Send money to Malaysia: Best money transfer services | finder.com

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Send money to Malaysia

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

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

XE has fast transfers with no fees and a range of foreign currency tools.

  • 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
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Compare international money transfers to Malaysia

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Data updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$10

View details
Dunbridge Financial offers diverse transfer options to more than 120 countries.
XE
Within minutes
$3

View details
XE has fast transfers with no fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
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
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers

Best ways 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 transfer to bank accounts.

1. Digital money transfer services

Companies like Wise and XE specialize in foreign currencies, making them some of the most cost-effective ways to send money to Malaysia. Most offer transfers directly to your recipient's bank account in Malaysia, often in as little as a day or two.
  • Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.

2. Cash transfers

Services like WorldRemit and Remitly 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.
  • Why? Picking up cash is more expensive because more people are involved.

3. Banks

The Malaysian ringgit may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Malaysia.
  • Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.

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 using today's rate of 1 USD = 4.111 MYR.
Digital money transfer service Cash transfer Bank transfer
Fee $0 $4 $25 + additional correspondent bank fees
Exchange rate 1 USD = 4.098 MYR 1 USD = 4.090 MYR 1 USD = 3.905 MYR
Transfer speed 1-2 days Minutes 2-5 days
Amount received MYR$4,098 MYR$4,074 MYR$3,807
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Malaysia. A digital transfer sends the most, which is MYR$291 more than the bank. For speed, a cash transfer can typically have your transfer to Malaysia in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.

How to send money to Malaysia online

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

  1. Sign up for a free account. Compare and pick a provider before signing 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 bank account details in Malaysia.
  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.

Get the most out of your money transfer to Malaysia

Weigh costs and fees against convenience to best compare money transfer providers that send to Malaysia. Consider:

  • Exchange rates. The USD–MYR relationship fluctuates, 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 ringgits 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 a bank account in Malaysia or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

How to send money to Malaysia without a bank account

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 Malaysian ringgits without a bank account.

Emergency cash transfer

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.

Malaysia's exchange rates explained

Banks and money transfer companies use exchange rate to calculate how much Malaysia's currency is worth when converted to USD. The USD-MYR relationship can change daily based on global economic stability, interest rates, inflation and more.

Today's exchange rate USD to MYR

1
0
Updated: 22 Apr 2021 17:23:13 UTC

What to watch out for

Sending money to relatives or family members in Malaysia may be subject to taxes on the money transfer and certain documents may be required.

Taxes on transfers to Malaysia

In general, any large transfers being sent from the US to Malaysia should be filed with the IRS to avoid any penalties.

Required information

Receiving money in Malaysia:

  • Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
  • Sender's information. Take along your sender's full name, the sending country and their address, if known.

Sending to Malaysia from the US:

  • Proof of identification like a government-issued ID or your SSN number.
  • Recipient information like their name, address and bank account information 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.

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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 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

    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

    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

    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

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