Send Money to Malaysia

GCEN
Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
HIFX
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
IFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Malaysia

Send money transfer to Malaysia

The Malaysian ringgit (MYR) is a fully convertible currency, and the central bank applies few restrictions to international money transfers to Malaysia. Former restrictions have been largely removed as Malaysia attempts to encourage foreign investment in markets there. However, if you are planning to repatriate the funds, transferring money out of Malaysia in MYR can be very difficult due to the controls of the Malaysian Central Bank. While businesses may move money back out of the country for outbound investment, trade financing or the repayment of inter-company loans, individuals will find this difficult as the MYR is a restricted currency.

For simple transfers to Malaysia, there are different options available:

Provided the recipient has a bank account in Malaysia a bank transfer will be the easiest method of sending cash. While foreign currency accounts are available, funds can only be withdrawn in local currency.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and they allow you to transfer money to Indonesia. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to Malaysia. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing. There are relatively fewer brokers offering this service to Malaysia than more established economies and research should be undertaken before selecting one as service levels are reportedly variable.

Bank Note System
Malaysia’s monetary unit, the ringgit (MYR), is equivalent to 100 sen (cents) and abbreviated RM for (Ringgit Malaysia). Banknotes are printed with values of RM1, RM5, RM10, RM20, RM50 and RM100. Coins are available in denominations of 5, 10, 20 and 50 sen, and RM1.

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