By Mohammed Waseem
Malaysia is a country which has a good number of foreigners working there. It is a country which has over 10 million expatriates who support their families by sending money to them back home. Merchantrade, a Malaysian money transfer company offers services to the expat community to transfer money internationally.
Merchantrade began as a calling card and payphone service provider and later began offering other services. Today, it is the most successful mobile telecommunication and money transfer service provider in Malaysia. They also offer services like online remittance, foreign exchange and mobile remittance. They have 62 branches across Malaysia and also have online services for anytime access. They call itself a service available for anyone residing in Malaysia.
Money transfer is available for major countries in Asia including India, Bangladesh, Nepal, Bangladesh, Philippines and Sri Lanka. They offer bank transfers to any bank in Indonesia, Philippines, India and Sri Lanka. In addition, they have access to over 170000 payout locations across Asia.
In order to send money, a user has to register online or visit a Merchantrade branch. For online transfers, users need to register on their website, prove their identity and then send money. They provide the exchange rates for various countries on their homepage, which makes it easier for the sender to make a choice. They have also provided details of fees for each transaction and delivery times, which makes the service more transparent. It usually takes between 1-3 days for the money to be delivered, depending on the country and transfer amount. Users can send money 8 times in a month and transaction limits apply depending on each country.
For personal transfers, senders have to visit any of the 62 Merchantrade branches or 60 agent locations across Malaysia and complete the sending procedure. Apart from these, they offer mobile money transfer through Doowit for money to be available for collection in person or as direct bank deposit. They also offer immediate money transfers through MoneyGram.
Overall, they seem to be a very good service which has huge potential. They have the potential to expand to other continents.