Send money internationally to Malaysia (MYR) using the mid-market exchange rate.
Check and compare the rates from the major money transfer providers.
Send money to Malaysia
What is the best Malaysian Ringgit exchange rate today?
How much does it cost to send money to Malaysia?
- International money transfers shouldn't be expensive.
- Make sure your provider doesn't add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
What are the payments methods to send money to Malaysia?
The available payment methods for your international transfer may vary. Most of the times these should be:
- Debit Card.
- Credit Card.
- Bank Transfer.
How long does it take to send money to Malaysia?
How long does an international transfer take? It mostly depends on:
- Countries you send from and to.
- Public holidays or weekends.
- Payment methods.
- Potential security checks.
How to arrange a bank transfer online?
- Log into your bank's online banking service – you may need to verify your identity for security
- Navigate to the payment option which may be under 'bank to bank transfers' or 'personal payments' for example
- Follow the prompts to enter your recipient's details including their name, the bank name and account number. You'll also usually need a routing number, SWIFT code, sort code or similar, to help guide the payment to the right account
- Add the payment amount and double check all details
- Confirm the transfer, and your money is on its way
Send money to Malaysia - FAQs
Cross border money transfers are important to Malaysia, with overseas workers sending money back to friends and loved ones in Malaysia - and Malaysians at home regularly making international payments to countries all over the world.
According to the most recently available data, inward remittances to Malaysia total around USD1,483 million annually. Significant outward flows are also a feature, with most money being sent from Malaysia to countries including Indonesia, the Philippines and Thailand.
How to send money to Malaysia - easy steps:
The easiest and cheapest way to send money to Malaysia is probably by making an electronic payment from your bank account. This can be done through your regular bank - but using a specialist provider may mean you get a better exchange rate. Here's what you'll need to do:
- Compare the fees and rates at your normal bank against specialist services
- Log into online banking, or create an account with a third party provider
- Navigate to the payment option and enter your recipient's details
- Confirm the amount you're sending, and the currency
- Double check, click confirm to fund the transfer, and your money's on the way
What information would you need to send money to Malaysia?
The exact details you require may vary according to the country you're sending money from, and the amount. However, you can expect to be asked for the following:
- Recipient's full name as shown on their bank account
- Recipient's address
- Recipient's bank name, SWIFT/BIC code and account number
- Amount and currency you're sending in
- Reason for making the payment
What are the best ways to send money to Malaysia?
You'll be able to send money to Malaysia so it arrives directly in your recipient's bank account - or you can choose a service which let's them collect the payment in cash locally. Usually cash collection is a more expensive option than using a direct bank transfer.
If you want to complete the payment online you can choose your normal online banking service, or a third party specialise like Wise or WorldRemit. You could also use a provider like PayPal if both you and the recipient have a PayPal account. If you want to send a payment in cash, you'll need to choose a service like Western Union which has a physical network of agents globally.
What is the best money transfer exchange rate to Malaysia?
Each bank and money transfer service can set their own exchange rate, which means you'll need to shop around to find the best deal.
Firstly, find the mid-market exchange rate for your currency, using a Google search or an online currency converter. This is usually the best available exchange rate, as it's the one banks and currency services use when placing large foreign exchange trades on the global markets. However, it's not always the rate providers pass on to customers. Instead, it's common to find a markup - an extra fee - is added to the exchange rate offered to retail customers.
Find a provider which uses the real mid-market exchange rate and charges low, transparent fees, for the best available deal.
