Looking for a way to send money to family, friends or a business in Malaysia (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better MYR exchange rates and lower fees on international transfers.
Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? MasterRemit can get money to your recipient in Malaysia within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Malaysia. Revolut and MasterRemit have some of the lowest bank transfer fees of the brands we've compared.Remember, it's more important to look at the overall cost of your transfer to Malaysia and this has a couple of elements:
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Malaysian ringgits your recipient will end up with.
Actual transfer times from Australia to Malaysia can depend on several factors including transfer amount, payment method and currency.Here are some of the fastest average transfer speeds to Malaysia:
The safest way to get your money to Malaysia is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Malaysia.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Malaysia, consider using a provider such as Xe Large Transfers or OFX to secure a better MYR exchange rate and benefit from its expertise handling larger transactions.Using a large transfer specialist can have the following advantages:
To send money to Malaysia, you'll need the necessary documentation, your recipient's details and a way to pay.
Muhammad is working in Australia as a film producer and he stays in regular contact with his elderly parents back home in Malaysia. His parents need some funds to help pay off a mortgage, so Muhammad plans to send them $2,000 from Australia.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 3.06 MYR||1 AUD = 3.10 MYR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||6,093.91 MYR||6,197.86 MYR|
The money transfer company enables Muhammad to send an extra RM103.94, which is transferred straight to his parents' Maybank account.
When selecting a provider to transfer money to Malaysia, here are the main factors to consider:
Compared to the start of the year, the Australian dollar is stronger against the Malaysian ringgit. Currently $5,000 is worth RM15,592.00, whereas at the beginning of 2023, $5,000 was equivalent to RM14,997.00. That's an increase of 3.97%.
Similarly, compared to mid-2022, the Australian dollar is again stronger against the Malaysian ringgit. In mid-2022, $5,000 was equal to RM15,192.50. That's an increase of 2.63%.
So based on those two data points, yes, it's a relatively good time to send money to Malaysia, and your Australian dollars will go further than they would have. But what's more important, however, is the strength of the Australian dollar against the Malaysian ringgit and where it goes from here – which is harder to call.
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