The current exchange rate for the Malaysian Ringgit (MYR) is 4.0595 MYR per American Dollar (USD), as of the time this was written. The MYR reached a high of 4.0755 MYR per USD, and a low of 4.0065 MYR per USD during the last 90 days. The average exchange rate for the MYR was 4.0464 MYR per USD for the last 90 days.
The average volatility rate of the MYR against the USD was 0.18% over the last 90 days. This is a low volatility rate, and the Malaysian Ringgit has been fairly stable for a long time now. You can reasonably expect small fluctuations to continue going forward, barring any unforeseen circumstances.
The quickest way for money transfer to Malaysia is through the faster options offered by companies such as Western Union and Ria Money Transfer. For the sake of not spending a fortune on speed, we recommend you use the fast option with Ria Money Transfer.
In either case, you can expect your money to arrive at its Malaysian destination in a matter of minutes.
The cheapest way to send money online to Malaysia is through OFX (if you are sending large amounts). OFX charges a very small currency exchange fee that is determined by the amount of money being transferred. The more money you transfer through OFX, the better deal you end up getting. On the lower end, OFX takes 1% of the transfer. However, as you send more money, this rate declines to the eventual lowest possible rate of 0.4%. The only catch is that they do carry a minimum transfer amount.
If you need to transfer small amounts of money regularly, than Ria Money Transfer and TransferWise offer similarly low prices, but only for smaller transfers. For Ria Money Transfer, use the slow option to save money.
TransferWise is the easiest way to send funds online to Malaysia. As a peer-to-peer system, TransferWise has a nice, streamlined process for sending cash online to Malaysia. All you need to do is follow three simple steps:
The overall best way to send money online to Malaysia is through TransferWise. TransferWise offers the best balance between cost, ease of use, and speed that you’ll find for Malaysia.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com