Whether you need to send money to your family in Malaysia or to pay your monthly bills in Malaysia, you can find an inexpensive way to transfer funds overseas from India.
If you are a Malaysian national, having a valid residential permit and a valid visa to work and live in India, it is important for you to know the Indian rules and regulations about opening a bank account in India. You also need to know the regulations covering international money transfers from India.
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 rupee goes a little further.
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.
- Citibank Global Transfers. If you are a Non Resident Indian (NRI), you can send money to a Citibank account in Malaysia from your Citibank bank account in India for free. The funds transfer is instant. The money is available as soon as you send it.
Money Transfer Companies
There are a number of money transfer companies you can use to send money to Malaysia.
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 Indian rupees 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. Some non-bank transfer companies may waive the transfer fee if you’re sending over a certain amount.
- Transfer time. Sending money online to a bank account can take up to five business days before the funds are available. However, money transfer companies can complete the transfer much quicker.
- Minimum transfer amounts. The smallest amount of money you can send differs from provider to provider. Check directly with the providers.
- 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:
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.
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, SWIFT code and account number.
If you want to carry out a bank-to-bank transfer, the above information should be enough to complete the transfer. 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 India– menghantar wang kepada India