Some people who go to Indonesia either for business or pleasure sometimes need to send money to their families, friends, acquaintance, or employees in their country, Malaysia. They want to know which is the fastest and most reliable way to do it. Is it by using a bank or using a money transfer provider? It will depend on your preference and your decision on which you think you get more for the money you shell out. You may also open a bank account in Indonesia while having the same account in Malaysia so that money transfer is easy, although this may not be the picture if you don’t have the same bank account in Malaysia. There are well-known banks in Malaysia and other parts of the world, and there are also trusted money transfer providers that are also popular with their money transfer service.
Send Money to Malaysia from Indonesia
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How long does it take to transfer money from Indonesia to Malaysia?
Most banks can have it transferred within 24 hours, while some banks have it processed in a day or two. There are different reasons why banks don’t have the same turnaround time, and this goes for the money transfer companies as well. However, you can check which bank will be able to send your money the fastest way with no extra cost, and money transfer companies can also do the same. It is best to research and pick the best options.
There is a percentage for every amount that you will send, and this will vary from bank to bank. The remittance company may also charge you a certain fee depending on the amount you will send to Malaysia. You can check beforehand with the bank and with the remittance company. You can compare online since it is available for you to check. Some banking institutions may have a low transfer rate, but have low exchange rates as well, while others have hidden fees you need to be aware of. Ask around cause there are also money transfer companies that have their promos where you can send larger amounts with low sending fees. This is the best time to take the opportunity to send money at a lower cost.
Sending money to Malaysia with the bank
Money transfer using the bank can be simpler if you have an account with the same bank in Malaysia. If you are sending money to your family, you may as well have them get a hold of your ATM so they can withdraw money anytime. However, if this is not the case, choose the bank that will offer you the highest exchange rate and a bank that is less stressful to process the money sending. Some banks also have a limited amount, so you must know this, especially when you need to send a certain amount in a hurry.
Transferring money from Indonesia to Malaysia with a money transfer provider
Money transfer companies have been the go-to company of many people since they can also do remittance of your money with not much issue. They can send your cash within 24-hours or even in real-time. You should check beforehand with the company about their exchange rate, how many days the recipient will get the money, and how much you need to pay for the transfer fees. Some remittance companies also have a limit, and it may be wise to find the best remittance company if you need to send an unusually sizeable amount. Though you can send it daily, it will cost you more on transfer fees.
Banks also have a limit for the amount you can send to any country, so it is best to know early on. When you use a remittance company, there is also a limited amount you can only send, so go with a company that has higher limits where you can also save on transfer fees. Ensure that you pick the right one who will make the transfer fast and will give you more for your money.