Send Money to Malaysia with a Great Rate

Information verified correct on March 24th, 2017

malaysiaTake advantage of low fees and competitive exchange rates when sending money to Malaysia.

When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Malaysia doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.

Compare International Money Transfers

Select your currency and transfer amount, and compare the fees, rates and transfer times of different providers.

Rates last updated March 24th, 2017

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com privacy policy
Ofx Logo

Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Wyre International Money Transfers
No transfer fees for finder... No transfer fees for finder.com readers. Make transfers with Bitcoin.
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
USD 500 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
Use promo code FREE to ... Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
TransferWise International Money Transfers
Enjoy high maximum transfers into ... Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Send safe... Send safe, no-limit transfers with no fees and competitive exchange rates.
USD 150 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
HiFX International Money Transfers
Transfer money into 20 currencies ... Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.
USD 100 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
No hidden fees and a ... No hidden fees and a best rate guarantee for 60 global currencies.
USD 150 1 day
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
Go to site More
Wells Fargo Bank
While more expensive than other ... While more expensive than other options, securely send money to 13 Latin American and Asian countries.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know
Back to top

How do international money transfers work?

An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Malaysia. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.

Banks versus money transfer services

We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.

You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.

Case Study: Max Sends Money to Malaysia

Max wants to send $1,000 to his girlfriend in Malaysia as a gift to celebrate one year of a successful long-distance relationship. But when he sees the exchange rate offered by the major U.S. bank he has an accounts with, Max decides to compare two money transfer companies.

Money transfer company 1Money transfer company 2
Exchange rate1 USD = 4.12 MYR1 USD = 4.30 MYR
Transfer fee$14$16
Transfer methodBank account depositCash pickup
Processing time1 business day10 minutes
Amount received (in MYR)4,120 MYR4,300 MYR

As you can see, not only does the second company get Max’s money to Malaysia quicker and for only a slightly higher fee, but it also allows him to send an extra 180 MYR because of the better exchange rate.

How to compare transfer companies when sending money to Malaysia

  • Exchange rates. How do each company’s exchange rates compare to the competition?
  • Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
  • Transfer methods. Some companies will only offer online or in-branch transfers while others will also offer the option of placing transfers over the phone or using a mobile app.
  • Turnaround time. Processing times can vary from a few minutes to several days, so check how long each provider will take to complete your transaction.
  • Minimum amount. Is there a minimum transfer limit in place, and if so, is it likely to be higher than the amounts you will want to transfer?
  • Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
  • Customer service. Does the company offer 24/7 customer support if you ever have a question or concern?
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Best USD > MYR exchange rates

Back to top

Options for sending money to Malaysia from America

  • Bank transfers. A transfer from your U.S. bank account to a Malaysian bank account is a secure and simple transfer option.
  • Online money transfer providers. You can send fast and affordable transfers to Malaysia from your PC, tablet or smartphone.
  • Checks. You can also obtain an international guaranteed check from your bank and mail it overseas.
  • Money transfer companies with cash pickup options. Western Union and MoneyGram allow you to transfer cash that can be picked up in person from branches throughout Malaysia.
  • PayPal. PayPal offers secure and simple money transfers to Malaysia online.
Back to top

Emergency cash transfers in Malaysia

Some companies will offer the option of sending instant transfers, which usually mean the funds will be available to your recipient within around 10 minutes. However, be aware of the fact that you’ll usually pay an extra fee for urgent transfers, and you may also need to settle for a lower exchange rate than is otherwise available. With this in mind, take care to closely check the fee and exchange rate that apply to your transaction so you can avoid any nasty surprises.

Back to topFind a money transfer location near you

Back to top

Tips for picking up cash in Malaysia

It always pays to exercise caution when picking up a sum of cash, so keep the following safety tips in mind in Malaysia:

  • Be wary of thieves. Keep your wallet hidden and keep a firm hold of your bag at all times.
  • There’s always safety in numbers, so ask a friend to come along with you when you pick up your funds.
  • Avoid areas where crime is known to be a problem and take your funds to your bank as soon as possible.
  • As a general rule, it’s always good to avoid carrying large sums of cash.
Back to top

Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on finder.com

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com privacy policy.

US International Money Transfers Offers

Learn about our information service
HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

WorldRemit International Money Transfers

Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

feedback