Sending money from Singapore to Malaysia doesn’t have to be an expensive or time-consuming process. You can convert Singapore 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.
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Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Malaysia with our money transfer partners.
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.
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 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 27 September 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $0 | $3 | $25 + additional correspondent bank fees |
| Exchange rate | 1 SGD = 2.997 MYR | 1 SGD = 3.003 MYR | 1 SGD = 2.986 MYR |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | MYR 2,997 | MYR 2,993 | MYR 2,911 |
| Verdict |
|
|
|
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 86 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.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Malaysia to best meet your needs:
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.
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.
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.
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.
To send money from Singapore to Malaysia, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
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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