How to Send Money to Malaysia – Compare Fees, Speed & Bank Requirements

🇲🇾 How to Send Money to Malaysia

Malaysia is a popular destination for personal remittances and business payments. Whether you’re supporting family, paying suppliers, or managing digital workforces, this guide explains the best ways to send Malaysian Ringgit (MYR) and what you’ll need for a smooth transfer.

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🔍 Key Things to Know

• Currency: Malaysian Ringgit (MYR)

• Regulator: Bank Negara Malaysia (BNM)

• Banking Format: Account number + SWIFT/BIC code

• Fees: Usually 0.5%–2.5% depending on method

• Speed: Minutes to 2 business days

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🏆 Best Money Transfer Options to Malaysia

Provider	Speed	Typical Fee	Exchange Rate Margin	Notes
Wise	0–1 days	Low fixed + %	~0.5%	Local MYR deposit into Malaysian bank account
Remitly	Minutes–1 day	Low for economy, higher for express	~1.5%–2.5%	Good for family remittances & speed
OFX	1–2 days	No fee	~0.6%–1.0%	Best for large transfers and businesses
Western Union	Minutes–1 day	Higher fees	Higher margins	Cash pickup available at select outlets

✅ Tip: Wise is often the cheapest for personal transfers. OFX is ideal for business or large payments. Remitly and Western Union are popular for urgent family support.

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📋 What You’ll Need to Send Money

• Recipient’s full name (matching bank records)

• Malaysian bank account number (typically 10–14 digits)

• SWIFT/BIC code of the recipient’s bank

• Purpose of transfer (e.g. family, tuition, business)

• Your ID or verification documents

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🏦 Malaysian Banking Particulars: What to Know

✅ Account Number & SWIFT Code

To transfer MYR into Malaysia:

• Bank account number — varies by bank

• SWIFT/BIC code — required for international transfers

• Bank name & branch (optional) — helpful for validation

Note: Some services like Wise use local bank networks and may not require SWIFT if sending from supported countries.

📜 Bank Negara Malaysia Compliance

• Transfers must comply with Malaysia’s Foreign Exchange Policy Notices (FEP).

• Large or commercial transfers may require declaration or justification.

💸 Receiving Bank Fees

• Most Malaysian banks do not charge fees for incoming local deposits.

• SWIFT transfers may incur intermediary or receiving bank fees.

⚠️ Accuracy is Essential

• Mismatched names or errors in account/SWIFT details will delay or fail the transfer.

• Double-check all banking information before sending.

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📦 Summary

Malaysia is well-connected to global transfer services. Sending MYR is easy when you use trusted providers like Wise, Remitly, or OFX. As long as you enter accurate details and know the recipient’s bank info, money can arrive quickly and with minimal cost.