MYR Exchange Rates

When you’re looking to transfer money to Malaysia, you could go and visit each provider’s website to see who’s offering the most competitive exchange rates now. Or, you could just save yourself a whole lot of time by punching your numbers into our MYR calculator below which pulls some of the best deals in the market into the one place:

I want to transfer
to
Today’s foreign exchange rates
Search promoted international money transfers below. Advertiser disclosure.
  • Excellent exchange rates, no transfer fees
  • 24/7 transfers online or over the phone
  • Personal account management and expert insights

$7,710 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7710 USD

1-2 days

$200 minimum

Details

  • Fee Free transfers over $250 AUD ongoing
  • 24/7 Service (Phone & Online)
  • Great Rates with Fast and Secure transfers

$7,699 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7699 USD

1-2 days

$250 minimum
$500 monthly minimum for regular transfers

Details

  • Same-day transfers to most countries
  • ASIC regulated & trading since 2004
  • WorldFirst will BEAT any eligible quote from another provider.

$7,687 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7687 USD

0-2 days

$2,000 minimum

Details

  • Safe, secure, and trusted
  • Enjoy great rates, fee-free transfers, and lightning-fast payments right around the clock.
  • It’s simple, quick, and a lot cheaper than your bank.

$7,714 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7714 USD

0-1 day

$250 minimum

Details

  • XE is the world's trusted currency authority used by 280+ million people a year
  • XE dealers are licensed and authorised to provide financial advice
  • XE money transfer specialise in payments above AUD $20,000

$7,733 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7733 USD

1-3 days

$10,000 minimum

Details

  • Bonus $10 credit on your first transaction with InstaReM
  • Fast settlement and extremely competitive rates with no transaction or commission fees
  • Transact online 24/7

$7,694 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7694 USD

1-2 days

$50 minimum

Details

  • New customers get 5 free transfers
  • Fast, secure transfers, up to 8x cheaper than the banks
  • Join over 180,00 customers today

$7,695 USD

Go to site

IN PERSON

n/a

BY PHONE

$4

ONLINE

$4

$0.7698 USD

1-2 days

none

Details

  • Get live exchange rate and low transparent fees
  • Enjoy First Two transfers up to $3,000 AUD Free
  • Fast, secure online transfers 24/7

$7,686 USD

Go to site

IN PERSON

n/a

BY PHONE

n/a

ONLINE

$0

$0.7686 USD

1-2 days

none

Details

  • 90% of transfers settled on the same day. Remainder completed on the following day.
  • Reviewed as “Excellent” on Trustpilot.
  • First Payment is FREE

$7,664 USD

Go to site

IN PERSON

n/a

BY PHONE

n/a

ONLINE

$0

$0.7664 USD

0-1 days

No minimum

Details

  • Transact in over 50 currencies from across the globe
  • No transaction fees or commissions above $10,000 AUD
  • Transact 24x7

$7,733 USD

Go to site

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7733 USD

1-2 days

none

Details

  • Send money overseas securely
  • Transfer in a foreign currency for lower fees and lock in your conversion rate for peace of mind
  • Send money to over 99 countries in a wide range of currencies.

$7,512 USD

IN PERSON

n/a

BY PHONE

$32

ONLINE

$12

$0.7521 USD

1-2 days

$25,000 maximum

Details

  • CBA customers - Send money easily and safely to over 200 countries
  • Send money in branch or via netbank

$7,325 USD

IN PERSON

$30

BY PHONE

n/a

ONLINE

$6

$0.7329 USD

1-3 days

up to $50,000 online

Details

  • NAB customers - transfer money overseas with NAB internet banking
  • Transfer money to over 100 countries

$7,419 USD

IN PERSON

$30

BY PHONE

n/a

ONLINE

$10

$0.7426 USD

1-3 days

subject to daily withdrawal limit

Details

  • Convert major foreign currencies to and from Australian dollars
  • Available to Westpac customers only

$7,428 USD

IN PERSON

$32

BY PHONE

n/a

ONLINE

$10

$0.7435 USD

1-2 days

subject to daily withdrawal limit

Details

  • Fast Transfers
  • Bank beating exchange rates
  • No transaction fees

$7,714 USD

IN PERSON

n/a

BY PHONE

$0

ONLINE

$0

$0.7714 USD

1 business day

Details

^See information about the Mozo Experts Choice International money transfers Awards

*The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

A beginner’s guide to sending money to Malaysia

The world of international money transfers may seem tricky to begin with. That’s why, we’ve written up this nifty guide to help you navigate every step of the process. Read on to discover everything you need to know about sending money to Malaysia.

Is an international money transfer right for me?

Good question. This really depends on why you’re sending the money. International money transfers are often the most cost effective way to transfer money overseas if you are:

a) looking to send money to a loved one back home
b) transferring money to purchase a property
c) paying business related expenses in an overseas country
d) moving to an overseas country for an extended period of time

But it’s generally not the right choice if you are simply visiting Malaysia for a short holiday. In that case you’d be in the market for a travel money option like a prepaid card or travel credit card.

The who’s who of international money transfers

Decided that an international money transfer is the right choice for you? Well, the next thing you need to consider is the type of foreign exchange provider you should go for. Our database shows that for transferring money to Malaysia, you’ll have the option of choosing from some great value online foreign exchange specialists as well as peer-to-peer providers. Here's a quick snapshot of the two with their pros and cons:

FX Provider TypeProsCons
IMT Specialist
FX agencies like OFX and Torfx focus solely on international currency transactions.
They generally operate online or over the phone, which means you can access their services anytime anywhere

They are known to offer attractive exchange rates with relatively low transfer fees
Some IMT specialists have a limit on the minimum amount of money that you can transfer at a time
Peer-to-peer providers
Peer-to-peer FX platforms transfer money overseas through member matching - say you want to convert AUD $500 to MYR, the provider will find other members who are also looking to convert a matching amount of ringgits to Australian dollars.
They charge a very small transfer fee, making them the perfect option for sending smaller amounts of money

They apply the mid-market rate at the time of transfer, which means they don’t add a margin to the conversion rate
They generally lay a cap on the maximum amount of money you can transfer in one go


Common mistakes to avoid when sending money to Malaysia

While picking the type of provider you'll send money with is important, you're not done yet! Before sending money overseas, it's also essential you’re aware of the common traps when it comes to sending money overseas, so you can get the most out of your precious dollars. Here are some of the common mistakes to avoid:

1. Not looking for the best MYR exchange rate.
Failing to find the best rate for exchanging your Aussie coin to ringgits can cost you big time, especially if you’re dealing with large sums of money. That’s why it’s important to compare deals from a number of international money providers before you pick your transfer match. Mozo’s handy exchange rate calculator above makes it easy to compare rates by pulling a range of offers into the one place.

2. Not comparing the features of FX providers.
When it comes to transferring money overseas, you may think the most important thing is scoring the best exchange rate but this could lead you down the garden path if you end up transferring money with a provider that doesn't offer the features you need. For instance, if you regularly send money overseas, finding a provider that offers fee free transactions is a must. Alternatively, you may be in a hurry to send money overseas, in that case you'd need to look for a provider that offers transfers in 1-2 days or allows you to pay an extra fee for a faster transfer. See why the features matter so much?     

3. Not checking additional charges.
You’ve found the best MYR exchange rate, you’ve shortlisted an IMT provider that meets all your needs, and yet you could still be stung by high fees. Why? Well, often people forget to look at additional charges that come with an overseas currency transfer. For example, the bank in Malaysia that you’re transferring money to can also charge a commission for receiving funds. That’s why, you should look out for any hidden costs that might sneak up on you at the last moment. 

Must know terminology

Don’t know your IMO from your SWIFT? No worries! Here’s a quick look at some essential IMT terms that’ll make the process easier for you:

Forward Contract. What should you do if you spot a competitive exchange rate for Malaysian Ringgit but you don’t need to transfer money for a few weeks? Check if the provider offers a ‘Forward Contract’, which allows you to lock in that competitive rate for a transfer you’ll make later on.     

IMO. This is just an abbreviation for international money order.

Interbank rate. Also known as the mid-market rate, this is the bank to bank exchange rate that’s applicable to IMT providers when they buy foreign currency. The providers then apply a margin to this rate before it’s passed on to you.

Spot rate. When an international money provider gives you a quote, the exchange rate is only valid at that point in time and is called the spot rate. If you’re happy with this rate and want to lock it in, you should book your transfer right away, or you can set up a Forward Contract.

SWIFT/ BIC code. The SWIFT or Bank Identifier Code (BIC) is an international bank code that helps the FX provider identify the receiving bank.

Wire transfer. When you’re sending money from one bank account to another electronically, it’s called a wire transfer. 

Where to next?

Now that you know the dos and don’ts of sending money to Malaysia, here’s how you can book your IMT deal:

- Scroll up to the exchange rate calculator above and select the provider you want to use to send the money

- Hit the ‘go to site’ button to reach the provider’s website

- Register and set up a foreign exchange account with the provider

- Confirm the amount of money you’re going to transfer

- Provide details of the recipient including their name and bank details

- Book the transfer