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:

    <