Send money to Malaysia
Article by Mozo
Are you a business or property investor in Malaysia? Do you sometimes or regularly send money to family or friends? We love the fact that Mozo is a neutral and informative money platform to help you make the right decision for your personal situation. We know how important it is to save money where you can, so take a five minute break from your busy day to read how you can make an international money transfer work for you.
Want to transfer money to Malaysian Ringgit for your next holiday to Malaysia? Then you’re reading the wrong page. Visit Mozo’s Travel Money section to discover everything you need to know when traveling as well as the best travel cards and exchange rates.
FAQs about transferring money to Malaysia
How do I actually transfer money to Malaysia?
You can conduct an IMT or an International Money Transfer
is possible when you transfer money from account to account. You can convert Australian dollars to ringgit and transfer them to any Malaysian destination. Mostly what you need is your recipient's bank ID numbers and their account details for a successful transfer. All you have to do to start the transfer process is use one of the following agents:
|Financial Agent Type ||Pros ||Cons |
| Banks |
Familiar space where most people feel safe to leave their money.
|Names that you already trust and use. ||Higher transfer fees than other IMT agents. Only avai during business hours, so not as convenient. |
| Specialist FX |
Or Foreign Exchange Specialist transfer funds and exchange foreign currencies everyday. Companies like: CurrencyFair, HiFX, OzForex etc.
| Pros: Quick and safe international money transfer, usually cheaper than the rest. Also more flexible, as you can usually transfer funds 24/7. || Cons: Since currencies change everyday, trading Australian dollars for ringgit may vary from one day to the next. |
Is wiring money to Malaysia risky?
Anything you do online can be a little risky if you’re not careful. Before transferring money online or conduct regular online banking in anyway, make sure you:
- Install the latest anti-virus software like McAfee
- Download the latest updates your PC or mobile.
Having these on your PC or mobile protects your personal information, allowing you to get on with doing the things you love online.
Can I make a one-off transfer to Malaysia?
Yes you can. IMT providers really don’t mind whether you make one-off transfers or regular ones, so it’s up to you how you go about your money business from Australia to Malaysia.
However, if you are making regular payments to Malaysia, Mozo recommends that you make an enquiry about how your money transfer provider can cut a deal just for you. Sometimes your IMT provider will be able to reduce the rates and fees they charge everyone else, just by forming a business relationship with them. This is not a guarantee, just a possibility. Ask and you’ll find out!
How do I compare IMT providers?
We know how busy you are, so we’ve spent the time comparing as many IMT providers as possible for you.
Your overall fee will depend on the rate you secure. This will particularly make a big difference if you’re transferring a large amount. It’s a good idea to familiarise yourself with the IMT process as much as possible. Here’s a good place to start:
- Limits: You’ve probably discovered by now that some providers have minimums that you can transfer to another country. Some of the minimum amounts are relatively high, others start at zero. What you need to do is weigh up minimum transfer amounts vs percentage rate vs fees to see what suits your pocket best.
- Rates: You may think the tiny difference between rates is insignificant. But it is. When transferring a large amount, the smallest difference between rates can save you hundreds or thousands, depending on the amount. Watch out!
- Transfer speed: Isn’t if fab to know that your money can be transferred as quickly as right now? But it doesn't mean that your recipient can use the funds immediately. sometimes it takes 3-5 business days for the funds to become available to use. So make sure you plan ahead as much as you can if money is urgently required.
- Fees: You’ll find that some IMT agents including banks will charge anything from zero to lotsa money to initiate the currency exchange. Work out what works best for you. Afterall, it is a balancing act!
- Online vs phone or in person: There’s no point in hiding the fact that you’ll save a fistful of cold hard cash transferring Aussie bucks to Ringgits. If you’ve not done it before, perhaps now’s a good time to try.
How do I set up an international money transfer?
Have you decided which path to take yet? Online, in person or over the phone? Working this out first, will determine your best next steps.
- Will you be logging on to your online bank account or app?
- Visiting a branch?
- Filling out a form online?
Whichever way you choose to transfer money to Malaysia, some crucial bits of information you’ll need for a successful transfer include:
Country guides for transferring money internationally
- 1. Full name and address of the recipient’s bank
- 2. Recipient's name, address and account name
- 3. Account number or International Bank Account Number (IBAN)
- 4. SWIFT/BIC code of your personal account you're transferring funds from
- 5. Amount you would like to send.