How to send money to Malaysia from UK with the best GBP-MYR rate

The exchange rate determines the price you will pay when buying Malaysian Ringgit.

A better exchange rate and lower fees means more money being sent to Malaysia.

The total cost of sending money to Malaysia from the United Kingdom, is made-up of a combination of fees and exchange rates. Sending with a company that can offer a good deal on both ensures a good deal on your transfer.

• The Mid-Market and Exchange Rates: Currently, the mid-market for GBP-MYR is 5.4592 MYR per Pound Sterling.

• Fees: Transfer fees may have to be paid alongside the transfer, either as a set fee or a percentage of the transfer. Wise has a fee of 23.28 GBP per transfer (which is the cheapest option right now for a £6,000 transfer). Although you should search for your send amount to get live deals and lowest fees.

• Amount Received: Money transfer companies will show you the amount of Malaysian Ringgit eventually received in Malaysia.

If you are paying for services in Malaysian Ringgit from the United Kingdom, this can make a huge difference.

Understanding the averages, and then waiting a day or two can help you get more MYR for the same amount of Pound Sterling.

You can also use a forward contract to lock in an agreed exchange rate between the United Kingdom and Malaysia.

Using a bank transfer to send via money transfer company is the payment method that will get you the best price when sending from the United Kingdom to Malaysia.

Here are all the ways to send money from United Kingdom to Malaysia:

Bank transfers

Bank transfers are often the fastest and cheapest way to send money from the United Kingdom to Malaysia.

Using a money transfer company such as Wise for payments from the United Kingdom to Malaysia, means you can send via a bank transfer and benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money with a debit card from the United Kingdom to Malaysia is easy with Wise.


Wise is a leader in debit card money transfers from the United Kingdom to Malaysia. They are the best option of the 8 transfer companies compared.

Credit cards

Not many money transfer companies offer direct credit card deposits, because it is more expensive for everyone.

We recommend using a bank transfer or a debit card transfer if you can; otherwise, make a quick comparison to find the latest deal.

Ensuring you fully understand regulations in the United Kingdom and Malaysia will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for sending money between the United Kingdom and Malaysia.

Some companies offering money transfers between the United Kingdom and Malaysia have minimum or maximum thresholds on how much you can send or receive.

Rates and fees for different transfer amounts could change - that’s why it’s best to compare GBP-MYR rates for your specific transfer amount.

For regular transfers to Malaysia, shopping around each time can make a huge difference.

For sending large amounts of GBP to Malaysia we'd recommend using Wise. They offer a combination of rates and fees when sending from the United Kingdom to Malaysia that is the most competitive, even at larger amounts.

There are different options for receiving Malaysian Ringgit in Malaysia.

The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering transfers from the United Kingdom to Malaysia will offer every method for incoming Malaysian Ringgit, so it’s best to check ahead of time.

Again, a comparison of GBP to MYR providers will tell you if the method for receiving is supported.

One of the most common ways to transfer money from the United Kingdom into Malaysia is by sending directly to a bank account. Wise is the best company for bank transfers between the United Kingdom and Malaysia.

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

P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience but are better for domestic transfers. For receiving international payments they come with more limitations and higher costs compared to money transfer options like multi-currency accounts.

If using a money transfer company to send Malaysian Ringgits to Malaysia, you will need to verify your ID at the sign up stage.

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

ID can be verified in the United Kingdom through a government issued ID such as a passport or driver's license.

If the recipient needs an ID to collect money in Malaysia, it will be similar.

Large transactions between United Kingdom and Malaysia, can be subject to additional checks. This includes proof of funds for anti-money laundering purposes.

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

Sending regular, or larger amounts of money between United Kingdom and Malaysia could mean there are tax declarations 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.

Malaysia has many different tax obligations for residents and non-residents.

When in doubt, please contact a tax professional in the United Kingdom or Malaysia to discuss your personal circumstances. This ensures you are not missing any specific tax needs associated with your transfer.