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Looking for the best way to send money from Canada to family, friends or businesses in Malaysia (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better MYR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more Malaysian ringgits.
Of the companies we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Malaysia within minutes.
Bank transfers are typically the cheapest way to get your money to Malaysia. Xe Money Transfers and OFX have some of the lowest bank transfer fees of the brands we've compared.When you're hunting down the cheapest ways to send money to Malaysia, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Malaysian ringgits your recipient will end up with.
Many online providers can offer transfers to Malaysia within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Malaysia:
Actual transfer times from Canada to Malaysia can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Malaysia is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Malaysia.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Malaysia, consider using a provider such as OFX or Xe Money Transfers to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Malaysia, you'll need the necessary documentation, your recipient's details and a way to pay.
Muhammad is working in Canada as a film producer and he stays in regular contact with his elderly parents back home in Malaysia. His parents need some funds to help pay off a mortgage, so Muhammad plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 CAD = 3.19 MYR||1 CAD = 3.24 MYR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||6,356.95 MYR||6,465.38 MYR|
The money transfer company enables Muhammad to send an extra RM108.43, which is transferred straight to his parents' Maybank account.
When choosing a money transfer provider to send money from Canada to Malaysia, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is weaker against the Malaysian ringgit. Currently $5,000 is equivalent to RM16,265.00, whereas a month ago, $5,000 was equivalent to RM16,454.50. That's a decrease of 1.15% over the past month.
Similarly, compared to a year ago, the Canadian dollar is again weaker against the Malaysian ringgit. A year ago, $5,000 was equivalent to RM16,817.00. That's a decrease of 3.28% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the Malaysian ringgit goes from here – which is harder to call. Based on those two quick glances back, your Canadian dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.
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is there activation fee for transation
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.
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?
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.