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Best Providers for Sending Money to Indonesia from Malaysia
When considering how to send money Indonesia from Malaysia there are some key aspects of the transfer that will impact the best provider for your needs.
There are plenty of international money transfer providers for Malaysia to Indonesia. The fastest provider is WorldRemit. The cheapest provider we found is TransferWise at % Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using WorldRemit when sending MYR – IDR.
This means that by using WorldRemit for online money transfers to Indonesia from Malaysia, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access WorldRemit for any reason, our comparison engine has found Instarem and TransferWise also to be very good options when sending MYR to IDR.
The cheapest way to send money from Malaysia to Indonesia
The cost of transferring money will depend on the value of the transaction and amount of IDR you want the recipient in Indonesia to receive.
In order to avoid high fees, you should consider the cheapest way to send money from Malaysia to Indonesia.
TransferWise has been determined by our comparison engine to be currently offering you the cheapest rates possible.
The fastest way to send money from Malaysia to Indonesia
When sending money from Malaysia to Indonesia, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers, particularly if you want to send money instantly. Currently, WorldRemit is the fastest way to send MYR – IDR.
What payment methods are available when sending money from Malaysia to Indonesia?
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
Sending money to Indonesia from Malaysia using credit card
To avoid high fees you can opt to use an online money transfer provider such as WorldRemit to pay for your transfer to Indonesia. Our guide on sending money using a credit card has more information.
Sending money to Indonesia from Malaysia using a debit card
With WorldRemit you can send money online to Indonesia using your debit card. But before making a payment, make sure you understand all the processing fees in place. Our guide on sending money using a debit card has more information.
Using a wire transfer to send money from Malaysia to Indonesia
Bank and international wire transfers are the most common ways of sending money Indonesia as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use WorldRemit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When sending money to Indonesia from Malaysia using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee. If you do decide to make an international transfer using wire transfer, you might be required to use a SWIFT/BIC code when completing your transaction. If you’re unsure of what it is, check out our guide on what is a SWIFT code as well as use our SWIFT code calculator to find the right SWIFT/BIC code.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as WorldRemit, Instarem and TransferWise.
Considerations for a MYR to IDR Currency Transfer
Before sending money to Indonesia from Malaysia, you should consider the following:
- The amount you want to transfer: It is likely that the more money you send to Indonesia the more value you will get and more IDR the recipient will receive. This is because any flat fee charged ends up as a smaller percentage of your transfer amount, and also because many providers allow you to negotiate a better exchange rate margin if sending large amounts.
- The MYR – IDR exchange rate margin: Money transfer providers charge a small percentage on top of the mid-market exchange rates in order to generate revenue. Current mid market rate is 3418.205221 and the lowest exchange rate margin is currently offered by WorldRemit at % above the mid market rate.
- Hidden fees & charges: Before sending money to Indonesia, make sure the provider you are using doesn’t charge any hidden fees. Our reviews of the top ranked providers WorldRemit, Instarem and TransferWise will give insight here.
How to send money from Malaysia to Indonesia at the best rate?
This one’s easy. Simply use our comparison table above to find the best provider to send MYR to IDR. After that it’s just a process of making your transfer via the following steps:
- Click “Visit Site” inside our comparison table
- Register for an account if required
- Input how much you are willing to send
- Fund your transfer
- Receive & save an email confirming your transfer
How to receive transfers from MYR to IDR in Indonesia?
Your recipient has a few methods available to receive your money in Indonesia. These will vary between providers, but it is possible to find services that will:
- Deposit IDR directly into a bank account
- Enable the recipient to pick up cash a specific locations across Indonesia
- Deliver money directly to their door
- Send IDR to your recipient’s mobile wallet
If your recipient is going to collect or have the money delivered to them in Indonesia, then they will usually need the following:
- A government issued I.D document
- The money transfer reference number
- Senders details and the amount of money sent
How much money can be transferred from Malaysia to Indonesia?
The amount of IDR you can receive from Malaysia will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of IDR that can be received in Indonesia or sent from Malaysia before making your transfer.