Sending money from Singapore to Malaysia doesn’t have to be an expensive or time-consuming process. With the right service, you can easily convert your Singapore dollars to Malaysian ringgit from the comfort of your home.
Learn how to compare exchange rates and fees to secure the best deal in this guide.
Send money to Malaysia with Wise
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Fair service fees and mid-market rates – a major market differentiator
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Malaysia with our money transfer partners.
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 OFX specialise 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.
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.
Malaysian ringgit is a commonly exchanged currency in Singapore, so your bank will most likely 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 your family in Malaysia. Here’s what you might face as far as fees and exchange rates as of 20 April 2021.
Digital money transfer service
1 SGD = 3.102 MYR
1 SGD = 3.048 MYR
1 SGD = 3.063 MYR
Fastest, but most expensive
Fast and convenient for existing customers of the bank
The cash transfer option ends up sending the least money to your recipient in Malaysia due to its unfavourable exchange rates. If you go with the digital money transfer service, your recipient ends up with MYR 48 more than the cash transfer service. If speed is crucial, the 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. The majority of the banks in Singapore will allow you to send money to Malaysia.
Money transfer providers. Providers like Wise 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 Singapore to Malaysia.
Cheque. Although not a quick option, you could obtain an international cheque from your bank and send it overseas.
How to send money to Malaysia online
Sign up and send money with a digital money transfer specialist in four steps:
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.
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.
Confirm transfer details. Double-check your payment method, expected fees and destination.
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.
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 SGD-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 Singapore 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 SGD-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 the money to be sent to a 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 the 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 Singapore dollar. The SGD-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.
Track how the Malaysian ringgit trades against the Singapore dollar in our historical rate chart.
Updated: 05 Aug 2021 04:56:52 UTC
Documents needed for sending to and receiving money in Malaysia
To send money to Malaysia from Singapore, 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 Singapore
To send money from Singapore to Malaysia, you’ll need documentation and details that include:
Identification. Most services require your NRIC, a driver’s license, passport or other government-issued ID.
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.
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.
Zak Killermann is a writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
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