Transfer Money From Brunei To Malaysia: Easy, Quick Guide

There are several ways to transfer money from Brunei to Malaysia. Some of the popular methods include using a remittance counter, online money transfer services such as Wise or MoneyMatch, or bank transfers via SWIFT. It is important to compare fees, exchange rates, and transfer times when choosing a money transfer service.

Using a bank transfer service like MoneyMatch or RHB

Using MoneyMatch:

• Sign up for an account: Visit the MoneyMatch website or download their mobile app to create an account. You'll need to provide your personal information and verify your account.
• Initiate a transfer: Once your account is set up, log in and initiate a transfer. You'll need to provide the recipient's bank account details in Malaysia, including the name of the recipient, bank name, and account number.
• Fund the transfer: Choose the amount you want to send and select your preferred payment method. You can fund the transfer using your bank account, credit card, or debit card.
• Confirm and send: Review the transfer details, including the exchange rate and fees. Once you're happy with the details, confirm the transfer. The funds will be sent to the recipient's bank account in Malaysia.

MoneyMatch offers seamless, low-cost, and transparent international money transfers to over 110 countries. They provide competitive exchange rates with no hidden charges, and their flat service fees are displayed upfront. The transfer time may vary depending on the currencies involved and banking hours in both countries.

Using RHB:

RHB Malaysia offers a range of remittance and payment services, allowing you to transfer funds both locally and abroad. To use their services, you can utilise their online banking platform, RHB Online Banking, or their mobile banking app, RHB Mobile Banking. Here's an overview of the process:

• Register as a Digital User: To access RHB's digital banking services, you'll need to register as a Digital User. You can follow their online guides to complete the registration process.
• Transfer funds: Once you have registered, log in to your RHB Online Banking or RHB Mobile Banking account. Navigate to the funds transfer section and select the option for international transfers. Provide the recipient's bank account details in Malaysia, including the name of the recipient, bank name, and account number.
• Confirm and send: Review the transfer details, including the amount, exchange rate, and any applicable fees. Confirm the transfer, and the funds will be sent to the recipient's bank account in Malaysia.

RHB provides a convenient and secure way to transfer money, allowing you to manage your accounts and make transactions anytime, anywhere. Their services cater to various needs, including remittance packages specifically tailored for foreign workers in Malaysia.

Using an app such as Wise

Wise, formerly known as TransferWise, is a cheap, safe, and user-friendly option for transferring money from Brunei to Malaysia. It is a widely used online solution for speedy international transfers, supporting numerous currencies.

Step 1: Sign Up and Create an Account

Download the Wise app on your device or access their website. Sign up by providing your email address or linking your Google or Facebook account. Creating an account is free and only takes a few minutes.

Step 2: Enter the Amount and Recipient Details

Once you have set up your account, enter the amount you wish to transfer. You will be shown the fees upfront, along with an estimate of when the money will arrive.

Next, add the recipient's bank details in Malaysia. This includes selecting the recipient's bank account country and entering their account number and SWIFT code.

Step 3: Choose Your Payment Method

Wise offers various payment methods to fund your transfer. You can use a bank transfer, or a debit or credit card. Bank transfers are usually the cheapest option and provide the best value for your money. However, they can be slower than card payments.

If you choose to pay with a card, you can use a debit or credit card, including Visa, Mastercard, and some Maestro cards. Apple Pay and Google Pay are also accepted if enabled on your phone, but be cautious of extra charges as some banks may consider these as cash withdrawals.

Step 4: Verify Your Identity

For some currencies or larger transfers, Wise may require additional verification. You may need to provide a photo of your ID, such as a passport, or other proof of identity to ensure the security of your transfer.

Step 5: Track Your Transfer

After initiating the transfer, you can track its progress through your Wise account. Wise will also notify your recipient that the money is on its way.

Additional Tips:

• Wise currently supports sending United States Dollars (USD) to Brunei using international wire transfer.
• Wise provides a calculator on its website to estimate the fees for your transfer.
• Traditional banks often charge high fees for international transfers. Wise has built a local network, allowing them to facilitate transfers with low transaction costs.
• Wise uses the mid-market exchange rate and does not include hidden fees or exchange rate markups, making it a transparent and cost-effective option for your money transfers.
• Wise also offers a referral program where you can use a referral link to get a fee-free transfer up to a certain amount.

With its simple process, security features, and low costs, Wise is a convenient choice for transferring money from Brunei to Malaysia.

The cost of transfer fees and exchange rates

When transferring money from Brunei to Malaysia, there are a few costs to consider: transfer fees and exchange rates.

Transfer Fees

Transfer fees can vary depending on the method you use to send the money. For example, transferring money via a credit card is typically more expensive than using a bank transfer. Additionally, some banks may charge higher fees for international transfers, and these fees may be hidden within the exchange rate, so it is important to check with your bank beforehand.

Exchange Rates

The exchange rate between the Bruneian Dollar (BND) and the Malaysian Ringgit (MYR) is subject to frequent change. For example, on November 4, 2024, 1 BND was equal to approximately 3.299464 MYR, while on November 5, 2024, 1 BND was equal to 3.3121802 MYR. These values represent the mid-market rate, which is different from the rate you will receive when sending money.

Cost Comparison

To get the best value for your transfer, it is important to compare the total cost, including both transfer fees and the exchange rate. Some companies, such as Wise, offer low to no fees on money transfers, but the exchange rate may vary. It is worth checking the total amount that will be received after the transfer to ensure you are getting a good deal.

Alternative Methods

If you are looking to avoid high transfer fees, there are alternative methods to consider. For example, using a multi-currency account, such as the one offered by Wise, allows you to hold over 20 currencies and send and receive money to over 150 countries. This can be a cost-effective way to manage your international transfers and avoid high bank fees.

In summary, when transferring money from Brunei to Malaysia, be sure to compare the transfer fees and exchange rates offered by different providers to ensure you are getting the best value. Additionally, consider using alternative methods, such as multi-currency accounts, to further reduce the cost of your international money transfers.

The time taken for the transfer to complete

The time taken for a money transfer from Brunei to Malaysia to complete depends on the service and payment method used.

MoneyMatch

MoneyMatch is a platform for international money transfers that offers flat service fees and no hidden charges. It typically takes 1-2 working days for a transfer to reach the recipient once MoneyMatch has received the funds and all compliance requirements are satisfied. The time it takes can also depend on the currencies involved, bank holidays, and weekends in both Brunei and Malaysia.

Wise

Wise is a platform that offers fast, low-cost, and secure online money transfers. A money transfer from the UK to Malaysia should arrive in seconds. On popular routes, Wise can also send money within one day, as a same-day transfer, or even an instant money transfer. Transfer times can differ based on payment methods or verification changes.

RHB Bank

RHB Bank offers a Foreign Telegraphic Transfers service that allows for quick and efficient payments. Funds are cleared through correspondents in major cities worldwide.

The security of your transfer

Security is a key consideration when transferring money, especially internationally. Here are some key points to ensure the security of your transfer from Brunei to Malaysia:

Use a Reputable Provider:

Select a well-known and established money transfer service such as Western Union or Wise (formerly known as TransferWise). These companies have a reputation to uphold and employ security measures to protect your funds. They also provide clear instructions and guidelines for sending money securely.

Account and Profile Security:

When using online money transfer services, ensure that you create a secure account or profile. Choose strong passwords or passphrases, enable two-factor authentication if available, and regularly review and update your security settings. Keep your login credentials safe and do not share them with anyone.

Payment Method Security:

Different payment methods have varying levels of security. Using a credit card or a secure online banking platform can offer additional protection, as they often have fraud detection systems in place. Be cautious when using cash as a payment method, as it may offer fewer security features in case of disputes.

Fraud Prevention and Awareness:

Be vigilant and aware of potential fraud or scams. Reputable money transfer services often have fraud prevention measures in place, but it is still essential to be cautious. Do not share your personal or financial information with unverified sources or unfamiliar individuals. Be wary of unsolicited requests for money transfers, and always verify the recipient's details before finalising a transaction.

Secure Internet Connection:

When conducting online money transfers, ensure that you are using a secure internet connection. Avoid public Wi-Fi networks, as they may not be secure. Use a trusted and private network to reduce the risk of your information being intercepted by malicious actors.

Transaction Tracking and Verification:

Reputable money transfer services often provide tracking numbers or references for your transactions. Make use of these features to monitor the progress of your transfer and verify that the funds have been received by the intended recipient. Keep records of your transactions, including receipts and confirmation emails, for future reference.

By following these guidelines, you can enhance the security of your money transfers from Brunei to Malaysia. Always be vigilant, stay informed about the latest security measures, and only use trusted and reputable money transfer services to minimise the risk of fraud or loss of funds.

Frequently asked questions