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

Comparing the different providers offering services between Malaysia and Canada, is the best way to send money with confidence.

Here are your top options for sending money from Malaysia to Canada

• Wise is our top choice for MYR to CAD transfers. For example, sending 31,525 MYR to CAD will cost you RM190.97 in fees, and you will receive 10,665.82 CAD. The delivery time usually is next day, but it depends on the day you make the transfer.

• Cheapest company to send money to Canada from Malaysia is Wise. They offer a fee of 190.97 MYR and exchange rate between MYR-CAD that is 0.04% different to the mid-market rate. Sending money from Malaysia to Canada through Wise will cost you 190.97 MYR in fees.

• Fastest money transfers from Malaysia to Canada is with Wise.

The 2 providers we've compared ensures you will get the best options for your transfer to Canada from Malaysia. By taking the time to compare you can save yourself in the region of 3% of the total transfer amount.

Whilst we rate Wise as the best overall, comparing gives you a comprehensive view of all the options for transferring Malaysian Ringgit to Canada.

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

The current rate between the Malaysian Ringgit and Canadian Dollar is 0.34.

With currencies, the exchange fluctuates constantly, and the MYR-CAD 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 CAD for the same amount of Malaysian Ringgit. Also, a forward contract allows you to lock in an agreed exchange rate between Malaysia and Canada.

The total cost of money transfers from Malaysia to Canada is a combination of fees and exchange rates. Get the best of both, and you will be getting a good deal.

• The Mid-Market and Exchange Rates: The mid-market rate for MYR-CAD is currently 0.34 CAD per Malaysian Ringgit. Providers offering services closer to this rate will ensure more Canadian Dollar for your Malaysian Ringgits.

• Fees: Transfer fees are charged alongside a transfer. The company offering the lowest fee is Wise, just 190.97 MYR per transfer. In all cases, we recommend searching for your exact send amount as fees may change.

• Amount Received: Money transfer companies will show you the amount eventually received in Canadian Dollar. Simply, the higher the amount received in Malaysia, the lower the cost of sending from Canada.

The most cost effective way to send money from Malaysia to Canada is via a debit card.

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

Bank transfers

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

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


Debit and prepaid cards

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


WorldRemit is a market leader in debit card payments for transfers from Malaysia to Canada, this is among a total of 2 money transfer companies compared.

Credit cards

When it comes to credit card transfers from Malaysia to Canada, we recommend running a quick comparison to get the best deal as not many companies offer direct credit card deposits.

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

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

Some companies offering money transfers between Malaysia and Canada 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 MYR-CAD 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 Malaysia to Canada, it’s best to check any changes in fees and rates every time you send.

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

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

Receiving Canadian Dollar in Canada 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 Malaysia to Canada will cater for every method for incoming Canadian Dollar, so it’s best to check ahead of time.

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

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 Canada and are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When using a money transfer provider to send Malaysian Ringgits to Canada, 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 Malaysia 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 Canada, both can also be used there as well.

Large transactions between Malaysia and Canada 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 Canada because of the easy sign up process in Malaysia.

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

Transfers into Canadian Dollar may need to be reported to tax authorities in Canada 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 Canada, as well as personal allowances will change. When in doubt, we’d recommend contacting a tax professional in Malaysia or Canada to discuss your personal circumstances. This ensure you are not missing any specific tax declarations associated with your circumstances.