For some people, remitting money across borders may not be the simplest task in the world. Especially for individuals who infrequently make cross border transactions, a lot of thought would be given before they commit to making a transfer. The associated unease only increases should the amount they remit lean towards a larger sum as there is a higher risk for things to go awry. Therefore, the need to ensure they are transferring money through the right service exists.

Once you have identified who you are transferring money to and why as well as discovered the variety of ways in which you can make the transfer, it’s time to figure out what factors you should consider when choosing which remittance service to use. While there are many different factors that can influence your decision, do keep in mind that everyone has different priorities with their money transfers. A factor that may weigh more heavily in your selected choice may be given less priority in another person’s decision-making process. So, do not be alarmed if your top choice differs from someone else’s.


One of the main factors that you should consider when choosing a money transfer service are the associated chargeable fees when making a transfer. Banks and other money transfer services would typically impose a fixed transfer fee, which is a flat rate charged regardless of the transfer amount, on every transaction made. The fixed fee, however, can still vary depending on where you are sending the money to and in some instances, the method you are using to pay for the transfer can also contribute to added fees.

On the other end of the spectrum, there are also some service providers who charge a variable fee that increases in amount the larger the sum of money you transfer. So, do take into consideration how you are being charged for your transfers as it will add up into the final amount you will have to pay in order to get your money to your intended recipient.

At Sunway Money, we charge a fixed fee of only RM1 every time you send money abroad regardless of the amount you send; making us one of the more affordable money transfer options for those within Malaysia.


Other than the transfer fee, another cost that you should consider in your decision-making process are the foreign exchange rates being offered for your money transfers. To put simply, the exchange rate is the value that one currency is worth compared to another. It is rare that two different service providers offer the same exchange rates so do check a few sites for comparison before making your final decision. At Sunway Money we always offer our customers competitive exchange rates and if you are transferring over RM3,000 in a single transaction, you can also enjoy an even better exchange rate!

We would highly recommend that you should not rely solely on either the transfer fee or the exchange rate alone when choosing a money transfer service provider as there are instances where an affordable transfer fee is charged but the exchange rate offered is unfavourable due to extra fees being discreetly hidden in the exchange rate. Conversely, some may charge a higher transfer fee but due to a good exchange rate offered, the final amount you end up paying could be as competitive as the one with a cheaper transfer fee. So, make sure to compare carefully before you commit to a particular service provider.


Another factor to consider when making your decision is the speed at which your money will be received by your recipient. The speed of your transfer can differ based on the service provider you end up choosing and typically it is influenced by the destination you are sending money to as well as the method of transfer.

You should also take into account your own personal circumstances and whether you require your money to reach your recipient immediately or if you can spare a few days for the transfer to be completed. Instant transfers usually incur a higher transfer fee whereas choosing a service provider who can complete your request in an additional day or two may end up saving you some money due to a cheaper transfer fee and a better exchange rate.

At Sunway Money, you can rest assured that your money transfer can reach your recipient in a shorter amount of time compared to the traditional financial institutions and that transfers to more popular destinations can be as fast as real time. With over 70 countries and over 30 currencies available, you can transfer money globally with peace of mind!


The availability of promotions is also another factor you can take into consideration in your final decision. These are typically offers or discounts given to new users to entice them to try out a certain service but there are also some instances where limited time promotional codes are given to existing users as well. Promotions are a great way to save some money while testing out a new service but once you have exhausted all the available options, do refer to the other factors above when selecting a money transfer service provider for your future transactions.

Do look out for providers who run referral schemes as well. If you have an acquaintance who is an existing user of a certain service, if you were to sign up for the same service with their referral link, not only would you save some money on your transfer, but your acquaintance will too!

Remember to always make an informed decision as to avoid paying more than you need to on your transactions. If you are ready to make your first transfer with Sunway Money, visit sunwaymoney.com to check out the current exchange rate for your chosen currency.