How to transfer money from Malaysia to India online?

The NRI community in Malaysia has grown stronger in recent years. However, while many Indians also immigrate to Malaysia to fulfill their financial commitments, they must regularly remit money to India. So how to transfer money from Malaysia to India online? See the article now for the answer.

How to transfer money from Malaysia to India online?

How to transfer money from Malaysia to India online?

This is a simple process for you to transfer money from Malaysia to India online:

Compare options

Each provider has different strengths. Please specify whether you want to receive cash or bank transfer to find yourself a suitable supplier.

Sign up for an account

You’ll need to give your name, address, contact details, ID proof, and payment method.

Provide recipient details

Enter the recipient’s name and your contact information. For example, if you want to send money directly to an Indian account, you need to provide their account number, SWIFT, or IBAN, along with their bank branch address.

Enter the amount to transfer

If you are satisfied with the fees, exchange rate, and transfer speed, you will proceed to enter the amount to be transferred. Many services give the India Rupee your recipient should receive, so double-check this.

Complete the transfer

Send your money to India. Keep any reference number safe to track your transfer – your recipient may need it too.

If you send it to an Indian bank account, your recipient must wait for the funds to arrive. For a cash pick-up, your India recipient will need to show a photo ID to pick up the funds. You must also give them the transaction reference number to streamline the process.

Methods of transfer money from Malaysia to India online

Bank transfer to India: Most banks will allow you to transfer money internationally online through a branch or by phone. For example, money will be sent directly from your bank account to your recipient’s local bank account in your chosen currency.

Send money online to India: if you want to make MYR/INR payments online or using your smartphone, you can choose your bank’s online banking or international payments specialist. Transferring money online can offer better exchange rates and lower fees than banks.

Money transfer service

Many people trust this international money transfer method because of its ease, convenience, and reasonable cost. In addition, the cost per transaction made through the service is very suitable, if you use the monthly package, it is much cheaper.

You can transfer money to India using your bank, a dedicated money transfer service, an e-wallet, or a physical money transfer shop. Each option has different pros and cons, so your best choice will depend on your specific personal and transfer requirements.

Notes when transferring money from Malaysia to India

Exchange rate: the mid-market rate is the rate banks, and money transfer services use to transact with each other. But not all money transfer providers tell you the average rate in this market. So compare this rate between suppliers with the average market rate to find the price that will benefit you the most.

Transfer fee: each provider will have a different fixed price when transferring money from Malaysia to India. Usually, if you transfer money more, the cost will be cheaper.

Transfer limits: find out how much you can send in each transfer. For example, one provider may limit your deposit to only $10,000 while another may allow you to transfer up to $1 million.

Transfer type: Does your recipient have a Malaysian bank account, or is cash or cell phone top-up the better option? Each type of transfer will have a different fee. For example, if you want to receive cash, it will be more expensive than a bank transfer.

Discount: depending on each provider will be different forms of discount, such as free for first transfer money or discount if you transfer more than a certain amount.

How long does it take to transfer money to India?

The length of time it takes to transfer money to India depends on various factors, including the provider you use, how you’re paying, and how you want your recipient to get the money in the end. It may take 1-3 days.

There are many ways for you to choose to transfer money from Malaysia to India for family and friends or investment. You can choose the method that suits your requirements, like fast, safe, or low cost. Hopefully, this article will teach you how to transfer money from Malaysia to India.

About DNBC Financial Group

DNBC Financial Group is a financial institution operating in the international financial market, providing corporate and individual customers with an innovative digital paymentsystem and convenient payment platform and transfer to receive money online easily worldwide.

If you are living in India and want to receive money cheaply from your friends and loved ones abroad, then take a look at our in-depth guide here.