Service That Is Good for Transferring Money Overseas?

fishka2 on 13/04/2023 - 13:20
Last edited 13/04/2023 - 14:00 by 1 other user

Does anybody know any service that is good for transferring money overseas? In my case Embassy in Malaysia.

I tried Remitly but they only allow transfers to private persons. I also tried Western Union, Instarem, Travelex but it seems impossible to prove identity to them. I filled all the DL details and crossed my fingers hoping they’d be safe, but dude came back with a demand for pictures of me in person holding my DL, which is obviously a no go for safety reasons. Then they tell me that Illion couldn’t confirm my identity, which is kinda ridiculous because illion is a credit agency, not identity service (mind you my illion account doesn’t show any requests from them and my rating is perfect).
Something really fishy going on.

Please help to find a reputable service.

Financial Money Transfer

Comments

  • PissLUR on 13/04/2023 - 13:32
    +7

    Wise

    • FirstWizard on 13/04/2023 - 13:41

      I've used Both Wise and Revolut, and they have great exchange rates and transfer processes within hours (depending on the country, though)

    • chet on 13/04/2023 - 14:24

      +1 for Wise. Transfers are usually very fast. Also, travelling with a Wise card is super convenient.

    • parsimonious one on 14/04/2023 - 10:12

      +1 another vote for wise from me

    • dcep on 22/04/2023 - 16:13

      do you need to verify photo ID for everytime you send money ?

  • FirstWizard on 13/04/2023 - 13:52

    So I think until we have a better way to solve the problem of how to properly verify IDs online, we would just have to trust the company requesting this data or not use their services.

    • djsweet on 13/04/2023 - 14:09
      -3

      Probably a Govt based digital identity system would solve a lot of these problems. They already hold all your identity docs anyway, and if they can just verify you to a 3rd party without you having to provide the 3rd party with copies of all your ID docs, then it would save a lot of hassles and identity theft.

    • fishka2 on 13/04/2023 - 17:15

      Digital ID with Australia post?..
      And I think everyone should protest this trend of picture verification, then maybe they’ll give up. Cz it’s truly unsafe, against any privacy and utmost ridiculous

      • FirstWizard on 13/04/2023 - 23:52
        -1

        Problem with just using the details on the card is anyone who has your driver licence details can use it to complete ID verification.

        If your ID details were leaked in one of those hacks (and you haven't replaced the licence yet) or if someone has stolen your wallet they would have the info necessary. So just validating the card details is not secure at all.

        The photo of you holding the ID is not something that an ID thief would normally have (unless they go to other measures).

        MyGov ID which is used for government services (not yet mandatory for signing into My Gov yet, but I think it soon will be) also uses the app to take a selfie of you and verifies it against your pics in government databases.

        So the question is, if you trust them to delete that photo after they've used it. I doubt it.

        I'm not sure how auspost Digital ID works. But unless it requires you to go into a post office to activate your account, and use a password and a second factor that is not an SMS, I don't think it's a perfect system either.

  • AustriaBargain on 13/04/2023 - 13:52

    Wise for sure.

    I remember when I was a kid I trusted some non mainstream service to transfer 6k and the Indian guys running it tried to keep my money. I basically had to scam it back from them. I can't believe I was ever so young and naive..

    • zonra on 13/04/2023 - 14:50
      +2

      Probably off topic from the OP but I want to hear this story.

      • jackary on 13/04/2023 - 19:29

        Seconded

  • Flying Ace on 13/04/2023 - 14:47

    Another vote for Wise. Have used them to transfer money to Vietnam and the money was in the recipient's account in minutes.

    • Venustrap87 on 22/04/2023 - 16:31

      Dos the other person need to open a wise account ? Or dos it go straight to the country’s bank account

  • kekw on 13/04/2023 - 14:55

    Wise and Wise only.

  • jizmo on 13/04/2023 - 16:55

    Citi bank is cheaper than Wise for small transfers, Not sure where the break point is and Wise works out better, But Citi pays about 1- 1.5%% less on real rate but no fees, so small $500 AUD transfer you're about $10 better off with Citi.

    • dcep on 13/04/2023 - 18:04

      are you referring to citibank global accounts that no longer available for new application?

      not sure how much longer citibank will be around as NAB plan to integrate them within over the years.

    • fishka2 on 13/04/2023 - 18:07

      Citi only transfers 10 major currencies; unfortunately malaysian isn’t one of them. I guess one can send dollars and local bank will convert, but in my case Embassy only accepts correct amounts in local currency, so this won’t work for me.
      P.S. For those who don’t know. Citi has been taken over by NAB and is now removing a range of excellent products that Citi was known for, eg. Global currency accounts, Major currency accounts, etc. Pity really, used to be a great bank full of features.

  • fishka2 on 13/04/2023 - 18:28

    To all who vote, root and toot for Wise. Thanks of course, but they ask for ID pix as well😔. Well, at least they don’t ask for selfie…. yet

    • dcep on 22/04/2023 - 15:45

      I just created wise acct and tried to send money but it asks for selfie.

      Use your phone to verify your identity
      Choose how to get a link, so you can take pictures of your document and face with your phone.

      • fishka2 on 23/04/2023 - 08:44
        +2

        I think I’ve figured way around it. Gotta open UP bank account and verify normal way with DL. If you go to international transfer, they will take/link you to your Wise account but you don’t have to send pictures anymore because ur considered verified. I recon it’s better cz at least UP is owned by NAB

  • fishka2 on 13/04/2023 - 18:32

    By the way it’s both Govt and banks’ advice not to give details of your ID cards to anyone. And yet they justifiably require to prove one’s identity for international transfers. Catch 22 I guess 🤷‍♂️

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