Wise vs PayPal in Malaysia - Which is better?
Wondering how PayPal vs Wise compares in Malaysia? We compared the exchange rates, fees and features in our in-depth review of the two providers.
This guide will walk through how to use InstaReM in Malaysia, including a review of the key features and fees. We’ll cover:
To help you find the best provider for your requirements, we will also take a look at an alternative as a comparison - low cost international payments with Wise. Learn more about InstaReM and check you’re getting the best available deal, here.
Before you decide to place your international payment with InstaReM, compare the cost and service available fromWise, a real-exchange rate international transfer provider.
Example: Sending 10,000MYR(including a transfer fee) to a GBP account in England
Provider | Transfer fee | Exchange rate | Recipient gets... |
---|---|---|---|
InstaReM¹ | 45 MYR | Exchange rate with a minimal markup (1 MYR = 0.1868 GBP) | 1,859.59 GBP |
Wise² | 55.74 MYR | Real exchange rate (1 MYR = 0.187173 GBP) | 1,861.30 GBP Send money |
(6 July 2020 at 18:17 (GMT+2))
Both InstaReM and Wise are pretty cheap, especially compared to Malaysian banks and PayPal.
However, it’s important to look at both transfer fees and exchange rates. In the case above, InstaReM has a lower transfer fee, but with exchange rates considered, Wise actually ends up cheaper. Your recipient will get more with Wise, for no extra cost to you.
It’s also good to know that Wise has more currencies available than InstaReM, with transfers available to 53 different currencies. So if you don’t find your target currency in InstaReM, check out the options available with Wise. You might find you can get the service you need, with the real exchange rate.
Send money to 70+ countries with the real exchange rate🚀
Here’s what you need to know about the fees and exchange rates applied to InstaReM international transfers.
When you start to use InstaReM you’ll first model your transfer which will allow you to see the fees and exchange rate which will be used.
InstaReM fees vary depending on which currency you’re sending, and the destination country. Usually the upfront admin fees range from 0% to 1% of the transfer amount³, plus any markup added to the exchange rate used.
The exchange rates used by InstaReM are decided by taking the mid-market exchange rate you’ll find on Google, and adding a small markup.³ The markup is - in effect - an extra fee.
InstaReM states that the rates used are typically better than bank rates³, with transparent fees so you’ll know exactly what your recipient will get. However, as with any service, it’s well worth comparing a few different providers to make sure InstaReM offers the best value for your particular currency route.
From MYR, you can send an InstaReM payment in 18 currencies¹:
If you want a different way to send your international payment, try Wise for transfers which can be up to 4x cheaper than Malaysian banks.
With Wise, you can send money to 70+ countries with low, transparent fees and the mid-market exchange rate.
Moreover, you can receive money to a Wise multi-currency account from the UK, U.S., Australia, New Zealand and any Eurozone country, just as if you had a local bank account in those countries. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to.
To send money with Wise,
And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.
Join 8 million customers and enjoy a cheaper, faster and transparent way to send money abroad with the “real” exchange rate.
Wise has bank accounts all over the world and uses them to send money abroad more efficiently.
You pay money to the Wise account in your home country when you want to make an international transfer - so in this case, you’ll likely pay MYR to the Malaysian Wise account. Clever tech then instructs the equivalent amount to be paid out to your recipient, from the Wise account in the country you’re sending to. This cuts the costs, and can be quick, too.
InstaReM is safe and fully licensed in all the countries it operates in. Here in Malaysia that means InstaReM is regulated by Bank Negara Malaysia (BNM), to make sure your money and your payments are secure.⁴
Here’s how to get started with InstaReM.⁴
InstaReM offers international payments to a number of different currencies and countries from Malaysia.
The exchange rates used tend to be better than a bank transfer, but can still include a markup on the mid-market rate you’ll find on Google. That’s why it’s important to check out several providers before you decide which to use for your international transfer. Take a look at the cross border payments available from Wise to see if you can save.
Join 8 million people who get the real exchange rate🌏
Sources
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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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