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Find the best way to send money to Malaysia

Learn how to send money to Malaysia from the US in our step-by-step guide.

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Looking for the best way to send money from the United States to family, friends or businesses in Malaysia (or even to your own overseas bank account)?

Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better MYR exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more Malaysian ringgits.

Of the companies we've compared, MoneyGram is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise (TransferWise) can get money to your recipient in Malaysia within minutes.

Best ways to send money to Malaysia from the US

The best way to send money to Malaysia depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Online money transfer provider. When buying US dollars or Malaysian ringgits money transfer specialists typically offer better rates and cheaper fees than a local bank.
  • Bank transfer. Bank transfers are an easy way to send money to Malaysia but they charge extra for the convenience and are often slower than other methods. US banks generally add a 3% to 6% markup onto exchange rates.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Malaysia.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to Malaysia

Use our table to compare the best money transfer companies to send money to Malaysia. You can compare deposit and receiving options, fees and transfer speeds, then click the "Go to site" button when you've found the best one to get your money to Malaysia.
1 - 9 of 9
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Airwallex
Airwallex
Within minutes
$0
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Western Union
Within minutes
From $0
Enjoy $0 fee on your first online transfer. Western Union makes money from currency exchange. Not valid on credit cards or sends to Cuba.
Western Union sends money online to friends and family in 200+ countries and territories around the world.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
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Cheapest way to send money to Malaysia

Bank transfers are typically the cheapest way to get your money to Malaysia. MoneyGram and Western Union 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:

  • Transfer fees. While still cheaper than your American bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market USD/MYR exchange rate.

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.

Fastest way to send money to Malaysia

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:
  • Wise (TransferWise) — within minutes
  • MoneyGram — within minutes
  • Western Union — within minutes

Actual transfer times from the United States to Malaysia can depend on several different factors including transfer amount, payment method and currency.

Safest way to send money to Malaysia

The safest way to get your money to Malaysia is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. 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 the United States 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.

Large money transfers to Malaysia

If you need to make a sizable money transfer to Malaysia, consider using a provider such as OFX or Xe to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to Malaysia may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on IRS's latest advice.
  • Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the MYR exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, providers such as Airwallex and Wise (TransferWise) can give you support over the phone.

How to send money to Malaysia from the US

To send money to Malaysia, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to Malaysia. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Malaysian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Malaysian ringgits your recipient gets.
  5. Complete your transfer.
    Send your money transfer to Malaysia. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: Muhammad sends money to Malaysia

Muhammad is working in the United States 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 the United States.

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 USD = 4.70 MYR 1 USD = 4.77 MYR
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 9,360.52 MYR 9,520.18 MYR

The money transfer company enables Muhammad to send an extra RM159.66, which is transferred straight to his parents' Maybank account.

How to choose the best money transfer companies to send money to Malaysia

When choosing a money transfer provider to send money from the United States 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:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the MYR you're offered to the mid-market rate and look for the smallest difference.
  • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to Malaysia for a flat or low fee might work out better if you plan to send a large amount.
  • Transfer type. Does your recipient have a Malaysian bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as Western Union offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to Malaysia faster and cheaper than banks.
  • Transfer limits. Find out how much you can send with each service. For example, MoneyGram has a transfer limit of $25,000 while Instarem allows unlimited transfers.
  • Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Malaysian ringgits.

Is this a good time to send money to Malaysia?

Compared to a month ago, the US dollar is stronger against the Malaysian ringgit. Currently $5,000 is equivalent to RM23,950.00, whereas a month ago, $5,000 was equivalent to RM23,525.00. That's an increase of 1.81% over the past month.

Similarly, compared to a year ago, the US dollar is again stronger against the Malaysian ringgit. A year ago, $5,000 was equivalent to RM22,112.50. That's an increase of 8.31% over 12 months.

So based on those two quick glances back, yes, it's a relatively good time to send money to Malaysia, and your US dollars will go further than they would have. But what's more important, however, is where the strength of the US dollar against the Malaysian ringgit goes from here – which is harder to call.

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Frequently asked questions

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Xe
Within minutes
$4
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
PayPal (business)
Within minutes
$0
Provides business solutions for small business owners in over 24 currencies worldwide. Try 3 months free of Spotify Premium when you sign up with PayPal.
Wise (TransferWise) International Money Transfers Business
Within minutes
From $8.16
Enjoy high maximum transfers into more than 20 currencies, while saving up to 90% over local banks.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit - 4free
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
PayPal
Within minutes
From $0
Use PayPal to safely send money and receive payments from around the world in over 25 currencies with just an email address or mobile number. Try 3 months free of Spotify Premium when you sign up with PayPal.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
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10 Responses

    Default Gravatar
    HawkJanuary 28, 2019

    Does the recipient needs a valid Malaysian visa to pick up money in Kuala Lumpur?

      AvatarFinder
      JhezelynJanuary 29, 2019Finder

      Hi Hawk,

      Thank you for your comment.

      According to one of the money transfer companies, the recipient must show a valid photo ID such as:

      – Passport
      – Driving licence
      – ID card/MyKad

      A Malaysian Visa is not really required.

      Regards,
      Jhezelyn

    Default Gravatar
    LolitaApril 19, 2018

    Im in doubt, fr example, if someone oversea intend to send money, do i hv to pay fr itc international transfer commission? Jz wanna know fearing this all scammers

      Default Gravatar
      ArnoldApril 20, 2018

      Hi Lolita,

      Thanks for your inquiry

      Generally, it is the sender who shoulders the transfer fees. However, there are money transfer services that allow the receiver to pay the fees. It would be best to confirm this with the company chosen by the sender.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    AzriApril 3, 2018

    I just want to know what proof can we show the agent in Malaysia in claiming the money?

      AvatarFinder
      JhezelynApril 4, 2018Finder

      Hello Azri,

      Thank you for your comment.

      Usually, if you’re to pick up the cash someone has sent you, you’ll need the details of the sender and the transaction number or the reference number. You also must bring your valid government-issued ID.

      To be sure, check with the remittance company the steps to claim the mooney.

      Regards,
      Jhezelyn

    Default Gravatar
    melMarch 15, 2018

    It’s that true for the first online international banking he said during the process for the exchange rate of the payment transaction settlement for the money to be credited into your account in MYR you have to pay the online processing fee rm650 more or so because this the first time to get an online international payment transaction settlement from us company

      AvatarFinder
      RenchMarch 20, 2018Finder

      Hi Mel,

      Thanks for your inquiry.

      Yes, there is a transfer fee that will be added to your total of money transfer. It will depend on which money transfer service you will use and the amount that you’ll transfer.

      Best regards,
      Rench

      Default Gravatar
      QestinaApril 10, 2018

      Hi dear,I need to double confirm. It’s that true for the first online international banking he said during the process for the exchange rate of the payment transaction settlement for the money to be credited into your account in MYR you have to pay the online processing fee rm2950 more or so because this the first time to get an online international payment transaction settlement from us. But the agent call me and ask with me,regarding the charge of the fee..but I’m confused he give the personal account number with me.

      AvatarFinder
      MayApril 10, 2018Finder

      Hi Qestina,

      Thank you for reaching out.

      If the money is sent directly to your bank account, usually your bank will be the one to charge you a fee for the inward transfer into your bank account. For legitimate money transfers, senders don’t usually ask for fees for sending you the money and they will not provide you with their personal bank account details. Best if you can confirm your transaction whether this is legit or not.

      Cheers,
      May

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