Everyone is probably familiar with Wing. But there are another five providers offering the same cash transfer service. We tried them all out.
Finding an agent
First, Wing charges a premium, but it’s worth the money. While most providers have a lot of locations, you might have to try two or three before you can find one that actually serves you. One problem is that some agents no longer offer the service, but don’t bother to remove the sign. The online directories on the provider websites aren’t really up to date either. Another issue we encountered is that, at some agents, they didn’t know how to operate the machine. And finally, not all agents have what I would consider consumer-friendly opening hours, ie they’re closed on weekends. Only Wing and AMK seemed to be easy to find and also have competent staff.
We contacted all agents through Facebook to ask some questions (except Wing, because there was nothing to ask). They were generally very responsive, except for True Money, which took several days to respond. But when we had follow-up questions, they all of a sudden were much quicker to reply. AMK also replies to emails, True Money doesn’t. We didn’t try emailing the other providers.
Actually transferring money
As for the actual service procedure, it’s very much the same for all the providers. We compared the case where neither the sender nor the receiver have accounts. If either the sender or both the sender and receiver have accounts, the fees will be different (and you can use apps instead of going to the agent). Below is an overview of the number of locations and fees. The location numbers are just approximations. For the fees, we assumed three cases, ie. sending $20, $100 or $1000. Detailed fee tables are available online, except for Asia Wei Luy, where we had to inquire.
|Name||Locations||$20||$100||$1000||Detailed fee table|
|Asia Wei Luy||867||$0.50||$1.00||$2.00||<=$50:$0.5, <=$500:$1, >$500:$2|
For convenience, here’s the same table as an image