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).
- Online (eforex.com.my)
- 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)
- Wisma GTK, Jalan Hang Lekiu, KL (Mon – Sun: 9am – 5pm)
- Damansara Intan (Mon – Sat: 9am – 5pm)
- Pavilion Mall (Mon – Sun: 10am – 9pm)
- Suria KLCC Mall (Mon – Sun: 10am – 9pm)
- KL Sentral Station (Mon – Sun: 10am – 7pm)
- Da Men Mall (Mon – Sun: 10am – 9pm)
- Taman Permata Giant Hypermarket (Mon – Sun: 10am – 8pm)
- Plaza Sungei Wang (Mon – Sun: 10am – 7pm)
- Senawang Giant Hypermarket (Mon – Sun: 10am – 8pm)
- MyTOWN Mall (Mon – Sun: 10am – 7pm)
- Puchong, Jalan Kenari 3
- Klang, Lorong Batu 3
- Seri Setia, Jalan SS3/39
- Bandar Baru Ampang, Jalan Wawasan Ampang 2/1
- Kota Damansara, Jalan TSB 10A
- Kajang, Jalan Sulaiman
- Rawang, Jalan Bandar Rawang 1
- Seremban Jln Dato’ Bandar Tunggal
- Banting, Jln Sultan Abdul Samad
- Nilai, Taman Semarak 2
- Alam Megah, Jln Perepat 27/95, Seksyen 27
- Kampung Baru Subang, Jln Besar
- Shah Alam, Jln Teraju 25/67, Seksyen 25
- Kapar, Jln Raja Mokhtar
- Balakong, Medan Taming Tiga
- Dengkil, Pusat Perdagangan Deluxe
- Bukit Sentosa, Jln Orkid 1D/1, Seksyen BS 1
- Pandamaran, Jln Selat Selatan 5A
- Sungai Buloh, Jalan Public
- Puncak Alam, Pusat Perdagangan Alam Jaya
- Batu Caves, Jln SBC 1
- NU Sentral (Celcom Blue Cube)
- TTDI (Celcom Blue Cube) (Mon – Sat: 9am – 5pm)
- Damansara City Mall
Full deatils of Pickup Locations (eforex.com.my)
- Q: Can you sell currency via eForex?
Full list of FAQ (eforex.com.my)