How to send money to Malaysia from Canada with the best CAD-MYR rate

Instarem is the cheapest way to send money from Canada to Malaysia based on the 12 companies we analyzed, giving your recipient 2,893.7 MYR from CA$1,000.

Best companies for CAD/MYR transfers

12 of 12 providers

Last updated on 28 October 2026

Based on 1,000 CAD transfer

Best companies for CAD/MYR transfers

Sort Cheapest
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Wise

Pay via Bank Transfer
Fees: $6.81 1 CAD = 2.9003 MYR +0.02% vs mid-market Recipient gets RM 2,880.52 Same day
Receive to bank accountDedicated support for large transfers

Ways to receive money in Malaysia with Wise when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositSame dayAvailable via:Bank Transfer
$6.811 CAD = 2.9003 MYR
RM 2,880.52You pay$1,000.00
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WorldRemit

Pay via Debit Card
Fees: $4.99 1 CAD = 2.8518 MYR +1.71% vs mid-market Recipient gets RM 2,837.59 Next Day
Receive to bank account or cash pickup

Ways to receive money in Malaysia with WorldRemit when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositNext Day
$4.991 CAD = 2.8518 MYR
RM 2,837.59You pay$1,000.00

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Showing top Canada to Malaysia deals for 1,000 CAD. Do a live search with your exact amount for today's best rates.

Instarem

Pay via Interac
Fees: $0.00 1 CAD = 2.8937 MYR +0.25% vs mid-market Recipient gets RM 2,893.70 6-12 Hours
Cheapest
Receive to bank account

Ways to receive money in Malaysia with Instarem when paying by interac.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 2.8937 MYR
RM 2,893.70You pay$1,000.00

Remitly

Pay via Debit Card
Fees: $0.00 1 CAD = 2.8902 MYR +0.37% vs mid-market Recipient gets RM 2,890.20 Within minutes
Receive to bank account or cash pickup

Ways to receive money in Malaysia with Remitly when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutes
Free1 CAD = 2.8902 MYR
RM 2,890.20You pay$1,000.00

Remitly

Pay via Bank Transfer
Fees: $0.00 1 CAD = 2.8902 MYR +0.37% vs mid-market Recipient gets RM 2,890.20 Within a week
Receive to bank account or cash pickup

Ways to receive money in Malaysia with Remitly when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositWithin a week
Free1 CAD = 2.8902 MYR
RM 2,890.20You pay$1,000.00

Remitly

Pay via Interac
Fees: $0.00 1 CAD = 2.8902 MYR +0.37% vs mid-market Recipient gets RM 2,890.20 Within a week
Receive to bank account or cash pickup

Ways to receive money in Malaysia with Remitly when paying by interac.

MethodFee & ratesRecipient gets
Bank depositWithin a week
Free1 CAD = 2.8902 MYR
RM 2,890.20You pay$1,000.00

Remitly

Pay via Credit Card
Fees: $20.00 1 CAD = 2.8902 MYR +0.37% vs mid-market Recipient gets RM 2,890.20 Within minutes
Receive to bank account or cash pickup

Ways to receive money in Malaysia with Remitly when paying by credit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutes
$20.001 CAD = 2.8902 MYR
RM 2,890.20You pay$1,020.00

TapTap Send

Pay via Debit Card
Fees: $0.00 1 CAD = 2.8900 MYR +0.38% vs mid-market Recipient gets RM 2,890.00 Minutes
Fastest
Receive to bank account

Ways to receive money in Malaysia with TapTap Send when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositMinutes
Free1 CAD = 2.8900 MYR
RM 2,890.00You pay$1,000.00
Mobile walletMinutesAvailable via:BigPay
Free1 CAD = 2.8900 MYR
RM 2,890.00You pay$1,000.00
DuitNowMinutesAvailable via:TNG via DuitNow
Free1 CAD = 2.8900 MYR
RM 2,890.00You pay$1,000.00

Koho

Pay via Bank Transfer
Fees: $3.92 1 CAD = 2.8982 MYR +0.09% vs mid-market Recipient gets RM 2,886.85 Within minutes
Receive to bank account

Ways to receive money in Malaysia with Koho when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositWithin minutesAvailable via:Bank Transfer
$3.921 CAD = 2.8982 MYR
RM 2,886.85You pay$1,000.00
DuitNowWithin minutesAvailable via:DuitNow
$3.921 CAD = 2.8982 MYR
RM 2,886.85You pay$1,000.00

Paysend

Pay via Debit Card
Fees: $0.00 1 CAD = 2.8837 MYR +0.59% vs mid-market Recipient gets RM 2,883.70 6-12 Hours

Ways to receive money in Malaysia with Paysend when paying by debit card.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 2.8837 MYR
RM 2,883.70You pay$1,000.00

Paysend

Pay via Credit Card
Fees: $0.00 1 CAD = 2.8837 MYR +0.59% vs mid-market Recipient gets RM 2,883.70 6-12 Hours

Ways to receive money in Malaysia with Paysend when paying by credit card.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 2.8837 MYR
RM 2,883.70You pay$1,000.00

OFX

Pay via Bank Transfer
Fees: $0.00 1 CAD = 2.8820 MYR +0.65% vs mid-market Recipient gets RM 2,882.04 6-12 Hours
Receive to bank account

Ways to receive money in Malaysia with OFX when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
Free1 CAD = 2.8820 MYR
RM 2,882.04You pay$1,000.00

Wise

Pay via Bank Transfer
Fees: $6.81 1 CAD = 2.9003 MYR +0.02% vs mid-market Recipient gets RM 2,880.52 Same day
Recommended
Receive to bank accountDedicated support for large transfers

Ways to receive money in Malaysia with Wise when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositSame dayAvailable via:Bank Transfer
$6.811 CAD = 2.9003 MYR
RM 2,880.52You pay$1,000.00

Panda Remit

Pay via Bank Transfer
Fees: $8.99 1 CAD = 2.8997 MYR +0.04% vs mid-market Recipient gets RM 2,873.63 6-12 Hours
0 reviews

Ways to receive money in Malaysia with Panda Remit when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank deposit6-12 Hours
$8.991 CAD = 2.8997 MYR
RM 2,873.63You pay$1,000.00

Wise

Pay via Interac
Fees: $12.51 1 CAD = 2.9003 MYR +0.02% vs mid-market Recipient gets RM 2,863.99 Within minutes
Receive to bank accountDedicated support for large transfers

Ways to receive money in Malaysia with Wise when paying by interac.

MethodFee & ratesRecipient gets
Bank depositWithin minutesAvailable via:Bank Transfer
$12.511 CAD = 2.9003 MYR
RM 2,863.99You pay$1,000.00

Remitbee

Pay via Debit Card
Fees: $0.00 1 CAD = 2.8559 MYR +1.56% vs mid-market Recipient gets RM 2,855.90 Next Day
0 reviews

Ways to receive money in Malaysia with Remitbee when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositNext Day
Free1 CAD = 2.8559 MYR
RM 2,855.90You pay$1,000.00

Remitbee

Pay via Interac
Fees: $0.00 1 CAD = 2.8559 MYR +1.56% vs mid-market Recipient gets RM 2,855.90 Next Day
0 reviews

Ways to receive money in Malaysia with Remitbee when paying by interac.

MethodFee & ratesRecipient gets
Bank depositNext Day
Free1 CAD = 2.8559 MYR
RM 2,855.90You pay$1,000.00

Remitbee

Pay via Bill payment
Fees: $0.00 1 CAD = 2.8559 MYR +1.56% vs mid-market Recipient gets RM 2,855.90 Next Day
0 reviews

Ways to receive money in Malaysia with Remitbee when paying by bill payment.

MethodFee & ratesRecipient gets
Bank depositNext Day
Free1 CAD = 2.8559 MYR
RM 2,855.90You pay$1,000.00

Remitbee

Pay via Bank Transfer
Fees: $0.00 1 CAD = 2.8559 MYR +1.56% vs mid-market Recipient gets RM 2,855.90 Next Day
0 reviews

Ways to receive money in Malaysia with Remitbee when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositNext Day
Free1 CAD = 2.8559 MYR
RM 2,855.90You pay$1,000.00
$0 fee on first online transfers

MoneyGram

Pay via Debit Card
Fees: $1.99 1 CAD = 2.8550 MYR +1.59% vs mid-market Recipient gets RM 2,855.00 6-12 Hours

Ways to receive money in Malaysia with MoneyGram when paying by debit card.

MethodFee & ratesRecipient gets
Mobile wallet6-12 HoursAvailable via:Select Wallets
$1.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,001.99
Bank deposit6-12 HoursAvailable via:All Banks
$4.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,004.99
Cash pickup6-12 Hours
$5.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,005.99
$0 fee on first online transfers

MoneyGram

Pay via Credit Card
Fees: $1.99 1 CAD = 2.8550 MYR +1.59% vs mid-market Recipient gets RM 2,855.00 6-12 Hours

Ways to receive money in Malaysia with MoneyGram when paying by credit card.

MethodFee & ratesRecipient gets
Mobile wallet6-12 HoursAvailable via:Select Wallets
$1.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,001.99
Bank deposit6-12 HoursAvailable via:All Banks
$4.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,004.99
Cash pickup6-12 Hours
$5.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,005.99
$0 fee on first online transfers

MoneyGram

Pay via Cash deposit
Fees: $1.99 1 CAD = 2.8550 MYR +1.59% vs mid-market Recipient gets RM 2,855.00 6-12 Hours

Ways to receive money in Malaysia with MoneyGram when paying by cash deposit.

MethodFee & ratesRecipient gets
Mobile wallet6-12 HoursAvailable via:Select Wallets
$1.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,001.99
Bank deposit6-12 HoursAvailable via:All Banks
$4.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,004.99
Cash pickup6-12 Hours
$5.991 CAD = 2.8550 MYR
RM 2,855.00You pay$1,005.99

Wise

Pay via Debit Card
Fees: $17.83 1 CAD = 2.9003 MYR +0.02% vs mid-market Recipient gets RM 2,848.56 Within minutes
Receive to bank accountDedicated support for large transfers

Ways to receive money in Malaysia with Wise when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutesAvailable via:Bank Transfer
$17.831 CAD = 2.9003 MYR
RM 2,848.56You pay$1,000.00

Western Union

Pay via Debit Card
Fees: $0.00 1 CAD = 2.8469 MYR +1.88% vs mid-market Recipient gets RM 2,846.91 Next Day
Receive to bank account or cash pickup

Ways to receive money in Malaysia with Western Union when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositNext Day
Free1 CAD = 2.8469 MYR
RM 2,846.91You pay$1,000.00

Western Union

Pay via Bank Transfer
Fees: $0.00 1 CAD = 2.8469 MYR +1.88% vs mid-market Recipient gets RM 2,846.91 Next Day
Receive to bank account or cash pickup

Ways to receive money in Malaysia with Western Union when paying by bank transfer.

MethodFee & ratesRecipient gets
Bank depositNext Day
Free1 CAD = 2.8469 MYR
RM 2,846.91You pay$1,000.00
Only available via Mobile App

WorldRemit

Pay via Debit Card
Fees: $4.99 1 CAD = 2.8518 MYR +1.71% vs mid-market Recipient gets RM 2,837.59 Next Day
Receive to bank account or cash pickup

Ways to receive money in Malaysia with WorldRemit when paying by debit card.

MethodFee & ratesRecipient gets
Bank depositNext Day
$4.991 CAD = 2.8518 MYR
RM 2,837.59You pay$1,000.00

Wise

Pay via Credit Card
Fees: $32.58 1 CAD = 2.9003 MYR +0.02% vs mid-market Recipient gets RM 2,805.78 Within minutes
Receive to bank accountDedicated support for large transfers

Ways to receive money in Malaysia with Wise when paying by credit card.

MethodFee & ratesRecipient gets
Bank depositWithin minutesAvailable via:Bank Transfer
$32.581 CAD = 2.9003 MYR
RM 2,805.78You pay$1,000.00
How Our Results Work
Mid-market rate: 1 CAD = 2.9009 MYR Updates every 60 minutes.

How to send money from Canada to Malaysia

Pick a company

Start with the cheapest, which is Instarem at 2,893.7 MYR on CA$1,000.

Instarem was the cheapest on 5 of the 11 days it quoted CA$1,000 transfers to Malaysia.

More than half of Canadians sending money still pay at a store counter. The same company is often cheaper online.

Fund your transfer

You have 6 ways to pay, including debit card, bank transfer, interac, credit card, bill payment, and cash deposit.

Interac e-Transfer is how most companies take your money, moving it into their Canadian account so they can carry it over the border.

Verify and send

First time round you'll need a photo ID, and often where the money came from.

Your first transfer will be slower than the ones after it because of those checks, so send it a few days before it's needed.

Compare amounts

How much CAD are you sending to Malaysia?

How much CAD you send to Malaysia heavily affects the best ways and the cheapest options. Use the table below to check how the cheapest options change and how much more you'd get by comparing.

Our analysis shows Instarem was the cheapest in 19% of the transfers up to C$1,000 it quoted, and in 19% of all the transfers it quoted.

Cheapest service
$100-0.58%$0.00RM 291.76with debit card to bank deposit+RM 7.53
$500-0.59%$0.00RM 1,459.15with debit card to bank deposit+RM 24.84
$1,000This page0.25%$0.00RM 2,893.70with interac to bank deposit+RM 26.77
$3,0000.12%$0.00RM 8,691.00with bank transfer to bank deposit+RM 92.00
$10,0000.11%$0.00RM 28,970.00with bank transfer to bank deposit+RM 252.62
$50,0000.12%$0.00RM 144,850.00with bank transfer to bank deposit+RM 964.71

Mid-market rate: 1 CAD = 2.9009 MYR

CAD/MYR Exchange Rate History

Is today a good time to send money from Canada to Malaysia?

The cheapest way to send CAD to MYR can change every day, or stay with the same company all month.

We've compared the mid-market rate with the cheapest option each day (today it's Instarem), across 30 days of comparisons for 1,000 CAD transfers to Malaysia.

MYR received for $1,000, after fees

Wed, Oct 28, 2026Mid-market rateRM 2,900.89 Instarem RM 2,893.70InstaremRM 2,893.70RemitlyRM 2,890.20TapTap SendRM 2,890.00

2,800
2,820
2,840
2,860
2,880
2,900
2,920
2,940
At the mid-market rateWith the cheapest optionInstaremRemitlyTapTap Send
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8773 – RM 2,877.33
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 25.44
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 27.32
Remitly 2.8348 $0.99 RM 2,834.80 −RM 42.52
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8766 – RM 2,876.59
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 26.18
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 26.59
Remitly 2.8348 $0.99 RM 2,834.80 −RM 41.78
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8678 – RM 2,867.75
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 35.01
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 17.75
Remitly 2.8281 $0.99 RM 2,828.10 −RM 39.65
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8719 – RM 2,871.94
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 30.82
TapTap Send 2.8600 $0.00 RM 2,860.00 −RM 11.94
Remitly 2.8313 $0.99 RM 2,831.30 −RM 40.64
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8669 – RM 2,866.90
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 35.87
Instarem 2.8588 $0.00 RM 2,858.80 −RM 8.10
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 16.90
Remitly 2.8263 $0.99 RM 2,826.30 −RM 40.60
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8667 – RM 2,866.70
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 36.07
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 16.70
Remitly 2.8253 $0.99 RM 2,825.30 −RM 41.40
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8633 – RM 2,863.30
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 39.46
Instarem 2.8573 $0.00 RM 2,857.30 −RM 6.00
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 13.30
Remitly 2.8232 $0.99 RM 2,823.20 −RM 40.10
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8612 – RM 2,861.25
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 41.52
Instarem 2.8556 $0.00 RM 2,855.60 −RM 5.64
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 11.24
Remitly 2.8233 $0.00 RM 2,823.30 −RM 37.94
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8735 – RM 2,873.54
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 29.23
TapTap Send 2.8600 $0.00 RM 2,860.00 −RM 13.54
Remitly 2.8352 $0.00 RM 2,835.20 −RM 38.34
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8682 – RM 2,868.17
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 34.59
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 18.17
Remitly 2.8301 $0.00 RM 2,830.10 −RM 38.07
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8755 – RM 2,875.53
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 27.24
TapTap Send 2.8600 $0.00 RM 2,860.00 −RM 15.53
Remitly 2.8356 $0.99 RM 2,835.60 −RM 39.93
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8646 – RM 2,864.60
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 38.17
Instarem 2.8590 $0.00 RM 2,859.00 −RM 5.60
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 14.60
Remitly 2.8265 $0.99 RM 2,826.50 −RM 38.10
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8646 – RM 2,864.60
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 38.17
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 14.60
Remitly 2.8270 $0.99 RM 2,827.00 −RM 37.60
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8677 – RM 2,867.69
Panda Remit Cheapest 2.9291 $8.99 RM 2,902.77 +RM 35.07
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 17.69
Remitly 2.8285 $0.00 RM 2,828.50 −RM 39.19
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8650 – RM 2,865.00
Remitly Cheapest 2.8530 $0.99 RM 2,853.00 −RM 11.99
TapTap Send 2.8500 $0.00 RM 2,850.00 −RM 14.99
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8729 – RM 2,872.91
Instarem Cheapest 2.8664 $0.00 RM 2,866.40 −RM 6.51
Remitly 2.8608 $0.99 RM 2,860.80 −RM 12.11
TapTap Send 2.8600 $0.00 RM 2,860.00 −RM 12.91
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8714 – RM 2,871.39
Remitly 2.8600 $0.99 RM 2,860.00 −RM 11.39
TapTap Send Cheapest 2.8600 $0.00 RM 2,860.00 −RM 11.39
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8794 – RM 2,879.42
TapTap Send Cheapest 2.8700 $0.00 RM 2,870.00 −RM 9.42
Remitly 2.8682 $0.99 RM 2,868.20 −RM 11.22
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8841 – RM 2,884.13
Instarem Cheapest 2.8800 $0.00 RM 2,880.00 −RM 4.13
TapTap Send 2.8800 $0.00 RM 2,880.00 −RM 4.13
Remitly 2.8748 $0.99 RM 2,874.80 −RM 9.33
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8841 – RM 2,884.13
TapTap Send Cheapest 2.8800 $0.00 RM 2,880.00 −RM 4.13
Remitly 2.8747 $0.00 RM 2,874.70 −RM 9.43
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.8955 – RM 2,895.47
TapTap Send Cheapest 2.8900 $0.00 RM 2,890.00 −RM 5.47
Remitly 2.8841 $0.00 RM 2,884.10 −RM 11.37
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9002 – RM 2,900.18
Instarem Cheapest 2.8944 $0.00 RM 2,894.40 −RM 5.78
Remitly 2.8902 $0.99 RM 2,890.20 −RM 9.98
TapTap Send 2.8900 $0.00 RM 2,890.00 −RM 10.18
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9033 – RM 2,903.26
Remitly Cheapest 2.8924 $0.99 RM 2,892.40 −RM 10.86
TapTap Send 2.8900 $0.00 RM 2,890.00 −RM 13.26
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9110 – RM 2,911.02
Remitly Cheapest 2.9009 $0.99 RM 2,900.90 −RM 10.12
TapTap Send 2.9000 $0.00 RM 2,900.00 −RM 11.02
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9139 – RM 2,913.87
TapTap Send Cheapest 2.9100 $0.00 RM 2,910.00 −RM 3.87
Instarem 2.9087 $0.00 RM 2,908.70 −RM 5.17
Remitly 2.9045 $0.00 RM 2,904.50 −RM 9.37
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9176 – RM 2,917.55
TapTap Send Cheapest 2.9100 $0.00 RM 2,910.00 −RM 7.55
Remitly 2.9069 $0.99 RM 2,906.90 −RM 10.65
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9176 – RM 2,917.55
Instarem Cheapest 2.9110 $0.00 RM 2,911.00 −RM 6.55
TapTap Send 2.9100 $0.00 RM 2,910.00 −RM 7.55
Remitly 2.9067 $0.99 RM 2,906.70 −RM 10.85
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9162 – RM 2,916.23
TapTap Send Cheapest 2.9100 $0.00 RM 2,910.00 −RM 6.23
Remitly 2.9067 $0.99 RM 2,906.70 −RM 9.53
Instarem No quote collected this day – – – –
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9149 – RM 2,914.87
TapTap Send Cheapest 2.9100 $0.00 RM 2,910.00 −RM 4.87
Instarem 2.9092 $0.00 RM 2,909.20 −RM 5.67
Remitly 2.9073 $0.00 RM 2,907.30 −RM 7.57
Exchange rateFees:Recipient getsDifference
Mid-market rate 2.9009 – RM 2,900.89
Instarem Cheapest 2.8937 $0.00 RM 2,893.70 −RM 7.19
Remitly 2.8902 $0.00 RM 2,890.20 −RM 10.69
TapTap Send 2.8900 $0.00 RM 2,890.00 −RM 10.89

Exchange rateFees:Recipient getsDifference

Each line shows what the recipient gets when you send $1,000, after fees, as quoted by each company. The mid-market line shows what $1,000 converts to at the real exchange rate, with no fees or markup. Rates are checked once a day. Sponsored placements never affect this data. There are no bank quotes for this period.

The dashed line is what you'd get at the mid-market rate with no fees, and the blue line is the cheapest option that day.

When the blue line goes above the dashed one, you're getting more MYR per CAD than the mid-market rate can offer.

This could be due to money transfer offers, FX rate adjustments, or market competitiveness.

In the past month, a money transfer company beat the mid-market rate on 14 of the last 30 days.

Right now, Instarem pays 2,893.7 MYR on 1,000 CAD, which is 7.19 MYR less than the mid-market amount.

Today's payout isn't the best this month though, since the highest receive amount was 2,911 MYR.

If you can wait and want to get the most out of your transfer, create a rate alert and we'll let you know when the rate improves.

Cheapest over time

Picking the cheapest money transfer company

Just because a company is the cheapest today doesn't mean it's always the best option for sending money to Malaysia.

We've tracked 180 comparisons to check how often today's top companies were the cheapest across 6 amounts over the past month.

  1. InstaremAppeared in 32 comparisons

    Cheapest in 19% of them

  2. RemitlyAppeared in 105 comparisons

    Cheapest in 30% of them

  3. TapTap SendAppeared in 177 comparisons

    Cheapest in 19% of them

Based on 180 comparisons across 6 amounts over the last 30 days.

Different companies can come out cheapest depending on the day and the amount you send.

To keep things fair, we only count the comparisons each company appeared in, and only analyze companies that appeared in at least 50% of all comparisons (so occasional cheapest options don't skew it).

Today Instarem is the cheapest, but it only quotes some of the amounts we track, so it isn't included in these figures.

Remitly (today's second cheapest) was the cheapest in only 30% of its comparisons, so it's rarely the cheapest option for transfers to Malaysia.

Ways to send money from Canada to Malaysia

There are 12 companies sending money to Malaysia, but how you send depends on your needs.

Most common option

In-person transfers

Hand your cash over the counter and your recipient can collect it the same day without needing an app or bank account.

Bring CA$1,000 in cash to the closest Remitly location, and your recipient picks up 2,890.2 MYR within minutes.

Our data shows Remitly came out cheapest among in-person options on 100% of days in the past month.

Cash transfers cost more

Cash transfer to Malaysia is usually the most expensive option, compare your options above to get the best deal.

For transfers home

Money transfer apps

An app does the same job as the store for less, and you top it up with an Interac e-Transfer, the same way you'd send money to a friend.

Instarem charges CA$0 in fees and adds 0.25% markup, so your CA$1,000 delivers 2,893.7 MYR in 6-12 hours.

Over the past month, Instarem was the cheapest app on 45% of the days it appeared for CA$1,000 transfers.

You don't need a SIN to sign up either, a passport works.

For one-off transfers

Online transfers

For bigger or less frequent transfers, compare a couple of online services on the day, and pick the cheapest.

Of the 12 companies we compared, Instarem is the cheapest online service and currently gets you 2,893.7 MYR on a CA$1,000 transfer after a CA$0 fee and 0.25% markup.

In our comparisons over the past month, it was the cheapest online service on 7 of the 11 days it quoted.

Funding by bank transfer (EFT) is cheapest but takes 1-2 days to clear, and Interac e-Transfer or debit card is faster but pricier.

For large transfers from Canada

Currency brokers

For property, tuition, moving from Canada, or an inheritance, a broker is the best and usually the cheapest option.

Brokers like OFX charge no fees but add 0.65% on CAD/MYR interbank rate.

The markup gets lower the more you send, with an account manager handling it end to end.

Our analysis shows OFX was the cheapest broker in 47% of all the transfers it quoted.

If you're sending large amounts, expect more questions about the transfers, so have statements and documents ready to avoid delays.

If you already have one

Challenger banks

Some neobanks in Canada include international transfers with no transfer fee as part of the account.

Koho sends your CA$1,000 for CA$3.92 in fees with 0.09% markup.

It's a good option for small occasional transfers, but I still suggest .

Our data shows Koho came out cheapest among challenger banks on 100% of days in the past month.

For businesses paying abroad

Global accounts

Global accounts handle the business side, paying suppliers, contractors and overseas invoices in MYR.

Companies like OFX, Airwallex, or WorldFirst are set up for the batch and recurring payments a personal app can't do.

For spending abroad and getting paid

Multi-currency accounts

If part of your life runs in MYR, be it spending it, saving it, or waiting for a better rate, a multi-currency account can hold it alongside your CAD.

Wise lets you hold CAD and MYR, and convert between them at low cost.

For example, converting $1,000 costs $6.81 in fees at 0.02% markup, which gets you 2,880.52 MYR.

Over the past month, it came out cheapest among multi-currency accounts on 100% of days.

Ways to fund CAD and receive MYR in Malaysia

With Instarem, paying by interac and receiving through bank deposit is the cheapest combination. Sending CA$1,000 gives your recipient 2,893.7 MYR.

Deposit CAD using debit card, bank transfer, interac, credit card, bill payment, and cash deposit.

I suggest using Interac e-Transfer for simplicity

Follow the company's Interac instructions and check the business name before sending.

Do not send to an email address supplied outside the company's app or website.

The recipient can receive MYR through bank deposit, duitnow, mobile wallet, and cash pickup.

For a bank deposit payout, you will need the recipient's bank details in Malaysia.

  1. 1
    Interac Bank deposit

    You pay CA$1,000.00

    RM2,894

    Cheapest

  2. 2
    debit card Bank deposit

    You pay CA$1,000.00

    RM2,890

    -RM4

  3. 3
    Bank transfer Bank deposit

    You pay CA$1,000.00

    RM2,890

    -RM4

  4. 4
    credit card Bank deposit

    You pay CA$1,020.00

    RM2,890

    -RM4

  5. 5
    debit card Mobile wallet

    You pay CA$1,000.00

    RM2,890

    -RM4

Show moreShow less
  1. 6
    debit card Duitnow

    You pay CA$1,000.00

    RM2,890

    -RM4

  2. 7
    Bank transfer Duitnow

    You pay CA$1,000.00

    RM2,887

    -RM7

  3. 8
    Bill payment Bank deposit

    You pay CA$1,000.00

    RM2,856

    -RM38

  4. 9
    debit card Cash pickup

    You pay CA$1,005.99

    RM2,855

    -RM39

  5. 10
    credit card Mobile wallet

    You pay CA$1,001.99

    RM2,855

    -RM39

  6. 11
    credit card Cash pickup

    You pay CA$1,005.99

    RM2,855

    -RM39

  7. 12
    Cash deposit Mobile wallet

    You pay CA$1,001.99

    RM2,855

    -RM39

  8. 13
    Cash deposit Bank deposit

    You pay CA$1,004.99

    RM2,855

    -RM39

  9. 14
    Cash deposit Cash pickup

    You pay CA$1,005.99

    RM2,855

    -RM39

Consider this when sending CAD to Malaysia

Interac can fund an international transfer, but it does not send money abroad by itself. You should also know what happens when a transfer reaches the FINTRAC reporting threshold.

Compare CAD/MYR transfer options

For a CA$1,000 transfer to Malaysia, these are the cheapest, fastest and easiest options available now.

Best way to send money to Malaysia

Instarem is the cheapest and easiest option, funded by interac with bank deposit for the payout. Your recipient gets 2,893.7 MYR, which is 0.12% more than the next best option.

Fastest way to send money to Malaysia

TapTap Send is fastest when you pay by debit card and choose bank deposit for the payout. The transfer delivers 2,890 MYR in minutes.

Interac only works inside Canada

An Interac e-Transfer cannot go directly to a recipient in Malaysia.

When a transfer company accepts Interac, you send CAD to its Canadian account and the company handles the international side over its own network.

C$10,000 reporting threshold

There is no C$10,000 legal cap on electronic transfers from Canada.

A reporting entity must report an international electronic funds transfer of C$10,000 or more to FINTRAC, including linked transfers that meet the 24-hour rule.

The bank or transfer company makes that report, you do not file it yourself.

But you may be asked for proof of where the money came from.

Sending your own cash or making a genuine cash gift does not create a Canadian gift tax simply because the money goes abroad.

Tax can become relevant when you transfer an appreciated asset rather than cash, or when attribution rules apply.

CDIC protection

Money held with a payment company is not covered by CDIC in the same way as an eligible bank deposit.

Payment companies covered by the Retail Payment Activities Act must safeguard end-user funds, but the Bank of Canada does not resolve individual fee or payment disputes.

If you’re unsure about the company, you can check the company in the FINTRAC MSB Registry.

If you live in Quebec, also confirm that it is allowed to provide money services there.

How we analyse the market

Most of the pricing here comes straight from the companies, and anything we gather by hand is labelled in the table.

That covers 12 FINTRAC-registered companies sending CAD to Malaysia, updated in real time during a live search, compared on rates, fees and how your recipient can collect.

In the past 30 days alone, we analyzed 180 comparisons across 6 amounts.

This page covers the cheapest and fastest options for CAD/MYR transfers. This is how we pick them:

  • Cheapest: the company that gets your recipient the most, after fees and the exchange rate. On a tie, live pricing from the company takes priority over the rates we collect by hand.

  • Fastest: the company with the shortest estimated delivery time once you’ve paid. On a tie, the one that pays out more takes priority.

Each goes through our review. More on who we are, why you can trust us and getting started.

Any tax information is for general guidance only and does not constitute tax advice. Speak to a qualified tax adviser about your circumstances.