Learn what are the rules of sending money abroad from and to Malaysia …
Sending money means transferring money to abroad for whatever reason which can be carried out by using several ways. People transfer money to abroad for many reasons such as paying for bills in abroad, sending money to friends or family who live abroad, supporting a family member and others. Nowadays people want to send money by a way which transfer rapidly.
Different people use different ways. Every money sending ways has advantages and disadvantages. The advantages and disadvantages vary from person to person. Every way of send money follow some basic rules that may take as advantages to one as well disadvantages to another.
Q&A : Send and Transfer money from / to Malaysia as a foreigner ?
💰 Will I be charged any commission if I want to send money abroad through a local bank?
Yes. Local Malaysian banks charge a commission percent and/or a flat fee for every international transaction. Make sure you check the bank’s regulations before sending money abroad in order to calculate your commission rate beforehand.
↔️ What is the easiest way to send money abroad from Malaysia?
If your Malaysian bank has online services, then online banking would be one of the easiest means of sending money abroad. Apart from that, you might want to try out Skrill or PayPal which also enable quick transactions abroad.
💳 Does PayPal work in Malaysia?
Absolutely. Many expatriates tend to use PayPal instead of local banks’ services when transferring money abroad to their families or business partners.
Ways of sending money to abroad
People use different ways of sending money to abroad. Use the method that seems advantageous to them. It’s also depended on fees, sender and receiver facility, speed of sending and so on. Ways of sending money to abroad from Malaysia given below:
Send money through bank
Many Malaysian banks can send your money to all over the world safely. Banks are always followed Telegraphic Transfer. Telegraphic Transfer is referred to as a means of transferring money to abroad. Transfer fee may be charged by both sending and recipient bank or only from sending bank.
The sending fees of different bank vary. Where you get a reasonable fee it’s affordable to you. The sender is must be registered by the national bank Bank Negara Malaysia (BNM) for currency transfer to abroad considering RP status, it is only for education purposes. Other remittance services allow sending money 24/7 but in Telegraphic Transfer not allow sending money in working hours 10am to 6pm.
Send money through online
It is a safe way of sending money within a short time. They offer you to send money quickly and manage your transaction from your residence with low fees from your bank account fund. It’s related with credit card and debit card service.
Mobile transaction
Nowadays people want to use the easiest way of sending money. Sending money with mobile is the easiest and quick way of sending money. Sending money from mobile by PayPal or Skrill. Most of the countries allow sending money by this. PayPal offers transfers to more than 100 countries and supports multiple currencies. Fee of sending money by PayPal depend on the amount of money. Skrill also provide same facilities as like PayPal. Here send money from your account to a bank.
Send money through cash pick-up service
Cash pick-up service given by Money Gram and Western Union. MoneyGram can transfer money from 10 minutes to 3 days. They have approximately 350,000 agents around 200 countries. The process is simple where not need to have a bank account. You can transfer maximum $10,000 USD (RM40,149) at a time.
Western Union also have 550,000 agents around 200 countries of the world, also have 100,000 ATM services and can transfer 150 types currencies. Here the back account is need.
Procedures follow to send money
Direct from bank
In case of sending money direct from bank, you have to follow the procedure below:
- Login your account.
- Select “International money transfer” option.
- Select country of your receiver.
- Recipient address and number.
- Amount of money you would like to send.
These steps require following when send money from a bank.
In online banking
You have credit card where you are able to send money within a limit set by bank. In case of sending money from credit card, you have to follow the procedure below:
- Login your account.
- Select the “credit and debit card” option.
- Make an amount of money.
- Give your recipient back account number.
- Give your credit card number.
In mobile banking
In case of mobile banking you have to use PayPal or Skrill. In PayPal, you have to follow the procedure below:
- Login your PayPal account.
- Give recipient email or mobile number.
- Make your amount of money.
- Your recipient notified by PayPal Notification.
- Your recipient contain money either in PayPal or transfer to a bank account.
In case of Skrill you have to follow the procedure below:
- Login your account.
- Give your recipient email address.
- Make your certain amount of money.
- Your recipient notified by Skrill notification.
- Recipient can withdraw money by a bank account or can transfer to another Skrill account or to PayPal.
In Cash pick-up
Cash pick-up service followed by either MoneyGram or Western Union.
In case of MoneyGram you have to follow the procedure below:
- Check the transfer cost by MoneyGram’s online fee estimator.
- Find out the agent by using MoneyGram’s agent locator.
- Fill up money transferring form with documents.
- Reference number.
- Inform your recipient and give reference number.
In case of Western Union you have to follow the procedure below:
- Login your Western Union online account or go to the agent.
- Select one way of transfer -Transfer cash or Transfer to back account or Transfer to mobile.
- Collect receipt and remember MTCN tracking number.
- Inform your recipient and give your MTCN tracking number.
These are the procedure you should follow while transferring money from Malaysia in different ways. You can follow easily one way which you think easy.
This is all about the roles of sending money to abroad from Malaysia. You should determine a best way to sending money considering the rules of different ways.