Are you looking for ways on how to send money from Malaysia to overseas? I’m gonna share with you the top 3 methods for Malaysians to transfer money quickly, at cheaper rates than the banks and which are all conveniently available online.
TransferWise
TransferWise is a solid choice to send money from Malaysia to overseas. The website interface is easy to use and displays all the fees in a transparent manner. The rate that you see is locked in for a specific duration depending on the currency and you’ll get the rate as long as they receive your money within that time period.
You can pay via FPX, bank transfer, debit or credit cards easily.
TransferWise has very high ratings online. Judging from the almost 100,000 positive reviews, rest assured that it’s a very good and cheap choice for cross-border international money transfers from Malaysia.
BigPay
BigPay is a money management app that comes with a prepaid MasterCard. This offering by AirAsia is one of the most underrated cross-border money remittance service that no one talks about. If you’re a first-time user, it takes some time to receive your card. However, activation is easy with their mobile app.
Once you activate your card, not only can you use it for your daily transactions, you can send money to the supported countries at one of best exchange rates in Malaysia with a ridiculously low fee. Their exchange rate is the best among the 3 services I reviewed.
BigPay is available for Malaysian citizens as well as residents above 18 years old so it’s available for foreigners.
Instarem
Instarem is another very good offering for sending money from Malaysia to overseas. The website interface is user-friendly. The exchange rate is attractive and definitely better than banks as they source their exchange rate from Reuters and only add on a small markup.
Like TransferWise, Instarem’s exchange rates can be locked in at the point of transfer, and the duration ranges from 2 to 48 hours.
What makes Instarem different from the other money transfer platforms is its loyalty program called InstaPoints whereby users can earn points for sending money. These points can be redeemed the next time you transfer money so you can save some money on your remittance.