Malaysia is a country where its currency market is closed. This means you will not be able to purchase the national currency MYR (Ringgit Malaysia) outside the country. So, suppose you are planning to go to Malaysia, or you are already in Malaysia. In that case, you will need to find a way to transfer funds from your country of origin to Malaysia. However, it can be really tricky.
There are exchange rate charges, fees for international transfer, and some additional methods that will take longer than other methods. Here, you will learn how to transfer money from Singapore to Malaysia bank account in the simplest possible way.
Transfer Funds from Singapore to Malaysia
There are many ways you can do to transfer funds from Singapore to Malaysia. You can use your own debit/credit/ATM card or online money transfer.
Through ATM/Debit/Credit Card
- If you have a bank account in DBS and already have a mobile internet banking account, you simply need to log in to your account through the installed digibank mobile application on your phone.
- Click the Overseas icon and select the Add Overseas Recipient.
- Select the Country and in this case, you should select Malaysia and input the details of the recipient. Click Add Recipient Now.
- Click the Fund Source you would like to transfer from and input the amount you want to send. Click Next.
- Confirm the transfer details, then click Transfer Now. To do this international transaction, you will be charged S$3.00.
Through Online Money Transfer
TransferWise is one of many online money transfer services you can use to transfer funds to Malaysia with lower fees or no fees at all. Here is how to transfer money from Singapore to Malaysia bank account with TransferWise:
- Sign up with TransferWise or simply log into your Wise account if you already have an account.
- Go to Home and select Send Money. Insert the number of funds you wish to transfer.
- Choose Personal or Business transfer. Opt for Personal transfer if you use your personal bank account.
- Fill in the blanks with your personal details, such as your address.
- Insert the bank details of the recipient. If you don’t have it, simply input their email address.
- Ensure your transfer details are correct and choose what type of transfer you are preferred and how you will pay.
Things to Consider Before Sending Money
There are three types of transfer fees: a fixed amount, percentage, and combination. When you transfer funds to Malaysia, you need to look for the best transfer method that doesn’t have hidden charges.
It’s the biggest expense for transferring money to Malaysia. Apart from the transfer fees previously mentioned, you might as well have to pay additional charges up to six percent. Although some money transfer services make a claim that they don’t include transfer fees.
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In fact, they mark up the cost for the exchange rate to hide the charges. Thus, it’s recommended to use an exchange rate calculator with timely updates.