How to send money to India from Malaysia with the best MYR-INR rate

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

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

• Wise is our top choice for MYR to INR transfers. For example, sending 31,525 MYR to INR will cost you RM233.05 in fees, and you will receive 729,549.91 INR. The delivery time usually is within an hour, but it depends on the day you make the transfer.

• Cheapest company to send money to India from Malaysia is Wise. They offer a fee of 233.05 MYR and exchange rate between MYR-INR that is 0.04% different to the mid-market rate. Sending money from Malaysia to India through Wise will cost you 233.05 MYR in fees.

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

The 2 providers we've compared ensures you will get the best options for your transfer to India 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 India.

The exchange rate determines how much Indian Rupee 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 India.

The current rate between the Malaysian Ringgit and Indian Rupee is 23.2931.

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

The total cost of money transfers from Malaysia to India 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-INR is currently 23.2931 INR per Malaysian Ringgit. Providers offering services closer to this rate will ensure more Indian Rupee for your Malaysian Ringgits.

• Fees: Transfer fees are charged alongside a transfer. The company offering the lowest fee is Wise, just 233.05 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 Indian Rupee. Simply, the higher the amount received in Malaysia, the lower the cost of sending from India.

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

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

Bank transfers

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

By opting for a money transfer company such as Wise for transfers from Malaysia to India, 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 India is easy with WorldRemit.


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

Credit cards

When it comes to credit card transfers from Malaysia to India, 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 India have different regulations to consider.

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

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

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

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

Receiving Indian Rupee in India 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 India will cater for every method for incoming Indian Rupee, 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 India. This is because it means the recipient in India has to do very little. Wise is the best company for bank transfers between Malaysia and India.

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 India 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 India, 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 India, both can also be used there as well.

Large transactions between Malaysia and India 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 India 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 India.

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