Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Send money to Malaysia

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

Updated . What changed?

Fact checked

Sending money from the US to Malaysia doesn’t have to be an expensive or time-consuming process. You can convert US dollars to Malaysian ringgit in no time at all from the comfort of your home, just be sure to compare exchange rates and fees to secure the best deal.

Send money to Malaysia with XE

Offering no maximum and no minimum limit transfers with $0 fees.

  • Send money to 130+ countries
  • Competitive exchange rates that are often better than banks'
  • XE doesn’t charge any transaction fees, commissions or ongoing fees
Promoted

Compare international money transfers to Malaysia

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Malaysia with our money transfer partners.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$1 Same day USD 0.00 4.037 MYR 4,037 XE offers fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$10 Within an hour USD 1.99 3.988 MYR 3,980 Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
$1 1 - 2 days USD 11.00 4.069 MYR
4,025
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
$1 Within an hour USD 3.99 4.049 MYR 4,033 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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 XE specialize 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.

Cash transfers

Services like MoneyGram, Remitly 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.

Banks

Malaysian ringgits are not a popular currency, but your local bank may be able to 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 $1,000 to Malaysia

Let’s say you need to send $1,000 to family in Malaysia. Here’s what you might face as far as fees and exchange rates as of June 8, 2020.

Digital money transfer service Cash transfer Bank transfer
Fee $0 $3.99 $25 + additional correspondent bank fees
Exchange rate 1 USD = 4.233 MYR 1 USD = 4.246 MYR 1 USD = 3.906 MYR
Transfer speed 1-2 day Minutes 2-5 days
Amount received MYR 4,233 MYR 4,229 MYR 3,808
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

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 MYR 425 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Malaysia in as little as an hour, 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 US banks will allow you to send money to Malaysia.
  • Money transfer providers. Providers like XE and WorldRemit can help you quickly and easily transfer your money online.
  • Providers with cash pickup. Western Union, Remitly and MoneyGram allow you to send funds for cash pickup at agent locations.
  • PayPal. Electronic payment giant PayPal allows you to send money from the US to Malaysia.
  • Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.

How to send money to Malaysia online

Sign up and send money with a digital money transfer specialist in four steps:

  1. 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.
  2. 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.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. 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.
Back to top

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 USD-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 US 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 USD-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 US dollar. The USD-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.

Today’s exchange rate USD to MYR

1
0
Updated: 29 Nov 2020 13:57:21 UTC

Can you use Zelle in Malaysia?

No. Zelle, Cash App, Venmo and similar services are all restricted mostly to the US. Zelle and Venmo do not work between Malaysia and the US. You’ll need to use a dedicated money transfer service, a bank transfer, a PayPal transfer or something similar to send money to Malaysia. Use our comparison table above to see what your transfer to Malaysia could cost.

Documents needed for sending to and receiving money in Malaysia

To send money to Malaysia from the US, 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 the US

To send money from the US to Malaysia, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require your SSN.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
  • 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.

What to watch out for

Sending money to Malaysia may be subject to taxes on the money transfer, but it depends on a lot of variables. In general, any large transfers being sent from the US to Malaysia should be filed with the IRS to avoid any penalties. To learn more about what penalties you may face by failing to file your transfer, read our guide on IRS taxes for large money transfers.

Learn more about using Malaysian ringgit in Malaysia

Bottom line

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.

WorldRemit DealsWorldRemit Deals

Zero fees on your first THREE money transfers

Send money with WorldRemit using the code '3FREE' and pay no fees on your first three money transfers

Last verified

Coupon code ends

More guides on Finder

Ask an Expert

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

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

10 Responses

  1. Default Gravatar
    HawkJanuary 28, 2019

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

    • Avatarfinder Customer Care
      JhezJanuary 29, 2019Staff

      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

  2. 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

    • Avatarfinder Customer Care
      ArnoldApril 20, 2018Staff

      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

  3. Default Gravatar
    AzriApril 3, 2018

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

    • Avatarfinder Customer Care
      JhezApril 4, 2018Staff

      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

  4. 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 Customer Care
      RenchMarch 20, 2018Staff

      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 Customer Care
      MayApril 10, 2018Staff

      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

Go to site