Step-By-Step Guide On How To Give Your Loved Ones In Malaysia An eAng Bao This Lunar New Year

05 Feb 2021
6 mins read
Written by Team Instarem

This article was written in collaboration with Instarem. All views expressed in this article are the independent opinion of based on our research. is not liable for any financial losses that may arise from any transactions and readers are encouraged to do their own due diligence. You can view our full editorial policy here.

This year’s Lunar New Year celebration will be unlike any we have ever experienced.

Traditionally, many of us take an extended period away from work to celebrate Lunar New Year with our family and loved ones. This includes having a big reunion dinner together, multiple home visits to both sides of the family, exchanging oranges and auspicious greetings with one another, and of course, overindulging in Lunar New Year goodies! Unfortunately, none of this can happen this year.

For those of us who have families and loved ones in Malaysia (and other countries), the tradition of going back to our hometowns to celebrate also cannot happen due to COVID-19 restrictions.

While it may not be possible to gather with our loved ones across the strait, we can still share one part (for some, this may be the most important part!) of the Lunar New Year  tradition with our relatives abroad: gifting an ang bao or red packet. Although ang baos are traditionally physically exchanged, hand-to-hand, we now have the option to use digital money transfer services to send an ‘eAng Bao’. You can even gift an eAng Bao to someone in the same country as you. This digital exchange is the safer and more convenient option during these challenging times.

One such platform that provides this service is Instarem – a Singapore-headquartered digital cross-border payments company that was started in 2015. With presence in over 100 markets across the Asia-Pacific, North America and Europe, Instarem allows you, as an individual or business entity, to make money transfers internationally in a quicker, easier, and more cost-effective way than banks or traditional remittance companies.

Read Also: 5 Things You Need To Know About Instarem Before Opening An Account For Your Overseas Money Transfer

Step 1: Sign up using Instarem.

If you haven’t already signed up with Instarem, you can do so online today. For an added bonus, make a transaction using the DollarsAndSense promo code – DNS15 – to enjoy an additional S$15 when you make an initial transfer of at least S$1,000.

For easier sign up, you can provide the personal details needed via MyInfo. Simply log on to your SingPass to proceed.

Once this is done, the information required for your registration will be automatically prefilled. Fill in the remaining information needed and submit your application. This shouldn’t take more than a minute. Once submitted, you will be informed that your registration is either approved or under review.

Unless there is anything that is flagged out during the registration review, you will receive an Instarem email regarding your account confirmation quickly. For us, we receive the confirmation email almost immediately.

Step 2: Login to your Instarem account and select “Send Money Overseas”

Step 3: Fill in your recipient details

This is where you will need to fill in the details of your recipient. It’s relatively straightforward, but here are some things to note:

– Your recipient doesn’t need an Instarem account but is required to have a bank account in the country that they are in.

– For bank account details when you choose “Bank Deposit”, you need 1) name of the bank 2) SWIFT (which would be listed or auto-filled once you know the name of the bank) and 3) bank account number.

– You will need other basic information such as the legal name of your recipient, contact details and email.

– Recipients in Malaysia can receive your funds in Malaysian Ringgit (MYR).

– You can also transfer funds directly to the bank account associated with your recipient’s Visa Debit Card. This can be done by selecting “Debit Card” under the Recipient Receiving Option. Transfers made to a Visa Debit Card happens instantaneously, so this method is useful if your recipient is in urgent need of funds.

Step 4: Transfer to your recipient

Once your recipient is added, you can indicate the transfer amount. Do note that the minimum amount for each transfer is S$100, including the transaction fee for Instarem.

You can see the details of the transfer as well.

One thing we like about Instarem is how competitive their rates are. For example, at the point of transfer, the SGD/MYR rate is 3.0488 on Bloomberg, while Instarem is doing the exchange at 3.0447. That meant we were getting a rate similar to what the foreign exchange spot rate was. And unlike services offered by other providers who have hidden charges, Instarem assures that recipients will receive the exact amount stated.

Instarem is transparent with its fees and you can see how much they are charging you for their service and the exact amount your recipient is getting. In our case, it’s 295.37 MYR.

Step 5: Verify the transfer

You can choose to provide the source fund via PayNow or bank transfer. We selected PayNow because it is more convenient. You will be asked to verify the transfer via the usual OTP process. Insert the Instarem verification code sent to your mobile number and email.

Once done, you will get instructions on how to transfer the funds to Instarem. Scan the PayNow QR code with your mobile banking app where you wish to fund the transfer, and effect the payment. Once paid, provide the payment reference number to Instarem and submit.

According to Instarem, funds will be transferred to a recipient within the same day if the Bank Deposit method is chosen; or real-time if the Debit Card method is chosen. So, if your intention is to give an eAng Bao on a specific day (e.g., Lunar New Year Day 1), then Instarem is the right platform to use.

Besides Malaysia, you can use Instarem to make fund transfers to many different countries via various currencies.

Regardless of where your family and loved ones may live, and the type of foreign currencies that they prefer, you can still offer an eAng Bao to them, safely and in time for Lunar New Year!

Stay safe during this festive season!

For DollarsAndSense readers, you can sign up with Instarem today. Use the Promo Code [DNS15] to get S$15 when you make an initial transfer of at least S$1,000. 

About Instarem

Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.