Best Money Transfer Services for Expats in Malaysia 2025

Whether you’re a remote worker being paid in foreign currency, a business owner managing global clients, or someone supporting family back home, international money transfers are a big part of expat life in Malaysia. And with new fintech tools, real-time regional links, and Bank Negara’s latest regulations, 2025 is the smartest time yet to streamline how you move your money.

This guide breaks it all down in plain English, based on verified data, actual expat experiences, and the newest updates from Bank Negara Malaysia.

Key Considerations Before Transferring Money

1. Use Only Licensed Services: Ensure your provider is listed on Bank Negara Malaysia’s (BNM) official registry (bnm.gov.my).
2. Check the Exchange Rate Spread: Always compare against the mid-market rate on XE.com or Google. Avoid services that promise “no fees” but bake 3–4% into their conversion rates.
3. Understand Fee Structures: Flat-fee services like Sunway Money (RM8) are better for larger transfers, while percentage-based models work for smaller ones.
4. Know the Speed: Some transfers take seconds (CIMB to Singapore). Others, like traditional SWIFT, can take days. Choose based on urgency.
5. Go Mobile-First: Apps like Wise and BigPay let you onboard, verify, and transfer in minutes, with full tracking and support.

Best Ways to Send Money Internationally from Malaysia (2025)

Here’s a quick comparison of top providers:

1. Wise (TransferWise)

• Real mid-market exchange rates (Wise pricing)
• 50+ currencies, BNM licensed
• Transfers in minutes to 2 days
• Transparent fees ~0.5–1%

2. MoneyMatch

• Trusted for UK, EU, India corridors
• Flat fees, RippleNet-integrated
• 1–2 day delivery
• BNM Class B license holder (MoneyMatch license)

3. Sunway Money

• Local fintech backed by Sunway Group
• Fixed RM8 fee, BNM licensed (SunwayMoney)
• Competitive rates for South Asia

4. BigPay

• eWallet + prepaid Visa card (BigPay)
• RM4.50–RM13 per transfer
• Real-time transfers to AUD, SGD, THB, IDR

5. CIMB SpeedSend

• Instant to 10+ countries including SG & ID
• RM10 flat fee, available 24/7 via CIMB OCTO app

6. Maybank Transfers

• Via Visa Direct, DuitNow, and Western Union
• RM10–25 fees depending on method

7. HSBC Global Transfers

• Free for Premier clients
• Fast between global HSBC accounts
• Watch out for FX markup (2.5–4%)

Best Ways to Receive International Payments in Malaysia

• Wise Multi-Currency Account: Accept USD, EUR, GBP, SGD, and convert when rates are best
• Remitly / WorldRemit: Ideal for personal remittances
• Bank SWIFT Transfers: Set up a dual-currency account to avoid auto-conversion to MYR
• Crypto: Legal in Malaysia via licensed exchanges like Luno and Tokenize. Great for remote freelancers

Informal Group Transfers Within Expat Communities

Some expats, particularly within tightly knit communities, use informal group-based remittance channels. These are not licensed by Bank Negara Malaysia, but they operate on trust, personal networks, and community reviews. If someone is caught scamming, they are quickly flagged by the group and banned.

These systems can offer very fast and fee-free transactions, with exchange rates that are often surprisingly close to, or even better than, those offered by licensed services like Wise. However, they come with significant risks: no legal protection, no recourse if money is lost, and potential regulatory consequences. Always weigh the pros and cons before participating in these trust-based systems.

Real-Life Example from an Expat

One British expat living in Kuala Lumpur shared that when he first relocated, he used PayPal to receive payments from clients in the UK. With every transaction, he was losing more than RM78 due to high withdrawal fees and weak exchange rates. After switching to Wise, he reported saving over RM640 within a year, simply through better rates and lower transfer costs. The switch made a noticeable difference in his monthly budget.

Real-Time Cross-Border Transfers: Malaysia ↔ Singapore

1. DuitNow–PayNow Link (2025 Launch)
   • Instant transfers via mobile number
   • Daily cap: RM3,000 or S$1,000
2. CIMB Malaysia to CIMB Singapore
   • Instant and free between linked accounts
   • Accessible via CIMB Clicks or OCTO app

What’s New in 2025 for Expats and Fintech

• Stronger E-Money Rules: Bank Negara’s 2025 update boosts platform security
• Digital Banks Rolling Out: Some may offer Shariah-compliant remittance options
• Instant e-KYC: Onboarding with just your passport and selfie
• Project Nexus: ASEAN-wide instant payments are coming

Unlock Smart Savings & Investment Strategies – Join Free!

Join thousands of Malaysians receiving expert advice on saving, investing, and financial planning every week.

EmailEnter your email address

Subscribe

How to Get the Best Exchange Rates Every Time

• Compare using XE.com, Google FX, or Wise before sending
• Send larger amounts less frequently to cut fixed fees
• Open multi-currency wallets (Wise, HSBC, BigPay)
• Use e-wallets or apps instead of traditional banks when possible
• Avoid PayPal and Western Union for large sums, both charge high fees and add significant markup on exchange rates. Western Union is useful for emergency cash pickups but is not cost-effective for regular transfers.

Final Thoughts for Malaysian Expats

Whether you’re using fully licensed fintech apps or trust-based community systems, expats in Malaysia now have more control and flexibility than ever before when it comes to sending and receiving money. The days of overpaying for poor exchange rates or being stuck with high fees are behind us, if you know where to look.

Explore your options, weigh the risks, and choose the method that aligns with your lifestyle, trust level, and goals. Wise, BigPay, and Sunway Money are all strong choices for digital convenience. But if you’re in a community that shares trusted informal channels with competitive rates, that may work too, just know what you’re signing up for.

In 2025, making smarter international transfers isn’t just about saving money, it’s about financial empowerment while living abroad.

More Resources for Expats

• Malaysia Expat Survival Guide 2025: Money, Tax, Banking & Living Costs
• How to Invest in Malaysia (2025): The Complete Expat Investment Playbook

Disclaimer: This article is for informational purposes only. Always consult a licensed financial advisor before making cross-border money decisions.