Being a Malaysian living abroad, there are times when I need to transfer some money back home. I have previously been using HSBC to transfer money between countries but later discover TransferWise and can't believe the improved rates and reduces fees to be paid. It was a no brainer.
How To Get Started?
All you have to do to enjoy the rates is to register for an account, pay the sum that you want to transfer either through your debit card (fastest option), online bank transfer or credit card (attracts an additional fee). Make sure you have the bank account number and swift code of the destination account you would like the money to arrive to in local currency. In this case, it will be your Malaysian bank account. You will get e-mail notifications once your transfer have been processed.
Speed of Transfer
The fastest transfer I have experienced was 2 days to USA and 4 days to Malaysia. This will be dependent whether you initiate the transfer and the number of working days.
You will know upfront the fees and there are no additional cost to be paid by the receiving end. This is deducted from the total amount you wish to transfer. You get a discount in the form of reduced fees on your first transfer.
I am interested to hear about your experience or if there are any other competing service out there.
Have fun and let us rise against hefty bank fees!