Should I use TikFX for money transfers?
Pros:
Cons:
Services Offered by TikFX
Official Website:
Tik FX Review: Executive Summary
TikFX is a great way to send money to family and friends from Malaysia and Singapore. There are not many global providers in these regions, unlike routes like UK-USA, and TikFX provides a solid alternative for banks with a smooth app and better transparency. With that being said, Competitor Wise is so incredibly bigger and cheaper and is supporting SGD and MYR transfers so we believe there is a better alternative here.
4
0Not Top 10 Ranked
Where is TikFX Available?
Our Top Rated TikFX Alternatives
The best TikFX alternative that enables to transfer money from Malaysia is Wise money transfer, a leader in online money transfers, remittances, and multi-currency accounts. Wise is the world’s largest online money transfer provider with hundreds of thousands of customer reviews.
But if you want a bigger list of great alternatives, check them out below:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
Is Tik FX Safe?
Company size:
Tik FX operates only in Singapore and Malaysia, sending money outwards to 14 Asian countries. Either bank-to-bank, to over 400 mobile wallets, or to over 130,000 cash pick-up points.
From the beginning, Tik FX has sought to lower operating costs, widen its geographic coverage and generate value at a technological level. Its ultimate goal is to become a professionally structured “Fast Transfer” proposition in both the regional and international market – and it seems to be achieving this by delivering 95% of payments to India and Europe by the next working day.
Tik FX were reported to be expanding their services to Hong Kong, UAE, Kuwait, Jordan and even the UK. However, we have not noticed any developments in the company’s global footprint over the last couple of years.
In 2020, Tik FX launched an integration with the Myinfo initiative launched by the Singapore Government. As a secure personal data platform, it makes registering for financial services in Singapore faster and easier. This can be particularly helpful, knowing that onboarding requirements can be significantly tougher in Singapore than other countries.
The firm is quite active on social media, posting daily updates on FX rates and notifying customers of any developments to its services. Its head offices are located in Bangar South, Kuala Lumpur.
Tik FX is part of theTranglo Group of Companies. Tranglo is an extremely well-established global remittance company. Founded in 2008, Tranglo has grown its presence considerably in Asia. They have been pioneers in the technology that makes cross-border transactions cheap, fast and secure. This is perhaps the biggest cause of Tik FX’s success.
Tranglo has 1,300 payout partners in 128 countries and has performed over 20 million transactions to the total value of $6.9 billion. Over the last two years, Tranglo has processed $2.9 billion — so growth has been exponential.
Awards:
There are no awards specifically relating to Tik FX. Tranglo actually sponsored and awarded the RemTECH Awards in 2018, highlighting their authority within the Asian remittance industry.
Conclusion:
Tik FX doesn’t have many reviews as a remittance company. There are however some reviews on Google Play Store concerning their services through the app alone.
The rating on Google Play is 4.4/5, which is generally considered as good. However, this does not in itself mean that Tik FX is a trustworthy company, as 188 reviews is not enough to make a decision and Google Play is not an ideal platform for review analysis.
TikFX Customer Reviews
Research:
Tik FX doesn’t have many reviews as a remittance company. There are however some reviews on Google Play Store concerning their services through the app alone.
The rating on Google Play is 4.5, which is considerably good. However, this does not mean that Tik FX is a trustworthy company, as 179 reviews is not enough to make a decision and Google Play is not an ideal platform for review analysis.
Conclusion:
As Tik FX utilises the same payment networks as Tranglo, it seems that the payments which are successfully made through the Tik FX app are delivered fast and reliably. The major issues seem to be on the front-end of the Tik FX app where some users are unable to set-up payments or use the app at all. Some users report expensive payment fees too.
It should be noted, with Google Play being the only source of customer reviews for Tik FX, it is difficult to judge how good the FX service is Although the existing reviews seem to be overall positive, saying that the service is easy and fast, it is important to keep in mind that the amount of reviews is not significant enough to know that they have not been faked and the service is truly reliable.
TikFX Exchange Rates & Fees
Fees:
Service fees for bank deposit is currently MYR 25.00, which equates to roughly USD $5.73. The fee in SGD is 8.50for Singapore users. However, fees for cash pickups have been reduced by 10% to increase competitiveness.
Exchange Rates:
The exchange rates have varied margins, so you will need to pay attention to each quote you’re given (it doesn’t say the mid-market rate next to it either).
A current example from the website quotes 1 MYR to buy BDT 19.2433. Currently, the mid-market rate is 1 MYR to BDT 19.5145. As we can see, this margin isn’t too bad. It may not be the best rate on the market currently, but these are relatively exotic currencies to be trading with a margin under 2%.
Conclusion:
Exchange rates are seemingly competitive, though they’re not transparent in the sense that you’re forced to calculate the margin yourself. There are fees for bank deposits and cash pickups, which is a somewhat outdated model in this industry.
TikFX Global Reach & Service
Research:
- Dedicated Dealer: No
- Offices: Kuala Lumpur and Singapore
- Ways to approach: Mobile app, website live chat
- Translations: No
- Accepts clients: Malaysia and Singapore
- Currencies Handled: 18
- Client reviews: 4.4 out of 5 on Google Play
Conclusion:
There are roughly 1,300 banks/wallets worldwide which are compatible with Tik FX, along with 130,000 cash pick-up points. Whilst there’s no bespoke service and the firm handles just 14 currencies, the global reach is generally satisfactory for the destinations that Malaysia/Singapore residents are sending money. Notably, payments are possible to both India and China are possible. i
Additional Functionalities
The Tik FX app is somewhat impressive, despite its apparent frequent updates. Registration is completely automated, where you simply scan your ID into the app and take a selfie video. The app provides a clear image of what rates you have access to and it’s easy to execute transactions.
Tik FX is more than just a virtual wallet, too. Customers can pick up their currencies at cash pick up points, of which there are over a hundred thousand around the world.
Conclusion:
There’s very little other functionality that Tik FX offers to customers other than its reasonably effective app. Of course, cash pick ups are useful and relatively novel for startups in this industry, but there’s no chance of hedging or business solutions with Tik FX.
TikFX Review Summary
Our Conclusions
Tik FX offers reasonable exchange rates for currencies (predominantly Asian) that aren’t always available at FX specialists. With a slick app and fast sign up process, you can easily transfer funds and even pick up the cash. Tik FX is somewhat reputable, though it lacks customer reviews and online presence. Overall, it’s a simple, limited service but is powered by a large remittance company in Trianglo and is a very valid option for Asian currency transfers for Malaysia & Singapore residents.