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.
WorldRemit is available in Malaysia, following the company’s successful Malaysia launch in August 2021. But how does WorldRemit work? What are the fees? Are there any physical worldremit locations in Malaysia? And are the exchange rates available any good?
This guide covers all you need to know about WorldRemit Malaysia¹, and also introduces an alternative - low cost international payments from Wise to help you decide if WorldRemit is right for you.
|Table of contents|
From Malaysia customers can use WorldRemit to send payments online or in the WorldRemit app². Depending on where the recipient lives, you may be able to arrange for your payment to be deposited in their bank account, collected as cash, sent to a mobile wallet, or even used for airtime top up. Here are some of the pros and cons of WorldRemit Malaysia.
|Pros ✅||Cons ❌|
WorldRemit’s fees vary depending on where you’re sending money to. You’ll find that there are 2 key costs in every transfer - and an extra charge to watch out for if you’re sending money direct to a bank account:
- Transfer fees apply to all transactions
- An exchange rate markup is applied on all payments
- Payments to bank accounts may also run into third party fees including SWIFT charges and recipient bank fees
You’ll see WorldRemit’s transfer fees whenever you start to set up your payment. You might find that there are a few different payout options for your destination country which may all come with different transfer fees. Transfer fees are usually relatively low, although paying by credit card can push up costs and may incur a cash advance fee from your card provider.
When you set up your payment you’ll be shown the available exchange rate for your transaction. It’s important to note that this may not be the same rate you’ll find on Google. Instead, an exchange rate markup - an extra fee - is added to the rate offered. This is a percentage charge which is tricky to see, and which can quickly mount up if you’re sending a higher value payment.
Exchange rate markups are common but not all providers use them. If you want to avoid this extra cost, here's a comparison with Wise - a provider only using the mid-market exchange rate. The calculator below displays the exact amount your recipient will receive using Wise, compare the total amount with Worldremit's transfer calculator here.
Third party fees may creep in if you’re sending money to someone’s bank account directly. These tend to result from payments being processed by the SWIFT network, and can be hard to predict in advance.
You can set up a WorldRemit Malaysia account if:
- You’re 18 or over
- You have a government issued photo ID for verification
- You have a Malaysian bank account, credit or debit card
Create a WorldRemit account easily online or in the WorldRemit app. All you need to get started is your country of residence and email. You’ll then be prompted to complete your personal details and a verification step.
To get verified you’ll need one of the following:
- Malaysian National Identity Card
- MyPR (for Malaysian Permanent Residents)
Once you have a WorldRemit account you can send money easily online or in the app³:
- Log into your WorldRemit account
- Enter the destination country to see the payout options available
- Select the payout option you prefer and follow prompts to add the details you need - like your recipient’s bank account number and SWIFT code for a bank transfer
- Check over all the details, confirm, and pay with either a bank transfer or your card
The delivery and payout methods available depend on the country you’re sending money to. You can choose from a selection including:
- Bank transfer
- Cash collection
- Airtime Top up,
- Mobile Money.
Once you have arranged your WorldRemit transfer you’ll be able to track it in the WorldRemit app or by logging in on the desktop site. On the Website, just look for the Transfers in Progress button on the main page once you’ve logged in, and on the app, look for it in the Activity section.
WorldRemit payments for cash collection or airtime top up are usually almost instant. Bank transfers might take 2 working days or more depending on the country you’re sending to.
WorldRemit offers a great range of payout options and covers some 70 currencies. However, the services available do vary quite widely by country, and the fees and delivery times might not be the best available, particularly for direct bank deposits.
To help you decide if WorldRemit is right for you, here's a comparison of features and fees between Worldremit and a popular alternative Wise:
|Transfer fees||Fees vary by destination country and pay in/pay out option||Low, transparent fees vary by destination|
|Exchange rates||Include a markup||Mid-market exchange rate with no markup|
|Payout options||Cash collection, mobile money, airtime top up, bank transfer||Bank transfer|
Cash collections are instant
Bank transfers can take a day or two
|45% of bank transfers are instant, 80% arrive in 24 hours|
|Available currencies||Send to 130 countries, 70 currencies||Sent to 80+ countries, 50+ currencies|
|Multi-currency account||Not available||Yes - hold and manage 54 currencies|
|Debit card available||Not available||Yes|
WorldRemit offers some great services - particularly if you want to get cash to someone in a hurry. In this case you’ll love WorldRemit’s broad global reach and fast cash collection delivery times. However, if you’re sending money direct to a bank account, you might find you can get a faster and cheaper service using a specialist service like Wise.
While WorldRemit uses an exchange rate markup, Wise uses the real mid-market exchange rate with low, transparent fees. This can mean Wise transfers are cheaper than WorldRemit - and they’ll often be faster too.
WorldRemit services in Malaysia are offered through the WorldRemit app and desktop site. There are no physical WorldRemit locations for cash collection in Malaysia.
Cash pickup is not available in Malaysia at the time of writing. However, as WorldRemit constantly reviews the services available in different countries, it’s well worth checking the most up to date details with their customer service team.
Yes. WorldRemit is approved and licensed by the Central Bank of Malaysia.
Sources checked on 14.04.2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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