How to send money to Malaysia from Spain with the best EUR-MYR rate

The exchange rate determines how much Malaysian Ringgit you will get for every Euro you want to send. A better exchange rate is the best way to save money on transfers from Spain to Malaysia.

Fees and exchange rates make up the total cost of sending money from Malaysia to Malaysia. Finding a company that can offer both ensures a good deal on your transfer.

• The Mid-Market and Exchange Rates: The current EUR-MYR mid-market rate is 4.7132 MYR per Euro. You will get more Malaysian Ringgit for your Euros if you find a provider close to this number.

• Fees: Transfer fees are charged as part of the transfer. OFX charges 0 EUR per transfer, which is currently the best deal on transfers to Malaysia. We’d always recommend comparing providers for your exact send amount as fees may change.

• Amount Received: Money transfer companies will show you the amount of Malaysian Ringgit eventually received in Malaysia. You can assume that a lower cost of sending from Spain will result in more money received in Malaysia.

The current rate between the Euro and Malaysian Ringgit is 4.7132.

With currencies, the exchange fluctuates constantly, and the EUR-MYR exchange rate is no different. Tracking the rate and understanding the averages can help get a better deal.

Even waiting a day or two can help you get more MYR for the same amount of Euro.

Beyond this, a forward contract allows you to lock in an agreed exchange rate between Spain and Malaysia.

The most cost effective way to send money from Spain to Malaysia is via a bank transfer. OFX is the company offering the best price for a bank transfer.

Here are all the ways to send money from Spain to Malaysia:

Bank transfers

Bank transfers are often the fastest option, and normally the cheapest, for sending money from Spain to Malaysia.

By opting for a money transfer company such as OFX for transfers from Spain to Malaysia, you can send money via a bank transfer while benefiting from lower fees and more favorable exchange rates. 


Debit and prepaid cards

Using a debit card, or prepaid option, for sending money from Spain to Malaysia is easy with Wise.


Wise is a market leader in debit card payments for transfers from Spain to Malaysia, this is among a total of 7 money transfer companies compared.

Credit cards

When it comes to the credit card deposits, when sending money from Spain to Malaysia, we recommend comparing your options to get the best deal.

Regulations are important for keeping your money safe, Spain and Malaysia have different regulations to consider.

Our directory of worldwide financial regulators contains details on regulation for money transfers between Spain and Malaysia.

Some companies offering money transfers between Spain and Malaysia will come with minimum or maximum thresholds on how much you can send or receive and this could cause rates or fees to change.

Comparing EUR-MYR rates for your specific transfer amount will factor in these rates and fees changes, so you’ll get the best provider for your specific needs. For regular transfers from Spain to Malaysia, it’s best to check any changes in fees and rates every time you send.

For large transfers of money transfers from Spain to Malaysia we’d recommend Wise. They offer a competitive combination of rates and fees when sending from Spain to Malaysia, even at larger amounts.

Also, be sure to check with the recipient and understand any declarations needed on large amounts of money entering Malaysia from Spain.

Receiving Malaysian Ringgit in Malaysia has a few different options. The most popular ways to receive are through a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering money transfers from Spain to Malaysia will cater for every method for incoming Malaysian Ringgit, so it’s best to check ahead of time.

One of the more popular ways is sending money from Spain directly to a bank account in Malaysia. This is because it means the recipient in Malaysia has to do very little. Wise is the best company for bank transfers between Spain and Malaysia.

Whilst cash pickup is popular, it is not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp operate in Malaysia and are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like OFX.

When using a money transfer provider to send Euros to Malaysia, you will need to verify your ID at the sign up stage.

Documents needed will vary and in some cases you might need a couple of options.

Generally speaking, those in Spain can verify through a government issued ID such as a driver’s license or passport. If the recipient needs an ID to collect money or open a multi-currency account in Malaysia, both can also be used there as well.

Large transactions between Spain and Malaysia will be subject to additional security measures such as proving where the funds originated, these will be for anti-money laundering purposes.

Wise has scored highly for transfers to Malaysia because of the easy sign up process in Spain.

There will be tax declarations to consider when sending larger amounts of money between Spain and Malaysia.

Transfers into Malaysian Ringgit may need to be reported to tax authorities in Malaysia as well, where regular income, large amounts (such as property or inheritance) and business payments will all be subject to tax checks.

Based on the recipient, tax limits in Malaysia, as well as personal allowances will change. When in doubt, we’d recommend contacting a tax professional in Spain or Malaysia to discuss your personal circumstances. This ensure you are not missing any specific tax declarations associated with your circumstances.