Starting with a local money transfer platform, IME-Remit. IME-Remit began in 2015 with Ria’s acquisition of IME (M) SDN BHD, which is why it’s also known as RIA Money Transfer overseas. Also, do you know RIA Money Transfer is known as one of the big four remittance companies worldwide? Currently available in over 160 countries worldwide.
There are four delivery options currently offered by IME-Remit.
|Cash Payment||Your recipient can pick up their funds in cash in over 397,000 locations worldwide.|
|Bank Deposit||Your recipient can receive their funds through their bank account. Just provide their bank details and that’s it.|
|Mobile Payment||Your recipient can receive their funds to receive transfers from over 20 countries worldwide.|
|Courier Delivery||Your recipient can have their funds delivered straight to their home.|
- Fast Money Transfers
- Diverse money transfer options
- Broad transfer network
- Lower fees
- Maximum daily limits of RM30,000
- Transaction fees may vary
- Inconsistent markup may occur
Next up is also a local company- gotta support local businesses, right? MoneyMatch is a FinTech startup from Malaysia that offers cross border remittances for retail customers and cross border payments for corporate customers. It is currently available in over 80 countries worldwide.
However, as of now, MoneyMatch only provides the bank transfer option.
- Fast transfers
- Favorable transfer rates
- Flat service fees, with no hidden charges
- Limited delivery options with only the bank transfer option
- Limited to transfers from MYR
- Can only pay by bank
Here comes Western Union. Surely everybody has at least heard of this. Western Union is a wire transfer service that allows you to quickly transfer money all over the globe. There are currently over 500,000 agent locations available worldwide in 200 countries. It is currently the most well-known overseas remittance provider.
There are 3 ways to send money using Western Union.
|Online||Can be done by using either the website or the mobile app. You can choose to pay with your bank account or a credit or debit card.|
|By Phone||Not home? Just the toll-free number provided and a Western Union representative will be there to guide you. All you’ll need to prepare is your credit or debit card.|
|In Person||Prefer doing things the old-fashioned way? Just walk into one of their agent locations. The next-day service could allow money to be picked up in cash or by prepaid card the next-day at participating agents' locations.|
- Broad network coverage
- Various ways of sending money
- Recipient does not need to have a bank account
- Faster money pickup
- Higher transfer fees
- Channel availability depends on countries
- Possible use by scammers
- Lack of transparency on exchange rate
There are 4 ways of sending money using WorldRemit.
|Bank Transfer||Can be used to transfer money to recipients without a WorldRemit account. You just need to provide your recipient’s details, including their bank account number, IBAN, SWIFT/BIC, sort code or other key information.|
|Cash Pickup||Money can be picked up instantly in most countries from numerous cash pickup locations.|
|Mobile Money||Mobile money is an e-wallet service by WorldRemit that allows you to store, send and receive money using your mobile phone.|
|Airtime Topup||Airtime Top Up allows you to add more talk time or data allowance to other people’s mobile phones. It can’t be withdrawn or used elsewhere.|
- Easy to use
- Competitive transfer rates
- No minimum transfer amount
- Wide ways of transferring money
- Not all transfer methods are available in all locations
- Maximum transfer size of RM30,000 per day
- Support not offered to businesses
- Transfer fee not fixed
Need to be wise while spending your money, right? Formerly known as Transferwise, Wise is an online remittance service that allows you to send money abroad or get paid in other currencies. Recently, Wise had launched a multi currency account and card in Malaysia that offers real exchange rate with zero markups and no foreign transaction fees. Same with MoneyMatch, Wise only offers the bank transfer option of sending money.
- Easy to use
- Open and Transparent Fees Charged
- Low Transfer Fees
- Provide services to both individual and business
- Not all countries supported
- Limited delivery method
- Occasionally low transfer speed
- Can only pay via bank transfer and card
PayPal provides support for online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders. It is currently the most popular way to transfer money overseas. As of now, PayPal only allows the recipient to receive money through their PayPal account. The recipient could withdraw the funds to their own bank account.
- Instant transfer
- Easy to use interface
- Widely used
- Safe and secure
- High transfer fee
- Can only top-up using RHB
- A Paypal account is needed to receive money
Can you measure your money in grams? Originating from the land of freedom - America, MoneyGram is a money remittance service that makes it easy to transfer funds to anyone in the world with attractive exchange rates. It is currently available in more than 200 countries worldwide.
There are three ways of transferring money using MoneyGram.
|Bank Transfer||Your recipient can receive money directly through their bank account.|
|Cash Pickup||Your recipient can pick up their money in over 350,000 agent locations worldwide.|
|Mobile Wallets||Your recipient can receive money through their mobile wallet provided by MoneyGram.|
- Fast money transfer
- The recipient won’t need to have a bank account
- Lower cost for smaller fund transfer
- Diverse transfer options
- Wide transfer network
- Low transfer limit depending on bank
- Inconsistent exchange rate
- No hedging options
- High transfer fees
Not Instagram, Instarem. Instarem (short for Instant Remittance) is a new money transfer provider providing low-priced, fast, and secure currency exchange services, especially in Asian countries. It is currently available in over 55 countries worldwide. Different from the others mentioned before this, Instarem offers a loyalty points program where you can earn points on your transfer and redeem them against your transactions.
As of now, Instarem only offers the bank transfer method of sending money.
- Fast transfer
- Loyalty points program
- Low exchange rate
- Provide support for both individuals and businesses
- Doesn’t accept cash or card as a payment method
- Limited funds transfer method
- Doesn’t use market rate for transfers
For Those Who Are Planning To Transfer Money Abroad…We suggest choosing carefully which platform to use as each platform charges differently and provides different services. Each platform offers different transfer rates and different transfer fees. For some tips and tricks to transfer money across borders effectively and efficiently, check out this article here.
Do you know of any other international money transfer websites available in Malaysia? Do share with us in the comment section on our FB post and we’ll include it in this article
*The above article is intended for informational purposes only. Loanstreet accepts no responsibility for loss that may arise from reliance on information contained in the article.
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