Ruqayyah Snyder
If you're looking to transfer money from Australia to a bank account in Malaysia, there are a variety of options available. Traditional banks are a common option, but they can often be expensive and slow. Instead, many people use online money transfer services, which offer better rates and faster transactions. Some of the most popular online services include Wise, Instarem, and Revolut. These platforms offer low fees, fast transfers, and good exchange rates.
| Characteristics | Values |
|---|---|
| Cheapest Provider | Remitly (to cash pick-up locations) and Western Union (to bank accounts) |
| Average Cost | Remitly: 1.0% of the amount sent; Western Union: -0.2% of the amount sent |
| Fastest Provider | Western Union |
| Average Transfer Time | Minutes |
| Average Total Cost | -0.2% of the transferred amount |
| Cheapest Available Option | -0.2% of the transferred amount |
| Most Expensive Option | 6.8% of the transferred amount |
| Average Total Cost (Banks) | 6.3% of the transferred amount |
| Cheapest Provider (Malaysia to Australia) | Instarem |
| Average Transfer Time (Malaysia to Australia) | Minutes to 1-2 business days |
| Average Cost (Malaysia to Australia) | 0.6% of the transfer amount |
| Most Expensive Cost (Malaysia to Australia) | 6.8% of the transfer amount |
| Average Cost (Banks, Malaysia to Australia) | 6.3% of the transfer amount |
| Transfer Time (Ria Money Transfer) | 3-5 business days |
| Transfer Time (Revolut) | Minutes; Revolut-to-Revolut: 20 seconds |
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What You'll Learn
Compare transfer services
When comparing transfer services, it is important to consider the various fees, exchange rates, transfer times, and ease of use each service provides.
Banks
Banks are a traditional method of transferring money internationally. However, they often come with high fees and poor exchange rates. Banks may be a good option if you are sending a large sum of money, as the fees are typically a percentage of the transferred amount.
Online Transfer Services
Online transfer services, such as Western Union, Wise, and MoneyGram, offer a convenient and often cheaper alternative to banks. These services typically have low fees and competitive exchange rates, making them a cost-effective option for sending money abroad.
Comparison Engines
Comparison engines, such as Monito, allow users to compare the fees, exchange rates, and transfer times of multiple transfer services in one place. This helps users find the most cost-effective and efficient option for their needs. Monito includes a wide range of providers in its comparisons and negotiates special offers with its partners, resulting in significant savings for its users.
Factors to Consider
When choosing a transfer service, it is important to consider the following factors:
- Cost: Compare the fees and exchange rates of different services to find the most cost-effective option.
- Speed: Consider how quickly you need the transfer to be completed. Some services offer faster transfer times, which may be important for time-sensitive transactions.
- Convenience: Look for a service that is easy to use and accessible, with a user-friendly interface and multiple payment methods.
- Security: Ensure that the transfer service is authorised and monitored by relevant regulatory authorities to protect your funds.
By considering these factors and comparing the available transfer services, you can make an informed decision that best suits your needs when transferring money from Australia to Malaysia.
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Avoid banks
Banks are usually not the best way to make international money transfers. The fees can be quite low (and sometimes even zero), but the exchange rates that banks offer tend to be poor. For example, the average total cost (including hidden exchange rate markup) of making a MYR-AUD transfer with banks compared by Monito.com was 6.3% of the transfer amount. This is 10.7 times more expensive than sending money with the cheapest online provider alternative.
There are several online money transfer services that offer better rates and lower fees than banks. For instance, Remitly, which has been the cheapest provider for cash pick-up transfers in Malaysia over the past three months, with an average cost of 1.0% of the amount sent (including fees and exchange rate margin). Western Union was the provider most often the cheapest for transfers to bank accounts in Malaysia.
Other services that can be used to transfer money from Australia to Malaysia include PayPal, Maybank, and MoneyGram. PayPal is the most popular way to send and receive money over the internet, and transactions are instantaneous. Maybank offers a RM 10 fixed rate for telegraphic transfers, independent of location or amount. MoneyGram has locations across Malaysia, and your beneficiary does not need a bank account to receive the money.
If you are looking to transfer money from Malaysia to Australia, Instarem has been the fastest provider over the past 30 days.
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Use a debit or credit card
Transferring money from Australia to Malaysia can be done in several ways, including through a debit or credit card. Here is a step-by-step guide on how to do it:
Step 1: Choose a Reputable Money Transfer Service
Select a reliable and secure international money transfer provider that offers debit or credit card transfers from Australia to Malaysia. Examples of such providers include Wise, Ria Money Transfer, Western Union, and Xe. Compare fees, exchange rates, transfer speeds, and security features to make an informed decision.
Step 2: Sign Up for an Account
Sign up for an account with your chosen money transfer service. This usually involves providing your personal information, such as your name, email address, and sometimes a form of identification, like a passport or driver's license. You may also need to set up a security profile to protect your account.
Step 3: Link Your Debit or Credit Card
Once your account is set up, link your debit or credit card to the platform. This typically involves entering your card details, including the card number, expiration date, CVV code, and your name as it appears on the card. Some platforms may also require you to verify the card by making a small temporary charge or deposit to ensure it is valid and belongs to you.
Step 4: Initiate the Transfer
Log in to your account and initiate the transfer process. Select Malaysia as the destination country and enter the amount you wish to transfer in Australian Dollars (AUD). You will then be prompted to provide the recipient's bank account details, including their full name, bank name, and account number. Review the transfer details carefully before proceeding.
Step 5: Complete the Transfer
Follow the instructions provided by your chosen money transfer service to complete the transfer. This may involve confirming the transaction details and authorising the payment using your debit or credit card. Some platforms may offer instant transfers, while others may take a few minutes to several business days, depending on the service and payment method.
Using a debit or credit card to transfer money from Australia to Malaysia can be a convenient and fast option. However, it is essential to compare fees and exchange rates to ensure you are getting a good value for your money. Additionally, keep in mind that some banks and traditional cash transfer services may charge higher fees and offer less favourable exchange rates. Therefore, it is always beneficial to explore various options and choose a reputable money transfer service that suits your needs.
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Use a money transfer app
Money transfer apps are a great way to transfer money from Australia to Malaysia. They are generally cheaper and faster than bank transfers.
- Remitly: Remitly is a popular option for transferring money from Australia to Malaysia. It offers low fees and fast transfer times. To use Remitly, you will need to create an account, add your payment information, and enter your recipient's bank account details.
- Revolut: With Revolut, you can send money to Malaysia quickly and safely, with great exchange rates and low fees. They offer two-factor authentication and in-app anti-fraud warnings to protect your account. To send money, simply enter your recipient's account number, BIC/SWIFT code, and any other required details.
- Rocket Remit: Rocket Remit is another reliable option for transferring money to Malaysia. It offers instant transfers to Malaysia bank accounts and very low fees. To use Rocket Remit, you can create an account online and add money using a debit or credit card, or bank transfer. You only need your recipient's mobile number to send them money instantly.
- Xe: The Xe Currency app is easy and secure, with no hidden fees. You can use a debit or credit card, direct debit, or bank transfer to send money. Simply download the app, log in, and follow the instructions to enter your currency, amount, and recipient's payment information.
When choosing a money transfer app, be sure to compare fees, exchange rates, transfer speeds, and security features to find the best option for your needs.
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Consider transfer speed
When transferring money from Australia to a bank account in Malaysia, it is important to consider the speed of the transaction. The duration of the transfer can vary depending on the chosen provider and payment method.
For instance, a direct-to-bank transfer via Western Union can reach your recipient's account within an hour. Western Union has over 2,300 outlets in Malaysia, and most major banks in the country provide Western Union services at their branches.
Another option is to use MoneyGram, which offers transfers in less than 10 minutes. The beneficiary does not need a bank account and can pick up the money at a nearby MoneyGram location, including Maybank and CIMB bank branches, as well as Bureau de Changes. However, MoneyGram's fees tend to be higher compared to other services, and transactions usually need to be performed in person.
If you prefer using online platforms, Instarem is a fast option for sending money from Malaysia to Australia, with transfers typically completed in minutes. Additionally, Wise offers instant money transfers on many popular routes, allowing your recipient in Australia to receive the funds in seconds.
It is worth noting that transfer speeds can be influenced by various factors, including payment methods, verification processes, and the specific providers involved. Therefore, it is advisable to compare different services and consider their average transfer times before initiating a transaction.
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Frequently asked questions
You can transfer money from Australia to a bank account in Malaysia by using a money transfer service such as Remitly, Western Union, Wise, Revolut, or Instarem. You can also transfer money through your bank, but this is usually not the best option due to poor exchange rates.
To transfer money to a bank account in Malaysia, you will typically need the recipient's full name, their BIC or SWIFT number, and their IBAN or account number.
The time it takes to transfer money from Australia to a bank account in Malaysia can vary depending on the service you use. Bank transfers typically take 3-5 business days, while some money transfer services can be instant or take just a few minutes.
