eForex Online Money Exchange

2017-04-12T11:37:39+08:00By |Forex / Ringgit|

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

  1. Register for eForex.
  2. Buy currency.
  3. Payment via direct bank credit (FPX / MEPS).
  4. Pickup / receive delivery.

Min order limit

  • RM300 per transaction

Max order limit

  • Personal Account: RM30k daily / RM200k monthly
  • Corporate Account: RM150k daily / RM600k monthly

 

Supported currencies

 

eForex Pros and Cons

eForex Pros

  • 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.

eForex Cons

  • 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).

Get eForex

  • Apps:

  • Online (eforex.com.my)

FAQ

  • Q: Are there any fees for ‘Premium Delivery Service’?
    There is currently no fee imposed for the ‘Premium Delivery Service’. There is a possibility they may start charging in the future (and will be subject to GST)
  • Q: Who can receive the currency during delivery?
    Currencies will be delivered to you directly unless you have specified a representative to receive the currency on your behalf. ID and transaction pin number is required.
  • Q: What are the eForex pickup locations?
    Note: Days and times are Mon – Sun: 9am – 5pm (unless stated otherwise)

    1. Wisma GTK, Jalan Hang Lekiu, KL (Mon – Sun: 9am – 5pm)
    2. Damansara Intan (Mon – Sat: 9am – 5pm)
    3. Pavilion Mall (Mon – Sun: 10am – 9pm)
    4. Suria KLCC Mall (Mon – Sun: 10am – 9pm)
    5. KL Sentral Station (Mon – Sun: 10am – 7pm)
    6. Da Men Mall (Mon – Sun: 10am – 9pm)
    7. Taman Permata Giant Hypermarket (Mon – Sun: 10am – 8pm)
    8. Plaza Sungei Wang (Mon – Sun: 10am – 7pm)
    9. Senawang Giant Hypermarket (Mon – Sun: 10am – 8pm)
    10. MyTOWN Mall (Mon – Sun: 10am – 7pm)
    11. Puchong, Jalan Kenari 3
    12. Klang, Lorong Batu 3
    13. Seri Setia, Jalan SS3/39
    14. Bandar Baru Ampang, Jalan Wawasan Ampang 2/1
    15. Kota Damansara, Jalan TSB 10A
    16. Kajang, Jalan Sulaiman
    17. Rawang, Jalan Bandar Rawang 1
    18. Seremban Jln Dato’ Bandar Tunggal
    19. Banting, Jln Sultan Abdul Samad
    20. Nilai, Taman Semarak 2
    21. Alam Megah, Jln Perepat 27/95, Seksyen 27
    22. Kampung Baru Subang, Jln Besar
    23. Shah Alam, Jln Teraju 25/67, Seksyen 25
    24. Kapar, Jln Raja Mokhtar
    25. Balakong, Medan Taming Tiga
    26. Dengkil, Pusat Perdagangan Deluxe
    27. Bukit Sentosa, Jln Orkid 1D/1, Seksyen BS 1
    28. Pandamaran, Jln Selat Selatan 5A
    29. Sungai Buloh, Jalan Public
    30. Puncak Alam, Pusat Perdagangan Alam Jaya
    31. Batu Caves, Jln SBC 1
    32. NU Sentral (Celcom Blue Cube)
    33. TTDI (Celcom Blue Cube) (Mon – Sat: 9am – 5pm)
    34. Damansara City Mall

    Full deatils of Pickup Locations (eforex.com.my)

  • Q: Can you sell currency via eForex?
    No

Full list of FAQ (eforex.com.my)

 

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