Compare the best ways to send money from Canada to Malaysia

The exchange rate determines the price you’ll pay for Malaysian Ringgit when sending Canadian Dollar to Malaysia.

The rate between the Canadian Dollar and Malaysian Ringgit is currently 3.1914. Wise offers the best exchange from CAD-MYR.

The CAD-MYR exchange rate is always moving.

Sometimes, waiting a day or two can help you get more MYR for the same amount of Canadian Dollar. Using a forward contract that also allows you to lock in an agreed exchange rate between Canada and Malaysia.

Sending money via a Bank Transfer is the recommended option for sending money from Canada to Malaysia.

The company offering the best bank transfer price is Remitbee.

This Bank Transfer to Malaysia is 0.1% cheaper than the second-best option in the market.

Canada and Malaysia have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Canada and Malaysia.

Some services between Canada and Malaysia have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Malaysia as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Malaysia, use Wise. The combination of rates and fees when sending from Canada to Malaysia is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Canada, or entering Malaysia. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Malaysian Ringgit in Malaysia. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Canada to Malaysia will offer every method for incoming Malaysian Ringgit, so it’s best to check ahead of time.

One of the more common ways to transfer from Canada into Malaysian Ringgit is directly into a bank account. Wise is the best company for bank transfers between Canada and Malaysia.

And if you need cash right away, check if cash pickup is an option for transfers between Canada and Malaysia.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Remitbee.

When signing up to and sending Canadian Dollar to Malaysia, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Canada this will be a government issued ID such as a passport or driver's license. In Malaysia it will be similar, although this should only be needed if you are opening a new account in Malaysia, or collecting in cash. Sending to an existing bank account in Malaysia shouldn’t require any additional ID checks.

Large transactions between Canada and Malaysia, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to Malaysia is their easy sign up process in Canada.

When sending large amounts of money between Canada and Malaysia there will potentially be a tax declaration to consider.

Some transfers into Malaysian Ringgit may need to be reported to tax authorities in Malaysia, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Malaysia based on age, income and a few other elements. When in doubt, please contact a tax professional in Canada or Malaysia to discuss your personal circumstances.