Take advantage of low fees and competitive exchange rates when sending money to Malaysia.
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Compare international money transfers to Malaysia
Select your currency and transfer amount, and compare the fees, rates and transfer times of different providers.
Sending money to Malaysia
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 US 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.
Max Sends Money to Malaysia
Max wants to send $1,000 to his girlfriend in Malaysia as a gift to celebrate one year of their successful long-distance relationship. But when he sees the exchange rate offered by the major US bank he has an account with, Max decides to compare two money transfer companies instead.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 4.12 MYR||1 USD = 4.30 MYR|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||1 business day||10 minutes|
|Amount received (in MYR)||4,120 MYR||4,300 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 explainedWhen making a money transfer, you might start wondering what exactly is an exchange rate? To put it simply, exchange rate is the way international businesses and banks convert one currency into another. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. In February 2018, the US dollar was worth approximately 3.93 Malaysian ringgit. Every country’s exchange rate is flexible and impacted by the global market, so checking the rates daily will help you get a better idea of what to expect when making a transfer to someone in Malayasia.
Options for sending money to Malaysia from America
- Bank transfers. A transfer from your US bank account to a Malaysian 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 smart phone. This comes with options for cash pickup or direct deposit.
- Checks. You can obtain an international guaranteed check from your bank and mail it overseas, but this is a time-intensive process and runs the risk of the check being lost while being shipped.
- 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.
How to send money to Malaysia
Ready to make a transfer? Here are the basic steps you’ll need to follow.
- Compare your money transfer options above.
- Select a provider that suits your needs.
- Create an account.
- Start a transaction.
- Enter your recipient’s information.
- Select a transfer amount.
- Pay for your transfer.
- Save your tracking number.
Don’t forget to follow up on your transaction! If there is any trouble, your tracking number will be helpful when you contact customer service, and if you recipient is picking up cash, they may need it to complete their end of the transfer.
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 about 10 minutes. However, be aware of the fact that you’ll usually pay an extra fee for quick transfers, and you may also need to settle for a lower exchange rate. 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.
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.