About USD and MYR
Did you know, an approximation based on figures recorded by the World Bank revealed that $62,000,000 was sent from US to Malaysia in the financial year 2017-2018? This transfer was made to family members, relatives and friends in Malaysia from people in the US, whether citizens or not. Some people also opted to purchase property and pay their freelance employees in Malaysia.
All the above mentioned services require money transfer regularly. The surest way of knowing the best service providers in the market is by going through our latest data here at ERIQ.
Best way to send money from USA to Malaysia
Sending money from USA to Malaysia is possible and that is an already known phenomenon. Many people in the US make occasional remittances to several parts of the world and one of the countries that is a regular receiver of these funds is Malaysia.
So what are these services that offer remittance of money from US to Malaysia?
Online money transfer companies vs Direct cash transfer services
Online money transfer companies are also known as Digital money service providers. They are termed this way because you can easily send money via their apps and websites which you can access at any time you want online.
You may question their security for fear of hackers and cyber-terrorists who pose a threat to the internet world. However, most of these service providers have 16-bit encryption security systems installed that ensure nothing comes in between your money and its recipient. Some of these providers include Instarem, TransferWise, Remitly and Azimo. Instarem offers the best rates in the foreign exchange market for this particular transfer.
Direct cash service providers, on the other hand, are also efficient to send your money from US to Malaysia. They are equally fast and transfer your money at low to no service costs. Some of the most used companies in this category include WorldRemit, Western Union, MoneyGram and Skrill.
Fastest and cheapest way to send your money from US to Malaysia
The fastest way to send money from US to Malaysia and at more affordable rates is through online money transfer companies like XE Money, TransferWise and Remitly.
4 Things to consider when sending money from US to Malaysia
When sending money from US to Malaysia, you have to be careful about which option you are choosing. Some transfer companies offer better rates than others while some transfer your money at better speeds.
Some of the things you should look out for in a transfer option are:
Exchange rates: Always make sure that the transfer exchange rate that you are offered is close to the mid-market rate. This way, you can get more value for your money.
Transfer charges: These refer to the service costs that every transfer service provider incorporates into their transfers. Some service providers charge more for better speeds of transfer.
Transfer limits: You have to compare the minimum and maximum transfer limits offered by different transfer options and make sure that they fit your transfer plan.
Customer support: You have to choose a service provider that will always be there whenever you need help either going through their site or when you have made a transfer to the wrong address.