Best Remittance Referral Codes Malaysia 2026
2 BNM-licensed platforms · Both offer free first transfer · Updated Apr 2026
Key insight: Both Wise and Instarem offer a free first transfer via referral. Sign up for both — use Wise for Western transfers, Instarem for Asia-Pacific transfers. The difference in rates can save hundreds of ringgit per year.
Wise (formerly TransferWise) is BNM-licensed and publicly listed (LSE: WISE). The referral link gives a free first international transfer — the Wise service fee is waived entirely. Wise uses the real mid-market exchange rate. Strongest for transfers to UK, Europe, USA, Australia, Canada. Handles 50+ currencies.
Best for: UK, Europe, USA, Australia transfers — MYR to GBP, EUR, USD, AUD
Link-based referral (no code field)
Free first transfer
Get code →Instarem (code wn2gtq) is BNM-licensed and backed by Nium, a global payments unicorn. Free first transfer with referral code. Instarem specialises in Asia-Pacific corridors — frequently the cheapest option for MYR to INR (India), PHP (Philippines), IDR (Indonesia), BDT (Bangladesh), VND (Vietnam). Supports 60+ destination currencies.
Best for: India, Philippines, Indonesia, Bangladesh, Vietnam transfers
Code: wn2gtq (all lowercase)
Wise vs Instarem — Feature Comparison
| Feature | Wise | Instarem |
|---|---|---|
| BNM license | Yes (MSB) | Yes (MSB) |
| Referral reward | First transfer free | First transfer free |
| Best for | UK, Europe, USA, Australia | India, Philippines, Indonesia |
| Exchange rate | Real mid-market rate | Near mid-market rate |
| Currencies supported | 50+ | 60+ |
| Transfer speed | 1–2 business days | 30 mins – 2 days (varies) |
FAQ
Which is cheaper — Wise or Instarem for sending money from Malaysia?
It depends on the destination. For transfers to India, Philippines, Indonesia, and Southeast Asia, Instarem is typically cheaper. For transfers to UK, Europe, USA, and Australia, Wise is typically cheaper. Both are far cheaper than bank wire transfers. The best approach: check both platforms for your specific corridor and amount before sending.
Can I use both Wise and Instarem referral codes?
Yes — you can sign up for both platforms and get a free first transfer on each. Use Wise's referral link for your first Western transfer and Instarem code wn2gtq for your first Asia-Pacific transfer. Both are free to sign up for and have no monthly fees.
Are Wise and Instarem safe to use in Malaysia?
Yes. Both are licensed by Bank Negara Malaysia (BNM) as Money Services Businesses (MSB). Wise is publicly listed on the London Stock Exchange (LSE: WISE). Instarem is operated by Nium, a global payments company with licenses in 30+ countries. Your funds are held in segregated accounts under both platforms.
How much do banks charge for international transfers from Malaysia?
Malaysian banks typically charge RM5–RM50 flat fee per transfer plus a 2%–4% exchange rate markup above the mid-market rate. On a RM10,000 transfer, that's RM200–RM400 in hidden exchange rate costs plus the flat fee. Wise and Instarem charge 0.3%–1.5% total — saving you RM150–RM350 on the same transfer.
What is the maximum transfer amount via Wise or Instarem from Malaysia?
Transfer limits depend on your verification level. After standard KYC (MyKad + bank statement), Wise allows up to RM100,000+ per transfer. Instarem has similar limits. For very large transfers (RM50,000+), additional documentation may be required (source of funds declaration). Both platforms comply with BNM's foreign exchange transaction rules.