Friends and family are never out of reach if you need to send money to Malaysia
Set-up a one off or ongoing payments from Australia to Malaysia quickly and easily using a number of services. If you, or someone you know are stuck in an emergency, and getting cash quickly is important, companies like Western Union can send money to Malaysia in minutes. If you want to send money to your family on an ongoing basis, you can even set up regular payments to an account in Malaysia.
There are a number of online and ‘bricks and mortar’ money transfer companies that you can use to send money to Malaysia. Read our page for information on the different alternatives and what you need to look for to find the best quote on your international money transfer.
Compare money transfer options to Malaysia
The table below lists some of the providers you can use to send money to Malaysia. Sort through different providers and services using the table headings, and click ‘More’ to read a review of the product, or ‘Go to Site’ to be taken directly to the provider’s website.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Who to use to use to send money to Malaysia?
Banks vs money transfer companies?
Most of us already have an account with a financial institution. And this is usually the first place people look when they want to send money overseas. But is your bank going to give you the best deal on your international money transfer to Malaysia? It may be worth looking at specialist international money transfer companies; you may find your dollar goes a little further.
|Money Transfer Service 1||Money Transfer Service 2|
|Exchange rate||1 AUD = 2.460097 MYR||1 AUD = 2.7965087 MYR|
|Transfer fee||$22.00 AUD||$10.00 AUD|
|Amount received for $1000 AUD (in Malaysian Ringgit)||2460.10 MYR||2796.51 MYR|
|Transfer time||3 – 5 business days.||1 – 2 business days.|
|Transfer options||Online and in person to bank account.||Online to bank account, cash pickup from local merchant.|
|Difference of||+336.41 MYR|
Rates are correct 26/10/14.Back to top
How to compare transfer companies when you’re sending money to Malaysia
If this is the first time you’re sending money to Malaysia, you should know about the following when you compare quotes from different money transfer companies.
- The exchange rate. This is the rate of conversion from Australian dollars to Malaysian Ringgit. The exchange rate is one of the most important considerations, but it’s not the only consideration. Be conscious of fees, too. Sometimes a provider can offer a good exchange rate, but will charge a fee for the transfer which eats into any gains made on the conversion.
- Transfer fees. How much does it cost to send money to Malaysia? 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 is you’re sending over a certain amount.
- Pickup methods. Do you want to send the money directly to the recipient’s bank account or do you want them to collect the cash from a local business? If a friend or relative doesn’t have access to a bank account (like if their wallet is stolen), then cash collection from a local merchant is the advised. Be aware that the collection method affects the time it takes for the cash to become available. Money sent from a non-bank transfer company and collected from a local business can be ready in minutes.
- Transfer time. Transfer time and pick-up methods are linked. Sending money online to a bank account can take up to five business days before the funds are available; while sending money to be collected as cash from a business will be ready much sooner.
- Minimum transfer amounts. The smallest amount of money you can send differs from provider to provider. Generally, you’re able to send as little as a few hundred Australian dollars at a time; however, transactions under a certain amount are likely to attract a transfer fee.
- Customer service. Who can you speak to if something goes wrong with the transfer, or you want to confirm the specifics of the transaction. Check to see whether you can contact the provider’s customer service team on a weekend, and whether they offer a 24 hour service.
How to send money to Malaysia from Australia
The Malaysian Ringgit is a commonly traded international currency. Although it’s not listed as a major international currency, you can buy and sell Ringgit with a number of overseas money transfer companies.
You can use your banking institution to send money to Malaysia. The recipient must have a bank account that they have access to in Malaysia to collect the money. Transfers can take between 2 – 10 days. Your financial institution will generally charge a fee for this service.
- Citibank Global Transfers. You can send money to a Citibank account in Malaysia from your Citibank bank account in Australia for free. The funds transfer is instant. The money is available as soon as you send it.
There are a number of non-bank companies you can use to send money to Malaysia.
- Western Union. Send money online or in person at a Western Union outlet and it can be available to collect in a matter in 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 also have an overseas transfer service if you want to send money to Malaysia. It’s free to sign up for a Paypal account. The recipient will need to link their bank account to their bank account to get the money.
Emergency cash transfers to Malaysia
Wallets and bags can go missing while you’re on holiday. If you’re in Malaysia and you’re stuck without cash, there are options to get access to emergency cash. Consider the following:
- Cash pickup services. Get someone to send you the money using a cash pickup service like Western Union or Moneygram. For a small fee, money can be available only minutes after it has been sent from Australia.
- Emergency cash advances. Visa, MasterCard and American Express can give you an emergency cash advance if your card is lost or stolen. The card scheme 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’re eligible to receive this benefit.
Cash pickup locations in Malaysia
If you need send money quickly, companies like Western Union can complete a transfer in a matter of minutes. The money is collected from a participating Malaysian business. 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
Australians are advised to exercise a normal degree of caution when travelling to and around Malaysia. Common sense is the best approach if you’re concerned about picking up a large amount of cash in public. Travel in a group, keep your valuables close to you and don’t waive around large amounts of cash in public.Back to top
How to send money to Malaysia
If you want to send money to a Malaysian bank account, you’ll need the following details.
- Bank name, 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 the money through an international payment service like Western Union, you may be required to open an account 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 email address
- Your address.
Following your registration and completion of the funds transfer, you should be given a receipt (generally on the email you provided) with a reference number.