Searching for the best way to send funds from Canada to family, relatives, or businesses in Malaysia (or also to your bank account)? Do not head straight to your Canadian bank, turn to online fund transfer services rather. They nearly always offer better exchange rates and lower fees, which means for the same quantum of dollars you spend, the receiver will get extra ringgits.
How to send funds to Malaysia from Canada
The following is a simple process for transferring funds to Malaysia as a cash pickup or bank transfer-the two options are the same.
Compare your options
Find a fund transfer provider that sends CAD to Malaysia. One may be better for cash pickups while another might be more suited to a bank transfer. Once you’ve discovered the best one for your necessity, click Go to the website.
Register for an account
You will need to give your name, address, contact details, evidence of ID, and system of payment.
Give out the receiver’s details
Enter your receivers’ names and contact information. However, you will need the account number, SWIFT, If you are transferring straight to their Malaysian bank account.
Enter the transferred amount. Check if you are content with the charges, exchange rates, and transfer speed, also enter the quantum you wish to send. Numerous services give the quantum of Malaysian Ringgit your receiver should get, so double-check this.
Complete your transfer
Send your fund transfer to Malaysia. Keep any reference number safe so you can track your transfer, your receiver may need it too.
Still, your recipient will need to wait for the finances to arrive If you send them to a Malaysian bank account. For a cash pick-up, your Malaysian receiver will need to show some form of picture ID to pick up the finances. It’s also important that you give them the sales reference number to streamline the process.
The best way to send funds from Canada to Malaysia
These are the most commonly used money transfer providers:
Wise
Wise is an authorized Electronic Money Institution regulated by the Financial Deals and Reports Analysis Centre of Canada (FINTRAC) in Canada.
This means they’re needed by law to keep your funds safe by storing them in a low-threat fiscal institution-in Europe, this is in their UK account with Barclays, in the US this is in their US account with Wells Fargo.
OFX
OFX grew from the idea that there had to be a better, fairer way to move funds around the world. That was 12 decades ago and they’re still driven by the same aim currently.
They believe real help from real people counts, and that is why they offer their clients the best of both worlds. An easy-to-use digital platform, combined with 24/7 phone access to their Currency Experts (we call them OF EXperts).
Worldremit
WorldRemit is an online service that lets people send funds to friends and families living abroad, using a computer, smartphone, or tablet. Funds can be entered as a bank deposit, cash pick-up, Mobile Money, or mobile airtime top-up. WorldRemit remittance service is available to senders in 50 countries. Druggies can shoot transfers to further than 120 destinations across Europe, Asia, Africa, Australia, and the Americas.
Western Union
The Western Union Company is an American global financial services company, whose headquarters are in Denver, Colorado. Funds can be transferred online or in person at Western Union agents’ places. Cash can be collected in person at any other Western Union agent position worldwide by furnishing the 10- number MTCN ( Plutocrat Transfer Control Number) and identification. In some cases, a secret question and answer can be used rather than identification.
Remitbee Wallet
The wallet is a FINTRAC Canada- regulated wallet that you can load up and use to transfer funds to Malaysia. Fund your wallet in advance to make super-quick transfers when the rate is best. CAD to MYR transfers over $500 is free via the Remitbee Wallet too. However, don’t worry, If you’re doubtful. They also have bill payment and Interac E-transfer payment options available.
