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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.

USD 120

Min. Transfer Amount

USD 7,300

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Min. Transfer AmountUSD 120
Max. Transfer AmountUSD 7,300
Transfer MethodsOnline, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
1 - 2 days
Available CurrenciesAED, 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 120 1 - 2 days MYR 5.00 0.237 USD
236
Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

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 takeClock icon for transfer speed

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
*According to MoneyMatch on 6 April 2019.

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.

Picture not described: moneymatch-iphone-screenshot.jpg Image: Getty

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

Pros

  • 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.

Cons

  • 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.

How does MoneyMatch compare to other providers?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Same day MYR 3.99 0.236 USD
2,361
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
USD 60 1 day MYR 0.00 0.238 USD
2,381
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
USD 1 1 day MYR 100.00 0.239 USD
2,366
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 200 1 day MYR 50.00 0.238 USD
2,369
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 120 1 - 2 days MYR 5.00 0.237 USD
2,370
Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

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2 Comments

    Default Gravatar
    Alex
    September 29, 2019

    Hi ,
    I would like to know the total services charges. Any agent service need to be charges and so on ?
    Thanks

      Avatarfinder Customer Care
      Zyane
      October 7, 2019

      Hi Alex,

      Thank you for contacting Finder.

      MoneyMatch’s fee structure is charged on a per-transaction basis. For native currency transfer (eg. sending SGD to Singapore), you’ll only need to pay MYR8 per transaction. If you’re making a non-native currency transfer (eg. sending USD to Singapore), you’d need to pay MYR88 per transaction. However, non-native currency transfers may also incur an additional agent fee, which is determined and levied by the receiving bank.

      I hope this helps. Please do not hesitate to reach out again if you have additional questions.

      Cheers,
      Zyane

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