Before making any international money transfer, for instance, to send money to Malaysia, you should research and evaluate the various possibilities. There are numerous solutions available, so examine your preferred solution that helps you save money, such as money transfer services rather than a high-fee bank transfer.
In this article, DNBC would like to share with you some selective ways to send a good amount among several options that may cost you a bunch of money.
The best way to send money to Malaysia 2023 – DNBC Financial Group
How to Send Money to Malaysia efficiently?
Examine your alternatives.
Find a money transfer service that transmits USD to Malaysia using the table above. One may be better suited to cash pickups, whereas another may be better suited to bank transfers.
Create a user account.
You must include your name, address, contact information, proof of ID, and payment method to create an international account to send money to Malaysia, whether you are using a transfer service or a bank service. If you already own your account, you should check whether it is an international or domestic one. Some free of charge is offered for international payment.
Share information about the recipient.
Enter the name and contact information of your recipient. If you’re paying directly to a Malaysian bank account, you’ll need the account number, SWIFT or IBAN, as well as the address of their bank branch.
The transfer amount
Check that you’re satisfied with the fees, currency rates, and transfer speed before entering the amount you want to send. Many services specify how much Malaysian Ringgit your receiver should receive, so double-check.
Finish your transfer.
When you send money to Malaysia, keep any reference numbers you get safe to follow your transfer; your receiver may also require them.
If you send funds to a Malaysian bank account, your recipient will have to wait for them to arrive. In order to pick up the funds, your Malaysian receiver will need to present some form of picture ID. It is also critical that you provide them with the transaction reference number to simplify the procedure.
The most used channel to send money to Malaysia
Deposit at a bank
Some banks directly allow you to send money to Malaysia. However, you may receive lower exchange rates and pay higher costs in exchange for the convenience of a slower transfer.
Services for transferring money online
Due to its international financial connections, online companies such as DNBC make international money transfers to Malaysia simple, with bank transfers or cell phone top-ups frequently offered as simple delivery choices.
Agents of transfer
Many transfer companies have locations throughout Malaysia, making it simple to send money that can be quickly picked up at similar agent locations.
Money orders and checks
If you don’t mind waiting, you can always pick up an international check from your bank to send money to Malaysia.
Consider your cost while sending money to Malaysia
The transactional conversion rate, MYR fees, the method of delivery chosen by your recipient, and the turnaround time determine the cost to send money to Malaysia as follow:
The best deal available is the mid-market rate. However, not all money transfer companies offer this mid-market rate, so compare the exchange rate you’re given to the mid-market rate and look for the minuscule gap.
Fees for transfers
Depending on the selected services, there is a fixed cost or a percentage of the transfer amount. For example, a company may offer a flat or low charge if you plan a significant amount to send money to Malaysia.
Clarify the amount of money you would like to send. For DNBC business account, you can have a EUR 500,000/day limit, while another may enable you to send only EUR10,000. Check the fees for smaller transfers. When making significant payments, pay close attention to the currency rate. Some service providers incentivize massive transfers by charging minimal rates.
Type of transfer
Extra Fees will vary depending on the type of transfer. Instant cash pickups, for example, are typically more expensive than bank transfers. Some providers may provide a free transfer simply for signing up, whereas others may provide a discount if you transfer more than a certain amount.
About DNBC Financial Group
DNBC Financial Group was established with the goal of enhancing cross-border payment options for both business and individual accounts. The company’s financial hubs have grown globally in recent years, and it has evolved into an alternative payment service utilized by many limited corporations.
Consider your benefit when you decide to send money to Malaysia. We always work hard to ensure that your company payments are transferred quickly and securely online and drive our customer’s transactions as the best way to send their own amount effectively without overspending your time.