 2020, 03:35 PM)
Now... anybody got an email clarifying that it's all human error?
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yea, i did receive the email and they mentioned about the compensation of some RM, but still didn't see the money in my account. I still can see the borderless account in my account now
keenauto
post May 15 2020, 09:42 AM

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Now we have SG bank details rclxms.gif

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