Find the best ways to transfer money to Malaysia

Pay attention to MYR exchange rates, as it determines how much MYR your recipient will receive.

For instance, today’s average USD to MYR rate is 4.1165 but the highest rate over the past 7 days was 4.134 MYR/USD.

Your aim is to transfer when MYR reaches a higher value so waiting a few days could result in a better rate, hence more MYR received.

For urgent Malaysian Ringgit transfers, we recommend Wise. It consistently provides the best MYR rates.

How you fund your transfer affects the cost, speed, and the amount of Malaysian Ringgit the recipient will receive.

The cheapest way to fund your transfer to Malaysia is with a bank transfer via Xe, which is 0.16% cheaper than the next cheapest service.

Based on our analysis of a $7,000 transfer from to Malaysia, here are the top options:

• Xe (bank transfer): Costs $0 + 0.2% markup on top of the MYR mid-market rate.

• Xe (debit card): Costs $0 + 0.2% markup.

credit card is the most expensive deposit method for Malaysian Ringgit transfers, so we recommend avoiding it to maximize the amount of MYR received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Malaysia.

Avoid sending MYR over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for MYR transfers.

Money transfer companies often have minimum and maximum limits on how much MYR you can transfer.

The amount of MYR you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large MYR transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much MYR you can send.

To ensure your money transfer to Malaysia goes smoothly, especially if moving large amounts of Malaysian Ringgit, use our comparison tool to find the service that best fits your needs.

The speed of sending Malaysian Ringgit to Malaysia depends on factors like the amount of MYR sent, the chosen deposit and withdrawal methods, and when you send MYR.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer $7,000 to Malaysia, here are your options:

• For the fastest transfers, use Wise - Out of 10 companies serving Malaysia.

• For bank and card deposits, use Wise - Wise provides fast and affordable MYR transfers, with fees around $32.79 for bank account deposits and $0 for debit/prepaid card deposits, with a small 0% markup on the ‘real’ MYR exchange rate.

• For credit card transfers, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Malaysian Ringgit to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Malaysia.

Avoid using the SWIFT network for MYR transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For MYR transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our analysis, Wise ranked as the top provider for sending money to Malaysia, appearing in 1 comparisons involving MYR.

2. Mobile apps and digital wallets - Many services available in Malaysia offer mobile apps, often giving transfer offers on MYR rates.

3. Cash transfers - You can send cash to Malaysia through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Malaysia to collect the Malaysian Ringgit.

4. Wire transfers - While you can wire money to Malaysia through your bank, we suggest against it. Banks can charge up to $60 per transfer to Malaysia and add 5% - 6% to the MYR exchange rate. Instead, use bank transfer to deposit money to Wise and send MYR from there.

There are several ways to receive money in Malaysia, and choosing the right one will help the recipient get the most MYR. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Malaysia, we recommend Xe. MYR will arrive directly to the recipient's bank account in Malaysia.

• Deposit to digital or mobile wallet - MYR can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Xe. Recipients in Malaysia will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs MYR urgently or doesn't have access to a bank account in Malaysia, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Malaysia. This will require the recipient to visit a nearby agent in Malaysia.

When making large MYR transfers or sending Malaysian Ringgit for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Malaysia.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in MYR.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Malaysia from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Malaysian Ringgit will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of Malaysian Ringgit.

There may be tax implications and government-imposed limits on Malaysian Ringgit transfers.

Some Malaysian Ringgit transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger MYR transfers may need to be reported to tax authorities in Malaysia or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Malaysia or your home country to ensure compliance with relevant regulations and tax laws.