There are some ways that people can send money to a country such as Malaysia. It is essential to know the local laws of the country. This is necessary to ensure that you make the correct decision regarding a solution which meets your specifications and is authorized to operate in the country.
There are ways of sending money online to any particular country. It is critical to ascertain if the money being sent will be once off, or if it will a regular transfer throughout a period. Another essential aspect to factor in will be if it is an emergency or not.
Considering these few situations together with the laws of the country, this guideline is sure to give some valuable information regarding a cheap provider for a foreign bank transfer to Malaysia.
Comparison: Transfer Money to Malaysia
First Transfer Free!
- Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
How can I send money to Malaysia?
When sending money to Malaysia, this is a need to have a clear distinction between using banks or one of the many money transfer providers that are available. What is of great significance is that each solution being considered must be welcome as an operator in Malaysia. If not, there is the risk of sending money unsuccessfully or even the possibility of being accused of being active with illegal activities.
There are a few options for sending money from the US to Malaysia online within the confines of the law.
- Using bank transfer, which is usually an effortless process;
- Online money transfer providers which can be engaged from any smart device;
- International guaranteed checks
- Money transfer companies specializing in cask pickups, such as Western Union and MoneyGram
- Paypal, which is widely used throughout Malaysia.
Bank (it’s expensive)
Transfers between a bank in the US and a bank in Malaysia is the most obvious route to go. One of the major drawbacks for international assignments is that most banks seem to offer amongst the lowest possible foreign exchange rates. This could result in that the recipient will receive less than what is possible using other methods. Then there is also the fact that back charges for international transfers are usually quite expensive.
Money transfer provider
There are some companies which operate as money transfer providers. In this guideline, we will be comparing a few who are operational in Malaysia.
These companies include:
How much does it cost to transfer money to Malaysia?
OFX provides online transfer of money to Malaysia at no online fee. Next in line in InstaRem which charges $5 per transaction, followed by Wise which is the most expensive at $7 a trade.
Duration of a money transfer to Malaysia
When looking at the timeline for transferring money, it is always important to look at it in combination with the total cost.
For our three companies, the following timelines are available:
- Wise – 1 – 2 days
- OFX – 1 day
- InstaRem – 1 – 2 days
Conclusion on the money transfer to Malaysia
When looking at which solution to use for transferring money online to Malaysia, it is important to look at a few important factors such as:
- Is it an emergency
- Is this a one-off or a regular transaction occurring over an extended period.
Once this has been established, now it will be possible to make a decision using a long list of other variables:
- Which company offers the best exchange rate
- How much is the total transaction fee
- What types of transfer does the chosen company permit
- What is the transfer limit
- Does the third party receiving the money want to have the funds deposited into their bank account, or will a cash pickup suit them better?
These are all things which require due consideration. Once this has been analyzed, you will have enough information to select a plan which meets all or most of your requirements.