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How to transfer money to Malaysia

Find the cheapest* way to send money from anywhere to Malaysia.

The table below lists some of the services you can use to send money to Malaysia. Sort through different services using the table headings and click 'More' to read a review of the product, or 'Go to Site' when you're ready to transfer money.

Compare money transfer options to Malaysia

Rates last updated October 24th, 2017
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
Exclusive: World First International Money Transfers
NZD 2,000
2 days
Online, Phone, Agent
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
NZD 250
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Compass Global Markets International Money Transfers
NZD 1,000
1 day
Online, Phone
Send money overseas in at least 140 currencies.
HiFX International Money Transfers
NZD 50
2 days
Online, Phone, Agent
Make your first transfer for free. Transfer money between 20 currencies, and enjoy schedule regular transfers.
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

The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

Can’t find what you’re looking for? Have a TorFX currency expert contact you for free

After you've submitted your details, a TorFX consultant will contact you via the phone number you've provide for a free consultation. You will typically receive a response within one business day.

TorFX are international money transfer specialists and have an office based in Surfer's Paradise Queensland and have the AFS Licence number 246838. We will not collect your personal information unless it's necessary to provide the information, advice or service you've requested and, where possible, you'll be able to use our services anonymously.

If you have never transferred money before or have a large amount of money to transfer (like paying back an overseas home loan or receiving an inheritance), you may feel more comfortable speaking to a person instead.

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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.

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Definition: Cheapest

There is no one way to send money overseas that is guaranteed to be the cheapest. You may be able to find the cheapest transfer fee, but the exchange rate may not be as competitive, or vice versa. You may need to send money within 24 hours, while other people may have no time limit. You should always consider a range of products when deciding which provider is most suited to your personal money transfer needs.

Sending money to Malaysia: Should I use my bank?

Most of us already have an account with a financial institution, and this is usually the first place people look when they want to send money overseas.

However is your bank going to give you the best deal on your international money transfer to Malaysia? It may be worth looking at specialist international money transfer companies; you may find your dollar goes a little further. Consider the example below:

Money Transfer ServiceBank
Transfer amountAUD$1,000AUD$1,000
Exchange rate1 AUD = 3.17970 MYR1 AUD = 2.98 MYR
Transfer feeAUD$6.95AUD$20.00
Amount received (in Malaysian Ringgit)3,157.60 MYR2,984.60 MYR
Transfer time2 business days3 - 5 business days
Transfer optionsOnlineOnline
Difference of+173 MYR

Rates are correct 30 May 2017.

The Malaysian Ringgit is a commonly traded international currency. Although it’s not listed as a major international currency, you can buy and sell Ringgit with a number of overseas money transfer companies.

Banks

You can use your banking institution to send money to Malaysia. The recipient must have a bank account that they have access to in Malaysia to collect the money. Transfers can take between 2 - 10 days. Your financial institution will generally charge a fee for this service.

Non banks

There are a number of non-bank companies you can use to send money to Malaysia.

  • Western Union. Send money online or in person at a Western Union outlet and it can be available to collect in a matter in minutes.
  • Travelex. Send money to a Malaysian bank account using Travelex international payments. The minimum transfer amount is $500 and a small flat fee is charged for the service.
  • Paypal. Paypal also have an overseas transfer service if you want to send money to Malaysia. It’s free to sign up for a Paypal account. The recipient will need to link their bank account to their bank account to get the money.

How to compare your options when transferring your money to Malaysia

If this is the first time you’re sending money to Malaysia, you should know about the following when you compare quotes from different money transfer companies.

  • The exchange rate. This is the rate of conversion from Australian dollars to Malaysian Ringgit. The exchange rate is one of the most important considerations, but it’s not the only consideration. Be conscious of fees, too. Sometimes a provider can offer a good exchange rate, but will charge a fee for the transfer which eats into any gains made on the conversion.
  • Transfer fees. How much does it cost to send money to Malaysia? International transfer companies can charge a flat fee, a percentage or no fee at all. Most non-bank transfer companies will waive the transfer fee if you’re sending over a certain amount.
  • Pickup methods. Do you want to send the money directly to the recipient's bank account or do you want them to collect the cash from a local business? If a friend or relative doesn’t have access to a bank account (like if their wallet is stolen), then cash collection from a local merchant is advised. Be aware that the collection method affects the time it takes for the cash to become available. Money sent from a non-bank transfer company and collected from a local business can be ready in minutes.
  • Transfer time. Transfer time and pick-up methods are linked. Sending money online to a bank account can take up to five business days before the funds are available; while sending money to be collected as cash from a business will be ready much sooner.
  • Minimum transfer amounts. The smallest amount of money you can send differs from provider to provider. Generally, you’re able to send as little as a few hundred Australian dollars at a time; however, transactions under a certain amount are likely to attract a transfer fee.
  • Customer service. Who can you speak to if something goes wrong with the transfer, or you want to confirm the specifics of the transaction. Check to see whether you can contact the provider’s customer service team on a weekend, and whether they offer a 24 hour service.

Emergency cash transfers to Malaysia

Wallets and bags can go missing while you’re on holiday. If you’re in Malaysia and you’re stuck without cash, there are options to get access to emergency cash. Consider the following:

Cash pickup services

Get someone to send you the money using a cash pickup service like Western Union or Moneygram. For a small fee, money can be available only minutes after it has been sent from Australia.

Emergency cash advances

Visa, Mastercard and American Express can give you an emergency cash advance if your card is lost or stolen. The card scheme will make the money in your account available through a participating merchant in Malaysia.

Travel insurance

Your travel insurance policy may have an emergency assistance benefit that includes a provision of emergency cash. Check your policy terms and conditions to see whether you’re eligible to receive this benefit.

Cash pickup locations in Malaysia

If you need send money quickly, companies like Western Union can complete a transfer in a matter of minutes. The money is collected from a participating Malaysian business. Some examples of pickup locations include:

Western Union

Alif Money Changer Ampang.
Lot 19 Ground Floor Tesco Hypermarket, Ampang Kuala Lumpur, Kuala Lumpur.
+60-3-26173888.
Open Monday to Sunday 10am - 10pm

Ank Rakyat Japan Tangsi.
Bang Rakyat Tingkat, Bawah Jalan Tangsi, Kuala Lumpur.
Open Monday to Friday 9am - 5pm

Moneygram

CIMB Bank - KL Sentral.

Lot 23. Departure Hall Ground Floor, KL City Terminal KL Sentral Stat, Kuala Lumpur.
322731950
Monday to Friday 9.15am - 4.30pm & Saturday to Sunday 12am - 11.59pm

Prabhu Money Transfer - PUDU.
Floor 12 Myanmar Mini Shopping Centre No. F4, First 18 - 20 Japan Leboh.
320268786
Monday to Sunday 12am - 11.59pm

Tips for picking up cash in Malaysia

Australians are advised to exercise a normal degree of caution when travelling to and around Malaysia. Common sense is the best approach if you’re concerned about picking up a large amount of cash in public.

Travel in a group, keep your valuables close to you and don’t waive around large amounts of cash in public.

Documentation when sending money to Malaysia

If you want to send money to a Malaysian bank account, you’ll need the following details.

  • Bank name, BIC and Account number.

If you want to carry out a bank to bank transfer, the above information should be enough to complete the transfer. If you’re sending the money through an international payment service like Western Union, you may be required to open an account first. You will need to provide basic personal information about yourself to complete the registration.

Expect to supply the following information about yourself to send money to Malaysia.

  • Your name.
  • Date of birth.
  • Your contact information, including email address
  • Your address.

Following your registration and completion of the funds transfer, you should be given a receipt (generally on the email you provided) with a reference number.

There are a number of online and ‘bricks and mortar’ money transfer companies that you can use to send money to Malaysia.

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

International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat 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: OFX (Ozforex) International Money Transfers

Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.

Exclusive: World First International Money Transfers

Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.

FC Exchange International Money Transfers

FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.

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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?

    • Staff
      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?

    • Staff
      AnndyDecember 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.

    • Staff
      AnndyDecember 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…

    • Staff
      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?

    • Staff
      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?

    • Staff
      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?

    • Staff
      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

    • Staff
      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

    • Staff
      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

    • Staff
      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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