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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? MoneyGram can get money to your recipient in Malaysia within minutes.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Bank transfers are typically the cheapest way to get your money to Malaysia. MoneyGram and Wise (TransferWise) 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:
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.
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:
Actual transfer times from the United States to Malaysia can depend on several different factors including transfer amount, payment method and currency.
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.
If you need to make a sizable money transfer to Malaysia, consider using a provider such as OFX or Remitly to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Malaysia, you'll need the necessary documentation, your recipient's details and a way to pay.
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 = 4.38 MYR||1 USD = 4.44 MYR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||8,721.51 MYR||8,870.27 MYR|
The money transfer company enables Muhammad to send an extra RM148.76, which is transferred straight to his parents' Maybank account.
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:
Compared to a month ago, the US dollar is a little stronger against the Malaysian ringgit. Currently $5,000 is equivalent to RM22,315.00, whereas a month ago, $5,000 was equivalent to RM22,150.00. That's an increase of 0.74% 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 RM21,020.00. That's an increase of 6.16% 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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Does the recipient needs a valid Malaysian visa to pick up money in Kuala Lumpur?
Thank you for your comment.
According to one of the money transfer companies, the recipient must show a valid photo ID such as:
– Driving licence
– ID card/MyKad
A Malaysian Visa is not really required.
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
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
I just want to know what proof can we show the agent in Malaysia in claiming the money?
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.
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
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.
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.
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.