Find the best way to transfer money to Malaysia from abroad

Need to send money to Malaysia from abroad? No matter where you are in the world, we have all you need to know to get your money to the Malaysia the fastest and most secure way possible.

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We only compare secure providers which we have researched, tested and approved. Important information

The Best Deal
Exchange rate:4.2339
Transfer fees:Varies
Transfer time:0-2 Days
Total
RM8,467.82 MYR
3 more providers found
Rates updated less than 1 min ago
Exchange rate:4.2580
Transfer fees:$16.67
Transfer time:Instant-2 Days
Get a rate guarantee with Wise
Total
RM8,445.02 MYR
Exchange rate:4.1800
Transfer fees:$0.00
Transfer time:0-2 Days
Total includes a promotional discount for new customers
Total
RM8,360.00 MYR
Exchange rate:4.1658
Transfer fees:$2.99
Transfer time:1-2 Days
Your first THREE transfers are FREE
Total
RM8,319.24 MYR

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.

Best ways to transfer money to Malaysia from abroad

When sending money to Malaysia, you have several options. You can use an online money transfer provider that specializes in international transfers, make an international bank transfer through your bank or pick a provider with local representatives so you can pay cash.

While using your normal bank may seem like the obvious choice, it’s usually slower and more expensive compared with using a specialist online money transfer service.

To help you navigate through all the different online money transfer providers, we have collected a few use cases when sending money to Malaysia:

  • Cheapest: Wise
  • Best Exchange Rate: Wise
  • Faster International Transfer Provider: Wise
  • Best Rated: Wise
  • Fee free: Remitly
  • Best Transfer options: Wise

The ideal way of sending money will always depend on your transfer needs such as how much money your are looking to send, how quickly you want it to arrive and how you chose to pay for your transfer. This is why it's important that you compare different providers before sending your transfer.

How to send money to Malaysia from abroad?

Using an online money transfer to send money to Malaysia from abroad is usually very straightforward, the exact steps may vary depending on the provider you pick, but basically you’ll need to:

1. Choose a money transfer service - With multiple international money transfer services available, it's important to do your research so you can select the one that is best for you and suits your needs. Exiap offers an easy-to-use international money transfer provider comparison tool that will help you find the best provider for your transfer. When narrowing down your choices, some key factors to consider include fees involved in the transaction, how fast the funds will be transferred, as well as what kind of exchange rate is being offered.

2. Create an account with the service - After comparing various money transfer services and carefully considering the pros and cons of each, create an account with your chosen provider. The process is relatively simple, you will likely just need to provide some personal information like your name and email address. Most companies require additional documentation for identity verification (e.g., a passport), but this step usually only takes a few days at most.

3. Add funds to your account - Before you can send money, make sure to add funds to your account or a valid payment method. Your chosen provider will dictate how you do this: it could be using a debit or credit card, bank transfer, and so on.

4. Select the recipient of your funds - You will need the following information about the person you're sending money to: name, IBAN (International Bank Account Number) or SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, address, name of recipient's bank and the phone number of the recipient.

5. Review your transfer details - After entering the amount you want to send, confirm that all the information in your transfer is accurate before you click 'submit'. Reversing transfers is usually not possible after you finalise your transfer.

Get the best deal for your transfer

What details do I need to transfer or receive money to a bank account in Malaysia?

The information you need to send money to a bank account in the Malaysia will depend a bit on whether you’re making a local or international payment. However in most cases you need:

  • The recipient’s full name 

  • The name and address of the recipient’s bank

  • Recipient’s bank account number or IBAN

  • Recipient’s bank SWIFT/BIC code if requested

    Depending on the payment type, and the specific provider’s processes you may also need further information - check before you send to make sure you have all you need.

How long does it take to send money to Malaysia?

How long it takes to send money to Malaysia depends on the service you choose, where you’re sending from, the currency and the payment value. Bank SWIFT transfers can take 3 - 5 working days. Online money transfer services can often get your money moving faster - some payments even arrive instantly, and delivery times of 1 or 2 days are common.

  • Wise: Instant-2 Days
  • Remitly: 0-2 Days
  • Western Union: 0-2 Days
  • WorldRemit: 1-2 Days

Make sure your transfer goes through smoothly by preparing all the required verification documents in advance - especially if you’re making a high value payment.

Send money with Wise

How much does it cost to send money to Malaysia?

All money transfer providers charge a fee for their respective services. This is generally a percentage of the total amount being exchanged and can be anywhere from a few dollars to several hundred depending on the amount being transferred, speed of the transfer and how the transfer is paid for.

It's crucial that you're mindful of these costs prior to sending money because they have the potential of rapidly adding up especially when transferring larger amounts. In our comparisons, we found that there can be as great as 30.56 difference between the cheapest provider Wise and priciest one WorldRemit when sending 2000 MYR.

  • Wise: 16.67
  • Remitly: 37.32
  • WorldRemit: 47.23

At Exiap, we make things easy for you. With different exchange rates and fees per money transfer provider, it can be complicated to find the best deal. But that's what we're here for. We bring together all your options, show you the bank transfer fees and rates per provider, and highlight the best possible deals so that you know you’re making a good choice financially as well as mentally.

Send money with Wise

How can you pay for your transfer to Malaysia from abroad?

There are many options available to fund your international money transfer. Some providers offer more options than others, but you should be able to find a plan that suits your needs.

Given below are a few payment options for sending money to Malaysia with the 4 reviewed providers:

Western Union

Bank transfer or card (debit or credit)

Wise

Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay

Remitly

Bank transfer or card (debit, credit, and prepaid)

WorldRemit

Bank transfer, card (debit, credit, and prepaid) or Apple Pay

What’s the safest way to send money to Malaysia?

While many online money transfer providers are newer than banks, they’re usually regulated in just the same way as your normal bank is, therefore the services they offer are just as safe.

Here at Exiap we only ever review trustworthy, fully regulated international money transfer services - and if you want to learn more about them, you can always check out reviews from previous customers on Trustpilot.

Here are five of the best service providers for sending money to Malaysia, based on how many reviews they have and their average score on TrustPilot.

  • Wise: 185,255 reviews, rated 4.4/5 on Trustpilot
  • Remitly: 38,299 reviews, rated 4.1/5 on Trustpilot
  • WorldRemit: 67,392 reviews, rated 4/5 on Trustpilot
  • Western Union: 42,373 reviews, rated 3.9/5 on Trustpilot
Go to Wise

Do banks charge for bank transfers?

Yes, banks charge for bank transfers overseas. In fact, they can charge a lot. Even if their headline transfer fee is low, there is also usually an exchange rate markup, which pushes up costs - and SWIFT fees may be deducted as the transfer is processed, so the recipient gets less in the end.

How much do banks charge for international transfers?

Typically banks charge a relatively high transfer fee, and also use a marked up exchange rate to convert funds. This can mean that your recipient gets far less when sending with a bank compared to making a transfer with a specialist service.

As an example, here’s a look at how much a recipient would get in the US if they were sent money from a few different countries, from the best provider in our comparison, versus the most expensive one.

Send amount and countryAmount received with the cheapest provider in our comparisonAmount received with the most expensive provider in our comparisonDifference
1,000 GBP to the US1,118.81 USD1,072.76 USD-46.05 USD
1,000 EUR to the US973.67 USD899.75 USD-73.92 USD
1,000 CAD to the US734.06 CAD708.14 USD-25.92 USD
1,000 SGD to the US700.21 USD670.62 USD-29.59 USD

What is the cheapest way to send money to Malaysia?

Looking for the cheapest way of transferring money to Malaysia might be more nuanced than you would think at first glance. Based on which company you go through, you may encounter various 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

Compare the best providers on Exiap today, so you can see which provider is best for your payment to Malaysia.

Start your online money transfer comparison

Conclusion

When transferring money to Malaysia from abroad, It's important to search for the international money transfer service with the lowest fees and best exchange rates. Unfortunately, banks typically charge high fees and use a marked up exchange rate. This often leaves your recipient with much less money than they would receive if they used a specialist service.

At Exiap, we only recommend the most trustworthy, fully regulated international money transfer services - so you can be sure that your payment goes through quickly and smoothly.

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FAQ About transferring money to Malaysia

Is there any limit on how much money I can send to the Malaysia?

Money transfer providers will always have a different minimum and maximum amount set for online transfers to Malaysia. To make sure you're picking the right one for your transfer, compare different services and find one that suits your needs while also providing secure transfers in your currency.

How to get the best exchange rate when sending money to Malaysia?

When sending money to Malaysia, it's important to get the best exchange rate possible. The easiest way to do this is to compare offers from different providers for the amount you are looking to transfer. This can be done on the provider sites or by online transfer comparison sites such as Exiap. Our comparison tool can help you to find the best provider for you quickly.

Why would you want to send money to Malaysia?

There are lots of reasons you may want to send money to Malaysia. Maybe you’re sending money to a family member, supporting a loved one studying in Malaysia, paying a mortgage, or settling an international invoice. No matter why you’re sending money, Exiap can help you pick the perfect service for your needs.