7 best international money transfer services in Malaysia (2026)

Key Takeaways:

• The true cost of an international money transfer has two parts: the transfer fee and the FX mark-up hidden in the exchange rate. Always check both before you send.

• Not all popular services work from Malaysia: Remitly doesn't support outbound transfers from Malaysia, Revolut isn't available to Malaysian residents, and Wise explicitly restricts its Malaysian accounts to personal transfers only.

• For businesses, Airwallex offers free transfers via local payment rails and FX rates at just 0.4%–0.6% above interbank, saving you up to 80% on FX fees.

Finding the best international money transfer service in Malaysia is harder than it looks.

The headline fee is rarely the biggest cost — the foreign exchange (FX) mark-up hidden inside the rate usually is. For example, a provider charging RM0 in fees but applying a 3% FX mark-up on a RM10,000 transfer is still taking RM300 from you. Most people don't realise this until they check what actually arrived.

This guide covers seven services you can use for personal transfers from Malaysia in 2026. If you're running a company and need to make business transfers overseas, skip to the end of this guide, where we discuss the best option for businesses.

What to look for in an international money transfer service

Not all providers charge the same way, and the differences add up quickly. Before comparing options, it helps to understand the three things that actually determine what a transfer costs.

1. Total cost, not just the transfer fee

Every international transfer has two costs:

• The transfer fee you see upfront

• The FX mark-up built into the exchange rate

Most people only look at the first fee, but the second fee is usually larger. Before choosing a provider, always check what your recipient will actually receive, not just what you're sending.

We break this down in more detail in the “Cheapest way to send money” section below.

2. BNM licensing

Any provider offering money transfer services in Malaysia must hold a valid licence under the Money Services Business Act 2011 (MSBA), regulated by BNM. A Class B licence covers remittance services.

You can verify any provider's licence directly on the BNM website before using their service. If a provider isn't listed, don't use them.

3. Speed and corridor coverage

Transfer speed depends on whether the provider uses local payment rails or the SWIFT network. Local rails are faster and cheaper — but not every provider covers every corridor via local rails.

If you're sending to a specific country regularly, check that your provider supports same-day settlement for that particular country.

For more detail on how the SWIFT network works versus local alternatives, see our wire transfer guide.

Best international money transfer services for personal use (2026)

The table below gives you a quick overview of all seven options:

The information in this table has been reviewed to be accurate as of 24 April 2026.

Note: We haven’t included Remitly and Revolut in our list because both of these providers don’t support outbound transfers from Malaysia.

1. Wise

Wise is the strongest option for most personal transfers from Malaysia if rate transparency is your priority. It uses the mid-market rate — the same rate you see on Google — with no mark-up on the exchange rate. You only pay a small transfer fee, starting from 0.77% of the amount sent¹, and you see the exact fee and the exact amount your recipient will receive before you confirm.

You can fund your transfer via FPX or bank transfer, and most transfers arrive the same day or instantly. Wise supports outbound transfers to 70+ countries from Malaysia.

One important caveat: Wise's Malaysian account is for personal use only. The Wise platform itself states clearly that any transactions performed on behalf of others — including paying suppliers or employees — will result in account deactivation⁶. 

The information in this table has been reviewed to be accurate as of 24 April 2026.

2. MoneyMatch

MoneyMatch is a Malaysia-born money transfer platform licensed by BNM under Licence No. 00544⁷. Its local roots matter for two reasons: the platform is built around Malaysian payment rails and compliance requirements from the ground up, and its customer support team operates within Malaysian time zones.

It supports personal transfers to over 110 countries via bank transfer, mobile wallet, and cash pickup. Fees and rates are shown at checkout before you confirm, so there are no surprises on arrival. For most popular corridors — particularly to Indonesia, the Philippines, India, and Bangladesh — MoneyMatch consistently offers better rates than Malaysian banks.

The information in this table has been reviewed to be accurate as of 24 April 2026.

3. TNG Remit (GOremit)

TNG Remit — also known as GOremit — is the international remittance feature built into the Touch 'n Go (TNG) eWallet. If you already use TNG eWallet for daily payments, it's the most frictionless way to send money overseas: everything happens within an app you already have on your phone.

GOremit supports transfers to 50+ countries, with recipients able to collect funds via bank account, e-wallet, or cash pickup depending on the destination. For popular ASEAN corridors — Indonesia, the Philippines, Bangladesh — funds can arrive in as little as 15 minutes via e-wallet.

The service is available to Pro and Premium TNG eWallet users only, meaning you need to have completed eKYC verification on your account. One flat fee applies per transfer; the exact amount is shown at checkout and varies by destination.

The information in this table has been reviewed to be accurate as of 24 April 2026.

4. Instarem

Instarem is operated by Nium Sdn. Bhd. and is licensed by BNM as a Class B Money Service Business (Licence No. 00625, valid until 7 January 2028)⁸. From Malaysia, you can send money to 60+ countries for personal transfers, with fees and exchange rates shown upfront before you confirm.

What sets Instarem apart from others in this list is its rewards programme. Every transfer earns InstaPoints, which you can redeem as discounts on future transfers. It's a practical perk if you send money regularly — for example, foreign workers sending remittances home each month, or students transferring living expenses overseas.

Instarem also offers a first-transfer promotion: zero fees on your first transfer of up to RM4,000⁸, making it worth trying if you're a new user.

The information in this table has been reviewed to be accurate as of 24 April 2026.

5. WorldRemit

WorldRemit is licensed by BNM as a Class B digital remittance service (Licence No. 00675)⁹ and is one of the few providers in this list to offer multiple delivery methods — bank transfer, cash pickup, mobile wallet, and airtime top-up — across 130+ countries. That delivery flexibility is its biggest differentiator.

If you need to send money to a recipient who doesn't have a bank account, or who needs cash urgently, WorldRemit is one of the most accessible options available from Malaysia. You can fund transfers via FPX or Malaysian debit card. Fees and the exchange rate mark-up are shown upfront before you confirm, so you always know the total cost.

The information in this table has been reviewed to be accurate as of 24 April 2026.

6. Western Union

Western Union has been moving money internationally for over 145 years and operates more than 525,000 agent locations worldwide³. From Malaysia, you can send online or through one of 2,500+ local agent locations, with transfers available to 200+ countries and territories.

Its clearest advantage is cash pickup reach: recipients can collect funds at a Western Union agent location in minutes, even in countries with limited banking infrastructure. You can send up to RM30,000 online with a starting fee of RM5.00 for online transfers.

The trade-off is cost transparency — Western Union does not disclose its FX mark-up upfront. You only see the total your recipient will receive once you enter the full transfer details, which makes it harder to compare costs before committing.

The information in this table has been reviewed to be accurate as of 24 April 2026.

7. Maybank Foreign Telegraphic Transfer

For many Malaysians, the most familiar way to send money overseas is through their existing bank. Maybank's Foreign Telegraphic Transfer (FTT) service lets you send money to 200+ countries directly from the MAE app or Maybank2u web platform, without opening a separate account.

The flat service fee is RM10 online⁵. At a branch, the cable charge rises to RM30⁵. On top of the service fee, Maybank applies an FX mark-up that is embedded in the exchange rate — this is not published as a specific percentage, so the total cost is only visible when you simulate the transfer.

If you want to understand how traditional wire transfers like FTT work in more detail, our wire transfer guide covers the full process.

The information in this table has been reviewed to be accurate as of 24 April 2026.

What's the cheapest way to send money internationally from Malaysia?

In most cases, a fintech provider that uses the mid-market exchange rate will give your recipient more money than a traditional bank — even if the fintech charges a higher transfer fee. Here's why.

Every transfer has two costs: the transfer fee you see upfront, and the FX mark-up hidden inside the exchange rate. Banks typically don't publish their mark-up percentage — it's embedded in the rate they quote you, and it's usually 2–3%. That hidden cost almost always outweighs any savings on the transfer fee.

Take this for example:

• You're sending RM5,000 to a family member in the UK

• The mid-market rate is RM5.50 per GBP1

Here’s how much your recipient would receive if you send via a bank vs fintech:

Based on an illustrative mid-market rate of RM5.50 = GBP1 and a typical Malaysian bank FX mark-up of 2.5%. Actual rates and fees vary by provider and time of transfer.

The fintech charges nearly four times more in transfer fees, yet your recipient ends up with ~GBP17 more. That’s because the FX mark-up on the bank transfer costs more than the fee difference.

A few other factors that affect the total cost:

• Delivery method. Cash pickup often costs more than a bank-to-bank transfer on the same platform.

• Payment method. Paying by debit card is usually cheaper than by credit card, which can trigger a cash advance fee from your card issuer.

• Destination corridor. Fees and rates vary significantly by country pair — a transfer to Indonesia will not cost the same as a transfer to the UK, even on the same platform.

The simplest rule: always check what your recipient will actually receive, not just what you're sending. Most fintech providers show this number before you confirm.

Running a business in Malaysia? Here's what to use for overseas transfers.

The providers in this guide work well for what they're designed for: personal remittances, family transfers, and individual payments overseas. But if you're running a company, they won’t be a good fit.

A personal transfer app lets you send money to one recipient at a time, in a single currency, from your own funds. A business paying overseas suppliers, contractors, or employees in multiple countries needs something built for that scale: with multi-currency accounts, batch payment capability, and a clear audit trail for accounting.

Using a personal transfer app for commercial payments from Malaysia also puts you at regulatory risk: Wise, for example, explicitly states that using a Malaysian account for business transactions will result in account deactivation.

That's where Airwallex comes in. Airwallex is a fintech platform licensed by BNM that lets Malaysian companies send money to 200+ countries, hold funds in 20+ currencies, and pay overseas suppliers at FX rates far below what banks charge. Here’s what you get with Airwallex:

Free international transfers via local rails

Most Malaysian businesses default to their bank for overseas payments because it's familiar. But bank transfers via SWIFT come with service fees, intermediary bank deductions, and FX mark-ups that aren't disclosed upfront.

Airwallex routes 94% of its payments through local payment rails, which translate into no SWIFT fees and faster settlement. 93% of our transactions arrive on the same day, and 45% arrive immediately.

FX rates that save you up to 80% on FX fees

Malaysian banks typically apply an FX mark-up of 2–3% on international transfers. Airwallex converts at just 0.4%–0.6% above the interbank rate for major currencies.

For a business paying a US$10,000 supplier invoice every month, that difference adds up to thousands of ringgit saved each year, without changing anything about how you work.

Collect payments and hold in 20+ currencies

If your business receives payments from overseas customers, you don't need to convert every incoming payment back to ringgit immediately. Airwallex Global Accounts let you hold funds in 20+ currencies and pay overseas suppliers directly from those balances — skipping unnecessary conversions and the FX costs that come with them.

Batch payments and accounting integrations

Airwallex supports batch transfers to up to 1,000 recipients at once, which is useful for businesses running monthly payroll across multiple markets, or managing a large supplier base.

It also integrates directly with Xero, QuickBooks, and NetSuite, so every transaction syncs automatically without manual data entry.

Built for Malaysian businesses, licensed by BNM

Airwallex is licensed in Malaysia as an MSB Class B remittance business, regulated by Bank Negara Malaysia. Unlike personal transfer apps that restrict commercial use, Airwallex is purpose-built for businesses making cross-border payments at scale.

Applecrumby, a Malaysian baby care brand that expanded across Asia, saves approximately RM100 per international transfer after switching to Airwallex.

Frequently asked questions (FAQs)

What is the best international money transfer service in Malaysia?

It depends on what you need. For rate transparency and low overall cost, a provider that uses the mid-market exchange rate with no FX mark-up will give your recipient the most money. For cash pickup or delivery flexibility, providers with a wide agent network or multiple delivery options are stronger. For TNG eWallet users who send money regularly to ASEAN countries, GOremit is the most frictionless option. If you're a business, none of the personal transfer apps in this guide are suitable — use Airwallex instead.

Can I use Wise for business payments from Malaysia?

No. Wise states clearly on its Malaysia platform that its accounts are for personal transactions only. Using a Wise account to pay suppliers, contractors, or employees will result in account deactivation⁶. Wise does not currently offer a business payment product for Malaysian entities making commercial payments from ringgit. Malaysian businesses should use a dedicated business payment platform such as Airwallex instead.

Is Remitly available in Malaysia?

No — not for outbound transfers. Remitly does not support sending from Malaysia. You can receive money in Malaysia via Remitly if someone overseas sends it to you from a supported country, but you cannot initiate a transfer from here. For alternatives that actually work from Malaysia, see our guide to Remitly alternatives in Malaysia.

How long do international transfers from Malaysia take?

It depends on the provider and the destination. Transfers via local payment rails — used by most fintech providers — typically arrive the same day, and in some cases within minutes for e-wallet or cash pickup delivery. Transfers via the SWIFT network, which traditional banks use, take 1–5 working days depending on how many intermediary banks are involved. For a full breakdown of what affects transfer speed, see our guide to sending money internationally.

What does Bank Negara Malaysia require for international transfers?

All providers offering money transfer services in Malaysia must hold a valid licence under the Money Services Business Act 2011 (MSBA), regulated by BNM. For individual transfers, most licensed providers only require you to verify your identity via eKYC before you can send. For larger transfers, your provider may ask for documentation on the purpose of payment — such as an invoice, education letter, or proof of relationship. You can verify any provider's BNM licence directly on the BNM website.

Is there a limit on how much I can send internationally from Malaysia?

Each provider sets its own limits. For the providers in this guide: Maybank's Foreign Telegraphic Transfer has a daily online limit of RM100,000⁵; Western Union's online limit is RM30,000³; TNG Remit's limit depends on your eWallet tier, ranging up to RM25,000 per day for Premium users. For Wise, Instarem, MoneyMatch, and WorldRemit, limits vary by destination country and payment method — check the provider's platform directly before initiating a large transfer.

Sources:

1. wise.com/my/pricing/

2. worldremit.com/en/my

3. westernunion.com/my/en/send-money.html

4. westernunion.com/my/en/send-money.html

5. maybank2u.com.my/maybank2u/malaysia/en/personal/services/funds_transfer/overseas/foreign_telegrapic_transfer.page

6. wise.com/my/

7. moneymatch.co

8. instarem.com/en-my/

9. worldremit.com/en/my

10. maybank2u.com.my/maybank2u/malaysia/en/personal/banking_fees/funds_transfers.page

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn. Bhd., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.