A few years ago transferring money from Malaysia to overseas was quite a hassle. Individuals had to rely on bank-to-bank transfer process (often restricted to a few cities), cashier’s cheque or money orders. However, Malaysia has seen a massive upheaval with the advent of non-bank money transfer service providers and institutions.
Today, you can transfer funds from Malaysia to almost anywhere you want to. Here’s how you can remit through various money transfer vehicles.
Best Ways to send Money Overseas
You can remit anywhere in just 10 minutes with MoneyGram. It is one of the fastest money transfer gateways in the world, allowing customers to remit up to RM40,149 at a time. Let’s look into some of the pros and cons of using MoneyGram.
- Transfer money within 10 minutes.
- Comparatively low fees.
- Covers as many as 350,000 agent locations in 200 countries.
- Recipient does not need to have a bank account.
- Transfer money through Maybank and CIMB bank as they are linked with MoneyGram.
- Though MoneyGram offers one of the lowest transfer fees, the amount might vary from country to country. For instance, the service provider will charge you RM145 to transfer RM3,000 to destinations like Singapore, United Kingdom, Australia, and United States, whereas Maybank or PayPal offers a relatively lower fixed rate irrespective of the destination.
- You have to carry out the transaction in person.
How to transfer money through MoneyGram?
- Use MoneyGram’s online free estimator to calculate transfer expenses.
- Use MoneyGram’s agent locator to find an agent near you for assistance.
- Fill up the form and submit relevant documents, including MyKad, driver’s license, etc.
- Get the receipt and note down the reference number.
- The recipient has to go to a MoneyGram agent and fill up the Receive Form and attach supporting documents along with it.
- After verification the recipient can collect the cash in local currency.
2. Western Union
One of the fastest and most common and overseas money transfer service providers, Western Union, lets you transfer money as cash or directly to the recipient’s account. The remittance service provider covers about 515,000 agent locations in 200 countries. Let’s look into some of the pros and cons of using Western Union money transfer services.
- Instantaneous cash transfer and bank-to-bank transfer with an hour.
- Recipient does not necessarily need to have a bank account.
- More than 2,300 Western Union locations spread across Malaysia.
- Supports more than 150 types of currencies across the world.
- Most banks in Malaysia offer Western Union remittance services.
- RHB and Public Bank customers don’t have to initiate the transaction in person as online money transfer services are available.
- Similar to MoneyGram, Western Union’s money transfer fees varies from country to country.
- Non-Public Bank and non-RHB users have to initiate the transaction in person.
- Bank-to-bank transfer limited to certain countries.
How to transfer money through Western Union?
- Log in to your Western Union account or visit a Western Union agent.
- To transfer cash, fill in the Send Money form and send the amount along with the transaction fee. For direct transfer to bank account, fill in the Send Money form and details pertaining to the recipient’s bank account. Following that, you can send the amount and transaction fee.
- You can also transfer through mobile phone. However, before taking up this service, you need to check the destinations that fall under this particular service.
It is the most common gateway to remit anywhere in the world. The recipient just needs to have a PayPal account to receive the amount.
- Easy and quick transfer process. All you need is the recipient’s email address to remit money.
- Top-up facility using RHB.
- Protected money transfer with round-the-clock fraud monitoring.
- You will need to bear 3.9% of the transferred amount along with a fixed fee. Additional fee that makes up 2.5% of the total amount will be levied on the recipient.
- It takes time to withdraw cash from a PayPal account. However, the recipient can still use the money to purchase products from merchants who deal in PayPal transactions.
How to transfer money via PayPal?
- Log in to your PayPal account.
- Fill in the recipient’s email id.
- Enter the transaction amount and transfer instantly.
Bitcoin has taken the world by storm. You need to use a private key, a series of 51 alphanumeric characters, to spend bitcoins. You can transfer bitcoins to any part of the world at zero or minimal cost.
- No transaction fee.
- Easy and instantaneous transfer.
- Bitcoins are not that easy to purchase in Malaysia.
- Most bitcoin exchanges don’t support banks in Malaysia.
- The concept of bitcoins is yet to be understood and accepted completely in Malaysia.
How to transfer bitcoins?
- Log in to your bitcoin wallet.
- Send bitcoins with respect to the local currency value to the recipient.
Here are few places in Malaysia from where you can purchase bitcoins:
5. Telegraphic Transfer
Telegraphic Transfer is probably one of the oldest methods of transferring money overseas, where your funds are transferred from one bank to another bank.
- You can make the transfer online.
- Fixed fee irrespective of the destination you choose.
- It make take quite a few days to receive the transferred amount.
- The sender as well as the recipient have to pay a transaction fee.
How to transfer money via Telegraphic Transfer?
- Log in to your bank account.
- Fill up the form with the recipient’s details.
- Click submit.
6. Maybank2U Visa Direct
Maybank2U Visa Direct lets you transfer funds overseas through your Maybank account to the recipient’s Visa prepaid, debit or credit card.
- Round-the-clock online service.
- Fixed RM10 transfer fee irrespective of the destination.
- Recipient should be a Visa cardholder.
- Minimum transfer limit capped at RM300 and maximum at RM7,500. Monthly transfer limit is RM50,000 or 8 transactions per month.
How to transfer money with Maybank2U Visa Direct
- Log in to your Maybank account.
- Put transfer details and send it to the recipient’s credit, debit or prepaid card.
Each of these money transfer services have their own set of pros and cons. Choose wisely and transfer money overseas from Malaysia in a secured and hassle-free way.