Wise (TransferWise)
- Fair service fees and mid-market rates – a major market differentiator
- Next-day delivery for most currencies
- Easy-to-use app
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How to transfer money from Singapore to Malaysia
Take advantage of low fees and competitive exchange rates when sending money to Malaysia.
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.
Compare international money transfers to Malaysia
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.
How to transfer money from Singapore 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.
Cash transfers
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.
Banks
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.
How much does it cost to transfer $1,000 to Malaysia from Singapore
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 | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $5.96 | $0 | $0 |
| Exchange rate | 1 SGD = 3.102 MYR | 1 SGD = 3.048 MYR | 1 SGD = 3.063 MYR |
| Transfer speed | 1-2 day | Minutes | 1-2 days |
| Amount received | MYR 3,096 | MYR 3,048 | MYR 3,063 |
| Verdict |
|
|
|
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.
What do I need to transfer money from 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.
Save on 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.
Documents needed for sending money to and from Malaysia
To send money to Malaysia from Singapore, you’ll need a 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.
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.
More guides on Finder
-
Tiger Brokers review
Tiger Brokers is an easy-to-use, multi-asset online trading platform with access to both Singapore and foreign markets at low commission fees.
-
How to buy Bitcoin ETFs from Singapore
Bitcoin ETFs are coming to market. Here’s how you can invest in them.
-
Instarem Amaze review
Benefit from 1% cashback, low-cost FX payments and seamless expense management with the Instarem Amaze card.
-
DBS Multi-Currency Account vs YouTrip in Singapore
DBS Multi-Currency Accounts and YouTrip are two of the top options in the local multi-currency space. Compare their features, fees and more to see which is best for you.
-
Alternatives to N26: A list of similar banks and apps
We’ve compared the top challenger banks to help you figure out what’s the best alternative since N26 is not available in Singapore.
-
iRemit international money transfers review
Make simple and small transfers to the Philippines through the IREMITX app.
-
YouTrip vs Revolut in Singapore
YouTrip and Revolut are two popular digital banks in Singapore. We compare everything you need to know about them to pick the right one.
-
Revolut alternatives including banks, apps and competitors
There are a number of cards and banking apps similar to Revolut that you can use in Singapore, so we’ve put together a list and compared their features for you.
-
Credit cards for foreigners in Singapore
Compare credit cards for foreigners living in Singapore and learn what details you need to provide for your application.
-
Apps and bank accounts to split bills with friends
Compare a range of banks and apps that let you split bills, request money and send payments to friends.