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How to send money to Malaysia

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, we'll help find the best option for you. When looking into providers, make sure to consider fees and exchange rates so you can make the most of your transfer.

In this guide, we'll help you compare providers and break down the money transfer process.

International Money Transfer Offer

Exclusive: Instarem International Money Transfers

  • Low transfer fees
  • Zero-margin exchange rates
  • Same or next business day transfer
  • Earn loyalty points on sign up, referral and every transaction
  • $15 off first transfer when registered through finder (T&Cs apply)

International Money Transfer Offer

InstaRem offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).

  • Minimum transfer amount: $200
  • Online transfer fee: $0.50
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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.
Rates last updated October 16th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

Exclusive: Instarem International Money Transfers
AUD 200
1 - 2 days
Online, Phone
Exclusive: finder customers receive $15 off their first transaction. T&Cs apply.
InstaRem offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).
OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Great rates and $0 transfer fees for Finder customers. Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app.
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.

Compare up to 4 providers

Enter your details to speak to a foreign exchange expert

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

What's in this guide?

How to send money to Malaysia in a few simple steps

  1. Pick your service. Use our table to find out which services send money to Malaysia from Australia. You can also use it to compare exchange rates, transfer fees and more.
  2. Set up an account. You'll need to provide identification like a passport or driver's licence, especially for larger transactions. After the first time, you won't need to do this again.
  3. Choose your payment method. You can typically choose to pay from your bank account, credit card or debit card. Some methods may have more limits on the amount you can send than others.
  4. Pick a delivery method. Do you want to send money directly to your recipient’s bank account, to their mobile phone, or arrange a cash pick-up in Kuala Lumpur, Penang Island or Kota Kinabalu?
  5. Enter your transaction details. This includes the transfer amount, currency you’re sending and the recipient’s information.
  6. Double-check your transfer. Make sure all the details are correct, especially the receiver’s. You can also review the final exchange rate and any other fees.
  7. Send your money. The money will be deposited into your recipient's account in Malaysia.
  8. Receive an email/SMS confirmation. This will include your tracking number along with confirmation of your transfer. Your recipient will need to present this number if they're picking it up in cash.

How to compare transfer companies when sending money to Malaysia

Want a better exchange rate?

Keep ahead of the curve with daily currency exchange rate alerts.

  • 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 explained

An 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.

Today's exchange rate AUD to MYR

AUD to MYR: Historical rate chart

1
0
Updated: 15 Oct 2018 16:13:32 UTC

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 fee AUD$0 AUD$24
Amount received MYR2,981 MYR2,831.80
Transfer time Two business days Two to four business days
Difference of +MYR149.20

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
  • Address
  • 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.
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Cash pick-up locations in Malaysia

Next steps

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

Image: Shutterstock

International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldFirst International Money Transfers

Great rates and $0 transfer fees for Finder customers. Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app.

FC Exchange International Money Transfers

FC Exchange will match any competitor's exchange rates. Conditions apply. No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

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20 Responses

  1. Default Gravatar
    AdriaanApril 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?

    • finder Customer Care
      JasonApril 8, 2017Staff

      Hi Adrian,

      Thank you for your enquiry.

      WorldRemit can do bank transfer, cash pickup and airtime top-up to Malaysia. Please click this link for more information about WorldRemit. You may also compare WorldRemit with the other money transfer agencies above for more options.

      Kind regards,
      Jason

  2. 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?

    • finder Customer Care
      LouDecember 28, 2016Staff

      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

  3. 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.

    • finder Customer Care
      LouDecember 19, 2016Staff

      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

  4. 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…

    • finder Customer Care
      ShirleySeptember 6, 2016Staff

      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.

  5. Default Gravatar
    alJuly 5, 2016

    Is there activation fee for transaction?

    • finder Customer Care
      ClarizzaJuly 5, 2016Staff

      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

  6. Default Gravatar
    June 14, 2016

    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?

    • finder Customer Care
      ClarizzaJune 14, 2016Staff

      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 also 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 green button in our table.

      Hope that helps.

      Clarizza

  7. Default Gravatar
    peterMarch 11, 2016

    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?

    • finder Customer Care
      ShirleyMarch 14, 2016Staff

      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.

  8. Default Gravatar
    GeorgeMarch 11, 2016

    The best exchange rate currency company for money transfer from malaysia to Australia currency

    • finder Customer Care
      ShirleyMarch 14, 2016Staff

      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.

    • Default Gravatar
      March 18, 2016

      Worldfirst does not transfer money from Malaysia to Australia. Can you

    • finder Customer Care
      ShirleyMarch 21, 2016Staff

      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.

    • Default Gravatar
      March 15, 2016

      What is the cheapest way to transfer money FROM Malaysia to Australia.

      Thanks

    • finder Customer Care
      ShirleyMarch 16, 2016Staff

      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.

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