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 click "Go to Site" when you're ready to transfer money.
- 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: $50
- Online transfer fee: $0.50
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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 best 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 since you may find your dollar goes a little further. Consider the example below:
|Money Transfer Service||Bank|
|Exchange rate||AUD$1 = MYR3.17970||AUD$1 = MYR2.98|
|Amount received (in Malaysian ringgit)||MYR3,157.60||MYR2,984.60|
|Transfer time||Two business days||Three to five business days|
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.
You can use your banking institution to send money to Malaysia. The recipient must have a bank account that they can access in Malaysia to collect the money. Transfers can take between two to ten days. Your financial institution will generally charge a fee for this service.
- Citibank Global Transfers. You can send money to a Citibank account in Malaysia from your Citibank bank account in Australia for free. The funds transfer is instant. The money is available as soon as you send it.
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 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 has 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 PayPal 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 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, 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 pickup methods are linked. Sending money online to a bank account can take up to five business days before the funds are available. 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.
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 to 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:
Alif Money Changer Ampang. Lot 19 Ground Floor Tesco Hypermarket, Ampang Kuala Lumpur, Kuala Lumpur. +60-3-26173888. Open Monday to Sunday 10am - 10pm
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 brick-and-mortar money transfer companies that you can use to send money to Malaysia.
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