If you are in Malaysia and you need to send money to India, sometimes you will get confused and have a hard time choosing on what to use for money transfer, is it by using the bank or choose from the numerous money transfer companies around you?
There are factors to consider as well before you choose how you will send your money.
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Duration: Send Money from Malaysia to India
Most of the transfers happen between 2 to 3 business days with a minimal fee. Then there is a money transfer company that can send the money within 24 hours, but of course, you need to pay more. Another money transmittal company will charge higher fees, but the recipient will get the money in a few hours.
If you prefer the fastest way to send your money, this will also mean you have to pay more. Some charge $10 to $35 for fast money transfer since the recipient can have the money within 24 hours. Some swore that they get their money in just a few hours, and it didn’t take a day to receive it.
Another company charges another $6.50 on top of the service fee, which may be expensive for some.
Then there is this mobile app where the sender doesn’t have to pay for the transaction, but the receiver needs to cover a small fee to receive the money.
Online bank account transfer is easy and may take 3 to 4 days, some banks do not charge transfer fees while others charge a certain fee.
You may have employees in India or you may have a family there that you need to send money to. Nowadays, there is no longer the question of bringing the money there personally, but with all the options available to you, the question now is how you will send the money to India, where they will get it the fastest and to which it will be more affordable to you.
Transfer money from Malaysia to India with the bank
Sending money from bank to bank should be easy, and if you have an account in India, then transferring a certain amount there should be a breeze. There are ways you can get such transactions at a more affordable price. Sometimes bank to bank transfer will lessen the transfer fee if you do it in volume transfer instead of sending a smaller amount.
Also, if you are using your credit card to send a certain amount of money, you may be billed more. Sending via bank transfer may be more convenient for some since they feel that it is safer to use bank transfer, and they do not have to fill out forms and such because they can even do it online.
Send money to India with a money transfer provider
Well-known money transfer companies have an app that you can use to send money, and you can pay via debit card or by your credit card. This should be more convenient for you compared to going to their location to send money.
Before you go sending any money, check the exchange rate first and how much they would charge you for the amount of money you will send, so any hidden charges, if any will not surprise you.
Check the sending limit as some money transfer companies will not let you send an exorbitant amount, or you may need to complete some requirements first before they will let you.
Money transfer companies also have their unique way of sending money where there is a message you can add for the recipient.
Make sure that the company you will use also have their counterpart in India so that the recipient will not have a hard time withdrawing the money, whether via the counter or by encashing with the use of the money transfer number.
If you need further convenience for the receiver, there is also the availability of getting the money delivered to their doorstep, and the recipient must be present and need only to provide the proper identification.
With the fast technology and development in India, sending money, there are just a few minute’s transactions. Whether you are sending from India or you are receiving money from the said country, it is now an easy feat.