MoneyMatch Transfer Platform

Frequently Asked Questions

Select Type: General | Business

Basic Information


We are a Financial Technology company regulated by Central Bank of Malaysia (Bank Negara Malaysia) providing digital cross border remittance services.

We are an approved participant in the BNM Regulatory Sandbox enabled by the Financial Technology Enabler Group (FTEG). MoneyMatch follows strict adherence to all relevant laws and regulations, with emphasis on the following statutory instruments:

  • Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613)
  • Money Services Business Act 2011
  • Personal Data Protection Act 2010

MoneyMatch offers competitive exchange rates in comparison with the local banks with no hidden fees or charges.


Sign Up Process


Sign up for a new account on https://transfer.moneymatch.co/ or on MoneyMatch app.

You will also have the option to register using your Facebook or Google+ account.

As a Financial Technology company regulated by Central Bank of Malaysia (Bank Negara Malaysia), we would need to verify the identity of the person transferring the money.

Notice to Customer
(Remittance Service)
Customer Due Diligence (CDD) is a requirement under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and Money Services Business Act 2011 (MSBA). CDD shall be conducted on customer conducting any transaction.

Download the mobile application and create/login to your account.

1. Complete your profile
Fill in basic information and tap "Next". You will be required to verify your phone number and email ID.

2. Kindly initiate an eKYC application
Tap on "Verify MoneyMatch Account" > "Online Verification" > "Next"
You will be prompted to snapshot a front and back photo of your IC or passport(with valid visa/work permit). The rest is easy – simply follow the steps on your screen to complete verification!

To ensure a smooth e-KYC experience, kindly prepare the following:

  • Grant permission/access to microphone, camera and notification access on the application
  • Keep original documentation ready (Kindly refer to Question: "What do I need to prepare to verify my account?" below)

Please note that photos have to be of the original document. Scanned/ digital/ laminated copies, partial documents/ documents which have been edited or tampered with will not be accepted.

e-KYC is a ""Know-Your-Customer"" verification process that is conducted digitally via the MoneyMatch mobile app. This process can be completed anytime and anywhere with an internet connection. Once completed, it may take up to 1 business day for the application to be approved.

To initiate an e-KYC application, you would need to download the mobile application and login to your account.

Offline verification is only applicable for business users. Kindly refer to the question above for details on online verification for individual users.

We accept the following original documents for the e-KYC verification.

For Malaysians:-
  • National Identity Card (Mykad)
For Non-Malaysians:-
  • Passport (photo page only) and,
  • Valid Malaysian Visa/Work Permit OR Permanent Residents Card (MyPR)
When taking pictures of your document, kindly ensure:
  1. Your details match those on your MoneyMatch account profile.
  2. The photo of your document is of high quality and coloured.
  3. All details of the documents are clearly visible and within frame.
  4. The picture taken of the documents are original copies (digital/ photocopies of the documents are not permissible)

You can only open one account (per person/business). You can send funds of different currencies abroad using one account (personal or business) for your own personal/business purpose.

Kindly contact us at +603 2771 6283 or email us at hello@moneymatch.co for further assistance.

Personal accounts should be used for personal purposes only and business accounts should be used for business purposes only.


Transfer Amount Limits


The minimum amount per transaction is RM500.00

The maximum limit is set at RM30,000.00 per day and RM1 million a year for personal accounts.


Transfer Fees


There is an RM8 fee if you're sending money in the native currency of the country (for example SGD to Singapore, AUD to Australia)

We charge an RM88 fee if you're sending money in the non-native currency of the country (for example USD to Singapore, USD to the UK)

We would bear the SWIFT charges involved in the transactions for native currency payout only. If the recipient received less, kindly contact us at operations@moneymatch.co for further assistance and kindly indicate your order ID.

However for non-native currency payout, a handling fee may be imposed by the receiving/intermediary bank to be borne by the recipient.


Rates


The exchange rate is locked upon order creation. This agreed upon rate will be reflected on your dashboard and remittance receipt.

MoneyMatch ensures that the rates provided are significantly lower than what banks or other money transfer services can offer.

Rates on the MoneyMatch Transfer page are updated on every 15 minutes interval.

By being a fully digital platform, MoneyMatch keeps all operational costs low and passes this cost savings back to customers.


Currencies/ Destinations Available


For native currency transfers, we are only able to facilitate transfers to the following destinations/ currencies:

Destination Currency
Australia MYR - AUD
Japan MYR - JPY
Single Euro Payments Area (SEPA) MYR- EUR
United States of America MYR- USD
Canada MYR- CAD
Nepal MYR- NPR
Sri Lanka MYR- LKR
Vietnam MYR- VND
China MYR- CNY
New Zealand MYR- NZD
Switzerland MYR- CHF
Hong Kong MYR- HKD
Philippines MYR- PHP
Thailand MYR- THB
India MYR- INR
Saudi Arabia MYR- SAR
United Arab Emirates MYR- AED
Indonesia MYR- IDR
Singapore MYR- SGD
United Kingdom MYR- GBP

For non-native currency transfers, kindly reach out to hello@moneymatch.co for further assistance.

You can send money to anyone with a bank account to the countries MoneyMatch supports.

Destination Currency
Australia MYR - AUD
Japan MYR - JPY
Single Euro Payments Area (SEPA) MYR- EUR
United States of America MYR- USD
Canada MYR- CAD
Nepal MYR- NPR
Sri Lanka MYR- LKR
Vietnam MYR- VND
China MYR- CNY
New Zealand MYR- NZD
Switzerland MYR- CHF
Hong Kong MYR- HKD
Philippines MYR- PHP
Thailand MYR- THB
India MYR- INR
Saudi Arabia MYR- SAR
United Arab Emirates MYR- AED
Indonesia MYR- IDR
Singapore MYR- SGD
United Kingdom MYR- GBP

At the moment, recipients are required to have a bank account in the receiving country in order for the transfer to be successful.

Personal account users can send money from a bank account that is registered under their name only.
Business account users can send money using a bank account that’ is registered under the business name only.

Kindly note that third party transfers are strictly prohibited on our platform.


Payment Options


You can send money using a bank account that’s registered under your name only.

You can send money from your joint account only if your name is registered as the primary account holder.

At the moment, we can only accept payment via bank transfers.

At the moment, we can only accept payment via bank transfers. Cheques are for business accounts only.


Payment Process


For Direct Transfers, it typically takes 1-2 working days to reach the recipient. The time it takes depends on the currencies involved, bank holidays and weekends in both the sending and receiving countries. Please note that we can only send or receive your money during regular banking hours.

Orders with completed documentation placed after our operational cut-off time (2pm) will be processed only the next working day.

For transfer amounts above RM5,000, you are required to submit documents to support your order. Broadly, the types of documents requested are:

  • Purpose of transfer: Documents to support your purpose (examples can be invoices, education institution's offer letter etc.)
  • Source of funds: Documents to support your transfer amount (examples can be a bank statement, payslip etc.)

Documents are generally requested on an one-off basis for identical transfers.

However, do note that this is a general guidance only. We may on a case-by-case basis require additional information/documents. In which case, you will be contacted via email.

You can view the status of your transfer on your user dashboard.

You will receive an email notification from MoneyMatch if a transaction is unsuccessful. As soon as the funds are returned to our account, we’ll get in touch with you for further instruction. Please note that it can take up to two weeks for the receiving bank to return the money to us. The receiving bank may also charge a processing fee, hence the amount returned may be slightly lower than the amount originally sent.

Kindly email immediately operations@moneymatch.co or reach out to customer service/support (+603-2771 6283) for further assistance.

Your transfer order expires 24 hours after the order is created.

Yes, you can. This action can be performed on your user dashboard.

It depends on the status of your current order. Kindly note that multiple cancellations of deposited orders may result in the permanent rejection of your account at the discretion of MoneyMatch management team.

Please contact our customer service/support (+603-2771 6283/email operations@moneymatch.co) for further action.


Referral Program


Every friend who you refer to MoneyMatch using your unique referral code will receive a discount code on their first transfer! Once they have completed their first transaction, you will be rewarded as well!

There are two types of coupon codes involved - the referral code and the reward code.

Your referral code is applicable only for your friends whom are making their first transfer on MoneyMatch.

Your reward code is applicable only for you, and is earned when you make a successful referral.

Both can be found on your user dashboard. Your referral code is generated upon completing your account verification, and your reward code is generated upon a successful referral (a fully processed transaction).

Get your friends to apply your referral code on their very first transfer.

They would need to enter your referral code in the coupon code field in Step 4 of their first transfer order creation. This will automatically apply a discount on their transfer fees.

This will only work if your friends have signed up for a MoneyMatch account and have successfully completed account verification.

You will be rewarded with a reward code for every successful referral.

This reward code is separate from your referral code, and it will be displayed on your user dashboard after a successful referral.

Only you can use your reward code.

It is valid for one-time usage with each successful referral. To earn more reward, simply refer more friends!

New MoneyMatch users whom apply your referral code on their first transfer.

New MoneyMatch users whom apply your referral code on any orders after their first transfer.

New MoneyMatch users whom apply your referral code on a refunded/cancelled transfer.

  • Referral codes are the ones your friends use, and reward codes are the ones you earn and for you to use only.
  • To count towards your referral reward, each friend who uses your referral code has to complete their first transaction to be considered as a successful referral. A transaction that is cancelled or refunded will not be considered as a successful referral.
  • Friends using your referral code on their first transfer will receive a discount on their first transfer fee. This amount may vary according to our promotional periods, but we will make sure that it is a fair reward.
  • You cannot apply your own referral code on your own transfer.
  • Referral codes are only applicable to first-time transfers, and not on any subsequent transfers.
  • Referral codes are applicable for one-time use per user only. For example, your friend A, friend B, friend C and so on can all use your referral code, but they can only use it once.
  • (ONE) successful referral gets you (ONE) reward code.
  • Only you can apply your own reward code; no one else can apply your reward code on their transfers.
  • Your reward discount will only be applied if and when you enter it in the coupon code field in Step 4 of your transfer order creation.
  • If you have a reward code and choose not to utilise it on your next transfer, it will still be valid for your future transfer(s), in accordance with how many successful referrals you’ve made.

Yes, the referral code you see on your current dashboard is a new one you can share with your friends. When they make a successful transfer, a new reward code will be automatically generated for you and displayed on your dashboard.

Notwithstanding, your old reward code (which looked like REWREFxxxx) is still applicable if you have done a successful referral in the past.


Security And Safety


As a regulated entity, MoneyMatch is strictly regulated by Bank Negara Malaysia under the Financial Technology Regulatory Sandbox to provide an online platform in the supply of money remittances via MoneyMatch Transfer.

Our security measures include bank level anti-phishing login features as well as a highly secure verification procedure. We would not share your personal data for any other reasons unrelated to your transaction, and all our security measures and procedures are in place to help protect your account from any unauthorised access.


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