Looking for advice on how to send money to Malaysia? Finder Ireland has broken down the services available to help you find the better option.
Send money to Malaysia with XE
XE specializes in a wide range of foreign currency solutions and offers an affordable option when you need to send money overseas.
- Send money to 170+ countries
- Competitive exchange rates that are often better than banks
- Transfer up to $500,000 online
- See exchange rates in real-time
Compare money transfer options to Malaysia
The offers compared on this page are chosen from a range of products finder Ireland has access to and are not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms “best” and “top” are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.
There is no one way to send money overseas that is guaranteed to be the cheapest. You may be able to find the cheapest transfer fee, but the exchange rate may not be as competitive, or vice versa. You may need to send money within 24 hours, while other people may have no time limit. You should always consider a range of products when deciding which provider is best suited to your personal money transfer needs.
Sending money to Malaysia: Should I use my bank?
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. However, 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 since you may find your krone goes a little further.
|Money Transfer Service||Bank|
|Exchange rate||EUR€1 = MYR4.362||EUR€1 = MYR2.887|
|Amount received (in Malaysian ringgit)||MYR4,362.00||MYR2,887.00|
|Transfer time||2 business days||3 -5 business days|
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 can access in Malaysia to collect the money. Transfers can take between two to ten days. Your financial institution will generally charge a fee for this service.
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 in a matter in minutes.
- Moneygram. Visit a Moneygram branch or go online to send cash almost instantly.
- PayPal. PayPal also has 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 PayPal account to get the money.
How to compare your options when transferring your money to Malaysia
If this is the first time you’re sending money to Malaysia, you should know the following when you compare quotes from different money transfer companies:
- The exchange rate. This is the rate of conversion from euro 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 if 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, then cash collection from a local merchant is 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 pickup methods are linked. Sending money online to a bank account can take up to five business days before the funds are available. 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 thousand euros 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.
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 Ireland.
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.
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 to 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, Kuala Lumpur. +60-3-26173888. Open Monday to Sunday 10am – 10pm
Ank Rakyat Japan Tangsi. Bang Rakyat Tingkat, Bawah Jalan Tangsi, Kuala Lumpur. Open Monday to Friday 9am – 5pm
CIMB Bank – KL Sentral. Lot 23. Departure Hall Ground Floor, KL City Terminal KL Sentral Stat, Kuala Lumpur. 322731950 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
Irish citizens are advised to exercise a high 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.
Documentation when sending money to Malaysia
If you want to send money to a Malaysian bank account, you’ll need the following details.
- Bank name, BIC and 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 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. There are a number of online and brick-and-mortar money transfer companies that you can use to send money to Malaysia.
Some words and phrases you need to know
- Remittance – penghantaran wang
- Remittance fees – yuran penghantaran wang
- Overseas remittance – penghantaran wang ke luar negara
- Send money overseas – menghantar wang ke luar negara
- Send money to Ireland – menghantar wang kepada Ireland