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Best Exchange Rates

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Foreign Transfers from Malaysia

Use our comparison table to find the best exchange rates for foreign transfers from Malaysia versus the Banks.

When you are thinking about sending money abroad, an international money transfer provider is a great option. They can help you with the whole process, provide useful online tools and most importantly bank-beating exchange rates and low or zero fees.

 
 

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RMMYR
$USD

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Foreign Transfers - Exchange Rate Comparison

Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee MYRTotal CostTransfer ServicesTransfer SpeedDeal Links
 
Instarem logo
2,420 USD0.24200.62%
 
OFX logo
2,425 USD0.242500.41%Bank Transfers - Online & Phone1-2 days
Maybank
Maybank logo
2,326.5 USD0.235RM1004.46%Online, Branch, Bank Transfers2-3 days
OCBC Bank
OCBC Bank logo
2,326.5 USD0.235RM1004.46%Online, Branch, Bank Transfers2-3 days
United Overseas Bank
United Overseas Bank logo
2,326.5 USD0.235RM1004.46%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Citibank logo Maybank logo HSBC logo OCBC Bank logo United Overseas Bank logo
2,310 USD0.2326155.11%Online, Branch, Bank Transfers2-3 days
HSBC logo
2,296.55 USD0.23RM155.69%Online, Branch, Bank Transfers2-3 days
Citibank
Citibank logo
2,276.27 USD0.2279126.52%Online, Branch, Bank Transfers2-3 days
Instarem: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:0
Exchange Rate:0.2420 (0.62% from mid-rate)
USD amount:2,420 USD
Total Cost:0.62%
Time:1:06 Local
Transfer Speed:
Services:
Rating:
 
: 3.9/5.0
Reviews:
 
OFX: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:0
Exchange Rate:0.2425 (0.41% from mid-rate)
USD amount:2,425 USD
Total Cost:0.41%
Difference:
$5 more than using Instarem
Time:
Rate Fetched: 1:06 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
Maybank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM100 MYR (1%)
Exchange Rate:0.2350 (3.49% from mid-rate)
USD amount:2,326.5 USD
Total Cost:4.46%
Difference:
$93 less than using Instarem
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
OCBC Bank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM100 MYR (1%)
Exchange Rate:0.2350 (3.49% from mid-rate)
USD amount:2,326.5 USD
Total Cost:4.46%
Difference:
$93 less than using Instarem
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
United Overseas Bank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM100 MYR (1%)
Exchange Rate:0.2350 (3.49% from mid-rate)
USD amount:2,326.5 USD
Total Cost:4.46%
Difference:
$93 less than using Instarem
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Citibank logo Maybank logo HSBC logo OCBC Bank logo United Overseas Bank logo

Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:15
Exchange Rate:0.2326 (4.48% from mid-rate)
USD amount:2,310 USD
Total Cost:5.11%
Difference:
$110 less than using Instarem
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
HSBC: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM15 MYR (.15%)
Exchange Rate:0.2300 (5.54% from mid-rate)
USD amount:2,296.55 USD
Total Cost:5.69%
Difference:
$123 less than using Instarem
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Citibank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:12
Exchange Rate:0.2279 (6.41% from mid-rate)
USD amount:2,276.27 USD
Total Cost:6.52%
Difference:
$144 less than using Instarem
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes

1 MYR = 0.2435 USD

This is the current MYR-USD mid-market exchange rate. The Total Cost of each foreign transfer in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market MYR-USD exchange rate.

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Currency news and forecasts for Malaysian Ringgit and United States Dollar

Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency must always be quoted in comparison to a second currency.

So it follows that if you are determining the best time to transact, in this case the MYR vs USD, you should pay attention to both Malaysian Ringgit and United States Dollar news and forecasts.

Malaysian Ringgit (MYR) - Market news and forecasts

Like many other emerging market currencies, the ringgit struggled in 2018.

The ringgit weakened in November to a one-year low of RM4.2 per USD but had recovered slightly by the time of this report into the high RM4.17s.

Against the Singapore dollar — the currency of Malaysia’s largest trading partner — the ringgit weakened in November to 3.06 (also a one-year low at the time), before recovering to 3.043.

Among factors contributing to the ringgit’s weakness in 2018 has been political uncertainty relating to Malaysia's ruling Pakatan Harapan coalition, a 40 percent end-of-year crash in the price of oil, as well as general risk-off sentiment, driven partly by global trade tensions and most evident from a 20 percent fall in US equities prices. Higher US interest rates also make holding Malaysian currency less attractive.

“The ringgit will remain weak due to continued political uncertainty,” Fitch’s head of Asia Country Risk said in December.

For 2019 year-end, the team at TradingEconomics.com is forecasting USD/MYR and SGD/MYR at 4.19 and 3.01.

United States Dollar (USD) - Market news and forecasts

1-January-19: Against a basket of currencies, the US dollar struck an 18-month high in mid-December before giving up some ground in the final weeks of the year. When 2018 was done, the US Dollar Index had gained 6 percent, making the greenback one of 2018’s best performing currencies; however, it was still worth 7.5 percent less than its 2017 high.

The consensus is for dollar weakness in 2019. Big players have long been skeptical of the Fed’s projected path for interest rates and this skepticism appeared justified when, in December, the Fed lowered its expectations for 2019 hikes due to so-called “cross currents” (China, Brexit, trade wars etc.).

In the aftermath of the Fed’s December meeting, Scotiabank said the dollar was “poised to weaken.”

ING said the dollar “is now overvalued against a host of currencies, particularly those in emerging markets.”

JP Morgan had been dollar-bearish prior to the Fed meeting.

SEB suggested that the dollar might weaken against the pound to $1.37 per GBP, or worse upon very positive Brexit developments.

A CIBC analyst said the dollar would weaken against the Australian dollar from $0.70 per AUD to levels “well north of $0.75,” and perhaps as weak as $0.78.

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