Transferring money internationally can be a hassle. Money is transferred due to numerous purposes, some of the most common ones may be remittance, education fees, freelance payments, or salaries. Less common reasons can be investment, business transactions, loans, paybacks, etc. Regardless of the purpose, each international transfer requires a legal channel covered by authorities and state departments at both ends, i.e. origin and destination.

We will explore here the options you have at hand if you are planning to transfer money to Malaysia from Europe. Remember, that each channel has its pros and cons, and the one you choose will depend on a few factors; amount, your location, time at hand, your and receiver’s credentials, purpose, etc.
Based on the factors stated above, and keeping in mind the pros and cons, you will be able to choose a channel that works best for you.
Telegraphic transfer
Telegraphic transfer is a traditional method of sending money internationally. Telegraphic transfers are done through banks. In the modern world, many banks have international branches or have an international presence through subsidiaries. Malaysia, being an international economic hub hosts many international banks.
A telegraphic transfer moves funds from your bank in Europe to another bank or branch located in Malaysia. Usually, the bank requires contact and personal details of the sender and the receiver which is filled out in a form. Note that the bank applies the interbank exchange rates prevalent in the sender’s country while converting the currency from Euros to Ringgits as well as a certain transaction fee.
Advantages
- Almost all major banks allow telegraphic transfer, hence making it accessible and easy to use
- The fee charged is destination-based; For Malaysia, the fee may vary between banks, but the fee would be a fixed amount instead of a percentage of the transacted amount.
Disadvantages
- The sender and recipient both pay the fee
- It May take 3 to 5 working days before the amount is reflected in the recipient’s account
- Lots of details to be provided as the states are cautious about money moving out from their country
Wire transfer
Wire transfer is different from a telegraphic transfer as it does not require the receiver or sender to have a bank account. You could simply walk into a Western Union or MoneyGram branch and deposit cash in favor of the recipient and that money would be transferred. The receiver has the option to draw money in the currency you deposited or in the local currency.
Wire transfer is one of the fastest means of transferring money internationally. Western Union alone has nearly 2300 branches in Malaysia. Some major banks also provide Western Union services at their branches.
Advantages
- Cash-to-cash transfer
- No need for a bank account
- Speedy transaction
- Up to USD 10,000 can be transferred in a single transaction
- Less documentation
Disadvantages
- High transaction fee
- Direct-to-bank service only available in some countries
- Physical deposit and clearance required
Web-based platforms & applications
Sending small amounts of money anywhere in the world has never been this simple, owing to the advent of fintech. A trendy term for all that is online, provides financial transactions, and is supported by high-speed internet.
PayPal, Skrill, IMERemit, Wise, Instarem, etc. are some popular applications that offer a full range of money transferring facilities from Europe to Malaysia. While the advantages of fintech are obvious and widely understood, there are a few cons that are laid down below:
Disadvantages
- High fees
- Only for small amounts (not more than USD 1000 in most cases)
- The sender and receiver must have an account on the same application (registration is easy but requires many verifications)
- Lack of personal service (most of the time a complaint or query is addressed by an AI bot or through email, this may make the aggrieved party impatient or unrestful).
Based on the information above and your purpose of sending money, your accessibility to the channel you can choose which channel suits you the most!