How has technology made money transfers cheaper and faster? Financial Technology—or simply FinTech—is the main reason for the decreasing costs and increasing speed of sending money to your loved ones. FinTech includes all types of innovation that help improve your experience in dealing with your finances, including saving, spending, and remitting.
MoneyMatch is a money transfer service that lets you transfer money from your bank account to your loved ones’ bank account in faster and cheaper way compared to banks. How are they able to keep the cost of money transfer low? Financial Technology!
MoneyMatch is the first to introduce e-KYC or electronic-‘Know-Your-Customer’ in Malaysia that allows you to digitally confirm your identity when signing up to the money transfer service. You can complete your sign-up all on your mobile device, anytime and anywhere with internet connection. The sign-up is quicker, and your application is approved within a day! You can forget having to print your paperwork, or going to a physical store or bank to get it done!
They are also able to offer lower fees and more competitive exchange rates compared to banks due to their ‘blockchain’ technology that help them cut their costs. This innovation allows you transfer money in a transparent and quicker way, with your money being received within hours. This is significantly faster than the SWIFT technology used by banks to transfer your money within 1-2 days.
Since its launch, MoneyMatch offers have grown from 100 users in 2017 to over 20,000 users in 2021. They have helped users send over 2.3 billion MYR. With MoneyMatch, you can transfer from Malaysia, Australia and Brunei to over 80 countries worldwide!
With MoneyMatch, you’re sure the amount you send over is what your family and friends will receive as all fees and charges are presented upfront.
Make sure you don’t miss out on our promo code to save on your first transfer. Follow these steps to join the thousands of users that enjoy no hidden fees:
- Download the MoneyMatch app or open the MoneyMatch website.
- Create your account and fill in your details. Have your ID ready for verification.
- Set how much you want to send
- Fill in your recipient’s bank account details and name
- Fill in your bank account details that you’re sending money from
- Confirm and pay to send money!
Click here if you want more step-by-step guide.
Article by Malorie Manaois, Financial literacy and remittances, SaverAsia
Posted 15th July 2021