How to send money to Malaysia from Australia

Banks are quick in the transfer. Their rates are considerably fair as compared to most service providers and their customer support system is excellent. However, one limitation they have is that they are costly when it comes to the service costs they charge. They also have long transaction processes that may take up to 2 days before your money is cleared.

In-store service providers like Travelex and Western Union also do direct cash deliveries to Malaysia from Australia. Their services are instant and can be as fast as 15 minutes before your recipient gets his or her money. They offer better charges than banks and alternatively competitive rates.

Digital Money transfer companies bring a perfect balance between speed, costs and rates. They are fast. This comes in the process they use to send your money and also in how quick their transfer speeds are. You can send your money through signing up with their online app and sending money at the comfort of your home. You can also deposit cash directly from your bank account into your service provider’s account before sending it. This way, they can achieve fluidity and you get to be the beneficiary of this service.

Some of the online money transfer companies that we recommend when sending money from Australia to Malaysia include OFX, WorldRemit, Instarem, Remitly and TransferWise.

6 Things to consider when you want to send money from Australia to Malaysia

To send money from Australia to Malaysia should not be costly or expensive as most people render international transfers to be. International remittance has been made easier by technology that enables people today to send money from the comfort of their homes. You can be one of these people if you ask yourself the following questions before choosing a money transfer option:

1. Exchange rates: Is the exchange rate affordable? Are there service providers offering better rates?
2. Transfer charges: Am I being charged fairly for my transfer? Is my service provider cost-effective vis a vis the services I am being offered?
3. Speeds of remittance: How long do they take to send and process the money before my recipient can get his or her cash? Do they have a history of delays in the past?
4. Transfer limits: What is the minimum or maximum amount of money I can transfer with a specific service provider? Can they accommodate my amount? Will I be charged more for sending money above or below a certain limit?
5. Customer support: Will they be available when I need them? How fast can they be reached and through which means?
6. Safety: How safe is my money with a chosen service provider? How known are they and what is the reputation they have built for themselves in the foreign exchange market?