Take advantage of low fees and competitive exchange rates when transferring money to Malaysia.
Whether you're sending money to family in Kuala Lumpur or friends in Kota Kinabalu, you'll want to find the best deal possible. In this guide, we'll help you compare providers and break down the money transfer process.
To send money to Malaysia, you'll need to:
- Compare services in the table below and pick the one that's best for you.
- Sign up for an account.
- Set up your transfer with how much you want to send and to who.
- Lock in your exchange rate, confirm and pay.
Compare international money transfer options to Malaysia
Use the table tool below to calculate how much ringgit you'll receive with each provider. Compare the fees, rates and transfer times as well.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
What's in this guide?
How to compare transfer companies when sending money to Malaysia
- Exchange rates. How do each company’s exchange rates compare to the competition? Be aware that a provider may offer a good exchange rate but charge a fee that eats into any gains made on the conversion.
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Some companies will only offer online or in-branch transfers while others will also offer the option of placing transfers over the phone or using a mobile app.
- Turnaround time. Processing times can vary from a few minutes to several days, so check how long each provider will take to complete your transaction.
- Minimum amount. Is there a minimum transfer limit in place, and if so, is it likely to be higher than the amounts you will want to transfer?
- Pick-up methods. Can your recipient pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. Does the company offer 24/7 customer support if you ever have a question or concern?
Foreign exchange rates explainedAn exchange rate determines how much one country’s currency is worth in another currency. For example, AUD/MYR refers to how many Malaysian ringgits you can buy with one Australian dollar. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency.
AUD to MYR: Historical rate chart
What are the ways I can send money to Malaysia?
The Malaysian ringgit is traded regularly on global currency markets, which means you have plenty of options to choose from when looking to send money to Malaysia. These include the following:
- Bank transfers. A transfer from your Australian bank account to a Malaysian account is a secure and simple transfer option.
- Online money transfer providers. You can send fast and affordable transfers to Malaysia from your computer, tablet or smartphone. This comes with options for cash pick-up or direct deposit.
- International money orders. Although not a quick option, you can choose to post an international guaranteed cheque from your bank.
- Money transfer companies with cash pick-up options. Western Union and MoneyGram allow you to transfer cash that can be picked up in person from branches throughout Malaysia.
- PayPal. PayPal offers secure and simple money transfers to Malaysia.
Banks versus money transfer specialists
While many major Australian banks offer the option to send funds to Malaysia, they usually charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate (or the rate banks and transfer providers use when trading among themselves).
A money transfer specialist can often offer better exchange rates and also charge lower fees, saving you money and putting more ringgits into your recipient’s pocket. As an example, let's compare the two side by side for a transfer of $1,000 to Malaysia.
|Money transfer specialist||Major Australian bank|
|Exchange rate||AUD$1 = MYR2.981||AUD$1 = MYR2.8318|
|Transfer time||Two business days||Two to four business days|
Tips for making an international money transfer
What documents and information will I need?
If you want to send money to a Malaysian bank account, you’ll need the following details:
- Recipient's full name
- Recipient's address
- Bank name
- Bank Identification Code (BIC)
- Account name, number and BSB
Before you make your first transaction with a money transfer specialist, you'll need to open an account. Due to anti-money laundering laws, you'll need to verify your identity and provide information on your:
- Full name
- Date of birth
- Contact information
- Proof of your identity and address, which can include your passport or driver's licence
If you decide to use your bank to make the transfer, they'll already have all these details and you won't have to go through another registration process.
Making an emergency transfer to someone in Malaysia
If you or a loved one is in Malaysia and stuck without cash, there are options to get access to emergency funds. Unfortunately, your fastest possible transfer will often be the most expensive one. Carefully review the exchange rate and transfer fee against your needs so you understand exactly how much it will cost you.
Tips for picking up cash in Malaysia
- Be wary of thieves. Keep your wallet hidden and keep a firm hold of your bag at all times.
- There’s always safety in numbers, so ask a friend to come along with you when you pick up your funds.
- Avoid areas where crime is known to be a problem and take your funds to your bank as soon as possible.
- As a general rule, it’s always good to avoid carrying large sums of cash.
Cash pick-up locations in Malaysia
If you've compared your options and found the right money transfer service for you, head over to the provider's website and register for an account. The verification part of the process may take some time but once you're set up, you'll be able to transfer money straightaway.
Some words and phrases you need to know
- Remittance – penghantaran wang
- Remittance fees – yuran penghantaran wang
- Overseas remittance – penghantaran wang ke luar negara
- Send money overseas – menghantar wang ke luar negara
- Send money to Australia – menghantar wang kepada Australia
Frequently asked questions