How to send money to Nigeria from Malaysia with the best MYR-NGN rate

Comparing providers offering services between Malaysia and Nigeria, based on your specific needs is the best way to send money with confidence.

Right now, for MYR/NGN

• Wise is our top choice for MYR to NGN transfers. Sending 31,525 MYR to NGN will cost you RM261.3 in fees, and you will receive 10,420,503.85 NGN. The delivery time usually is within minutes, but it depends on the day you make the transfer.

• Wise offers the lowest cost transfers of the 2 compared. Data collected for transfers between Malaysia and Nigeria over the past week shows that Wise is 1.81% cheaper than the second-best option.

• Of 2 companies compared, Wise offers the quickest way to send Malaysian Ringgits to Nigeria is with within minutes. When speed matters, Wise is our recommended choice for sending into Nigeria from Malaysia.

Our comparison includes 2 companies that provide the ability to send Malaysian Ringgit to Nigeria.

This ensures you get the best options for transfers to Nigeria from Malaysia, based on the amount you want to send.

The exchange rate determines the price you’ll pay for Naira when sending Malaysian Ringgit to Nigeria.

The rate between the Malaysian Ringgit and Naira is currently 331.8072.

The total cost of money transfers from Malaysia to Nigeria 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-NGN is currently 331.8072 NGN per Malaysian Ringgit. Providers offering services closer to this rate will ensure more Naira for your Malaysian Ringgits.

• Fees: Transfer fees are charged alongside a transfer. The company offering the lowest fee is Wise, charging 261.3 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 Naira. Simply, the higher the amount received in Malaysia, the lower the cost of sending from Nigeria.

Sometimes, waiting a day or two can help you get more NGN for the same amount of Malaysian Ringgit. Using a forward contract that also allows you to lock in an agreed exchange rate between Malaysia and Nigeria.

Sending money via a bank transfer is the recommended option for sending money from Malaysia to Nigeria.

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

Bank transfers

Paying via a bank transfer is often the better option for sending money from Malaysia to Nigeria.

By using a money transfer company such as Wise for transfers from Malaysia to Nigeria, you can send money and while benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money from Malaysia to Nigeria with a debit or a prepaid card is easy with .


is a one of the better options in the market for international debit card transfers from Malaysia to Nigeria.

Credit cards

Not many money transfer companies offer direct credit card deposits, because it is more expensive for everyone (especially with high cash advance fees).

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

Some services between Malaysia and Nigeria have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Nigeria as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Nigeria, use Wise. The combination of rates and fees when sending from Malaysia to Nigeria is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Malaysia, or entering Nigeria. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Naira in Nigeria. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Malaysia to Nigeria will offer every method for incoming Naira, so it’s best to check ahead of time.

One of the more common ways to transfer from Malaysia into Naira is directly into a bank account. Wise is the best company for bank transfers between Malaysia and Nigeria.

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

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 Wise.

When signing up to and sending Malaysian Ringgit to Nigeria, through a money transfer company, you will have to verify your ID.

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

For the most part however, in Malaysia this will be a government issued ID such as a passport or driver's license. In Nigeria it will be similar, although this should only be needed if you are opening a new account in Nigeria, or collecting in cash. Sending to an existing bank account in Nigeria shouldn’t require any additional ID checks.

Large transactions between Malaysia and Nigeria, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

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

When sending large amounts of money between Malaysia and Nigeria there will potentially be a tax declaration to consider.

Some transfers into Naira may need to be reported to tax authorities in Nigeria, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Nigeria based on age, income and a few other elements. When in doubt, please contact a tax professional in Malaysia or Nigeria to discuss your personal circumstances.