Finance hacks – dealing with exchange rates

17 February 2023

In your application process to migrate overseas, there will be a significant amount of fees payable in foreign currencies. This can be tricky, given that our ringgit is comparatively very weak in relation to the currencies you would like to purchase. If you were to use your credit card, you may be charged bank fees PLUS network fees, all of which will push up the costs even more.

The most cost-effective way I have found thus far is to make these payments via BigPay. BigPay is a prepaid debit card that offers the most competitive exchange rates at time of writing. If anyone knows of a better option, please let us know!

For those who have yet to sign up for a BigPay card, do remember to ask your friends for a referral code. Using the code would entitle you and your friend to a MYR5 referral reward. Otherwise, feel free to use mine YCOTWFVLPI

After settling all your applications and before you board the one-way flight to your destination country, you might also need to transfer funds to the foreign account in advance. While BigPay is an option, we have found that Wise (previously TransferWise) occasionally gives better bank-to-bank transfer rates. Wise can also be used to remit money home once you are working abroad. As usual, be sure to enter a referral code when you sign up to get a fee-free transfer of up to MYR2,500. Otherwise, my referral link is https://wise.com/invite/ata/zhongg8.

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