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Find the best way to send money to Malaysia

Learn how to send money to Malaysia from Australia in our step-by-step guide.

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Looking for a way to send money to family, friends or a business in Malaysia (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better MYR exchange rates and lower fees on international transfers.

Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Malaysia within minutes.

Best ways to send money to Malaysia from Australia

The best way to send money to Malaysia depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Online money transfer provider. When buying Australian dollars or Malaysian ringgits money transfer specialists typically offer better rates and cheaper fees than a local bank.
  • Bank transfer. Bank transfers are an easy way to send money to Malaysia but they charge extra for the convenience and are often slower than other methods. AU banks generally add a 3% to 6% markup onto exchange rates.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Malaysia.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to Malaysia

1 - 18 of 18
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Cheapest way to send money to Malaysia

As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Malaysia. Revolut and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.

Remember, it's more important to look at the overall cost of your transfer to Malaysia and this has a couple of elements:
  • Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/MYR exchange rate.

Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Malaysian ringgits your recipient will end up with.

Fastest way to send money to Malaysia

Actual transfer times from Australia to Malaysia can depend on several factors including transfer amount, payment method and currency.

Here are some of the fastest average transfer speeds to Malaysia:
  • Revolut — within minutes
  • Xe Money Transfers — within minutes
  • Instarem — within minutes

Safest way to send money to Malaysia

The safest way to get your money to Malaysia is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Malaysia.

A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to Malaysia

If you need to make a sizable money transfer to Malaysia, consider using a provider such as Xe Large Transfers or OFX to secure a better MYR exchange rate and benefit from its expertise handling larger transactions.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to Malaysia may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
  • Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the MYR exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
  • Phone service. If you want to talk your transfer through with someone, providers such as Xe Large Transfers and OFX can provide support over the phone.

How to send money to Malaysia from Australia

To send money to Malaysia, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to Malaysia. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Malaysian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Malaysian ringgits your recipient gets.
  5. Complete your transfer.
    Send your money transfer to Malaysia. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: Muhammad transfers money to Malaysia

Muhammad is working in Australia as a film producer and he stays in regular contact with his elderly parents back home in Malaysia. His parents need some funds to help pay off a mortgage, so Muhammad plans to send them $2,000 from Australia.

He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.

Bank Money transfer company
Exchange rate 1 AUD = 3.02 MYR 1 AUD = 3.06 MYR
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 6,004.02 MYR 6,106.43 MYR

The money transfer company enables Muhammad to send an extra RM102.41, which is transferred straight to his parents' Maybank account.

How to choose a money transfer company for Malaysia

When selecting a provider to transfer money to Malaysia, here are the main factors to consider:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the MYR you're offered to the mid-market rate to calculate the margin.
  • Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to Malaysia for a flat or low fee might work out better if you're sending a large amount.
  • Transfer type. Does your recipient have a Malaysian bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
  • Transfer limits. Find out how much you can send with each service. For example, Remitly has a transfer limit of $2,999 while Revolut allows unlimited transfers.
  • Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of Malaysian ringgits.

Is this a good time to send money to Malaysia?

Compared to the start of the year, the Australian dollar is stronger against the Malaysian ringgit. Currently $5,000 is worth RM15,362.00, whereas at the beginning of 2024, $5,000 was equivalent to RM14,997.00. That's a decrease of 2.43%.

Similarly, compared to mid-2023, the Australian dollar is again stronger against the Malaysian ringgit. In mid-2023, $5,000 was equal to RM15,192.50. That's an increase of 1.12%.

So based on those two data points, yes, it's a relatively good time to send money to Malaysia, and your Australian dollars will go further than they would have. But what's more important, however, is the strength of the Australian dollar against the Malaysian ringgit and where it goes from here – which is harder to call.

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22 Responses

    Default Gravatar
    TonyJanuary 22, 2019

    I would like to remit a specific amount of Malaysian Ringgit to a bank in Kuala Lumpur. How do I go about it?

      AvatarFinder
      JeniJanuary 24, 2019Finder

      Hi Tony,

      Thank you for getting in touch with finder.

      If you need to transfer from your Australian bank account to a Malaysian account, please make sure that you have the other Malaysian account details. Kindly click on the green Go to site button of the money transfer company you wish to proceed the transaction with to be redirected to their official page and start registering or process the money transfer via bank transfer.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    AdrianApril 7, 2017

    I need to send money to a university in Malaysia. Can WorldRemit do a bank transfer or do I need to use a different organisation?

      AvatarFinder
      JasonApril 8, 2017Finder

      Hi Adrian,

      Thank you for your enquiry.

      WorldRemit can do bank transfer, cash pickup and airtime top-up to Malaysia.

      You may also compare WorldRemit with the other money transfer agencies found on this page for more options.

      Kind regards,
      Jason

    Default Gravatar
    AdelynDecember 28, 2016

    My friend has just transferred USD100 from his account in Australia to Maybank Malaysia. The Aus bank charged him AUS22 dollars while i expect the charges from Maybank wouldn’t be as much as what the Aus bank charges. It turns out that Maybank deducted RM 190.80 from the amount. Any reason why this is so high?

    What is the safest and cheapest way to transfer money in this case?

      AvatarFinder
      DeeDecember 28, 2016Finder

      Hi Adelyn,

      Thanks for reaching out.

      Some banks really charge fees for receiving funds from other banks or countries. You can directly get in touch with Maybank and ask them about the composition of the total RM 190.80 fee.

      Other options for sending money to Malaysia are listed in the above comparison table. You can take advantage of our money transfer calculator on top of the table to know how much the recipient will receive per amount that you will send.

      Cheers,
      Anndy

    Default Gravatar
    ZuDecember 19, 2016

    My Bank Draft Cheque is from Burkina Faso.Which bank in Malaysia may I deposit/clear my bank draft cheque.Thank you.

      AvatarFinder
      DeeDecember 19, 2016Finder

      Hi Zu,

      Thanks for your question.

      Bank drafts are generally accepted by many banking institutions around the world. If you have a bank account in Malaysia, you can first check with your bank if they accept such bank draft and what sort of fees apply for doing so.

      Cheers,
      Anndy

    Default Gravatar
    IzzatSeptember 3, 2016

    Hi,i want to ask about the fee if we tranfer from overseas to malaysia.is it the fee will deduction from the transfer money? Because a lots of overseas people asking me to pay the fee…

      AvatarFinder
      ShirleySeptember 6, 2016Finder

      Hi Izzat,

      Thanks for your question.

      Yes, generally the fee is deducted from the original transfer amount. People usually top up the transfer amount with the fee to ensure the recipient receives the stated amount.

      Hope this helps.

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