Send money to Malaysia

Take advantage of low fees and competitive exchange rates when sending money to Malaysia.

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It doesn’t have to be an expensive or time-consuming process if you need to send money to Malaysia. You can convert your pounds 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.

Compare services that send money to Malaysia from the UK

Table: sorted by a combination of service offering and the amount your recipient will receive
In the table below, enter the amount of money you wish to transfer to Malaysia. Compare speed, exchange rates and fees to choose the provider best suited to your needs.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 Same day GBP 0.00 5.353 MYR
5,353
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 1 1 - 2 days GBP 1.99 5.311 MYR
5,301
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 50 Same day GBP 2.99 5.328 MYR
5,312
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
GBP 10 Within an hour GBP 2.00 5.353 MYR
5,342
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details

Compare up to 4 providers

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 to send money 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 XE 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 ringgits are not a massively popular currency, but your local bank may be able to exchange them. If your bank does support 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 family in Malaysia. Here’s what you might face as far as fees and exchange rates as of 1 October 2020.

Digital money transfer serviceCash transferBank transfer
Fee£0£3.99£20 + additional correspondent bank fees
Exchange rate1 GBP = 5.31 MYR1 GBP = 5.25 MYR1 GBP = 5.03 MYR
Transfer speed1-2 dayMinutes2-5 days
Amount receivedMYR 5,319MYR 5,251MYR 5,039
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being both the slowest way to send money to Malaysia and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with MYR 280 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.

What are the ways that I can send money to Malaysia?

  • Bank transfers. Many major UK banks will allow you to send money to Malaysia.
  • Money transfer providers. Providers like XE 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 the UK to Malaysia.

How to send money to Malaysia online

Sign up and send money with a digital money transfer specialist in four steps:

  1. 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.
  2. 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.
  3. Confirm transfer details. Double check your payment method, expected fees and destination.
  4. 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.
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How to get the most out of your money transfer to Malaysia

Weigh costs and fees against convenience to learn how to compare providers that send money to Malaysia to best meet your needs:

  • Exchange rates. The GBP-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 pound sterling.
  • 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 GBP-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, look for 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 money sent to an Malaysian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

How to send an emergency cash transfer to Malaysia

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.

How to send money to Malaysia without a bank account

If you don’t have a bank account, you can still use cash transfer services to send money to Malaysia. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.

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 pound sterling. The GBP-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 pound sterling in our historical rate chart.

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Updated: 29 Oct 2020 12:13:52 UTC

Documents needed for sending to and receiving money in Malaysia

To send money to Malaysia from the UK, 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 the UK

To send money to Malaysia from the UK, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s licence, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or cheques.
  • 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

It shouldn’t cost a fortune to send money to Malaysia. Compare money transfer companies that specialise 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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4 Responses

  1. Default Gravatar
    GinnyNovember 13, 2018

    Does the Malaysian government limit the amount that can be transferred to a Malaysian bank?

    • Avatarfinder Customer Care
      JhezNovember 23, 2018Staff

      Hello Ginny,

      Thank you for your comment.

      There are some Malaysian banks that have their own set of limits per transfer. Most of the Malaysian banks let you transfer a maximum transfer limit of RM 50, 000 and daily transfer limit of MYR 10, 000. You can also confirm this from the bank.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  2. Default Gravatar
    LilyApril 6, 2018

    If I want to send 10,000GBP to Malaysia how much fee I have to pay if I use bank transfer can the bank just simply do deduction from the amount or I have to pay the fee separately not from the amount or vice versa. Thanks.

    • Avatarfinder Customer Care
      JoanneApril 6, 2018Staff

      Hi Lily,

      Thanks for reaching out.

      For you to determine how much the transfer fee is, you may need to check with your local bank. Generally, the fee should be on top of the amount you are sending. As we do not represent the companies featured on our pages, it would be best that you contact the bank.

      Cheers,
      Joanne

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