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Best Exchange Rates

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Compare MYR to USD foreign transfers

Use our comparison table to find the best exchange rates for United States Dollar foreign transfers 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.

 
 

Compare Best Exchange Rates for:

   
RMMYR
$USD

Compare Deals
Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee MYRTotal CostTransfer ServicesTransfer SpeedDeal Links
 
Instarem logo
2,437 USD0.243700.61%
 
OFX logo
2,442 USD0.244200.41%Bank Transfers - Online & Phone1-2 days
Maybank International Money Transfers
Maybank logo
2,342.34 USD0.2366RM1004.47%Online, Branch, Bank Transfers2-3 days
OCBC Bank International Money Transfers
OCBC Bank logo
2,342.34 USD0.2366RM1004.47%Online, Branch, Bank Transfers2-3 days
United Overseas Bank International Money Transfers
United Overseas Bank logo
2,342.34 USD0.2366RM1004.47%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Citibank logo Maybank logo HSBC logo OCBC Bank logo United Overseas Bank logo
2,326 USD0.2342155.12%Online, Branch, Bank Transfers2-3 days
HSBC logo
2,312.53 USD0.2316RM155.69%Online, Branch, Bank Transfers2-3 days
Citibank International Money Transfers
Citibank logo
2,292.25 USD0.2295126.52%Online, Branch, Bank Transfers2-3 days
Instarem: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:0
Exchange Rate:0.2437 (0.61% from mid-rate)
USD amount:2,437 USD
Total Cost:0.61%
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:0.2442 (0.41% from mid-rate)
USD amount:2,442 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:0.2366 (3.51% from mid-rate)
USD amount:2,342.34 USD
Total Cost:4.47%
Difference:
$95 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:0.2366 (3.51% from mid-rate)
USD amount:2,342.34 USD
Total Cost:4.47%
Difference:
$95 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:0.2366 (3.51% from mid-rate)
USD amount:2,342.34 USD
Total Cost:4.47%
Difference:
$95 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:0.2343 (4.45% from mid-rate)
USD amount:2,326 USD
Total Cost:5.12%
Difference:
$111 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:0.2316 (5.55% from mid-rate)
USD amount:2,312.53 USD
Total Cost:5.69%
Difference:
$124 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:0.2295 (6.4% from mid-rate)
USD amount:2,292.25 USD
Total Cost:6.52%
Difference:
$145 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
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated as financial payment services. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/22/2019

1 MYR = 0.2452 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.

3 Month Chart
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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

26-January-19: 2018 was a reasonable year for the dollar. Measured by the US Dollar Index, the greenback appreciated by 4 percent, which was much better than 2017’s 10 percent loss. It was, though, something of a stuttering end to 2018 and the dollar has had mixed fortunes in early 2019.

In December, after lifting US interest rates to 2.25-2.5 percent, the Fed lowered its expectations for future hikes due to so-called “cross currents” (China, Brexit, trade wars etc.). Skepticism among analysts over future Fed hikes has for some time been the main reason for dollar pessimism for 2019, but now, there is also the prospect of a US economic slowdown to contend with.

“A slowdown in the economy is likely to weigh on USD particularly in the second half of this year,” a CIBC researcher said in January.

Of the same opinion was an expert at ING, who argued that the dollar is soon to “embark on a gradual long-term bearish trend.”

January’s extended US government shutdown also has dollar-negative ramifications. Not only is the shutdown likely to hit first-quarter GDP growth, disagreements within Congress bode poorly for the future of potentially inflationary fiscal spending.

Currency News and Forecasts

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Euro to Strike 20-Month Low This Week; $1.12 Beckons
HSBC Cuts Australian Dollar Forecast; Aussie to Buy Only US66¢ at Year-End
China’s Ant Financial Acquires WorldFirst
New Zealand Dollar Jumps After RBNZ Says It Won’t Lower Interest Rates