Sending money with eRemit in Malaysia

Hannes Ausmees

Looking to send an international payment from Malaysia? Maybe you’re interested in eRemit¹ -the international payment service from Merchantrade. With eRemit you can send fast, safe cross border payments to 15+ countries, with bank beating exchange rates.

To help you decide if eRemit suits your needs we’ll also compare eRemit’s services to Wise low cost international transfers. With Wise you can send money to 80+ countries, using the mid-market exchange rate and low, transparent fees. More on that later.

Table of contents

eRemit currency exchange rates and transfer fees in Malaysia

Let’s dive right into how eRemit Malaysia works. As we mentioned, Merchantrade’s eRemit service lets customers send payments from Malaysia to a range of 15+ countries including Singapore, the UK, Australia, India, the Philippines and Thailand.

As eRemit is Merchantrade’s digital remittance service, you’ll be able to set up your payment - as well as seeing the eRemit rates and fees - online or in the eRemit app. This means you can set up your transfers without even needing to leave home. Here’s what you need to know about the eRemit costs and rates:

eRemit serviceExchange rateTransfer fee
Send to a bank accountMid-market exchange rate + markupVaries by destination - here are some examples: Sending 1,000 MYR to Australia - 15 MYR fee Sending 5,000 MYR to Australia - 5 MYR fee Sending 1,000 MYR to Singapore - 12 MYR fee Sending 5,000 MYR to Singapore - 2 MYR fee
Send for cash collectionMid-market exchange rate + markupVaries by destination - here are some examples: Sending 1,000 MYR to the Philippines - 15 MYR fee Sending 5,000 MYR to the Philippines - 5 MYR fee Sending 1,000 MYR to Vietnam - 15 MYR fee Sending 5,000 MYR to Vietnam - 15 MYR fee

*Correct as of 31/05/2022

The eRemit exchange rate is likely to include a markup on the mid-market exchange rate, and the transfer fee will vary depending on how you want your payment to be processed and where you’re sending money to. There’s a handy comparison of eRemit’s currency exchange rates and transfer fees coming up a little later, too.

To get started with eRemit you’ll have to register for an account and get verified - however, this can also be completed digitally if you’d like, or you can choose to visit a Merchantrade location to present your documents in person.

avoid-big-transfer-costs

How to send money with eRemit

All eRemit payments are arranged online or in the eRemit app - you’ll be able to instantly see the options available to you, including how your recipient can collect their money, and the costs involved. You’ll also see the eRemit rates available for currency conversion. Here’s all you need to know.

eRemit eligibility

You’ll be able to send a payment with eRemit if you fulfil their eligibility criteria²:

  • You must be at least 18 years old
  • You must have a valid photo ID for verification
  • You must have a Malaysian internet banking account

Payment methods

You can pay for your eRemit payment in 2 different ways:

  • Use an FPX payment to send a transfer direct from your online banking
  • Use a Merchantrade Money Prepaid Visa card

If you’d rather send a payment in cash, you might prefer one of the other Merchantrade services. Learn all about how Merchantrade international payments work in this guide.

Receiving options

There are a few different eRemit pay out options, which vary depending on where you’re sending money to. In broad terms you’ll be able to have your funds deposited into the recipient’s bank account, or have them collect it in cash. Here’s an overview of the main eRemit options available:

Receiving optionAvailability
Receive payment to an individual bank accountAustralia, Bangladesh, India, Indonesia, Japan, Myanmar, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, UK, Vietnam
Receive payment to a business bank accountAustralia, Bangladesh, India, Indonesia, Philippines, Singapore, Thailand
Collect in cashPhilippines, Indonesia, Sri Lanka, Bangladesh, Nepal, Myanmar and Vietnam

eRemit payment limits

Before you decide if eRemit is right for you, you’ll also need to check that your payment falls within the eRemit payment limits.

If you’ve completed a face to face document verification process (more on that later):

  • You can make up to 15 payments in a rolling 30 day period, which must not exceed 50,000 MYR per day
  • The FPX daily limit is 30,000 MYR
  • If you make payments valued at over 20,000 MYR in a day you may need to provide additional documents

If you’ve completed a digital verification process:

  • Malaysian citizens and expats with valid work visas can send up to 30,000 MYR per day
  • Migrant workers are able to send up to 5,000 MYR per month, to their home country only

eRemit transfer times

The eRemit transfer time depends on where you’re sending money to and how it will be received. There’s a handy tool on the eRemit website which lets you estimate a delivery time for different eRemit payments. As an example, bank transfers to Australia usually arrive in 1 business day, to Indonesia your money will only take an hour or so, and to Singapore an eRemit will take up to 2 business days to arrive.

eRemit business payments

eRemit also has business accounts³ and services, which may suit you if you’re a sole proprietor, in a registered business partnership or business owner. You’ll be able to access higher payment limits compared to personal eRemit customers - up to 10 million MYR in some cases - and send money to almost any country in the world.

Payments can be received by bank transfer or SWIFT, and service fees apply⁴. To see the full options, fees and eRemit rates on offer you’ll need to create an eRemit business account and model your payment.

How to open an eRemit account

Before you can start sending money overseas with eRemit you’ll need an account. Here’s how to get started⁵:

  • Download the eRemit app or go to the eRemit desktop website
  • Register an account using your phone number
  • Get verified online or with your physical documents
  • You’re ready to go

You’ll need to get verified to open an eRemit account. This is to keep customer accounts and funds safe, and prevent fraudulent account use. You’ll be able to choose to complete a digital verification by uploading an image of your ID documents - your Mykad or passport and employment visa for example. Or if you’d prefer you can complete a manual verification by showing your physical documents in a Merchantrade store.

How to contact eRemit customer care

The eRemit customer care team is available 9am to 6pm daily, even on public holidays. Here’s how to get in touch:

  • eRemit customer care phone number - 130088606
  • eRemit customer care fax - +6 03 77241811
  • eRemit customer care email - customercare@eremit.com.my

Consider a cheap alternative - Wise

Before you decide how to send your international payment it makes sense to compare a few providers to make sure you get the cheapest, fastest option available. Compare eRemit with Wise low cost international transfers, to see if you could save.

Let’s look at a worked example - sending 3,000 MYR to a friend in Singapore:

ProviderExchange rate used (1 MYR =)Transfer feeRecipient gets
eRemit0.3089 SGD12 MYR926.70 SGD
Wise0.313037 SGD15.80 MYR934.17 SGD

*Fees and exchange rates correct at time of research - 31 May 2022

As you can see, in this example, your recipient would get more with Wise. Wise offers the real mid-market exchange rate with low, transparent fees. That means it’s easy to see how much you’re paying for your transfer and check it’s the best deal out there.

Wise international payments can be sent to 80+ countries, so if eRemit doesn’t serve the destination you’re sending to, this could be a great option for you. If you travel often, send and receive overseas transfers frequently, or shop with ecommerce stores based internationally, the Wise multi-currency account and card could help you save even more time and money.

Open a free personal Wise account online or in the Wise app, to hold 53 currencies, get paid like a local from 30+ countries, send money to 80+ countries, and spend all over the world with the mid-market exchange rate. There’s no minimum balance, no monthly fee and no hidden charges to worry about.

Summary

eRemit can be a good choice if you’re sending money online or with your smartphone to one of the eRemit destination countries. Fees are reasonable, and there’s the option to have your recipient get you payment in cash if you’d prefer - perfect if they don’t have easy access to a bank account.

However, eRemit isn’t the only option out there - and they’re not always the cheapest or fastest, either. Compare a few including Wise low cost international transfers and the Wise multi-currency account, to see which might be best for you.

Join Wise for free!

Wise for sending money

Sources:

  1. eRemit
  2. eRemit - how it works
  3. eRemit business
  4. eRemit business - FAQ
  5. eRemit - FAQ

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We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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