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Save the big bucks when you send money to Malaysia

Cut down on exchange rates and fees when you transfer money to Malaysia.

Whether you’re sending a one-off transfer to a loved one making a pit stop in Kuala Lumpur or transferring funds regularly to make your mortgage payments overseas, there are a number of suitable money transfer options to meet your needs. So how do you make sure to choose the right fit for you? Compare money transfer services in the table below to lock in the lowest fees and most competitive exchange rates.

Compare money transfer options to Malaysia

The table below lists some of the providers you can use to send money to Malaysia. If you want to book a transfer, simply click “Go to site” to register.

Rates last updated June 24th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
WorldRemit International Money Transfers
CAD 0.51
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Exclusive: World First International Money Transfers
CAD 250
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
TransferWise International Money Transfers
CAD 2.50
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
HiFX International Money Transfers
NZD 50
2 days
Online, Phone, Agent
Make your first transfer for free. Transfer money between 20 currencies, and enjoy schedule regular transfers.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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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. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Which provider should I use to send money to Malaysia?

If you’re like most people, you probably place a lot of trust in your bank. And while they typically have your best interests in mind, this isn’t necessarily the case when it comes to international money transfers. Since banks aren’t specialized in money transfers, they have to charge a large margin of profit on a small number of transactions in order to break even. International money transfer services, however, carry out a higher volume of transfers, which means they can charge a smaller margin on every transaction in the form of competitive exchange rates and low fees.

Case Study: Ayna sends money home to Malaysia

Before moving back to Kuala Lumpur, Ayna’s father gives her sister money to open a coffee shop in Edmonton while Ayna pursues a Bachelor in Accounting at the U of A. Ayna graduates four months after her father leaves the country, and begins to work as her sister’s bookkeeper. Every month, she tallies up her father’s share of the coffee shop’s profits, and transfers a lump sum back to Malaysia. Since Ayna is savvy when it comes to finance, she compares her bank to an international money transfer service to find the best deal.

Canadian Bank Money Transfer Service
Exchange rateCAD 1 = MYR 2.99CAD 1 = MYR 3.06
Transfer feeCAD$20CAD$10
Amount received for $1000 (in Malaysian Ringgit)MYR 2,999MYR 3,060
Transfer time3-5 business days1-2 business days
Transfer optionsDirect to bank account Direct to bank account or cash pick-up
Difference of+ MYR 61

By choosing to send funds with the money transfer service, Ayna saves $10 on the transfer fee and her father receives an additional MYR 60 (around $20).

How do I compare transfer companies when sending money to Malaysia?

By comparing her options, Ayna is able to organize regular transfers to Malaysia for the lowest possible cost. She recommends looking for the following features when trying to find the best deal.

  • Competitive exchange rates. When sending money overseas, it’s easy to get bogged down by unreasonable rates. The best strategy is to search for the mid-market rate on Google (just punch in CAD to MYR in the search bar) and then try to find a transfer company that offers something comparable.
  • Minimal fees. Shop around to find a transfer service with low to no fees. Just make sure that minimal fees don’t translate to less competitive exchange rates.
  • Various transfer methods. Some transfer services specialize in bank-to-bank transfers while cash transfers can be a lifesaver in an emergency. Figure out how your recipient wants to receive their money and lock in a company accordingly.
  • Fast transfer times. A cash transfer will typically process in minutes while a bank-to-bank transfer can take multiple days. It’s best to figure out how quickly your recipient needs cash in hand before you settle on a service.
  • Reliable customer service. All money transfer services are not created equal, especially when it comes to customer service. Find a company with a good reputation, to make sure you have a point of contact to guide you through the process from start to finish.
Back to top

Compare Money Transfer Services

Money Transfer ServiceTransfer Fee (CAD)Exchange Rate MarkupTotal in MYR minus fees (from $1,000.00)
Canadian Forex$153.03102,984.52
TransferWise$103.07463,043.86
WorldFirst$103.07403,043.47
XE Money Transfer$03.07423,074.21

Rates updated as of 31 May 2018 (subject to change) – you can visit many of these websites directly by clicking ‘Go to Site’ on the interactive transfer comparison table at the top of the page.

Compare money transfer services to Malaysia

Cash pick-up locations in Malaysia

Whether you’re dealing with the aftermath of a lost wallet or an over-zealous shopping trip, certain money transfer services offer cash pick up, so that you can send money to your recipient in as little as 10 minutes. While this service can prove invaluable in the case of an emergency, it’s typically more expensive, so just make sure to read the fine print before you sign on the dotted line. As soon as the transfer processes, your recipient will need to visit the branch closest to them with their passport in order to collect their money.

Western Union

MoneyGram

  • Cash is available to collect instantly from Maybank and several MoneyGram locations throughout Malaysia.

Tips for picking up cash in Malaysia

If Malaysia is on your itinerary, the Government of Canada recommends that you exercise a high degree of caution (as of 31 May 2018). Snatch-and-grab incidents against tourists do occur, especially in tourist areas and at the airport. Thieves on motorcycles frequently grab bags and other valuables from pedestrians, so try to limit the number of valuables you carry and wear your purse facing away from the street. If you do visit an agent to pick up cash, avoid travelling alone and head back to your accommodation to store cash in a safe place before proceeding on with the rest of your day if you can manage.

Sending bank-to-bank transfers

So, you’ve settled on a service and you’re read to send your money. If you’re looking to send money to a Malaysian bank account, you will need the following details:

  • Bank name
  • Business identifier code (BIC)
  • Account number

If you’re planning to send your money through an international payment service like XE Money Transfer, you will need to provide some additional details to register with the company first (a quick and easy process that takes 5 – 10 minutes), which include:

  • 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.

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4 Responses

  1. Default Gravatar
    alJuly 5, 2016

    is there activation fee for transation

    • finder Customer Care
      ClarizzaJuly 5, 2016Staff

      Hi Al,

      Thanks for your question.

      Money transfer services may charge a transfer or service fee. In some cases the fee is tiered, based on the amount of cash you plan on transferring. For example, transferring funds up to $10,000 will incur a flat $15 fee and then $25 to transfer $10,000 or more. There may also be third-party fees involved, so please do check with the service you choose to transfer your funds with.

      Hope this helps.

      Clarizza

  2. Default Gravatar
    AnonymouslyJune 14, 2016

    A relative is in Malaysia on holiday and out of funds, can i send money to him. He’s an australian. If so how can he pick up the funds?

    • finder Customer Care
      ClarizzaJune 14, 2016Staff

      Hi K,

      Thanks for your question. Yes, you can send money to your friend in Malaysia. Our Money Transfer services table above shows services that allow you to either transfer money to your friend’s account electronically or if your friend prefers, he can also pick up cash at the agent (although of the services in that table, only World Remit offers cash pickup). You can also speak to an FX expert through the form above if you have any specific questions.

      You may also want to consider using Western Union or MoneyGram? We also have a page on International Cash Transfers if that helps.

      Once you’ve chosen the money transfer service, you can find out more by clicking on the green button in our table.

      Hope that helps.

      Clarizza

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