In today's globalized world, sending money across borders has become a part of our lives. Whether you're supporting family abroad, buying goods for personal use or for investment abroad, the need for reliable and cost-effective remittance services is vital. For years, banks have been the go-to option, but the perception of hefty fees and hassle has persisted. It's time to dispel this myth and introduce you to SpeedSend, a remittance service by CIMB that offers competitive exchange rates and low fees, making it a standout choice in the market.
The Challenges of Using Bank Remittances
Many people have steered clear of bank remittances due to several perceived hassles:
- High Fees: Banks have often been associated with high transaction fees, leaving senders and recipients with less money in their pockets.
- Unfavourable Exchange Rates: Banks have been criticized for offering less competitive exchange rates compared to other remittance options.
- Complex Processes: Traditional banking systems can be complex, involving paperwork, branch visits, and lengthy processing times.
Your Hassle-Free Solution: SpeedSend
SpeedSend, a CIMB remittance service, redefines the way Malaysians send money abroad. With a focus on low remittance fees and superior services, it is revolutionizing the international money transfer experience. Let's explore the key factors that make SpeedSend the preferred choice in Malaysia:
- Competitive transaction fee and exchange rates
SpeedSend offers better value for your money on international money transfers, with a combination of competitive foreign exchange rates and a flat RM10 transaction fee, regardless of the transfer amount. This means that your recipient will receive the maximum amount possible, once all charges are included.
Check out the table below to get an overview of the competitive transaction fee and exchange rates:
Transaction fees and exchange rates will affect how much your recipient will get. Check out the table below to see how much you actually get with RM10,000 sent to these major countries.
|
Corridors |
To the United Kingdom |
To Hong Kong |
To India |
|
SpeedSend |
GBP 1,743 |
HKD 16,442 |
INR 175,436 |
|
Leading Fintech |
GBP 1,740 |
HKD 16,419 |
INR 174,387 |
|
Leading Money Changer |
GBP 1,724 |
HKD 16,403 |
INR 175,389 |
|
Leading Local Bank |
GBP 1,706 |
HKD 15,929 |
INR 169,298 |
The amount is calculated using indicative rates at other providers' websites as of 4 October 2023 at 2:40 pm and inclusive of all fees & charges. The actual FX rates will be based on the rates at the time the transactions are performed. For the latest updates, click here.
- Higher Daily Transfer Limits
Need to send a substantial amount overseas? SpeedSend offers a daily transfer limit of RM50,000 via CIMB Clicks, CIMB OCTO App, or CIMB branches, compared to the lower limits offered by other remittance services. This higher limit is not only convenient but also reassuring for individuals remitting larger amounts.
- Instant Transfers to Major Destinations
SpeedSend ensures that your money reaches its destination swiftly and offers instant transfers to key remittance corridors, rivaling the speed of fintech players in the industry. Whether you need to send money to the UK, Hong Kong, India, Singapore, Indonesia, Thailand, Sri Lanka, or the Philippines, SpeedSend got you covered!
- Enhanced Security
SpeedSend ensures the security of your funds throughout the entire transfer process. Whether you choose to transact at CIMB branches, via OCTO App, or through CIMB Clicks online banking, rest assured that your money is meticulously safeguarded.
By choosing SpeedSend, you can enjoy the speed and convenience of fintech-driven transfers while benefiting from the security and reliability of a trusted bank. Say goodbye to hidden fees, enjoy competitive rates, and experience a hassle-free and cost-effective remittance process.
Comparing SpeedSend to Other Options
To provide you with a clear picture of SpeedSend's advantages, let's compare it to other remittance services:
|
Criteria |
SpeedSend |
Fintech Services |
Traditional Banking Services |
|
Exchange Rates and Fees |
Competitive exchange rates and a flat RM10 fee |
Potentially favourable exchange rates but high/variable fees |
Competitive exchange rates and may subject to agent bank charges |
|
Speed and Convenience |
Instant transfers via CIMB Clicks & CIMB OCTO App, matching fintech speed |
Quick and user-friendly apps for speedy transfers |
Slower international transfers, less streamlined processes |
|
Safety and Assurance |
Assurance of a trusted bank with funds safeguarded throughout the process |
Concerns about safety and regulatory compliance |
Known for safety and regulatory compliance, but may lack speed |
|
Accessibility and Technology |
Modern technology with online and mobile app options |
Convenient digital platforms |
May have limited digital offerings, making online transfers less convenient |
Choosing the Right Option for You
Your remittance service choice should depend on your specific requirements. If you value the convenience of quick transfers, favourable exchange rates, and transparent fees, SpeedSend is likely the better choice. It's particularly suitable for those sending larger amounts or needing instant transfers to major destinations without worrying about fees.
The Smarter Choice: SpeedSend
It's time to rethink your approach to remittances. You get to enjoy the best of both worlds in terms of security from a bank service with the speed and affordability of fintech players. Don't settle for costly and cumbersome options when you can choose SpeedSend. Get more value for your money, enjoy the convenience of instant transfers, and say goodbye to unexpected deductions. SpeedSend is not just a service; it's a smarter way to remit money. So, why wait? SpeedSend it! Make the wiser choice for remittance today and experience the difference for yourself. Have you been remitting wisely?
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