Send money to Malaysia
Are you a business or property investor in Malaysia? Do you sometimes or regularly send money to family or friends? 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 from Australia to Malaysia work for you.
Alternatively, if you’re transferring money from Aussie dollars to Malaysian Ringgit for a holiday down the track, then visit Mozo’s Travel Money section to discover everything you need to know about the best credit cards or debit cards for your next trip.
FAQs about transferring money to Malaysia
What are my options when sending money to Malaysia?
Australia’s international money transfers (IMT) market has become increasingly competitive over the years. This means that when you’re converting Aussie dollars to ringgit and transferring them to your Malaysian destination, you’ll have quite a few providers to pick from.
The big question is: what’s the best option for you? There are two main types of financial providers in Australia - banks and foreign exchange specialist services. Here’s a snapshot of their pros and cons.
|IMT Provider Type||Pros||Cons|
| Banks |
Familiar space where most people feel safe to leave their money
|- Names that you already trust and use |
- No need to create a separate account for your IMT
- If you prefer face-to-face assistance when transferring money to Malaysia, banks will generally offer in-branch services
|- Less competitive exchange rates & transfer fees than other IMT agents |
- Branch services are only available during business hours, so may not be as convenient
- Transfers may be capped at your daily ‘pay anyone’ limit, so it may not suit those sending larger amounts
| Foreign exchange (FX) specialists |
These providers transfer funds and exchange foreign currencies everyday. Companies include TorFX, WorldFirst, SendFX and OFX.
For more examples, check out our international money transfer providers page.
| - Usually cheaper than other options, but just as safe and potentially even faster |
- Flexible, as you can transfer funds online 24/7
- Expert help available via account managers who can answer any questions you have, either online or over the phone
- Can offer a range of FX tools to protect customers from unfavourable exchange rates
| - High minimum transfer limits may apply, depending on the provider - in the Mozo database, FX specialists have minimums ranging from $50 up to $10k |
- No physical branches available, so you’ll need to be comfortable with transferring your money online or over the phone
How do I compare IMT providers?
When comparing IMT providers, there are a range of features to weigh up to ensure the provider and their process suits your needs. Besides price, you may also need to consider your preferred transfer method and how fast you need to get your funds to Malaysia.
- Exchange rates: This will make up most of the cost of your international money transfer. The higher your AUD to MYR exchange rate, the more Malaysian ringgit you’ll receive from the same amount of Aussie dollars sent. When transferring a large amount, the smallest difference in rates could save you hundreds or even thousands of dollars.
- Transfer fees: You’ll find that some IMT agents including banks could charge anything between $0 to $32 to initiate the currency exchange. Just beware that even if a provider says they offer ‘fee-free’ transfers, third-party fees (e.g. from the intermediary bank) may still apply, and there’s not much you can do to avoid that cost.
- Limits: You’ve probably discovered by now that some providers have minimum amounts when you transfer to another country like Malaysia. Some of the minimum amounts are relatively high and can go up to $10,000 while others start at zero. Make sure to pick the one that suits you.
- Transfer speed: While it may take you only a few minutes to send money to Malaysia, that doesn’t necessarily 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.
- Online vs phone or in person: Do you prefer having the convenience of making online transfers 24/7, or would you rather have someone guide you through the whole process over the phone or at a physical branch? While specialist IMT providers offer the former and some even have apps for you to make and track your transfers, usually only banks will offer over-the-counter services. Also remember that different transfer methods come with different fees - generally in-branch services will cost more than the online alternative.
Is it safe to send money to Malaysia online?
While doing anything online can come with risks if you’re not careful, your money transfer should be in safe hands, as long as you’ve taken some precautions. That means a couple of things:
- Choose a reputable IMT provider - A good starting point is making sure your provider abides by Australia’s strict compliance standards. Are they registered with our government watchdogs, ASIC (Australian Securities and Investments Commission) and AUSTRAC (Australian Transaction Report and Analysis Centre)? Also check what kind of customer service they provide and see how well-rated they are on major review sites like Feefo and TrustPilot.
- Keep your devices updated - Install the latest antivirus software and make sure you’ve downloaded the latest updates to your PC or mobile phone. Opt for a strong password and go with two-factor authentication for that extra layer of security.
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 exchange rates and transfer fees they charge everyone else, if you’ve formed an ongoing business relationship with them. This is not a guarantee, just a possibility. Ask and you’ll find out!
How do I set up an international money transfer?
Have you decided which path to take yet? Online, in person or over the phone? Figuring that out will help determine your next step:
- 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 important pieces of information you’ll need for a successful transfer include:
- Your recipient's name and address
- Their account number or International Bank Account Number (IBAN)
- Their bank’s full name and address
- Their bank's SWIFT/BIC code (this is a unique 8 or 11 digit code that identifies banks around the world). Use this tool to search up the SWIFT/BIC code of your recipient's bank.
- Amount you would like to send to Malaysia
- The account details from which your transfer amount will be withdrawn and sent (this would typically be your bank account).
Compare money transfer rates to Malaysia today
Ready to send funds to Malaysia? Use our nifty tool below to work out how much Malaysian Ringgit you’ll get with each provider. To view an even wider range of exchange rates available, check out our international money transfers comparison hub. Remember that exchange rates are constantly fluctuating, and are updated hourly on our website.