There are several ways to send money from Malaysia to India. The table below shows the charges and time it takes to send money from Malaysia to India. Please select the best option depending on your needs.
Money Transfer Operators: Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or using their collaborations with other international banking networks. Eg: Wise, Western Union.
SWIFT: Society for Worldwide Interbank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches overseas)
Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located overseas to remit money to India. The equivalent amount in INR will be debited for remittance.
Time and Charges
| Place | Internet/Mobile Banking | Money Transfer Operators | Agents | Foreign Currency Demand Draft | SWIFT Transfers |
| Malaysia | Same Day Fee 10 MYR + Exchange rate costs | In minutes – 5 days 0 – 37.81 MYR + Exchange Rate | Cash immediate or 1-2 days Fee 5 MYR | 1 – 3 days Draft making Fee | 1-5 days Minimal Fees |
FAQ
What is the cheapest way to send money from Malaysia to India ?
The cheapest way to send money from Malaysia to India depends on the amount of transfer, payment method, and pick up option.
The cheapest way to transfer money from Malaysia to India is via an operator. They provide much more competitive rates, fees, and commissions than banks.
While conducting financial transactions in India, NRIs face many problems. However, now NRIs can use the SBNRI platform to get their financial queries/ complaints resolved online. You can download SBNRI App to apply for an NRI account, file taxes, invest in the Indian stock market and ask any questions related to them.
