KUALA LUMPUR, 21 November 2019 – Global financial technology company, TransferWise launched its operations in Malaysia today. The event was officiated by Yang Berhormat Dr Ong Kian Ming, Deputy Minister in the Ministry of International Trade and Industry.
With the launch of TransferWise, Malaysians can now send money to 83 countries at prices up to 4 times cheaper than the banks.
Speaking at the launch, Taavet Hinrikus, Co-Founder and Chairman of TransferWise said that TransferWise is the only company in the market to use the real exchange rate.
“The one you see on Google. Banks and other providers around the world hide their fees in exchange rate markups, making it very hard for customers to calculate how much exactly they are paying for the transfer. It is an opaque and outmoded practice that TransferWise opposes in every country we serve,” he said.
TransferWise obtained its remittance license from Bank Negara Malaysia (BNM) on June 2019.
The international money transfer service is accessible online from verification to the setting up and completion of transfers, with no need customers to leave their homes. It is open to individuals – including all locals and all foreigners except those with a Foreign Worker status 3.
For this latter group, due to additional checks required by regulations, the service will begin in 2020. Business transfers are also expected to begin by 2020.