How to send money to Malaysia

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

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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.

How we chose these services

Top picks are our selection of some of the best money transfer products and services on Finder, but we haven't compared every brand in the market. We've included them on some pages to help you make decisions faster, but keep in mind that our top pick may not always be the best fit for you. Read our full methodology here to find out more.

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
GBP 0 1 - 2 days AUD 3.99 3.113 MYR
15,553
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
AUD 2,000 1 day AUD 0.00 3.098 MYR
15,488
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Go to site Show details
AUD 2,000 1 day AUD 10.00 3.098 MYR
15,457
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 1 day AUD 47.50 3.129 MYR
15,495
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 1 Same day AUD 0.00 3.113 MYR
15,566
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 10 Within an hour AUD 2.99 3.11 MYR
15,541
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 3.99 3.104 MYR
15,506
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 200 1 - 2 days AUD 25.00 3.124 MYR
15,542
New customers sending over AUD 500 from Australia use code FINDER50 to get AUD 50 off. Valid till 30th June 2021. T&Cs apply.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
AUD 1 1 - 2 days AUD 40.00 3.116 MYR
15,455
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. 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 XE 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, Remitly 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 $1,000 to Malaysia

Let's say you need to send $1,000 to family in Malaysia. Here's what you might face as far as fees and exchange rates as of 11 November 2020.

Digital money transfer serviceCash transferBank transfer
Fee$6.5$35$18 + additional correspondent bank fees
Exchange rate1 AUD = 3.00 MYR1 AUD = 2.81 MYR1 AUD = 2.86 MYR
Transfer speed1-2 dayMinutes2-5 days
Amount receivedMYR 2984MYR 2,814MYR 2,860
Verdict
  • Best value
  • Fastest
  • Slowest

The digital money transfer option ends up being the best value, while a cash transfer is faster.

What are the ways that I can send money to Malaysia?

  • Bank transfers. Many major Australian banks will allow you to send money to Malaysia.
  • Money transfer providers. Providers like XE and WorldRemit can help you quickly and easily transfer your money online.
  • Providers with cash pickup. Western Union, Remitly and MoneyGram allow you to send funds for cash pickup at agent locations.
  • PayPal. Electronic payment giant PayPal allows you to send money from Australia to Malaysia.
  • Checks and money orders. Although not a quick option, you could send an international check overseas if necessary.

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.
Back to top

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 AUD-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 Australian dollar.
  • 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 AUD-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 a 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 Australian dollar. The AUD-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.

Track how the Malaysian ringgit trades against the Australian dollar in our historical rate chart.

1
0
Updated: 17 Jun 2021 16:25:04 UTC

Today's exchange rate AUD to MYR

Documents needed for sending to and receiving money in Malaysia

To send money to Malaysia from Australia, 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 Australia

To send money from Australia 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

Sending money to Malaysia may be subject to taxes on the money transfer, but it depends on a lot of variables.

Learn more about using Malaysian ringgit in Malaysia

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.

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.

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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 Customer Care
      JeniJanuary 24, 2019Staff

      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
    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?

      Avatarfinder 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.

      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 Customer Care
      DeeDecember 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

    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 Customer Care
      DeeDecember 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

    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 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.

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