Payments

TransferWise Malaysia Enables Money Transfer to China Through Alipay

by Fintech News Malaysia November 24, 2020

TransferWise announced today the expansion of their international money transfer service for customers in Malaysia who can now receive remittances from Indonesia and send MYR to Alipay users in China. The newly launched service in Indonesia is in partnership with local remittance company Instamoney.

In September, TransferWise made it cheaper for customers to send money to MYR or any of these other nine Asian currencies — INR, THB, IDR, CNY, PKR, VND, KRW, LKR, or — BDT. For some currency routes, they said the price drop can be as high as 30%.

The company has also gone live on DuitNow, allowing customers to receive their international payments in less than 2 minutes. Customers are now also able make instant pay-ins to fund their transfers, as a result of their integration with the Financial Process Exchange (FPX).

Lim Paik Wan

TransferWise Malaysia Country Manager, Ms. Lim Paik Wan, said:

“With more Malaysians leading increasingly global lives, our mission in Malaysia is to make it even faster and cheaper for customers to send or receive money from all over the world, and we aspire to make the process more convenient. We are excited to be bringing these new enhancements to our service here for our customers in Malaysia, particularly our wider network coverage enabling them to receive remittances from Indonesia and send money to China.”

Featured image credit: Transferwise