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How to send money to Malaysia
Take advantage of low fees and competitive exchange rates when sending money to Malaysia.
Sending money from the Hong Kong to Malaysia doesn’t have to be an expensive or time-consuming process. You can convert Hong Kong dollars to Malaysian ringgit in no time at all, and for many transfer companies, you won’t even have to leave the comfort you your home. Our guide will tell you how to make your transfer and give you plenty of places to start.
Compare international money transfers to Malaysia
Select your currency and transfer amount, and compare the fees, rates and transfer times of different providers.
What's in this guide?
- Compare international money transfers to Malaysia
- What's the best way to send money to Malaysia?
- What are the ways that I can send money to Malaysia?
- How to send money to Malaysia online
- How to get the most out of your money transfer to Malaysia
- Documents needed for sending to and receiving money in Malaysia
- Bottom line
What’s the best way to send money to Malaysia?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Malaysia. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank are also options, but you’ll typically face higher fees and weaker exchange rates when going that route.
Digital money transfer services
Companies like SingX specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Malaysian bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Malaysia — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
Malaysian ringgits are a popular currency so it’s likely that your local bank can exchange them. If your bank supports Malaysian ringgit, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Malaysia.
Let’s crunch the numbers: Sending $10,000 to Malaysia
Let’s say you need to send $10,000 to family in Malaysia. Here’s what you might face as far as fees and exchange rates as of 27 Dec, 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||64.48 HKD||8.00 HKD||65.00 HKD + additional correspondent bank fees|
|Exchange rate||1.00 HKD = 0.523716 MYR||1.00 HKD = 0.5183 MYR||1.00 HKD = 0.516396 MYR|
|Transfer speed||7 minutes||Minutes||2-5 days|
|Amount received||5,203.39 MYR||5,178.63 MYR||5,130.39 MYR|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Malaysia. If you go with the digital money transfer service, your recipient ends up with 73.00 MYR more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Malaysia in as little as minutes, just make sure there is a cash pickup location near your recipient before sending.
What are the ways that I can send money to Malaysia?
- Bank transfers. Many major Hong Kong banks will allow you to send money to Malaysia.
- Money transfer providers. Providers like WorldRemit can help you quickly and easily transfer your money online.
- Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
- PayPal. Electronic payment giant PayPal allows you to send money from Hong Kong to Malaysia.
- Cheques and money orders. Although not a quick option, you could send an international cheque overseas, obtained from your bank or Hong Kong Post.
How to send money to Malaysia online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Malaysian bank account details.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Malaysia. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to Malaysia
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Malaysia to best meet your needs:
- Exchange rates. The HKD-MYR relationship fluctuates often, so using a service that allows you to lock-in exchange prices may help you save money down the line if the Malaysian ringgit rises against the HK dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger HKD-MYR exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Malaysian ringgit you’re sending to Malaysia.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Malaysia.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to an Malaysian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to Malaysia
When urgency trumps cost to get your money to Malaysia quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Malaysia without a bank account
Cash transfer services can help you if you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Malaysia’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Malaysia’s exchange rate is flexible compared to the HK dollar. The HKD-MYR relationship typically doesn’t make sharp movements, but instead shifts over time. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Documents needed for sending to and receiving money in Malaysia
To send money to Malaysia from HK, you’ll need government-issued ID and other documents, while documents needed to pick up money in Malaysia may be different by company.
Documents to send money from Hong Kong
To send money from the HK to Malaysia, you’ll need documentation and details that include:
- Identification. Most services require a driver’s license, passport or other government-issued ID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number and Malaysian bank account information.
Documents to receive money in Malaysia
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Malaysian Passport, Malaysian ID or similar official ID may be required to pick up your transfer.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Sending your hard-earned money to Malaysia shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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