Sending money to Malaysia from Australia might be simple, but it can also be costly if you use your local bank. Hidden fees, exchange rates with hidden margins, and bank costs are common in international money transfers.
Alternatively, you can go into a store and use a service like Western Union or Moneygram to send your money in person. These services are generally rapid, but they may not be the most cost-effective way to send money to Malaysia.
Money transfer services in Australia
The best of both worlds can be found with online money transfer services. They offer a convenient method of transferring funds without having to leave your house. Here are some of Australia’s greatest money transfer services:
- Remitly for Money Transfers to Family and Friends
- Fee Free: OFX
- Best Big Brand: XE Money Transfers
- Best Exchange Rates: Wise
- Cash Pickup or Airtime: WorldRemit
Remitly
Remitly is an incredibly simple way to send money from Australia. They take credit and debit cards and have a well-rated mobile app.
Remitly includes an “Express” option for sending funds to family or friends in another country, which is speedier but has higher fees. If you’re not in a rush, their “economy” service is only slightly slower but far less expensive.
What is the cost of sending funds to Malaysia?
Transfer Fee: The “Economy” fee is $3.99, but if you need a sent faster, their “Express” fees start at $4.99 and go up depending on the amount.
Exchange rate: The exchange rate you obtain is determined by the amount of your transfer.
OFX
OFX (previously Ozforex) began operations in Australia and has since expanded to become a well-known global brand. It has a good track record for security, with its headquarters in Sydney.
They’re a wonderful choice for Australians who don’t mind doing business online but still want to talk to a live person.
How much does it cost?
Transfer fee: OFX generally charges a flat cost for lower sums.
Exchange rate: When you convert your Australian dollars into Malaysian Ringgit, OFX adds a margin to the exchange rate.
AUD$ 250 is the minimum transfer amount.
XE Money Transfers
XE, as a well-known and trusted company in foreign exchange, could be an excellent choice for internet consumers who aren’t in a hurry. They have no fixed fees or minimum transaction amounts, making them suited for transactions of any size.
How much does it cost?
Transfer fee: There are no fees associated with the transfer, though your local bank may charge you.
Exchange rate: When converting Australian dollars into Malaysian Ringgit, the AUD/MYR exchange rate you obtain is determined by the amount of your transfer.
Wise
If you’re looking to send money online, Wise is one of the most convenient solutions. It’s quite simple to create an account and send money using their app. Because they use the same market rate as XE or Google and do not include any hidden markups, they also have the best exchange rates.
How much does it cost?
Transfer Fee: 0.44 AUD + 0.58 percent of the amount sent.
Exchange rate: Wise gets you the best exchange rate possible (google rate). They do not include a margin in their calculations.
Bank transfer, debit card, and credit card are the available payment methods.
World Remit
WorldRemit is a remittance and small-transfer specialist. They’re ideal for personal money transfers from Australia to Malaysia of up to AUD10,000. Their rates are frequently lower than those offered by Australian banks like ANZ and Commonwealth Bank. They offer more delivery options than, for example, PayPal, Western Union, or MoneyGram.
How much does it cost?
Transfer fee: Fees start at AUD3.99 for modest amounts and go up from there.
Bank transfer or airtime are the two options for delivery. Boost your supply
MYR 150,000 is the maximum amount that can be transferred.
The AUD – MYR exchange rate margin
To earn revenue, money transfer services charge a little percentage on top of mid-market exchange rates. The current mid-market rate is 3.076574, and WorldRemit currently has the lowest exchange rate margin at a percent above the mid-market rate.
Make sure the supplier you’re using doesn’t charge any hidden fees or charges before sending money to Malaysia.
