What's the cheapest way to send money abroad?
Need to send a payment from Malaysia? No matter where you're sending funds to, you'll want the cheapest way to transfer money abroad. Keep reading to learn everything you need to know.
We only compare secure providers which we have researched, tested and approved. Important information
We want to find the best deal for you. So although we may receive a referral fee if you choose one of these providers. It won't affect the ranking of the provider, the exchange rates or any fees you are charged. Our results are sorted in order of cheapest to most expensive cost to you. Learn more.
What is the cheapest way to send money from Malaysia?
When you want to send money from Malaysia, always factor in the total cost of your transfer. Don't forget to consider both the provider's initial fee as well as how much Malaysian Ringgit the exchange rate is currently at.
Although some providers may tell you that they have low or no fees, take a closer look, they're likely hidden within the exchange rate. For example, in our table above, you can see that for a 2000 MYR transfer from Malaysia to the to United States costs over 16.34 MYR more with our most expensive provider than with the cheapest one. This gap will only increase as your transfer amount gets higher.
How much does it cost to send money abroad from Malaysia?
When transferring money abroad, you will usually be charged a transfer fee by your bank or online transfer provider, as well as paying a different exchange rate than the mid-market one. This means that it's often worth shopping around for the best deal when sending money abroad.
Oftentimes, it's more beneficial financially to scout around for the best deal possible when you need to send money out of the country. Your bank or online transfer provider will usually charge a fee for the service, in addition to using a different exchange rate than what you would get if you were to convert your currency while still in-country.
Money transfer providers usually charge a fee for their services. This fee is typically a percentage of the amount being transferred, and can range from a few dollars to a few hundred dollars. It's important to be aware of these fees before you send money, as they can add up quickly. Based on the providers we have compared, the difference between the cheapest Wise and most expensive provider WorldRemit can be as high as 16.34 MYR.
Some providers offer lower fees for larger transfers, while others offer discounts for customers who use their services regularly. Be sure to compare the fees charged by different providers to find the best deal.
Exchange rates are the cost of one currency compared to another. They can be used to determine how much money someone would need to buy a certain amount of another currency, or how much money someone would receive if they sold a certain amount of their currency. Exchange rates can change rapidly, so it is important to stay up-to-date on the latest rates.
If you are thinking about sending money internationally, the difference between the worst 0.2319 and the best exchange rates 0.2349 in our table is 0.003 USD and it might not seem like a lot at first, but if you calculate it for 2000 MYR it can add up to 6 USD.
What providers have the lowest transfer fee?
What providers have the best exchange rate?
How can you find the cheapest money transfer option?
The cheapest way to send your payment from Malaysia will depend on a range of factors, including where you're sending money to, how you want to pay, how you'd like the funds to be collected and how quickly you need to transfer to arrive. However, specialist online and app money transfer services can often be the cheapest way to send money internationally, with better exchange rates and lower fees compared to traditional banks.
To find the cheapest money transfer option for your payment you'll want to compare a few providers, looking at rates, fees and delivery times.
As an example, comparing providers before sending 2000 MYR from Malaysia to United States could save you up to 16.34 MYR.
What should you consider when transferring money abroad from Malaysia to keep your costs down?
When you're transferring money abroad you'll need to look at the overall cost of your payment - but also the speed, security and convenience of different providers.
Calculating the overall cost of transferring money abroad can be a bit trickier than it looks. Depending on the provider, you may come across different fee types:
- Variable transfer fee - this may change based on how you pay for the transfer. Paying via your online banking or debit card is usually cheapest, and credit cards typically the most costly
- Exchange rate markup - this is a percentage fee added to the rate used to convert your funds, and can push up the overall price significantly
- Third party costs - such as SWIFT fees or cash advance charges if you pay with a credit card
Factors which influence the cost of your transfer include where you're sending money to, the value of the payment, how the transfer is received, and how fast you need it to be.
Finding the best way to send your payment doesn't need to be a headache. Check out our international money transfer pages for provider reviews and comparisons, which only feature safe, convenient and trusted providers which we've picked out just for you.
What is the cheapest way to transfer money?
|Sending money from||Sending money to||Cheapest provider||Available providers||Recipient gets When sending 5,000.00 MYR|
Save up to 1,745.28 GHS14,089.08 GHSSend money to Ghana
25,678.83 CZKSend money to Czech Republic
Save up to 147.71 BWP14,697.80 BWPSend money to Botswana
22,741,327.07 SLLSend money to Sierra Leone
134,764.10 VUVSend money to Vanuatu
446.80 OMRSend money to Oman
Save up to 18.70 GBP968.14 GBPSend money to United Kingdom
Save up to 0.24 CAD1,563.84 CADSend money to Canada
Save up to 6,190.70 LKR425,381.89 LKRSend money to Sri Lanka
Save up to 149,076.47 VND27,235,647.44 VNDSend money to Vietnam
Save up to 102,123.57 UGX4,289,503.32 UGXSend money to Uganda
Save up to 21.96 SGD1,544.32 SGDSend money to Singapore
Save up to 16.92 NZD1,843.79 NZDSend money to New Zealand
1,081.20 EURSend money to Italy
Save up to 88,148.92 COP5,392,771.04 COPSend money to Colombia
2,113.09 BGNSend money to Bulgaria
4,389.26 PENSend money to Peru
Save up to 9,299.63 GMD73,411.63 GMDSend money to Gambia
419,278.80 HUFSend money to Hungary
1,450,756.54 KRWSend money to South Korea
4,355.37 SARSend money to Saudi Arabia
Save up to 234,131.34 MGA4,982,901.58 MGASend money to Madagascar
Save up to 534.84 EGP35,120.49 EGPSend money to Egypt
1,081.20 EURSend money to France
Save up to 188,174.35 ARS405,390.21 ARSSend money to Argentina
Save up to 1,508.91 BDT124,849.63 BDTSend money to Bangladesh
Save up to 165.93 ETB62,308.26 ETBSend money to Ethiopia
8,049.01 DKKSend money to Denmark
Save up to 16,191.68 IDR17,365,759.20 IDRSend money to Indonesia
Save up to 123.99 INR95,877.32 INRSend money to India
1,080.08 CHFSend money to Switzerland
Save up to 290.19 ZAR20,267.25 ZARSend money to South Africa
Save up to 14,350.20 PKR321,930.99 PKRSend money to Pakistan
Save up to 124,479.91 MWK1,315,140.65 MWKSend money to Malawi
Save up to 51.70 FJD2,472.93 FJDSend money to Fiji
Save up to 4,191.19 CRC657,812.34 CRCSend money to Costa Rica
1,081.20 EURSend money to Belgium
152,815.82 JPYSend money to Japan
Save up to 126.66 MXN22,103.96 MXNSend money to Mexico
Save up to 314,037.85 NGN850,519.65 NGNSend money to Nigeria
Save up to 106.89 PHP62,895.06 PHPSend money to Philippines
Save up to 8.37 EUR1,166.63 USDSend money to United States
Save up to 528.49 THB38,895.79 THBSend money to Thailand
1,081.20 EURSend money to Portugal
Save up to 479.34 MZN74,094.76 MZNSend money to Mozambique
Save up to 20.67 GTQ9,111.17 GTQSend money to Guatemala
Save up to 15.00 CAD1,685.51 AUDSend money to Australia
Save up to 10.57 BRL5,962.75 BRLSend money to Brazil
Save up to 44.66 NPR151,949.94 NPRSend money to Nepal
1,081.20 EURSend money to Spain
21,814.25 TRYSend money to Turkey
Save up to 29.62 UYU44,761.82 UYUSend money to Uruguay
4,086.82 PGKSend money to Papua New Guinea
34,797.68 TWDSend money to Taiwan
Save up to 313.77 ZMW22,214.50 ZMWSend money to Zambia
12,301.51 SEKSend money to Sweden
Save up to 42,377.17 TZS2,712,745.96 TZSSend money to Tanzania
3,060.40 WSTSend money to Samoa
11,920.08 NOKSend money to Norway
696,710.39 XOFSend money to Guinea-Bissau
1,081.20 EURSend money to Germany
Save up to 5,175.06 KHR4,767,980.41 KHRSend money to Cambodia
Save up to 77.45 AED4,277.47 AEDSend money to United Arab Emirates
1,973.12 AZNSend money to Azerbaijan
2,686.08 TOPSend money to Tonga
Save up to 29,284.97 RWF1,257,620.98 RWFSend money to Rwanda
5,090.04 PLNSend money to Poland
Save up to 2,589.64 KES145,136.61 KESSend money to Kenya
Save up to 20.14 NPR7,881.46 CNYSend money to China
Save up to 957.10 JMD178,712.04 JMDSend money to Jamaica
Save up to 134.37 DOP65,816.10 DOPSend money to Dominican Republic
Save up to 5,912.01 CLP923,046.30 CLPSend money to Chile
437.53 BHDSend money to Bahrain
1,536.19 BNDSend money to Brunei
Save up to 42,749.25 BIF2,408,656.12 BIFSend money to Burundi
Save up to 117,889.87 GNF9,992,095.03 GNFSend money to Guinea
9,151.23 HKDSend money to Hong Kong
3,568.85 TNDSend money to Tunisia
Save up to 80.81 MAD11,803.01 MADSend money to Morocco
3,991.12 ILSSend money to Israel
Banks or online transfer providers, which one is cheaper?
It used to be the case that banks would be your only option if you wanted to send money internationally. However, there's now plenty more choice on the market, with specialist international money transfer services offering fast, cheap ways to process overseas payments, often online and via apps.
You'll need to compare a few different banks and online money transfer services to see which suits you best - here are a few key features of each to help you decide:
- You can often set up your payment online, by phone, or in person in a branch
- Banks tend to support payments to a good range of countries and currencies
- Payments are secure, familiar and reliable
- Exchange rates usually include a markup, and transfer fees can be high
- Delivery times may be 3 - 5 working days
Online transfer providers:
- Open an account and make payments online or using a convenient app
- Exchange rates may be better than those from banks, with transparent fees
- Some payments arrive instantly, and average transfer times are usually among the best on the market
- No in person service offered - support is usually provided by phone or text chat
- You can't usually pay in cash - bank transfers or card are more common
Why are international bank transfers expensive?
Though bank transfers are a very popular way to move money internationally, the substantial fees can be disheartening. Why are these commonly used transferral services so costly? If you frequently send wire transfers through your bank, it's time to find out where your money is really going.
The following list contains some of the less hidden charges that banks will levy against customers who use international bank transfer services:
- Foreign Exchange Commission - Aside from the fee your bank charges for an international transfer, you also have to pay a currency exchange rate. This rate is always changing and can be different depending on which financial institution you use. The rates posted at your local bank are rarely the true foreign exchange market rates – they're usually higher because of additional fees that the banks charge.
- Minimum fees - Banks usually charge a minimum fee for international transfers, regardless of the amount being sent. Even if you are only sending a small sum, these fees can rapidly add up. Unfortunately, the more money you send, the higher percentage fee you will most likely be charged.
- Handling charges - Banks often charge high fees for international money transfers, especially when the sending and receiving banks are not in direct relationship with each other. This means that a third intermediary bank may become involved in the process, which results in more fees for both you and the receiver.
How can you pay for your instant transfer from Malaysia?
When it comes to funding your international money transfer, you have a few different options. However, the best way to save money on your transfer is by using a provider that accepts debit card or bank transfer as a source of payment.
Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
Bank transfer, card (debit, credit, and prepaid) or Apple Pay
What app is the cheapest to send money from Malaysia?
Sending money with an international payment app is a convenient option you can manage on the move. International money transfer services usually offer apps for convenience, with transfers set up in the app costing the same as it would to make the payment via the provider’s desktop site.
The cheapest app to send money will vary a bit depending on the details of your payment, and which services are available in your region. However, some great options to look at include:
- Wise: 185,234 reviews, rated 4.5/5 on Trustpilot
- WorldRemit: 67,375 reviews, rated 4/5 on Trustpilot
Is it safe to use an online provider when sending money abroad?
Anytime you need to make an international money transfer from Malaysia, it can be a little nerve-racking. But with our provider comparison tool, you'll only ever see results for companies that are secure and operate legally in any part of the world.
Trying to find the safest way to send money from Malaysia? You'll want to look for providers who are registered and follow FCA guidelines. In some cases, operators may also need to adhere to PRA regulations. Wondering what all these initials mean? Let's explore:
FSCS - Financial Services Compensation Scheme - The FSCS safeguards customers in the event that their bank, insurer, or other eligible financial service company collapses. If your bank goes bankrupt or experiences any other financial difficulties, you may be able to get compensated through the FSCS.
FCA - The Financial Conduct Authority - must give permission for nearly all financial activities. The FCA makes sure that standards are met and businesses are trading safely by regulating and overseeing their practices.
PRA - Prudential Regulation Authority - The PRA's primary goal is to protect customers' money by ensuring that banks and other financial institutions are being managed safely and controlling risks.
Which international money transfer services can be considered safe?
International money transfer services are regulated to ensure that customers can send money quickly and safely.
If you're looking for a safe and reliable international money transfer service, be sure to check out our reviews and comparisons. We only feature trusted providers that are fully regulated and licensed.
Here are a couple of providers that we recommend and have an overwhelmingly positive feedback:
- Wise: 185,234 reviews, rated 4.5/5 on Trustpilot
- WorldRemit: 67,375 reviews, rated 4/5 on Trustpilot
When transferring money, it is important to consider all of the associated costs in order to find the cheapest option. Comparing providers before sending a payment can save you a significant amount of money. Factors which influence the cost of your transfer include where you are sending money to, how much you are sending, and how quickly you need it delivered. Using a specialist online or app money transfer service may be the cheapest way to send money internationally.
Looking for more expert advice on sending money internationally?
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The best way to send money back to the Malaysia depends on the individual, find the best one for you.
FAQ About the cheapest way to send money internationally
The cheapest way to transfer money internationally is to use a specialised online money transfer service provider. These companies offer low or no fees, and their exchange rates are typically better than those offered by banks. However, it's important to compare rates between providers to ensure you're getting the best deal.
In our current comparison, when sending 2000 Malaysian Ringgit from Malaysia to United States you could save up to 16.34 MYR. Keep in mind that the more you send, the higher your potential saving will be if you chose to compare international money transfer providers first.
There are costs involved in processing international transfers, which means it’s usually not possible to send money abroad for free. Even when transfer services state they have no transfer fee, they’re probably adding a change into the exchange rate they use to cover their costs and make sure they generate a profit.
In general yes, but PayPal’s fees do vary based on the type of account you hold and where you’re located. To give an example from a recent comparison, if you were sending 1,000 USD to the UK your recipient may get almost 50 GBP more in the end if you use our top international money transfer provider, rather than PayPal. That’s nearly an extra 5% for no extra cost to you.
Wise usually offers a cheaper international money transfer option than banks. With Wise, you can send money to 80 countries with a low fee and mid-market exchange rate, even if the recipient doesn't have a Wise account to receive it.
Western Union is often seen as a more affordable option for sending money overseas than bank transfers. Fees can vary depending on the amount being transferred, but Western Union usually offers lower fees than most banks.
Most banks charge a fee for international wire transfers. The fee is typically a percentage of the amount transferred, with a minimum fee amount which is different with every bank. Your bank may also charge a foreign currency conversion fee when you send or receive money in a foreign currency. This fee is usually charged as a percentage of the total transaction amount as well.