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Frequent Asked Question

Welcome to Moneybay Support – We’re here to help.

We have dutifully compiled a list of Frequently Asked Questions for your convenience.
You can also reach out to us via hello@moneybay.co for more inquiries.

What is Moneybay?

Moneybay is a Malaysian Financial Technology (FinTech) company offering digital cross-border currency exchange services. Tourist makes an online payment via Moneybay mobile app and collects their foreign currency from our partner merchants or independent agents.

Moneybay aims to be a go to platform for all things travel, by offering core services such as currency exchange and aggregator for various travel related services such as hotel booking, mobile roaming, attraction tickets, etc.

How do I create an account with Moneybay?

You are required to set up an account using your email address on our mobile application, both available on Apple Apps Store and Google Play Store. You also have the option to register via Facebook, Google or LinkedIn account.

What information do I need to create an account with Moneybay?

You are required to perform a one-time electronic Know Your Customer (eKYC) verification using our Moneybay mobile application, which can be downloaded from both on Apple Apps Store or Google Play Store.

What are the rates Moneybay is offering?

Moneybay is committed to offer mid-market rates which are significantly lower than banks or other money exchange services can offer. You will also be able of the exchange rates prior towards the transaction.

How does Moneybay provide such competitive rates?

Instead of having an actual physical outlet and actual paperworks, Moneybay is able to save on the operational cost and provide these competitive rates for customers to enjoy.

Why do you need my identity verification?

Due to the nature of the business and regulations by the central bank, we are required to perform Know Your Customer (KYC) verification as part of Customer Due Diligence on our users. Kindly refer to our Privacy Policy.

Where will I be able to collect my foreign currency?

You will be able to collect your foreign currency at your destination country via any one of our participating merchants along with their locations displayed via the mobile application. You are also able to collect via any Moneybay users which they have the option to display their location. Kindly refer to How It Works for detailed guide.

Are there fees, charges, goods and service tax applied?

Moneybay impose a transaction fee payable for each online transaction to cover the online payment cost. The fee is stated clearly prior to checkout and payment for your order.

How much can I exchange?

Moneybay imposed a transaction limit of MYR 20,000 per day. However, it is also depending on the customer’s daily transaction limit set by their own respective banks.

What is the payment methods currently available?

Moneybay currently supports direct bank transfers & online banking only.

Will I receive a confirmation after transaction payment?

Yes, you will be able to receive a cash voucher in a form of a QR Code. The QR Code is for participant merchants or agents to scan and disburse the foreign currency.

What happens if I did not receive any confirmation?

You can re-log into Moneybay and check the status of your transaction. In the event, you fail to retrieve your cash voucher, please contact Moneybay via hello@moneybay.co

How secure is Moneybay?

Moneybay ensures the highest level of security for its payment platforms. We use industry standard Secure Sockets Layer (SSL) technology to encrypt all personal data transmissions. It also means personal and payment information passed between your mobile application, and our platform cannot be read by a third party.

How is my personal information handled by Moneybay?

Every personal information provided by our customers is handled in accordance with our privacy policy.

What happens If I received fake currency note?

If you suspect of receiving fake currency from a participating merchant or user, you are immediately required to lodge a police complaint and deposit the currency note for their investigation at a police station. Please email us via hello@moneybay.co with the transaction details and a scan copy of the police complaint. Upon the completion of police investigation, we will refund the equivalent amount if it is proven the currency note is fake.

Why do I need to submit my mobile number to register?

First time users will receive an activation code via the mobile number provided for us to ensure the authenticity of the number.