Transfer money from Indonesia to Malaysia. Cheap and fast ways to send money abroad
Compare the best transfer fees and rates to transfer money from Indonesia to Malaysia
We only found one international money transfer company supporting transfers from Indonesia to Malaysia, but there may be others available. We consistently review our coverage and compare 10+ providers across hundreds of currency routes.
Best ways to transfer money from Indonesia to Malaysia
Shopping around is the best way to find the right service for your payment from Indonesia to Malaysia. Our handy comparison tool makes the job easy.
We’ve taken a selection of reputable, reliable and safe money transfer services and rated them based on cost, speed and customer trust, to help you pick the right one for you. Our table starts from least to most expensive provider, so you can easily see the cheapest way to transfer money from Indonesia to Malaysia, taking into account transfer fees and available exchange rates.
How to transfer money from Indonesia to Malaysia a step-by-step guide
So, how can I send money from Indonesia to Malaysia quickly and conveniently? Usually the easiest way to send money is to arrange your transfer through a digital service, which means you can get set up without even needing to leave home. Here’s a step-by-step guide on how to transfer money from Indonesia to Malaysia online:
- 1Choose a way to send money
Often the easiest way to send money is to set up your payment online or through an app. You can use your bank’s online transfer system if you’d rather stick with a familiar option, or compare a few specialist international money transfer services which can often have a lower overall cost and a faster service compared to a bank. - 2Compare providers with our handy comparison table
Enter the amount you want to send from Indonesia to Malaysia to generate instant comparison quotes from our selection of safe and reliable money transfer services. You’ll be able to see the fees and exchange rates available, the delivery speed and how much the recipient will get in the end, so you can pick the right service for your needs. - 3Register
If you’re using an online money transfer service for the first time, you’ll need to register an account and get verified. This can usually be done with just your phone by entering your personal contact information and uploading images of your ID alongside with your address documents. If you’d prefer to send your money with a bank you’ll need to open an account first - this can often be done online or by going to your local branch in person, but you may need to make an opening deposit before you can access services. - 4Start your transfer
Log into your bank or provider account, and start your transfer by entering the amount of money you want to send, and the currency it should be received in. Depending on the provider you’re using you may be able to choose from different payout options, such as bank deposit or cash collection. You’ll need to follow on screen prompts to enter all the recipient details to ensure your transfer can be made securely.
If you’re looking for more ideas on how to transfer money quickly and cheaply, read on - we have all you need to know coming up in this guide.
What should you consider when sending money?
Banks and specialist international money transfer services each have their own pros and cons, so you’ll need to compare a few to decide which is best for you. Here are a few important factors to consider:
Transfer time: Transfer times can vary a lot. While some specialist money transfer services can deliver your payment instantly or in just a few minutes, it’s common for banks to take 3 to 5 days if the transfer is processed using the SWIFT network. In our comparison, the fastest way to send money from Indonesia to Malaysia was with Wise.
Transfer fees: When you send an international payment you may have several different fees to pay including an upfront transfer fee, exchange rate markup and possible third party costs. Some providers split out all their fees transparently, but it’s not always the case. That means you’ll have to carefully compare both the stated transfer fees and the exchange rates to see which is the best overall value. In our comparison, Wise had the lowest overall cost when sending money from Indonesia to Malaysia.
Required documentation: For security reasons and to comply with international laws, you’ll often need to provide proof of your ID and address when sending a payment abroad. This can normally be done using a government issued ID document like your passport or driving license, and a bank statement or utility bill which shows your name and address clearly. Higher value transfers may also require extra paperwork, such as proof of the source of the funds. Learn more about the documents needed when sending money from Indonesia to Malaysia here.
Exchange rates: Banks and money transfer services set their own exchange rates, which can include fees. Use a currency converter tool to check the mid-market exchange rate, and compare this against the rates offered by different providers, to pick the one that’s best value for your specific needs.
What are the best methods to transfer money?
- Bank Transfer: Sending a bank transfer is safe, familiar and reliable. You can usually set up your transfer online or through your bank’s app, or call into a branch. International transfers arranged through a bank can be fairly expensive, including a transfer fee and a markup added to the transfer rate, plus possible third party costs from correspondent banks.
- Online Money Transfer Service Providers: Online money transfer providers let you register and arrange a payment using nothing more than your phone or laptop. Different providers have their own features and fees, which may include varied pay out methods and fast or even instant delivery times. Specialist online money transfer services like Wise offer fast and reliable transfers from Indonesia to Malaysia.
- Cryptocurrency Transfers: If your recipient has a cryptocurrency wallet, you could consider sending your payment as a cryptocurrency transfer. The costs of making a cryptocurrency transfer can vary based on the specific currency and the transfer service you pick.
- Cash Pickup Services: Many providers like Western Union and Remitly offer cash pickup services which allow recipients to collect their payment in cash from a local agent. This can be fast and convenient, particularly if you’re sending to someone without easy access to a bank account. Fees may be higher compared to sending money for deposit to a bank account.
Why compare with us
What is the cheapest way to send money from Indonesia to Malaysia?
- Wise: 57320 IDR
Need the cheapest way to send money from Indonesia to Malaysia? When sending money from Indonesia to Malaysia, Wise offers the best rate at 0.0003 for Indonesian Rupiah/Malaysian Ringgit and charges a fee of 57320 IDR.
If you’re looking for the cheapest way to transfer money from Indonesia to Malaysia, you’ll need to consider both the upfront fee displayed by the provider and the Indonesian Rupiah/Malaysian Ringgit exchange rate.
While some providers may promote low or even zero fees, they sometimes add extra costs in their exchange rates. For reference, today's interbank rate for Indonesian Rupiah/Malaysian Ringgit is 0.00028. Always check this against your provider's offered rate.
For example, it's common for banks to add a hidden markup to their exchange rates.This could mean, if the original rate is 1 IDR is 0.00028 MYR, a 3% increase by your bank could lead to a rate of Rp 1 = 0.00029 RM.
- Wise is the cheapest option, with a IDR/MYR exchange rate of 0.0003. Their fees to transfer money to Malaysia is 57320 IDR
It’s worth bearing in mind that the cheapest way to send money will vary depending on the specific payment currency and value - it’s always worth shopping around, which is easy with the Exiap comparison tools.
Looking for other ways to send money to Malaysia from abroad? Our guide to the cheapest ways to send money to Malaysia is here to help you pick the best option for you.
What is the fastest way to transfer money from Indonesia to Malaysia?
- Wise: Instant-2 Days
Interested in finding the fastest way to send money from Indonesia to Malaysia? When transferring money from Indonesia to Malaysia, it’s good to know that a dedicated money transfer service can often process your transfer faster than banks, which typically take 3-5 working days. For instance, the quickest provider on our comparison table aims to complete your transfer in Instant-2 Days.
That’s because banks typically rely on the SWIFT network for international transactions. This means your money passes through multiple intermediaries, causing delays. In contrast, online money transfer services have established their own efficient networks, ensuring quicker and sometimes even instant transfers to your recipient's account.
The fastest provider in our table to send money from Indonesia to Malaysia is Wise
Learn more about instant international money transfer methods here.
What is the best rated provider to transfer from Indonesia to Malaysia?
Of the 1 providers we found for transferring money from Indonesia to Malaysia, here's how they stack up in terms of number of reviews and average score:
- Wise - Trustpilot Score: 4.3, Excellent
What is the safest way to send money?
Choosing an international money transfer service can feel like a risk. However, our comparison tool recommends secure providers which operate within the law in any part of the world they’re in.
When you’re looking for the safest ways to send money to Malaysia from Indonesia you’ll usually want to look out for providers which are registered with and operate under the FCA. In some cases operators may also be regulated by the PRA. And if you’re sending money with your bank, you may also read about the FSCS. Too many acronyms? Let’s look at what they mean.
FCA - Financial Conduct Authority - almost all financial activities have to be authorised by the FCA. The FCA’s job is to regulate and oversee financial activities to make sure standards are upheld and financial businesses are trading safely and legally.
PRA - Prudential Regulation Authority - the PRA exists to make sure banks, building societies, insurance companies and other similar financial institutions are being managed safely, to control risk and keep customer money safe.
FSCS - Financial Services Compensation Scheme - the FSCS protects customers when their bank, insurer or other eligible financial service company fails. You may be able to get compensation through the FSCS to make sure you don’t lose out if your bank goes bankrupt or runs into other financial difficulties.
What is the best app to transfer money from Indonesia to Malaysia
| Provider | Website |  |  |
|---|---|---|---|
| Wise | ✅ | ✅ | ✅ |
Wise: Send money from Indonesia to Malaysia
Wise offers online and in-app money transfer services to Malaysia and 80+ other destinations around the world. You'll get the mid-market exchange rate to convert your Indonesian Rupiah, with fast transfer times. In fact, 50% of Wise transfers are instant*, and 90% get there in under 24 hours.
- Mid-market exchange rates and low fees from 0.41%
- Send money abroad quickly - transfers can even be instant
- Send in 50 currencies to 70 countries
- No cash payment options
- No branch network
How much does it cost to send money to Malaysia with Wise?
- Transfer fees: Send money from 0.41%
- Exchange rates: Mid-market exchange rate
- Additional fees: Transfer fees vary based on destination and how you choose to pay
How to do bank transfers from Indonesia to Malaysia?
Using a bank transfer from Indonesia to Malaysia is one of the most straightforward methods for both the sender and the recipient. The recipient doesn't have to do anything, the funds simply arrive in their account in the chosen currency, ready for use or withdrawal.
If you're looking to transfer money from Indonesia directly to a bank account in Malaysia, choosing a specialist provider can be cheaper and quicker than an international bank transfer. While different providers have different steps to process payments, the following steps usually apply to most:
Choose and Register: Begin by selecting a regulated bank or money transfer provider that supports international bank transfers from Indonesia to Malaysia.
Account Verification: For enhanced security and to comply with international financial regulations, banks and online transfer providers require users to verify their identity before sending a money transfer. This process usually includes uploading digital copies of proof of ID (such as a passport or driving license) and a proof of address (like a utility bill or bank statement).
Fund Your Account: Once registered, you'll need to deposit funds. While there are multiple methods available, local bank transfer or using a debit card are usually the most economical options.
Initiate the Transfer: With your account funded, add your recipient's full name and their bank account details. Check everything over, and start your transfer.
Remember, the speed and efficiency of your transfer can vary based on the provider you choose. It's always wise to compare rates, reviews, and transfer times before making a decision.
What details do you need to send money?
Sending money overseas can seem complicated, especially if this is your first time sending money to Malaysia from Indonesia.
Whether you're a business making a payment, an expat supporting your family, or just sending a gift, you will need a few important details to get your transfer to the right place. We've narrowed down the essential information you'll need to make your transfer:
- Recipient's Full Name: Ensure you have the recipient's full legal name as it appears on their bank account
- Recipient's Address: This includes their street address and postcode
- Bank Name: The name of the recipient's bank in Malaysia
- Sort code: A six-digit number that identifies the recipient's bank, crucial for transfers to bank accounts in Malaysia
- Account Number: The recipient's bank account number
- SWIFT/BIC Code: Important for international transfers to banks in Malaysia
How can you pay for your transfer?
Different money transfer services offer different ways to fund your international money transfer.
Usually, bank transfers tend to be the most inexpensive way to transfer money, which is why we use it for our comparisons as the default payment method on Exiap. Let's explore some of the other payment methods as well for transferring money from Indonesia to Malaysia using these services:
Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
How to send a large amount of money to someone from Indonesia to Malaysia?
Before you send a large amount of money to someone in from Indonesia to Malaysia you may want to take the following steps:
Research Multiple Providers: By comparing provider rates, fees, and user reviews from different providers, you'll be able to get the best deal for your transfer.
Check the limits: Ask your provider if they have any payment limits, and check if your own bank has limits on local transfers.
Prepare your account and funds: Complete your account verification in full and prepare to fund your transfer with a debit card or bank transfer to avoid delays.
Monitor Exchange Rate: If your transfer isn't time-sensitive, tracking exchange rates and waiting until the currency Indonesian Rupiah/Malaysian Ringgit exchange reaches its peak value can help you to save money on your transfer.
Prepare for additional checks: Ask your provider if you’ll need any further paperwork to send a large amount of money from Indonesia to Malaysia. For example, you might need to show the source of the funds, or give details about what the payment is for.
Best way to transfer large amounts of money?
Choosing the right provider when transferring large amounts of money from Indonesia to Malaysia can help you save on fees and hidden exchange rate markups. Banks and online transfer providers can add hidden markups in their rates, which can quickly grow as the amount you are looking to send increases.
Money transfer providers often offer discounts for high amount transactions, which may mean as reduced fees or more favorable exchange rates. To ensure you're securing the most advantageous offer for your transfer, use the Exiap cost comparison calculator and evaluate all options available.
International money transfer limits from Indonesia to Malaysia?
While there's no legal cap on the amount of money that can be transferred from Indonesia to Malaysia, individual banks, online transfer services, and other payment providers often set their own limits. These limits can vary based on your payment method. As an example, the limit to send money from Indonesia to Malaysia when paying with a card may differ from the limit for bank transfers.
How much does it cost to send money?
The cost of transferring money abroad can vary based on the service provider, the amount being sent, and the method of transfer. Bear in mind also that bank transfer fees from Indonesia to Malaysia can include upfront costs, an exchange markup and extra third party fees added by correspondent banks.
When sending your money from Indonesia to Malaysia using an online money transfer provider, the cost of transferring 7944400 IDR can range from 57320 IDR to 57320 IDR, including provider transfer fees and any exchange rate markups the transfer provider might apply. If you plan to send with a bank, you could pay more overall. Bank costs often include a transfer fee, exchange rate markup, and SWIFT fees which are paid to third parties involved in the transfer.
As an example: the lowest cost option to send money from Indonesia to Malaysia would be Wise with the total cost of 57320 IDR using a 0.0003 Indonesian Rupiah/Malaysian Ringgit exchange rate.
How long does it take to send money from Indonesia to Malaysia?
If you make a bank transfer from Indonesia to Malaysia, how long will it take to arrive? The answer here will depend on multiple factors such as the chosen money transfer service, the payment method, and how the recipient wishes to receive it.
Based on the 1 providers we reviewed, an international transfer can take from Instant-2 Days to Instant-2 Days to arrive when sending money from Indonesia to Malaysia if you pay for your transfer with a debit card or bank transfer.
Wise offers the quickest money transfer from Indonesia to Malaysia. On the other hand, Wise has the longest transfer duration for Indonesian Rupiah, taking Instant-2 Days.
Indonesian Rupiah/Malaysian Ringgit exchange rate trends
Understanding Indonesian Rupiah/Malaysian Ringgit exchange rate changes can help you to make better informed decisions on when to send your international transfer. Exchange rates are constantly changing, due to factors such as supply and demand, geopolitical events, and economic indicators.
The current exchange rate for Indonesian Rupiah/Malaysian Ringgit stands at 0.00028.
Exchange Rate Monitoring: Using a currency converter tool is an easy way to keep tabs on the Indonesian Rupiah/Malaysian Ringgit exchange rates. This way, you can be up-to-date on the latest changes and can identify the best time to start your transfer.
Rate Alerts: Consider setting up rate alerts with our rate tracking tool. This service will notify you when the Indonesian Rupiah/Malaysian Ringgit exchange rate reaches your desired threshold. For the best monitoring and alert tools, take a look at Currency Live's recommendations.
Best money transfer rate from Indonesia to Malaysia?
For transfers from Indonesia to Malaysia, the mid-market exchange rate often offers the best value. This is the rate at which banks handle currency exchanges in the worldwide markets.
Individuals transferring money overseas don't always get this rate. In most cases providers add a markup to the rate they quote customers. This inflates the overall fee, making the exact cost of your international money transfer less transparent.
The provider with the best exchange rate is Wise, with the Indonesian Rupiah/Malaysian Ringgit exchange rate of 0.00028
Transfer money online with a credit card or debit card
Most of the international transfer providers allow credit or debit card payments. While this method can speed up your transfer, it might also introduce added fees, making it less cost-effective than a bank transfer.
Here’s a handy list of providers that support card payments:
- Wise: Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay
Conclusion
The best way to send money from Indonesia to Malaysia varies for everyone, depending on what the priority is for you.
For those looking for the cheapest option, Wise is the most affordable international money transfer service. On the other hand, if you are looking to get your transfer across the fastest way possible, Wise is the ideal choice, ensuring your funds reach to Malaysia in Instant-2 Days.
If you're concerned about safety, you can take comfort in the fact that all of our reviewed providers are trusted and regulated, guaranteeing secure transfers from Indonesia to Malaysia.
Frequently asked questions when sending money from Indonesia to Malaysia
There’s no single best way to transfer money online, but by shopping around and using our handy comparison tools you can find a selection of great options, to pick the best for your specific needs. In our comparison, we found Wise to be the cheapest payment service available for your transfer. Compared to Wise you could save up to 0 IDR on the total cost of your transfer, when you pick Wise. If you would like to find out more about transferring money online, check out our handy guide on how to send money online.
You’ve got plenty of choices when it comes to sending money from Indonesia to Malaysia conveniently online. In our comparison we found Wise was the lowest cost option. Use the Exiap comparison table to review services like Wise to work out which meets your needs best.
To send your payment to Malaysia safely, you’ll need to include the following information when you arrange it:
- Recipient's Full Name
- Recipient's Address
- Bank Name
- Sort code
- Account Number
- SWIFT/BIC Code
You can send money to Malaysia using your bank, an international money transfer specialist, cryptocurrency transfer, or for cash collection via an agency. In our comparison we found making your payment with Wise was the lowest cost option.
The exchange rate used to convert your payment makes a big difference to the amount the recipient will get in the end. Banks and international money transfer services set their own exchange rates which can include an extra fee, known as a markup. Bank exchange rates may include a markup as high as 3% which pushes up the costs overall. That makes shopping around and comparing providers essential.
In our comparison, the best available exchange rate was with Wise with the Indonesian Rupiah/Malaysian Ringgit exchange rate of 0.00028.
Yes. Services like Wise have convenient apps you can use to arrange your payment. Before you download your preferred app, use our comparison tools to make sure you’ve picked the app with the best value deal for your specific payment.