It’s not (yet another) forex scam but a legit way to change money for your travel and business purposes online.
What and Who is eForex
What is eForex
- An online Foreign Currency Exchange service.
- Offers convenience and flexibility for forex exchange to travel overseas.
Who operates eForex
- eForex is operated by Merchantrade Asia which is the largest money services business providers in Malaysia.
- Merchantrade is in over 300 locations in Malaysian and 200 countries globally.
How eForex Works
- Register for eForex.
- Buy currency.
- Payment via direct bank credit (FPX / MEPS).
- Pickup / receive delivery.
Min order limit
- RM300 per transaction
Max order limit
- Personal Account: RM30k daily / RM200k monthly
- Corporate Account: RM150k daily / RM600k monthly
eForex Pros and Cons
- Convenient to check current rates offered online.
- Immediate lock-in of the rates online.
- Feature for pricing alerts when your currency reaches a specified price.
- Feature for travel alert reminder.
- Free (currently) Premier Delivery Service to deliver to a pre-registered address in Klang valley for min RM10,000 exchange.
- The rates are competitive but you are likely to get better rates if you shop around other money exchange providers.
- When the funds are available for pickup or delivery is on “best available” basis (some have reported takes up to 3 days).
- Limited eForex pickup and delivery locations (to their credit, pun non intended, locations are increasing over time)
- Delivery requires passing Customer Due Diligence (CDD) process which involves documents submission, an approved location, AND performing the 1st transaction via branch collection.
- Delivery service only on weekdays 10am – 5pm.
Overall: A convenient way to save time checking, exchanging, and receiving money if you do not mind not getting the absolutely best rate. (Currently available only for Klang Valley).