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8 Money Transfer Platforms Available in M'sia

Updated 27 Dec 2021 – By Loh Chent Yong


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Transferring money abroad has never been easier these days. In the past, you might need to go to the bank or the post office to send money to your loved ones overseas. However, thanks to modern technology, now you can transfer money wherever and whenever you want, even when you’re doing your business in the toilet. What’s even better is that they can receive the money instantly. Say goodbye to the days where you need to wait for money to get into your hands. 

For that reason, we’ve listed down 8 platforms (with no particular order) that can be used to transfer money overseas from Malaysia. Within just a single tap, you can transfer any amount of money to whoever you want outside this country - without the need to even walk out of your house.


1. IMERemit


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. 
The Goods
  • Fast Money Transfers
  • Diverse money transfer options
  • Broad transfer network
  • Lower fees

The Bads
  • Maximum daily limits of RM30,000
  • Transaction fees may vary 
  • Inconsistent markup may occur
 

2. MoneyMatch


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.

The Goods
  • Fast transfers
  • Favorable transfer rates
  • Flat service fees, with no hidden charges

The Bads
  • Limited delivery options with only the bank transfer option
  • Limited to transfers from MYR
  • Can only pay by bank
 

3. Western Union 


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.

The Goods

  • Broad network coverage
  • Various ways of sending money
  • Recipient does not need to have a bank account
  • Faster money pickup

The Bads

  • Higher transfer fees
  • Channel availability depends on countries
  • Possible use by scammers
  • Lack of transparency on exchange rate
     

4. WorldRemit

Originating from the UK, we have WorldRemit. WorldRemit is a fast and secure service that allows you to transfer money using a computer, smartphone or app. Currently available worldwide in over 130 countries with over 70 currencies to choose from. 

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. 
The Goods
  • Easy to use 
  • Competitive transfer rates
  • No minimum transfer amount
  • Wide ways of transferring money

The Bads
  • 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
 

5. Wise


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.

The Goods
  • Easy to use 
  • Open and Transparent Fees Charged
  • Low Transfer Fees
  • Provide services to both individual and business

The Bads
  • Not all countries supported
  • Limited delivery method
  • Occasionally low transfer speed
  • Can only pay via bank transfer and card
 

6. Paypal


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.

The Goods
  • Instant transfer
  • Easy to use interface
  • Widely used
  • Safe and secure

The Bads
  • High transfer fee
  • Can only top-up using RHB
  • A Paypal account is needed to receive money
 

7. MoneyGram


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.
The Goods
  • 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

The Bads
  • Low transfer limit depending on bank
  • Inconsistent exchange rate
  • No hedging options
  • High transfer fees
 

8. Instarem


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. 

The Goods 
  • Fast transfer 
  • Loyalty points program
  • Low exchange rate
  • Provide support for both individuals and businesses

The Bads
  • 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.

ALSO READ:
Wise Launched a Multi Currency Account & Card in M’sia
UPDATED: Which App Is Leading the Great Malaysian e-Wallet Showdown?

 
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