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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, Send Payments is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise 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
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Finder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
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. Send Payments and Remitly 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:- Remitly — within minutes
- Wise — within minutes
- MoneyGram — 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 OFX or Send Payments 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 Send Payments 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.
- 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". - Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment. - 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 number, plus their bank branch's address. - 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. - 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 = 3.12 MYR | 1 AUD = 3.16 MYR |
| Transfer fee | $10 | $2.50 |
| Transfer method | Bank account deposit | Bank account deposit |
| Processing time | 2 - 5 working days | Next day |
| Amount received | 6,214.88 MYR | 6,320.89 MYR |
The money transfer company enables Muhammad to send an extra RM106.01, 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 OrbitRemit 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 OrbitRemit allows transfers up to Varies by destination.
- 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.
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Is there activation fee for transaction?
Hi Al,
Thanks for your question.
Money transfer services may charge a transfer or service fee. In some cases the fee is tiered, based on the amount of cash you plan on transferring. For example, transferring funds up to $10,000 will incur a flat $15 fee and then $25 to transfer $10,000 or more. There may also be third-party fees involved, so please do check with the service you choose to transfer your funds with.
Hope this helps.
Clarizza
A relative is in Malaysia on holiday and out of funds, can i send money to him. He’s an australian. If so how can he pick up the funds?
Hi K,
Thanks for your question.
Yes, you can send money to your friend in Malaysia. Our Money Transfer services table above shows services that allow you to either transfer money to your friend’s account electronically or if your friend prefers, he can also pick up cash at the agent (although of the services in that table, only World Remit offers cash pickup). You can also speak to an FX expert through the form above if you have any specific questions.
You may want to consider using Western Union or MoneyGram. We also have a page on international cash transfers if that helps.
Once you’ve chosen the money transfer service, you can find out more by clicking on the redirect button on our table.
Hope that helps.
Clarizza
Hi, sir I have a question. I am from Malaysia. Actually i am doing online selling with some old coins,and then the buyer started to contact me. After the deal ,he/she want to make payment by transfer the money thru wire transfer.he/she tole me to give my bank detail. Ok, i gave.
the problems is why i am going to pay the activation fees before that money is totally transfer to my account?they ask me to pay the activation money rm 1000 or even more of that,they said after i paid the activation fees ,the money will transfer to my account immediately.
sir,is this true?
Hi Peter,
Thanks for your question.
Unfortunately we cannot speak for Malaysian banks or international money transfer services as we’re an Australian financial comparison service.
We’d recommend that you get in touch with your local bank instead, or the bank that is charging you the activation fee.
The best exchange rate currency company for money transfer from malaysia to Australia currency
Hi George,
Thanks for your question.
At this current point in time, our comparison shows that the exchange rates are currently equal between World First and Travelex.
Worldfirst does not transfer money from Malaysia to Australia. Can you
Hi George,
Thanks for your question.
The products on this page allow you to transfer money from Australia to Malaysia. If you’re sending from Malaysia, we recommend that you compare international money transfer services based in Malaysia.
What is the cheapest way to transfer money FROM Malaysia to Australia.
Thanks
Hi George,
Thanks for your question.
Please use our calculator to help you find the cheapest way – this will depend on the amount you’re sending.