How to deal with payment outside Malaysia

 Hi, there. For those who'd like to receive or send payment outside Malaysia.  In ordinary way, people would go to bank and do a telegraphic transfer (TT) but that would require a little admin fee plus it require longer transaction time which could take up more than 3 days to be completed.  

  Here are some faster way methods that i would like to share with you guys. 

Method 1: Paypal 

PAYPAL would look great in term of functionality. You can do send / receive money using email.  Or, you can create product order form , service subscription form using paypal and then place them on your website, app, messenger and etc.  All can be done in real time, directly into paypal account and then to your bank account.  

The plus point is that your sender no longer would need to open account with paypal account and just use their debit / credit card to transact with you.  That would be so simple. 

The drawback is that some countries like Turkey, still not yet supported by Paypal

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2nd Method : skrill 

         

Skrill is more or less the same as the paypal. But it does require strict application whereby you have to submit your ID photograph for verification. Plus it somehow lack of integration into different platforms like website, app, and etc.  It mainly act as e-wallet for you to shop online with their virtual debit card or with a physical debit card.  

Method 3 : Stripe

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Stripe is another similar payment gateway which look like paypal. It has a lot api or integrations on different platforms like website, app, plus many more.  This would be another best option other than Paypal if you are going to do e-commerce online.

Method 4 : Wise 

Wise is one of the cheapest ways of transferring money abroad. It has personal or business use. It does not charge you fee as high as (3%-5% of your transaction) like paypal, skrill, stripe do. It almost support all the countries worldwide including Turkey. The drawback is that it would require 2-3 days for transaction to be completed.

Method 4: Instarem 

Instarem is another similar type of Wise. But it has more options like FPX transfer or bank transfer. And yet it can be done within a day. 

Pay your subsidiaries, vendors, suppliers, and freelancers through low-cost money transfers and competitive exchange rates.

Receive business payment from oversea with Instarem. Simplify your global operations with Global Collection Accounts. Receive international payments in five foreign currencies (USD, EUR, GBP, SGD, HKD) as if they were local payments

 

Reference for you to apply for account above :

Maybank routing code : 026001287

Maybank swift code : MBBEMYKL