How to send money to Spain from Malaysia with the best MYR-EUR rate

The exchange rate determines how much Euro 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 Spain.

The current rate between the Malaysian Ringgit and Euro is 0.2122.

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

The total cost of money transfers from Malaysia to Spain 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-EUR is currently 0.2122 EUR per Malaysian Ringgit. Providers offering services closer to this rate will ensure more Euro for your Malaysian Ringgits.

• Fees: Transfer fees are charged alongside a transfer. The company offering the lowest fee is Wise, just 192.36 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 Euro. Simply, the higher the amount received in Malaysia, the lower the cost of sending from Spain.

The most cost effective way to send money from Malaysia to Spain is via a bank transfer.

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

Bank transfers

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

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


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

Credit cards

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

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

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

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

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

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

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

Large transactions between Malaysia and Spain 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 Spain 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 Spain.

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