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How to send money to Malaysia

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

Sending money from South Africa to Malaysia doesn’t have to be an expensive or time-consuming process. You can convert SA rands 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 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day ZAR 0.00 0.261 MYR
1,306
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
USD 1 Within an hour ZAR 250.00 0.261 MYR
1,239
Use promo code FREE to send your first transfer with no fee. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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 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 WorldRemit specialize 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 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 popular currency, but your local bank may 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 R10,000 to Malaysia

Let’s say you need to send R10,000 to family in Malaysia. Here’s what you might face as far as fees and exchange rates as of November 19, 2020.

Digital money transfer serviceCash transferBank transfer
FeeR0R55R250 + additional correspondent bank fees
Exchange rate1 ZAR = 0.246 MYR1 ZAR = 0.253 MYR1 ZAR = 0.238 MYR
Transfer speed1-2 dayMinutes2-5 days
Amount receivedMYR 2,460MYR 2,516.09MYR 2,320.50
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

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 195.59 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 SA banks will allow you to send money to Malaysia.
  • Money transfer providers. Providers like WorldRemit can help you quickly and easily transfer your money online.
  • Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
  • PayPal. Electronic payment giant PayPal allows you to send money from South Africa 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 money transfer providers that send to Malaysia to best meet your needs:

  • Exchange rates. The ZAR-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 South African rand.
  • 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 ZAR-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 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.

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

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 South African rand. The ZAR-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.

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Updated: 05 Dec 2021 05:18:33 UTC

Can you use Zelle in Malaysia?

No. Zelle, Cash App, Venmo and similar services are all restricted mostly to the US. Zelle and Venmo do not work between Malaysia and South Africa. You’ll need to use a dedicated money transfer service, a bank transfer, a PayPal transfer or something similar to send money to Malaysia. Use our comparison table above to see what your transfer to Malaysia could cost.

Documents needed for sending to and receiving money in Malaysia

To send money to Malaysia from South Africa, 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 South Africa

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

  • Identification. Most services require 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.

What to watch out for

When you send money to Colombian relatives or family members in Malaysia, the money may be subject to taxes but it depends on a lot of variables. Keep in mind that exchange control regulations state that individuals are only allowed to send up to R1 million per year out of South Africa, and up to R10 million a year in investments.

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.

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