Find more ways than ever to send money overseas to Malaysia.
It’s quick and easy to send money between Canada and Malaysia using a number of different money transfer services. If you or someone you know must urgently send cash overseas to Malaysia, companies like Western Union can send it within minutes. If you need to send money on an ongoing basis, you can even set up regular payments to an account in Malaysia. Whether you need to pay bills, handle rent payments or send funds to family, there are plenty of options.
There are numerous online and bricks-and-mortar money transfer companies that you can use to send money overseas to Malaysia. Compare the different options below in order to find the best international money transfer service to suit your needs.
Compare money transfer options to Malaysia
The table below lists some of the providers you can use to send money to Malaysia. Browse through different providers and services using the table headings. Click “More”to read reviews of products, or click “Go to site” to be taken directly to the provider’s website.
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Which provider should I use to send money to Malaysia?
Banks vs money transfer companies
If they are unaware of other service providers, many people go to their banks when they want to send money overseas. However, your bank may not be the best choice when it comes to sending an international money transfer to Malaysia. With competitive exchange rates and low fees, specialist international money transfer companies may be worth a look. With these types of providers, you’ll find that your dollar goes further.
|Money Transfer Service 1||Money Transfer Service 2|
|Exchange rate||CAD1 = MYR 3.29470||CAD1 = MYR3.21450|
|Amount received for $1000 (in Malaysian Ringgit)||MYR3,255.62||MYR3213.64|
|Transfer time||3-5 business days.||1-2 business days.|
|Transfer options||Direct to bank account or cash pickup.||Direct to bank account or cash pickup.|
|Difference of||+ MYR41.98|
Rates are correct 31/10/17.
How to compare transfer companies when sending money to Malaysia
If this is the first time you’ve sent money to Malaysia, you should consider the following factors when you compare quotes from different money transfer companies:
- The exchange rate. This is the rate of conversion from Canadian dollars to Malaysian Ringgit. The exchange rate is one of the most important considerations, and you should always look for a competitive rate. Sometimes a provider can offer a good exchange rate but will charge a large fee for the transfer, which can offset the good deal you thought you had found.
- Transfer fees. Consider any fees that the service provider may charge. International transfer companies can charge a flat fee, a percentage or no fee at all. Most non-bank transfer companies will waive the transfer fee if you send a certain amount of money. This amount is generally $10,000 or more.
- Pickup methods. Depending on the service provider, you may have the option to send money directly to the recipient’s bank account or have them collect cash from their local branch. If the friend or relative doesn’t have access to a bank account, then cash collection from a local merchant can be a helpful option. Be aware that the collection method affects the time it takes for the cash to become available, as well as the amount the transaction may cost. Money sent from a specialist transfer company can be collected from a branch within minutes, while banks generally take three to five days to deposit funds.
- Transfer time. Transfer time is greatly affected by the pickup method you choose. Sending money online to a bank account can take up to five business days. Money that is sent to be collected as cash can be ready much sooner, taking just minutes or a few hours.
- Minimum transfer amounts. The smallest amount of money you can send differs between providers. Generally you are able to send as little as a few hundred Canadian dollars at a time, however transactions under a certain amount are likely to attract a transfer fee. Sometimes you can send as little as $25 but keep in mind your transfer fee may cost just as much as you’re sending.
- Customer service. Make sure that the money transfer service you choose provides customer service. If something goes wrong with the transfer or you need to confirm the specifics of the transaction, you must be able to contact the company and receive quick answers. Check to see whether you can contact the provider’s customer service team on a weekend and whether they offer a 24-hour service via phone, email or web chat.
How to send money to Malaysia from Canada
Although not listed as a major international currency, the Malaysian Ringgit (MYR) is a commonly traded currency worldwide. You can buy and sell Ringgit with a number of overseas money transfer companies including:
You should be able to send money to Malaysia through your bank. Your recipient must have access to a bank account in Malaysia to collect the money. Transfers can take between two and ten days and your financial institution will generally charge a fee for this service. Big Canadian banks like RBC, Scotiabank, TD, CIBC, and BMO should allow transfers to Malaysia.
- Non banks
There are a number of specialist money transfer services you can use to send money to Malaysia including:
- Western Union. Send money online or in person at a Western Union branch and the funds will be available for collection in a matter of minutes.
- Travelex. Send money to a Malaysian bank account using Travelex international payments. The minimum transfer amount is $500 and a small flat fee is charged for the service.
- PayPal. PayPal allow for overseas transfers and it’s easy and free to sign up for a PayPal account. Your recipient will need to link their bank account to their PayPal account to get the money and it takes a few days to receive the funds.
Emergency cash transfers to Malaysia
Wallets, purses and money can go missing while you’re on vacation. If you’re in Malaysia and find yourself with no money, there are ways to get access to emergency cash. Consider the following options:
- Cash pickup services. Someone in Canada can send you money using a cash pickup service like Western Union or MoneyGram. For a small fee, money can be available just minutes after it’s been sent from Canada.
- Emergency cash advances. Visa, Mastercard and American Express can give you an emergency cash advance if your card is lost or stolen. The card issuer will make the money in your account available through a participating merchant in Malaysia.
- Travel insurance. Your travel insurance policy may have an emergency assistance benefit that includes a provision of emergency cash. Check your policy terms and conditions to see whether you are eligible to receive this.
Cash pickup locations in Malaysia
If you need to send money overseas quickly, companies like Western Union and MoneyGram can complete a transfer in a matter of minutes. The money is collected from a participating Malaysian business or designated branch. Some examples of pickup locations include:
Alif Money Changer Ampang.
Lot 19 Ground Floor Tesco Hypermarket
Ampang Kuala Lumpur,
Open Monday to Sunday 10am – 10pm.
Ank Rakyat Japan Tangsi.
Bang Rakyat Tingkat
Bawah Jalan Tangsi
Monday to Friday open 9am – 5pm.
CIMB Bank – KL Sentral.
Lot 23. Departure Hall Ground Floor
KL City Terminal KL Sentral Stat,
Monday to Friday 9.15am – 4.30pm & Saturday to Sunday 12am – 11.59pm.
Prabhu Money Transfer – PUDU.
Floor 12 Myanmar Mini Shopping Centre No. F4
First 18 – 20 Japan Leboh.320268786.
Monday to Sunday 12am – 11.59pm.
Tips for picking up cash in Malaysia
Canadians are advised by our government to exercise a normal degree of caution when travelling to and around Malaysia. If you’re concerned about picking up a large amount of cash in public, travel with a friend to the location, keep your valuables close to you, and take a taxi back to your hotel to put your funds in the safe. Be wary of your wallet or purse when travelling Malaysia, especially in big cities like Kuala Lumpur.
Sending money to Malaysia
If you want to send money to a Malaysian bank account, you will need the following details:
- Bank name
- The bank’s business identifier code (BIC)
- Account number
If you want to carry out a bank-to-bank transfer, the above information should be enough to complete the transfer. If you’re sending money through an international payment service like Western Union, you may be required to open an account with the company first. You will need to provide basic personal information about yourself to complete the registration.
Expect to supply the following information about yourself to send money to Malaysia:
- Your name
- Date of birth
- Your contact information, including an email address
- Your address
Once you’ve registered for an account and sent your funds, you should be given a receipt with a reference number. Keep your receipt until the funds have been retrieved by your recipient in case there are any problems.