QUOTE(Ramjade @ May 1 2020, 10:52 PM)
Does instarem/bigpay works the same as Transferwise?Wise (Transferwise) Malaysia Discussion, v1.0
Wise (Transferwise) Malaysia Discussion, v1.0
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May 6 2020, 10:53 AM
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May 6 2020, 11:11 AM
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May 9 2020, 12:46 AM
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Probation
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Is Paypal the only viable option for holding USD?
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May 9 2020, 12:48 AM
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payoneer spotben liked this post
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May 9 2020, 09:33 AM
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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 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? |
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May 9 2020, 03:56 PM
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8,950 posts Joined: Aug 2010 |
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. |
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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? 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: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? 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. 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.A multi-currency account will help you hold your USDs. |
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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: 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....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. 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. |
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May 9 2020, 04:46 PM
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746 posts Joined: Aug 2006 |
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.... 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. 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. 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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May 11 2020, 12:44 AM
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8,950 posts Joined: Aug 2010 |
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. Things chg,... we have to adapt,.. look deeper.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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May 11 2020, 09:09 AM
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QUOTE(Ramjade @ May 1 2020, 10:52 PM) CIMB (SG) in USD is your next best bet? bjohnxbjohn liked this post
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May 11 2020, 09:40 AM
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May 11 2020, 09:50 AM
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May 11 2020, 02:20 PM
Show posts by this member only | IPv6 | Post
#35
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May 14 2020, 03:35 PM
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Now... anybody got an email clarifying that it's all human error?
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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.
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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.
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May 15 2020, 08:18 AM
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May 15 2020, 09:42 AM
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Now we have SG bank details
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