send-money-to-malaysia

Send money from Malaysia

Malaysia is a really special country. First, it’s a muslim country in Asia, which is not common, then the population is mainly Chinese, Indian and Malay, but Chinese and Indians represents more than 50% of the population. This means… wait… Can we still say that it’s a muslim country in this case? Yes because the government is Muslim. Then the government doesn’t represent the population? Yes, but it is more complicated than this and this is not the subject of this article. This article is about money transfer and how to send money from Malaysia. Actually this is not true, this article is about data, and about data from the World bank about where Malaysian people send their money.

Let’s guess, where could Malaysian send their money? We just saw a lot of Indians and Chinese were living there, so we could guess it’s the main source of money going out. Though, The Chinese and Indians there arrived a century ago (a little bit less for the Indians) so they are not tight so much with India and China anymore. The country is also close to Indonesia, Brunei and Thailand, we can expect strong remittances to these countries. There is also for sure many European expatriates, France, United Kingdom, Germany. Let’s see the results and the study from the World bank.

The 1st country to receive money from Malaysia is Indonesia with more than $2 billion every year. Really. Then comes the Philippines, right we forget this one but so many Filipinos live abroad. Next come Thailand ($449M), China ($330M), India ($261M), Bangladesh, Nepal, Vietnam, Myanmar, France ($36M).

So we had to wait the 11th country to find a non Asian country receiving money from Malaysia. I’m a little bit surprised, but everything else was confirmed!

 

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send-money-to-malaysia

Send money from Zimbabwe

We are talking a lot and hearing so much about remittances and how to send money from developed countries to developing countries. But we forget that in most cases, people send money from developing countries to other developing countries. It’s not North to South remittances, it’s South to South transfers.

Why don’t we hear more about this kind of remittances?

We don’t hear much about these remittances because they don’t concern the big companies but this is not the main reason. The main reason is that it is so hard to track. We have very little information about how the money travels between Zimbabwe and the countries around as people are mainly using a Hawala system. Giving money to someone they trust to transfer is sometimes the way to get the best rates. This is really expensive to send money from South to South countries with other companies. The world bank reports some figures which goes up to 20% of what you are sending.

Where does people send money from Zimbabwe

With the little information we have, we still managed to track down the countries were Zimbabwean send money. The main one is the Mozambique, totally normal. People going to work cross country and sending money back home. The second one is United Kingdom, a little bit more surprising but let’s not forget that they used to be under British colonization and they recognize the Queen. There is a lot of British expatriates in Zimbabwe and this goes the same on the other way. Then South Africa with the really high and expensive transfers, Malawi, Zambia, Botswana and Rwanda. So the only North country is United Kingdom, which is not so surprising. Let’s not forget that we based this study on the World Bank data which are not as complete as they could be. We hope to have better information soon.

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cheapest-way-to-send-money-abroad

Interview: cheapest way to send money abroad with Christophe

Launched in 2015 by french expatriates sick of getting robbed by their bank when sending money abroad, the startup wants to become the booking.com of money transfers. It targets migrants, expats and students abroad. Here is the interview I made with them.

 

Hello Chris, please can you introduce yourself?

I studied in France and Germany, worked in more than 10 countries, but mostly in Switzerland and China as a finance manager. I am now a happy entrepreneur, ambitious, with big interest for sports and A.I.

I was tired of the complexe way to send money abroad, so I created with a friend my own startup to make the world a better place.

 

Which traveler are you?

I am kind of a digital nomad. I don’t know this word, it’s already too mainstream, but I aspire to travel and work my whole life. I am a work-aholic and travel is a good way to take some time off. Our whole team in the startup has the same mindset. It’s important for us.

I don’t like being a tourist, so I do long-term travel in each country I go to go deep and live as a local.
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How your startup is born?

We talked a lot with Etienne, the co-founder. We wanted to create a company together. When I was in China, I suffered a lot about money transfers: it was very hard to send money abroad. And very opaque. Etienne was travelling too at this time and faced off the same issue. It was done. We had the idea, the motivation, the skills. We just needed to organize a bit and that’s it.

 

Who is this Etienne? Can you tell me more?

He is the co-founder, he lived in switzerland too. We worked together there. He also lived in North of america, Asia, and a lot in Europe.

 

Why your startup name?

Because Money Transfer Is Simple.

 

What is the innovation?

We literally offer you the best way to send money abroad, it means the cheapest, the fastest or the easiest according to your needs.

We give a real-time comparison of any money transfer services. We are totally free. And we listen our users. A lot.

 

How do you see “tomorrow”?

As an open world where people is free. Freedom means eveything. And in this freedom, we will deliver the best service to people to send money abroad.

silicon-valley-oracle

Why Silicon Valley knows the best way to wire money abroad

No, I won’t talk to you about the amazing TV show. I want to go deep about the Silicon Valley from the beginning: who are they and why they know the best way to wire money.

What is the silicon valley

The Silicon Valley, in California, close to San Francisco, is a huge geographic zone where biggest startups of the world are: Google, Amazon, Facebook, Apple, etc.

From San Francisco to San Jose, you will find the people creating the tomorrow’s world. The most innovative area worldwide. The genius from India, France, UK, Japan, Germany, Brazi, Mexico, Canada, Australia, China, Taiwan, Indonesia are all here. They are the best in the technology.

They are all expatriates, they have a long-term VISA, so they have a US bank account, they earn a lot of money (so they don’t know what to do with it because they work all the time). You see it coming? Yes.

They all want to save more and more money each month, and to do it, they have to use the best international money transfer services.

If I’m talking to you about Silicon Valley today, it’s because they are ahead of everyone. That’s where the tomorrow’s world is created. So they know sh*t about stuff, you know 🙂

Why it knows the best way to wire money

And this is why people and workers in Silicon Valley know the best way to send money abroad.
Living in the heart of the innovation world, they always know the best tools and services to do a money transfer. What can help them the best. And before everybody else.

It’s a small world, I lived there 3 months. Everybody knows someone who know the “BEST TOOL EVER, trust me, it will make your life better”.

This is where big names like Paypal, Stripe or TFW were born. The services you can use to wire money abroad everymonth.

silicon-valley-oracle

Best ways to send money online

One might have many reasons to transfer money abroad: you are student and money from your parents, you found your dream job and decided to relocate in another country or you’ve decided to retire in Spain or Portugal to enjoy warmer temperatures. Let me share with you my experience and a tool that allowed me to find the best way to send money online.

Why banks are not the best way to send money via Internet?

Many of us are used to go to our bank when we need to make an international money transfer. I remember when I was studying in London, my parents (in France) were sending me money each month to help me with my day-to-day expenses. We did not even ask ourselves if there were alternatives, we knew we could do it from home and that there was no need to visit a branch. So we just asked them how to process and they told us that it was we could be assured it was the best way to send money online.

Let me now explain you what happened when I received their first transfer: short story, long story, I had lost almost 15% of the amount they intended to send me. How is that even possible? We had been using what we thought was the “best way to send money online” remember? I made some research and realized that we paid a fixed fee that anyone would pay if you using your bank, then we paid a variable one that was a percentage of the amount sent. Finally, we paid what is called “hidden fees”. Most of the time hidden fees can be found in the exchange rate. Indeed a way banks make money out of international transfers is by apply a poorer exchange rate than the real one, clever isn’t it?

What are the best ways to send money online?

I paid 150€ in fees for my first transfer, using supposedly “the best way to send money online” but there was no way I could use my bank again to receive money from my parents. So I started to search for more information about international money transfers and I discovered an entire new world with many more actors than I thought! Not only can you send money online with your bank (which I do not recommend obviously) but you can also use 100% online services such as Transferwise, World Remit. Even Western Union, the old dinosaur of money transfer now has an online version of its services. I started to look for information to make sure, this time, I would find the best way to send money online from France to the UK. I thought it would be easy thanks to Google but there are so many actors offering this possibility that it would have had taken me years to compare them! I did not have time for that as I wanted to avoid using my bank the next month.

After hours spent on Google, I could not find a website that would compare these solutions. I was about to quite my studies and launch myself this business but then, I found one! ALLELUJAH! There it was, I must say I was happy but also sad as I thought I had the best idea ever that would solve exchange students issues.

I used it during the last month of my semester and I love it! I went from paying 15% fees to 2%. I’ll let you do the maths and guess how many rounds of Pimm’s I paid to my friends with that extra cash 😉

How to send money overseas when buying a house

You just travelled in a wonderful country and so you plan to buy a house there to spend the holidays? or you plan to move abroad and so to buy a property abroad? or you need to receive or pay rent in a foreign currency? In all that cases you have to be very careful about how you will convert your money. What is the best way to send money overseas when buying a house? There are two steps to do, or we can say three mistakes to avoid!

 

Track the exchange: best way to send money overseas

This is the first step. Track the exchange rate in order to have a high exchange rate the day you transfer. Indeed currencies value change everyday and currencies exchange rates vary and fluctuate every hour. Some currencies are very volatile. This is particularly the case for the currencies of countries which are either politically or economically unstable (some africans countries) and for the countries in development (south Americans countries for example or Asian countries). And then there are the currencies with a low volatility. These currencies are those of the developed countries and they are the most traded in the world: American dollar, euro, british pound, australian dollar, canadian dollar, singapore dollar, hong-kong dollar, japanese yen, and swiss franc. However if something happens in the country these currencies can move a lot. It is actually the case for GBP which has lost a lot of value against the other currencies since the Brexit in last June.

When you transfer on a regular basis or if you have to transfer a large amount of money even a small fluctuation can make a huge difference in the amount in money received. This is why it is important to transfer a day the exchange rate is good. If you plan to buy a house abroad it means you’ll transfer a big amount of money so you have to really pay attention to the exchange rate.

Avoid your bank

Do you know that in average a bank takes between 4% and 8% of fees on each money transfer? That’s enormous. And that means if you want to convert 150’000 GBP in euros to buy a house in Portugal for example, the bank will take 12’000 GBP in fees! You definitely better to use a broker or a service specialized in money transfers. There are a lot on the market and they take between 1% and 4% of fees on a transfer. It is simple to use your bank but it is a mistake to avoid.

Compare the money transfer services is the best way to send money overseas

Do you know that almost 500 money transfer services exist according to the World Bank? That’s huge. And moreover they all apply their own fees. So it can be very painful and time-consuming to know which one to use and which one is the better. The best is to use a comparison service for international money transfer as it shows all the options for a specific transfer with their rates. It is exactly the same when you compare flights and hotels, you use a comparison platform. So why not for international money transfers?

How to find the best way to send money abroad

You have to do a money transfer but you don’t know which solution to choose among every solutions ? It’s difficult to find the best way to send money abroad because the options are different and the exchange rate is not the same for all. I suggest you to follow this guide to find the cheapest way to send your money abroad.

Determine your needs

Before to send your money abroad, you have to determine your needs and ask you some questions. Which country do you want to send your money from? Which country to? What is the amount? How do you want to pay it? Bank transfer, credit card, debit card… There a so many options, you need to know what you are going to do.

To find the best way to send money abroad, you have to compare every solutions.

Pay attention to the hidden fees

You have to know that the cost when you are transferring your money is due to the hidden fees. Indeed, some services like your bank, MoneyGram or Western Union add fees named “hidden fees” in the exchange rate. They say that your money transfer is free (no flat fees) but not at all. They include hidden fees in the exchange rate.

So comparing the exchange rate is very important if you want to use the cheapest solution.

To optimize your money transfer, saving time and money, I suggest you to use a money transfer comparison tool.

how to find the best way to send money abroad

Use a tool to help you find the best way to send money abroad

To save your money and find the cheapest way to send money, you can use a money transfer comparison tool.

You just have to give the country from, the country to and the amount that you want to send. You will see that you can save money compared to a bank service.

Method of payment

You have to pay attention when you are choosing your payment method. Indeed, some options impact your additional fees and transfer delay. So if you choose the cheapest solution and you have to pay additional fees during the payment, the total will not be cheap. You have to take in count the payment method before to validate your money transfer solution.

Send your money

Now you can send your money. You just have to keep with you some documents for security reason like ID proof, bank address (for you and for the receiver if you do a bank transfer). According to the solution and operator you may have to give additional documents.

To conclude, to optimize your money transfer, you have to follow these 5 steps. Thanks to this guide, you will pay attention to bad surprises now.

Ultimate bonus tip: You should compare every solution in real time because the exchange rate can varies during the day so the solutions as well.

The guide to find the best way to send money abroad

There is a lot of solutions to transfer your money abroad and you don’t know how to begin ? To find the best way to send money abroad, I suggest you to follow this guide, it will help you to save time and money.

Analyse your needs

Before to send you money, you have to determine your needs and find which solution do you prefer. To find your needs, you have to ask you some questions:

  • Which country do you want to send money from?
  • Which country do you want to send money to?
  • Which amount do you transfer?
  • How do you want to receive your money?
  • Do you want to do a fast, cheap or easy transfer?

When you have answers to these questions, you have to use a money transfer comparison tool.

the-guide-to-find-the-best-way-to-send-money-abroad

Use a money transfer comparison service to find the best way to send money abroad

100% transparent and totally free, it helps you to find the best way to send money abroad according to the average between the time transfer, the delivery method and the easy of use.

You will also get the best exchange rates to do it.

For the fastest one, you have to choose a money transfer time instantly or in 1 or 2 days. If you want to send your money easily you have to choose the solution with a good mark (9/10). When you have determined which solution is the best for you, you have to choose your payment method.

Choose your payment method

A lot of payment methods are possible to use but you have to pay attention because some operators have additional fees and time transfer. Before to choose one solution, you have to check that the payment method isn’t contradictory to your needs.

Send your money abroad

When every points are good for you, you finally can send your money. It’s possible that you have to give ID for security reasons and of course your bank address.

Track the exchange rate

Take the habit to track daily the exchange rate to send your money abroad at the right time. If you want to optimize your transfer and get the most of it, it’s a good way to do it.

Following these steps allow you to find the best way to send money abroad. In the same time, you will save money and time. I suggest you to do this process before every each money transfer because the exchange rate can varies so the solution and cost can vary as well.