TransferWise

TransferWise Malaysia Review: Way to Send Singapore Dollars

TransferWise is a real game changer. In 2019, I have started to invest in ETF using the service provided by robo-advisors like StashAway Malaysia & Syfe. I tend to practise DCA method when it comes to passive investing. Scheduled transfer has been setup on end of the month via internet banking (after my payday). In order to fund my portfolio in Syfe REIT+ (you can check my portfolio), I have paid unnecessary high fee charged by local banks with terrible exchange rates in the first two months.

TransferWise - Money without borders.
TransferWise – Money without borders.

I have registered an account with TransferWise (approved by Bank Negara Malaysia) before they launch it officially in Malaysia in September 2019. It’s so easy to make deposit in SGD to your Syfe portfolio via TransferWise.

A cheaper, faster way to send money abroad.

  1. Register an account online or in their app for free, sign up now.
  2. Select your preferred currency, SGD in this case.
  3. Quick check on the total fees and exchange rate. It’s definitely cheaper than local banks (online telegraphic transfer) to send your Ringgit Malaysia.
  4. Fill in the details of your recipient (bank account in Singapore)
  5. Verify your identity for your first transfer. This process was fast & smooth, it didn’t take me long to have my account verified.
  6. Complete the transfer by paying via FPX (the fastest), Online Banking or Debit / Credit Card (avoid this!). You can use PayNow, ApplePay etc depending on the sender.
You can set up your transfer and pay later. As you can refer, the verification completed in same day for my transfer on 3 Mar 2020.
You can set up your transfer and pay later. As you can refer, the verification completed in same day for my transfer on 3 Mar 2020.

TransferWise Fees And Rates

  • Guaranteed rate – an exchange rate that’s guaranteed for a specified period of time. TransferWise use mid-market rate for all transfer, check the latest rate here.

I usually avoid doing transfer on weekends and holidays though they can offer guaranteed rate for you.

When will my money arrive?

Remember to consider the total fees charged, do not look at the exchange rate ONLY.
Remember to consider the total fees charged, do not look at the exchange rate ONLY.

Should arrive in seconds! (for transfer to Singapore bank account). Transfers made on weekends and holidays may be delayed.

It usually takes 1 working day for the transfer to reflect on Syfe app. You can save the details of your recipient as favourite for your next transfer.

Exchange rates from TransferWise & other local banks.
Exchange rates from TransferWise & other local banks.

TransferWise may not offers the lowest fee compared to the others. I still use this when I need instant transfer, in big amount up to RM30,000 per day. I often check the rate first with BigPay (first choice), INSTAREM, MoneyMatch and Merchantrade Money.

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