Step-By-Step Guide Regarding how to Give Your Family members In Malaysia An eAng Bao This Lunar New Year

This year's Lunar Year celebration will be unlike any we have ever experienced.

Traditionally, a lot of us take an extended period away from work to celebrate Lunar New Year with our family and family members. Including using a big reunion dinner together, multiple home appointments with both sides from the family, exchanging oranges and auspicious greetings together, and of course, overindulging in Lunar Year goodies! Unfortunately, none of this can occur this season.

For those of us who've families and loved ones in Malaysia (and other countries), the tradition of returning to our hometowns to celebrate also cannot happen due to COVID-19 restrictions.

While it might not be easy to gather with our loved ones across the strait, we are able to still share one part (for some, this can be the most crucial part!) from the Lunar New Year tradition with our relatives abroad: gifting an ang bao or red packet. Although ang baos are traditionally physically exchanged, hand-to-hand, we now have the choice to use digital cash transfer services to transmit an 'eAng Bao'. You may also gift an eAng Bao to someone in the same country while you. This digital exchange may be the safer and much more convenient option during these challenging times.

One such platform that gives this service is InstaReM – a Singapore-headquartered digital cross-border payments company which was were only available in 2021. Having a presence in over 100 markets across the Asia-Pacific, North America and Europe, InstaReM allows you, as an individual or business, to make money transfers internationally inside a quicker, easier, and more cost-effective way than banks or traditional remittance companies.

Step 1: Register Using InstaReM.

If you have not already signed up with InstaReM, you can do so online today. To have an added bonus, create a transaction using the DollarsAndSense promo code – DNS15 – to enjoy one more S$15 whenever you make an initial transfer of at least S$1,000.

For easier sign-up, you are able to supply the personal information needed via MyInfo. Simply log on to your SingPass to proceed.

Once this is accomplished, the data required for your registration is going to be automatically prefilled. Complete the remaining information needed and submit your application. This shouldn't take more than a minute. Once submitted, you'll be informed that your registration is either approved or under review.

Unless there is something that is flagged out throughout the registration review, you will receive an InstaReM email regarding your account confirmation quickly. For all of us, we receive the confirmation email almost immediately.

Step 2: Login To Your InstaReM Account And choose “Send Money Overseas”

Step 3: Complete Your Recipient Details

This is where you will have to complete the facts of your recipient. It's relatively straightforward, but here are some things to note:

– Your recipient doesn't have an InstaReM account but is required to have a banking account in the country that they are in.

– For bank account details if you select “Bank Deposit”, you'll need 1) name from the bank 2) SWIFT (which may be listed or auto-filled knowing the name of the bank) and three) bank account number.

– You'll need other basic information such as the legal name of your recipient, contact details and email.

– Recipients in Malaysia can receive your funds in Malaysian Ringgit (MYR).

– You may also transfer funds straight to the financial institution account associated with your recipient's Visa Debit Card. You can do this by selecting “Debit Card” under the Recipient Receiving Option. Transfers designed to a Visa Debit Card happens instantaneously, so this technique is useful in case your recipient is in urgent need of funds.

Step 4: Transfer For your Recipient

Once your recipient is added, you can indicate the transfer amount. Do observe that the minimum amount for every transfer is S$100, including the transaction fee for InstaReM.

You can see the details from the transfer too.

One thing we love to about InstaReM is how competitive their minute rates are. For instance, in the point of transfer, the SGD/MYR rate is 3.0488 on Bloomberg, while InstaReM does the exchange at 3.0447. That meant we were getting a rate similar to exactly what the foreign exchange spot rate was. And unlike services provided by other providers who've hidden charges, InstaReM assures that recipients will get the precise amount stated.

InstaReM is transparent with its fees and you may see how much they're charging you for their service and also the exact amount your recipient gets. In our case, it's 295.37 MYR.

Step 5: Verify the transfer

You can pick to supply the origin fund via PayNow or bacs. We selected PayNow because it is more convenient. You will be asked to verify the transfer through the usual OTP process. Insert the InstaReM verification code delivered to your mobile number and email.

Once done, you're going to get instructions regarding how to transfer the funds to InstaReM. Scan the PayNow QR code with your mobile banking app in which you wish to fund the transfer, and effect the payment. Once paid, provide the payment reference number to InstaReM and submit.

According to InstaReM, funds will be transferred to a recipient inside the 24 hour if the Bank Deposit technique is chosen; or real-time when the Debit Card method is chosen. So, if your intention is to give an eAng Bao on the specific day (e.g., Lunar New Year Day 1), then InstaReM is the right platform to make use of.

Besides Malaysia, you should use InstaReM to make fund gets in a variety of countries via various currencies.

Regardless of where your loved ones and family members may live, and also the type of foreign currencies that they prefer, you may still offer an eAng Bao to them, safely and in time for Lunar Year!

Stay safe during this festive season!

For DollarsAndSense readers, you are able to sign up with InstaReM today. Use the Promo Code [DNS15] to get S$15 when you make an initial change in a minimum of S$1,000.