How to send money to Malaysia from Indonesia with the best IDR-MYR rate

The exchange rate is the price you will pay when buying Malaysian Ringgit in Indonesia. A better exchange rate means you send more Malaysian Ringgits to Malaysia.

Currently, the mid-market rate between the Rupiah and Malaysian Ringgit is 0.0002.

Ensuring a strong combination of fees and exchange rates ensures the best deal on money transfers from Indonesia to Malaysia.

• The Mid-Market and Exchange Rates: Finding a provider as close to mid-market rate as possible will ensure more Malaysian Ringgit for your Rupiah. The current IDR-MYR mid-market rate is 0.0002 MYR per Rupiah.

• Fees: Money transfer fees are charged on top the exchange rate and can be set, or a percentage of the total amount of Rupiah you’re sending to Malaysia. Sling Money currently has the lowest fees for transfers into MYR of just 42000 IDR. We always recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in Malaysian Ringgit is the biggest indicator of the total cost of sending money to Malaysia from Indonesia. The bigger the amount received in Malaysia, the lower the overall cost of sending from Indonesia.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Indonesia and Malaysia for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from Indonesia to Malaysia.

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

Bank transfers

Bank transfers are often the better option for money transfers from Indonesia to Malaysia.

Sending money via a bank transfer with a company such as Sling Money for transfers from Indonesia to Malaysia allows you to benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money from Indonesia to Malaysia with a prepaid or a debit card is very simple with Western Union Agent.


Western Union Agent is a leader in card payments for transfers from Indonesia to Malaysia, competing among a total of 5 active money transfer companies on this route.

Credit cards

We recommend avoiding credit card deposits as it usually means taking a cash advance and using it for the deposit. Instead, use a bank transfer or a debit card deposit to save on fees.

If you have to, we recommend running a comparison to find the best deal for your transfer.

Money transfer companies offering services between Indonesia and Malaysia have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Rupiah could change. We always recommend comparing IDR-MYR rates for your specific transfer amount. Then, with transfers to Malaysia, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of IDR to Malaysia, we’d recommend Wise.

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 providers offering transfers from Indonesia to Malaysia will offer every method for incoming Malaysian Ringgit, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Indonesia into Malaysia. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Indonesia and Malaysia.

And if you need cash right away, check if cash pickup is an option for transfers between Indonesia 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 Sling Money.

You will need to verify your ID at the sign up stage when sending from Indonesia to Malaysia through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Indonesia through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Malaysia, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Malaysia, it’s always best to check ahead just in case.

Larger transactions between Indonesia and Malaysia are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to Malaysia, was their easy sign up process in Indonesia.

When sending money between Indonesia and Malaysia there will be tax declarations to consider.

Some transfers into Malaysian Ringgit may need to be reported to tax authorities in Malaysia. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Malaysia based on age, income and personal circumstance. When in doubt, please contact a tax professional in Indonesia or Malaysia to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.