Due to COVID-19, many people face difficulties in their financial situation. Some people might have been furlough for a long period or worse, have been forced to resign from their job without any compensation benefits given.

They probably don’t have a stable income to support their family for the next few months until they are able to secure a new job. Even more so when they have a heavy responsibility to transfer money from Malaysia to feed their families back home (overseas). Recalculating expenses to transfer more for the needs of their families becomes burdensome at the same time maintaining self-expense.

Thus, this article will help ensure that you are not spending extra money on hidden fees while transferring money to your loved ones back home.


1. Identify which company you desire to use their services and list them

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Browse in search engines such as Google, Baidu, Naver, Yahoo!, and others to find out which agency or company offered to transfer money overseas. Typically, the leading brands will always appear in advertisements but keep in mind to search for more options and make sure it is a legit website to avoid scammers.


2. Comparing the foreign rate and transferring fees in Microsoft Excel

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Once you have listed which companies you are interested in, you may create a simple table as in the picture below. You can list any criteria that you wanted to compare which might include the fees, exchange rate, period to transfer, and others.

Example of comparing in Microsoft Excel:

 Stated FeesHidden Fees
  MoneyMatchRM 8
  Bank CRM 35RM 125
  Bank PRM 32RM 125
  Bank RRM 27RM 125
  Bank MRM 30RM 125


3. Contact support to do further checking if they have additional fees and other conditions apply

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Next, you may contact the customer support if you need more information or have any inquiries which are not available on the company’s website. For example, if there are any vouchers available at that moment. In fact, they have a wealth of information if you ask them nicely!


4. Be prepared for new changes!

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Once you are satisfied with your comparison, do sign up and transfer the money. Most people do not want to change their current medium to transfer the money as they get comfortable and nobody likes changes. However, you have to remind yourself that you are needed to spend only on what you need.

Making a smart decision is necessary during this moment. Besides that, it helps you to manage your finances better and keep your family members happy as well. Therefore, be smart and stay safe during this pandemic situation.  

All the best!