International Money Transfer Services for Malaysian Businesses
Last update:
anja
Clare Shi
Author
Key takeaways
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
From traditional bank transfers to fast digital remittance platforms, Malaysian businesses today have more choices than ever for global payments. Whether paying suppliers, freelancers, or partners abroad, the right method can save time, reduce costs, and improve convenience.
This guide explains the main ways to perform an international money transfer from Malaysia, their pros and cons, and tips to get the best rates while keeping international transactions secure.
This guide covers the best ways to send money abroad from Malaysia, plus practical tips to help you get better rates, avoid hidden fees, and protect your funds.
1. Bank Telegraphic Transfers (TT) & Wire Transfers
What it is
Bank telegraphic transfers (TTs), wire, or SWIFT payments are traditional methods to send funds internationally. Money moves directly from your Malaysian bank account to your recipient’s foreign account.
Best for
- Large or one-off B2B payments
- Suppliers preferring bank transfers
- Businesses needing strong audit trails
How it works
1. Log in to your online banking platform.
2. Select “International Telegraphic Transfer.”
3. Enter the amount, recipient details, and purpose.
4. Provide recipient’s full name, bank details, SWIFT/BIC code, and IBAN (if needed).
5. Review exchange rates and fees, then confirm the transfer.
Pros & Cons
Pros:
- Secure and traceable
- Universally accepted
- Ideal for large transfers
Cons:
- Higher fees (RM20–RM100+)
- Currency conversion spreads
- May take 1–5 working days
💡 Tip: Pair TTs with a multi-currency account to reduce FX exposure.
2. Credit Card Payments
What it is
Credit cards allow Malaysia remittance payments instantly, offering fraud protection and potential rewards.
Best for
- Smaller, urgent payments
- Short-term credit or extended terms
- Earning cashback, points, or miles
How to pay
- Confirm supplier accepts cards.
- Enter card details and transaction currency.
- Authorise and keep the receipt.
Pros & Cons
Features:
- Instant or 1-day settlement
- Fraud protection and chargebacks
- Flexible repayment terms
- Rewards on eligible spend
Considerations:
- 1–3% foreign transaction fees
- Higher FX markups than specialist providers
- Daily/monthly limits may restrict large payments
- Not accepted by all suppliers, especially in emerging markets
💡 Tip: Linking your card to a multi-currency account can save fees on your international money transfers.
3. Digital Remittance Platforms & Multi-Currency Accounts
Digital platforms offer fast, transparent remittance Malaysia with multi-currency wallets and competitive rates.
Wise
- Mid-market exchange rates
- Multi-currency wallet, 70+ countries
- Ideal for SMEs and freelancers
WorldFirst
- Multi-currency account for global payments
- Bulk and scheduled transfers in 100+ currencies
- Competitive FX rates and account management
Instarem
- Fast SME payments
- Mid-market rates, same-day in select corridors
Merchantrade Money & eRemit
- Malaysia’s largest digital remittance platform
- Multi-currency prepaid cards
- Supports hybrid cash + digital payments
WorldRemit
- 130+ countries
- Flexible payouts: bank deposit, cash pickup, mobile wallet
4. Physical Remittance Providers
Traditional services remain relevant for hybrid or cash-heavy workflows.
Common Providers
- Western Union: 500,000+ agents, cash pickup or bank deposit
- MoneyGram: 10 min–3 days, 200+ countries
- Pos Malaysia: Postal money orders via Western Union
- MaxMoney: 140+ banks, 100,000+ locations
- Valyou: Cash and e-wallet payouts in select countries
⚠️ Always check licensing by Bank Negara Malaysia and service fees.
5. Managing FX Rates and Costs
- Compare live rates via XE.com, Investing.com, or provider apps.
- Check mid-market rates before sending.
- Consider FX forwards for predictable or large payments.
💡 Tip: Multi-currency accounts reduce conversions and simplify global payments.
6. Security and Compliance
- Enable two-factor authentication (2FA)
- Use regulated financial institutions
- Confirm recipient details
- Avoid public Wi-Fi
- Keep transaction records
7. Checklist Before Sending Money
- Compare 2–3 providers for fees and rates
- Verify recipient information
- Confirm licensing with Bank Negara Malaysia
- Agree on payout method
- Comply with legal and tax requirements
Choosing the Right Method
The best option depends on your priorities:
- Speed: Digital platforms and credit cards
- Cost efficiency: Multi-currency accounts or FX specialists
- Convenience: Banks for large sums, remittance providers for hybrid payments
- Transparency: Platforms like Wise and WorldFirst
For frequent B2B global payments, a multi-currency account integrated with digital tools is the most efficient solution.
👉 Explore WorldFirst’s cross-border payment solutions in Malaysia to simplify international transfers and get real-time FX visibility.
Whether you choose bank TT, a multi-currency account, or a digital platform, the right solution depends on your priorities: speed, cost, convenience, and transparency.
If you want a business-focused platform with robust tools for B2B payments, consider setting up a dedicated solution that integrates with your accounting system and offers real-time FX visibility.
Check out WorldFirst cross-border payment in Malaysia to support your global growth. We are a business-focused platform with robust tools for B2B payments, offering users a convenient multi-currency account with real-time FX visibility.
Continue reading
Subscribe
The Weekly Dispatch
Get the latest news and event invites. Signup for our weekly update from the worlds of fashion, design, and tech.
