June 9, 2020

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If you’re a Malaysian who regularly sends and receives money outside Malaysia, high fees can be one of the most expensive part of the process.

The ideal payment solution is not only fast and secure, but also cost-effective so you can keep most of the money you made.

You might have heard of and used PayPal, but found the fees a little too high for your liking. What do you do then?

Luckily for us, TransferWise has landed on our shores and Malaysians nationwide are already starting to securely send and receive money with lower fees and better conversion rates.

So, what exactly is TransferWise and how can you get started with it?

What is TransferWise?

TransferWise is a fast payment solution that gets rid of the middle man.

Malaysians and foreigners working in Malaysia can register for a TransferWise account.

Who is TransferWise For?

Businesses, freelancers, digital nomads – anyone who regularly sends and receives money internationally.

TransferWise’s Key Benefits

Transparent pricing

Nobody likes getting hit with hidden fees. With TransferWise, you’ll always know what you’re paying for.

Receive money in your local bank account cheaply

Get money directly in your local account without the usual TT charges.

Free account

You don’t need to maintain an account to receive money. Pay only for what you use. You don’t need to pay any fees for your account.

100% online setup process

You don’t even need to step out of your house to set up your TransferWise account – this process can be completed 100% online.

Multi-currency account

TransferWise’s Borderless account is their solution for businesses or individuals who find themselves regularly receiving money in multiple currencies, or moving between countries. With a Borderless account, you’ll get free local bank account details in US, Eurozone, UK, Australia, New Zealand, Singapore, and Poland.

Pretty cool, right?

Unfortunately, TransferWise’s Borderless accounts are not yet available in Malaysia 🙁

TransferWise debit card

TransferWise’s debit card allows you to make payments in foreign currencies at fairer exchange rates compared to conventional debit cards. For digital nomads or travellers who find themselves moving from country to country.

While this is also not available in Malaysia yet, I think it will be a hit!

TransferWise vs PayPal vs Local Banks

For sending and receiving money fast and cheap, you can’t beat TransferWise’s fees. However, TransferWise is not suitable as a payment gateway for e-commerce sites.

FeaturesTransferWisePayPalBanks
Transfer FeedFast FastSlow
E-commerce IntegrationNoneWebsiteIntegration payment gateways
Transfer MethodTransfer to local bank accounts or TransferWise Borderless accountsTransfer to other PayPal accountsTransfer to bank accounts
Account registrationOnlineOnlineMostly offline

How Much Can You Save with TransferWise?

Here’s a sample of how much you can save on fees when you use TransferWise to make a $1,000 payment:

savings from a US$1000 transfer using transferwise

How to Get Started with TransferWise

If you’re ready to get started with TransferWise, you’ll be happy to know that sending and receiving money with TransferWise is a painless and quick process.

Step 1: Setup your account

First, go to TransferWise’s website to setup your free account:

transferwise account setup page

Step 2: Send money

Key in your payment details. Here you’ll get to see all the fees:

TransferWise send money

Step 3: Key in recipient details

transferwise recipient details

Step 4: Pay

Depending on where you are transferring money to, choose the type of payment method and make your payment:

Step 5: Wait for confirmation

Once you’ve made payment, you’re down to the last step: final confirmation.

Conclusion

I’ve become a fan of TransferWise since I was introduced to it a year ago. With lower fees, I’m able to keep more of the money I earned.

Although TransferWise’s Borderless account and Debit Card features haven’t reached Malaysian shores yet, it’s sending features are good enough to help you save a lot of money on transfer fees.

For those looking for an affordable alternative to PayPal to send money overseas (for payments, or remittance) I’m pretty sure you’ll be happy with TransferWise’s offerings.

Over to you: Are you an existing user of TransferWise? Share your experience in the comments below!

About the author 

Lu Wee Tang

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