Transmission fault, drive moderately. (Please Help)

Driving an E65 730i [2008]. Every time I go hard on the accelerator there is this loud screeching/ scratching sound that comes from the front of the car (usually while overtaking on the highway). If I continue stepping the acclerator this warning sign comes on " transmission fault, drive moderately" and it won't shift out of 3rd gear. I would have to pull to side and switch my engine off for 5 mins, only then it would go back to normal. Brought it down to a workshop, they told me my transmission was worn out and I will have to replace it (which costs a bomb here in Singapore). So now I basically have to accelerate really gradually; can't exceed 3000RPM and can barely reach 110kmh. Please advise. Any recommended worship and estimated cost?
 
Re: Transmission fault, drive moderately. (Please Help)

B ryan andre;1117046 said:
Driving an E65 730i [2008]. Every time I go hard on the accelerator there is this loud screeching/ scratching sound that comes from the front of the car (usually while overtaking on the highway). If I continue stepping the acclerator this warning sign comes on " transmission fault, drive moderately" and it won't shift out of 3rd gear. I would have to pull to side and switch my engine off for 5 mins, only then it would go back to normal. Brought it down to a workshop, they told me my transmission was worn out and I will have to replace it (which costs a bomb here in Singapore). So now I basically have to accelerate really gradually; can't exceed 3000RPM and can barely reach 110kmh. Please advise. Any recommended worship and estimated cost?

I believe this can be repaired in JB for between RM5,000 to RM7,000. One of the bros fixed it there 1-2months ago. Had his gearbox overhauled
 

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