Transferwise, a breakout Fintech hit, has added Malaysia to its list of countries where it offers its currency transfer services. According to a blog post, last year, Malaysia’s international money transfers grew 23.3%, to RM 41 billion (USD $9.9 billion). But most of these transfers are using traditional banks which tend to gouge customers by charging hidden fees and not using the “real exchange rate.”
This is Transferwise’s fourth Asian country where it has launched it services. Alongside Malaysia, Transferwise is available in Hong Kong, Japan and Singapore.
TransferWise is the building the best way to move money around the world. 6 million people are already transferring over RM 20 billion every month. That’s a saving of over RM 6 billion every year compared to if they used a bank.
Transferwise claims to be four times less expensive than a traditional bank.
Transferwise is also preparing its multi-currency account and debit card for Malaysia as well. In reality, Transferwise is a stealth bank providing bank-like services without calling themselves a bank. The one missing piece of the puzzle is an interest-bearing account. Prediction: Transferwise will start rolling out savings accounts in 2020. Another nail in the coffin of traditional banks.