What is a telegraphic transfer? Malaysia guide (2026)

Key Takeaways:

• A telegraphic transfer (TT) is a bank-to-bank electronic transfer used to send money across borders via the SWIFT network — the standard method Malaysian businesses use to pay overseas suppliers or receive foreign payments.

• TTs typically take 1–5 business days and involve fees from your sending bank, the receiving bank, and sometimes intermediary banks along the way.

• Want to save on transfer fees? Airwallex routes 94% of its transfers via local rails instead of SWIFT, which helps you avoid transfer fees and settle faster.

What is a telegraphic transfer? In a nutshell, it’s a secure, bank-to-bank method of sending money internationally.

It’s one of the most established ways for Malaysian businesses to make cross-border payments, whether you are paying a supplier in Europe, settling an invoice in US dollars, or receiving funds from an overseas client.

This guide breaks down how they work, what Malaysian banks charge, and what alternatives are worth considering.

What is a telegraphic transfer?

A telegraphic transfer (TT) is an electronic method of sending money from one bank account to another across international borders. It is one of the most established cross-border payment methods available, and most banks in Malaysia offer it as a standard service.

The term "telegraphic" dates back to when banks sent payment instructions via telegraph. Today, the process is fully digital, but the name has stuck.

How a telegraphic transfer works

When you initiate a TT, your bank sends a secure payment instruction through the SWIFT network — the Society for Worldwide Interbank Financial Telecommunication.

SWIFT does not move money itself. It transmits encrypted messages between banks, instructing the recipient bank to release funds to the correct account.

Here is the typical flow of a TT:

• You submit a transfer request to your Malaysian bank, providing the recipient's bank details, account number, and SWIFT/BIC code.

• Your bank debits your account and sends a SWIFT message to the recipient's bank — sometimes via one or more intermediary banks.

• The intermediary bank (if any) passes the instruction along and deducts its own fee.

• The recipient's bank credits the funds to the final account.

Each bank in the chain may deduct a fee, which is why the amount received can sometimes be slightly less than what you sent — unless you select the OUR fee option, where you cover all charges upfront.

Inward and outward telegraphic transfers

There are two types of TT, depending on the direction of the payment.

Outward TT: You send money from your Malaysian bank account to an overseas recipient. This is commonly used to pay foreign suppliers, settle international invoices, or transfer funds to an overseas subsidiary.

Inward TT: You receive money sent from an overseas bank into your Malaysian account. This is typical for businesses that export goods or services and collect payments from international clients.

Both types use the same SWIFT infrastructure. The difference is simply the direction of the transfer.

What information do you need for a telegraphic transfer?

Before you initiate a telegraphic transfer, your bank will ask you for a set of details about the recipient and their bank. Having these ready in advance avoids delays.

Recipient details

You'll need the full legal name of the person or business you're paying, exactly as it appears on their bank account. You'll also need their registered address.

Recipient's bank details

Transfer details

Your bank will also ask for:

• The amount you want to send and the currency

• The purpose of the transfer

The purpose field matters in Malaysia. Bank Negara Malaysia (BNM) requires businesses to declare the reason for any foreign currency transfer — for example, payment for goods, services, or a loan repayment.

This is part of Malaysia's Foreign Exchange Administration (FEA) framework, which governs how ringgit and foreign currency move in and out of the country.

Your own details

You'll need to verify your identity and provide your own account number. For large transfers, your bank may request supporting documents — such as an invoice or contract — to satisfy BNM's FEA requirements.

How much does a telegraphic transfer cost in Malaysia?

Telegraphic transfer fees in Malaysia typically include two components: a service or cable charge (set by your bank) and a SWIFT fee (charged by the correspondent banking network). Some banks also pass on agent or beneficiary bank charges on top of these.

Most Malaysian banks offer lower fees when you send online compared to walking into a branch.

TT fees at major Malaysian banks

The table below shows outward TT fees charged by three major Malaysian banks, based on information fetched from their official websites.¹²³ We’ve also included Airwallex as a comparison in the table.

The information in this table has been reviewed to be accurate as of 10 June 2026.

While Airwallex’s fee looks high, note that Airwallex routes 94% of its transfers via local rails with RM0 transfer fees. This means you can completely avoid TT fees for most transfers made via Airwallex. Learn more about Airwallex Transfers or sign up for free.

What the OUR vs SHA option means for your costs

When you send a TT, most banks ask whether you want to use SHA or OUR pricing:

• SHA (shared): You pay your bank's fees. The recipient's bank deducts its own charges from the amount received. The recipient gets slightly less than you sent.

• OUR: You cover all fees — yours and the recipient's bank's. The recipient gets the full amount. This costs more upfront but avoids surprises for whoever you're paying.

For business payments, OUR pricing is often the cleaner option. It means your counterpart receives exactly the amount on the invoice.

The hidden cost: FX markup

The fees in the table above are only part of the picture. If you're sending money in a foreign currency, your bank also applies an exchange rate markup — the difference between the interbank (mid-market) rate and the rate they offer you. This markup is rarely shown clearly and can significantly increase the real cost of a TT.

Airwallex charges 0.4% to 0.6% above the interbank rate, with no additional commission on top. With these competitive rates, you save up to 80% on FX fees as compared to traditional banks.

How long does a telegraphic transfer take?

Most telegraphic transfers take 1–5 business days to arrive. The exact timeline depends on where you're sending money, which banks are involved, and whether any compliance checks are triggered along the way.

Factors that affect TT processing time

Here are a few factors that affect processing time:

Destination country

Transfers to major financial hubs — the United States, United Kingdom, Singapore, and Australia — typically arrive within 1–3 business days. Transfers to countries with fewer correspondent banking relationships may take closer to 5 business days.

Number of intermediary banks

A TT rarely travels in a straight line from your bank to the recipient's bank. It usually passes through one or more correspondent banks along the SWIFT network. Each hop adds time.

Bank cut-off times

Most Malaysian banks process outward TTs submitted before a certain cut-off — typically mid-morning on business days. If you submit after the cut-off, your transfer enters the queue for the next business day.

Compliance checks

Banks are required to screen international transfers for anti-money laundering (AML) and sanctions compliance under Bank Negara Malaysia (BNM) guidelines. Transfers flagged for additional review can take longer to process.

Currency

Transfers in major currencies (USD, EUR, GBP) tend to clear faster. Less common currencies may require additional routing steps.

Telegraphic transfer vs other payment methods

A telegraphic transfer is not always the right tool. Depending on whether you're paying domestically or internationally, one of the following options may work better for your situation.

Here’s a quick overview, before we dive into the details:

TT vs local rails

Traditional Malaysian banks typically send international transfers via SWIFT, but some providers can route payments through local payment rails instead. When available, local rails are often faster and cheaper than SWIFT.

For example, Airwallex routes 94% of transfers through local payment rails, with no transfer fees. SWIFT fees only apply when a local route isn't available for the destination country.

TT vs DuitNow

DuitNow is Malaysia's instant transfer service, operated by Payments Network Malaysia (PayNet). It lets you send money to any Malaysian bank account or e-wallet in seconds, using just a mobile number, MyKad number, or account number as the identifier.

Use DuitNow when you need to send money quickly within Malaysia. Use a TT when you need to send money overseas — DuitNow is a domestic service only.

TT vs IBG

Interbank GIRO (IBG) is Malaysia's batch-based domestic transfer service. It is slower than DuitNow but widely supported across Malaysian banks. Transfers typically settle on the same or next business day.

Like DuitNow, IBG works for domestic transfers only. A TT is the right choice when the recipient is outside Malaysia.

TT vs RENTAS

Real-time Electronic Transfer of Funds and Securities (RENTAS) is Malaysia's high-value domestic settlement system. It processes large interbank transfers in real time on business days and is used primarily for corporate and institutional payments within Malaysia.

If you need to move a large sum domestically and need it to settle the same day, RENTAS is faster than a TT. If the payment is going overseas, a TT via SWIFT is what you need.

TT vs wire transfer

In Malaysia, the terms "telegraphic transfer" and "wire transfer" are often used interchangeably — and in practice, they refer to the same underlying mechanism: an electronic bank-to-bank transfer routed through the SWIFT network.

The difference is largely one of terminology. "Wire transfer" is the term more commonly used internationally, particularly in the United States. "Telegraphic transfer" or "TT" is the term Malaysian and Southeast Asian banks typically use for the same type of payment.

Is a telegraphic transfer safe?

Yes, telegraphic transfers are one of the most established and regulated methods of moving money internationally.

How TTs are regulated in Malaysia

All outward TTs from Malaysia are subject to oversight by Bank Negara Malaysia (BNM). Banks are required to screen international transfers for anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance before processing.

For larger transfers, banks may ask you to provide supporting documentation (such as invoices or contracts) to confirm the purpose of the payment.

What to check before you send

Here are a few things to keep in mind when sending a TT:

• Verify recipient details carefully. A TT cannot be recalled easily once it has been processed. Double-check the recipient's account number, bank name, and SWIFT/BIC code before confirming.

• Confirm the SWIFT/BIC code directly. Do not rely on SWIFT codes provided in emails, especially if the request came unexpectedly. Verify the code directly with your recipient by phone or through a separate communication channel.

• Watch out for payment fraud. Business email compromise (BEC) scams often target international payments. If you receive a last-minute request to change a supplier's bank details, treat it as suspicious and verify independently before sending.

• Keep your TT reference number. Once your bank processes the transfer, you will receive a TT reference number. Keep this — it is what your bank needs if you need to trace or follow up on a payment.

How to send a telegraphic transfer in Malaysia

Most Malaysian banks let you send a TT online through their internet banking platform or mobile app. You can also walk into a branch, though this typically costs more. Here is how the process works:

Step 1: Log in to your bank's internet banking platform

For Maybank, this is Maybank2u or the MAE app. For CIMB, use CIMB Clicks. For HSBC, use HSBC Online Banking. Branch visits are also accepted at all three.

Step 2: Navigate to international or foreign transfer

Look for "overseas transfer", "foreign telegraphic transfer", or "international remittance" — the exact label varies by bank.

Step 3: Enter the recipient's details

You will need the recipient's full name, account number, bank name, bank address, and SWIFT/BIC code. For some countries, you will also need an IBAN. Have these ready before you start.

Step 4: Enter the transfer amount and currency

Select the destination currency (e.g. USD, EUR, GBP) and enter the amount. Your bank will show you the exchange rate it is applying. Take note of this — it may differ from the interbank rate.

Step 5: State the purpose of transfer

Malaysian banks are required to collect this information for BNM compliance. Common options include trade payments, professional services, and family remittance.

Step 6: Review fees and confirm

You will see the cable or service charge, any SWIFT fees, and the total amount debited from your account. Review carefully before confirming. Once submitted, a TT is difficult to reverse.

Step 7: Save your TT reference number

Your bank will issue a reference number once the transfer is submitted. Keep this for tracking purposes.

Unlock free transfers via local rails with Airwallex

Want to save money on your transfers? Local rail transfers are the answer. Airwallex routes 94% of transfers through local payment rails, helping you avoid transfer fees and reduce delivery times.

Here’s what you get with Airwallex:

Pay suppliers in 200+ countries

Send payments to suppliers, contractors, and business partners in over 200 countries and territories. 93% of transfers settle on the same day, while 45% arrive instantly.

Save up to 80% on FX fees

Traditional bank TTs tend to carry a high FX markup. In contrast, Airwallex charges 0.4% to 0.6% above the interbank rate, saving you up to 80% on FX fees.

Accept payments via 160+ local methods in 180+ countries

Selling internationally? Airwallex's payment gateway supports more than 160 local payment methods across 180+ countries, making it easier for customers to pay using their preferred option. This helps you improve conversion rates and deliver a smoother customer experience.

Frequently asked questions (FAQs)

Is a telegraphic transfer the same as a wire transfer?

In Malaysia, yes, the two terms refer to the same thing. "Telegraphic transfer" or "TT" is the term Malaysian and Southeast Asian banks use for international bank-to-bank transfers. "Wire transfer" is the term more commonly used in the United States and internationally. Both use the SWIFT network to move funds across borders.

Can a telegraphic transfer be cancelled or reversed?

It is difficult, and not guaranteed. Once a TT has been processed, recalling the funds depends on whether the recipient's bank has already credited the account. If it hasn't, your bank may be able to submit a recall request — but this takes time, is not always successful, and typically involves an administrative fee. Always double-check all recipient details before confirming a transfer.

Do I need to submit supporting documents for a TT in Malaysia?

For larger transfers, banks may ask you to provide supporting documentation — such as invoices or contracts — to confirm the purpose of the payment, in line with Bank Negara Malaysia's Foreign Exchange Administration (FEA) requirements. Documentation requirements vary by transfer amount, bank, and purpose.

What is a TT reference number?

A TT reference number is a unique identifier assigned to your transfer by your bank once it has been submitted. It is the primary reference you will need if you want to follow up on a delayed or missing transfer. Keep it until you have confirmed the funds have been received by the recipient.

Are there daily limits on telegraphic transfers in Malaysia?

Yes, limits vary by bank and by whether you send online or at a branch. CIMB, for example, allows daily transfers of up to RM50,000 for non-Preferred customers and up to RM200,000 for Preferred clients via CIMB OCTO App and CIMB Clicks.² Check directly with your bank for the exact limits that apply to your account type.

Is there a fee to receive a telegraphic transfer in Malaysia?

Yes, most Malaysian banks charge a fee to receive an inward TT. OCBC Malaysia, for example, charges RM10 for all inward telegraphic transfers.⁴ The exact amount varies by bank, so check with your bank before asking an overseas sender to initiate a transfer.

Sources:

1. https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/services/funds_transfer/overseas/foreign_telegrapic_transfer.page

2. cimb.com.my/en/personal/help-support/rates-charges/profit-rates-charges/fees-and-charges/remittance.html

3. hsbc.com.my/transfers/international/

4. ocbc.com.my/personal-banking/help-and-support/payments-and-transactions/telegraphic-transfer-inward

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.)