Review: MoneyMatch international money transfers
MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to around the world..
- Good for easy-to-use, fast transfers to over 70 countries from a Malaysia-based service.
- Not so great if you want to pay with cash or card.
1 - 2 days
Min. Transfer Amount
Max. Transfer Amount
|Min. Transfer Amount||USD 120|
|Max. Transfer Amount||USD 7,300|
|Transfer Methods||Online, Bank Account to Bank Account|
Minimum transfer time
|1 - 2 days|
|Available Currencies||AED, ARS, AUD, BAM, BDT, BGN, BHD, BND, BRL, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, INR, JOD, JPY, KHR, KRW, KWD, LAK, LKR, MDL, MMK, MOP, MVR, MXN, MYR, NOK, NPR, NZD, OMR, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, TWD, USD, VND, ZAR|
MoneyMatch exchange rates and fees
MoneyMatch claims that it applies a lower margin on the mid-market rate compared to banks in order to give its customers a more favourable exchange rate. MoneyMatch also charges a flat fee per transaction, so you don’t need to worry about any hidden fees or charges.
Use the calculator below to see what exchange rate and fees MoneyMatch offers on your particular currency.
MoneyMatch converts Malaysian ringgit to over 50 currencies around the world. Some of the more popular ones include:
- EUR Euro
- GBP British pound
- USD US dollar
- AUD Australian dollar
- SGD Singapore dollar
- HKD Hong Kong dollar
- CNY Chinese yuan
- JPY Japanese yen
- INR Indian rupee
- THB Thai baht
- PHP Philippine peso
- VND Vietnamese dong
What types of transfers can you make with MoneyMatch?
At the time of writing (April 2019), MoneyMatch only supports bank transfers, so you and your recipient will both need to have a bank account. This also means you can only pay for your transaction through a bank transfer and your recipient can’t receive money to an electronic wallet, borderless account, card or opt for cash pick-up.
While MoneyMatch doesn’t offer forex tools like forward contracts yet, it does offer specialised help for business transfers (MoneyMatch BizFX). If you need to make a non-native currency transfer (eg. transferring USD to China or USD to Singapore), you can reach out to MoneyMatch’s support team for assistance.
How long does a transfer with MoneyMatch take?
Most transfers with MoneyMatch take between one and two business days to reach your recipient. The exact time varies depending on the currency and the banks involved, as well as things like public holidays and weekends in both the sending and receiving countries. Transfers to selected Eurozone countries are powered by the RippleNet blockchain, which means quicker transfers.
To speed things up, make sure you’ve verified your account and ensure all required information is as accurate and up to date as possible.
Transfers typically take
1-2 business days
Is MoneyMatch safe to use?
- Security and regulation: Government regulated
- Established: 2015
- Auditor: Deloitte
- Investors: WatchTower & Friends, Kosciuszko Holdings, Tuas Capital Partners
How does MoneyMatch make money?
MoneyMatch makes its money from the fees it charges and the margin added onto the min-market exchange rate.
How to register an account
You have to download the MoneyMatch mobile app to use its services. The mobile app is available for Android and iOS devices, which can be downloaded from both Google Play and App Store.
Image source: MoneyMatch
What is MoneyMatch?
MoneyMatch was founded in 2017 by three entrepreneurs: Raja Adam Malik, Naysan Munusamy and Teoh Wei-Xiang. The company utilises machine learning algorithms and integration with blockchain solutions to achieve swifter fund disbursement while keeping transfer fees low for its users. At the time of writing (April 2019), MoneyMatch has over 10,000 registered users and transferred MYR 300+ million around the world.
In a nutshell
- Lower margins. MoneyMatch claims that it adds a lower margin to the exchange rate compared to banks, making its rates more favourable.
- One of the few specialist money transfer providers in Malaysia. While most Malaysian banks provide money transfer services, there is only a small handful of specialist money transfer services in Malaysia.
- Fast transfers. Speed is one of MoneyMatch’s main focuses, and your transfer normally arrives within one to two business days.
- Doesn’t accept cash or card. You can only pay for your transfer through a bank account.
- Limited to transfers from MYR. You can only initiate transfers from MYR to a foreign currency, which restricts users to have a Malaysian bank account.
- No 27/4 customer service. MoneyMatch only operates during business hours (from 9 am to 5 pm) during weekdays and the only mode of contact is through email.