Ways to Send Money Abroad from Malaysia
Making an international money transfer is easier than you think. In fact, you can easily send money overseas via the CIMB Clicks app/website or the OCTO app. Most banks in Malaysia offer various remittance services, including foreign telegraphic transfer/wire transfer and foreign demand draft.
Here is a quick summary of how foreign telegraphic transfer and foreign demand draft remit money from Malaysia to other countries:
- Foreign Telegraphic Transfer/Wire transfer: An electronic payment method that sends money from one bank account in one country to another bank account in a different country using a secure network, like the SWIFT network.
- Foreign Demand Draft: Similar to a bank draft. It is a written order that is issued in one country and made payable in another country.
Apart from banks, there are other money transfer services that are available in the market, such as Western Union, MoneyGram, PayPal and others.
But which one is most suited for your regular transfers? Consider these tips before making your decision to ensure that you choose the most affordable and convenient option for your needs:
ALSO READ:Remittance: Find The Best Ways To Send Money Overseas In Malaysia
Compare Exchange Rates Between Providers
Cost is a key factor when choosing a remittance service, especially if you’re making regular transfers. As customers, we’re always looking for the best deals we can find.
The first thing that you should check sending money abroad is the exchange rate. Every remittance service provider uses different foreign exchange (FX) markups so it pays to shop around for the best rates. Some service providers, like CIMB, offer live FX rates that you can follow in real-time using the CIMB Clicks app/web and the OCTO app to potentially capture market opportunities.
You should also keep a lookout for FX promotions and offers to make sure that you get the best deal for your money transfers. CIMB’s Guaranteed Best FX Rate promotion, for example, gives you guaranteed best rates when you make foreign transfers at any CIMB branch or CIMB Clicks – and you can receive a reimbursem*nt of the difference of up to RM300 if you discover lower rates elsewhere within an hour.
What are the Service Fees?
Alongside exchange rates, it's important to keep an eye out for any extra charges when choosing a remittance service. These can include transfer, receiving, and cancellation charges that can add up and take a bite out of your hard-earned money.
When considering an FX service, it's important to choose one that is transparent about any administrative charges that you or the recipient may have to pay. Don't be fooled by promises of "zero transfer fees" as some providers may still require your recipient to pay additional fees in order to collect the transferred funds.
CIMB's SpeedSend, for example, delivers a full amount payout to the recipient with no overseas bank charges. This means that your recipient will receive the full transfer amount in their account.
Speed and Convenience
The next feature to keep in mind is the transaction time, ie. the number of days it takes for your money to reach the recipient. Some remittance services offer instant transfer at a higher service fee, while some might need a few days for the money to reach the recipient – these are sometimes determined by the country and the transfer amount.
If you’re making an emergency transfer to meet some unexpected need or transferring a payment with a tight deadline, then the speed of the transfer will be a priority.
One method that’s speedy with a flat RM10 service fee is SpeedSend, where you can makeinstant transfers to the UK, Hong Kong, India, Singapore, Indonesia and to accounts held at CIMB Thai in Thailand. For other countries, the transferred funds will be available via account crediting within 1-3 business days. You can transfer up to RM50,000 per day via the CIMB Clicks app/web and the OCTO app, while unlimited remittance transfers can be made at CIMB branches via Foreign Telegraphic Transfer throughout Malaysia.
Now you can make tuition fee payments or give money to your loved ones quickly, easily and cheaply with CIMB!
Security and Reliability
The final factor to evaluate when choosing a remittance service are security and reliability. A reliable service provider will ensure that your money is delivered on time, all the time. They should also be licensed and in full compliance with all regulations.
At CIMB, we let our reputation and customers speak for us on this matter.For example, our Foreign Telegraphic Transferservice provides safe and secured money transfers via the SWIFT network to more than 200 countries in over 25 currencies.
Never let cost be the overriding determining factor when choosing a remittance service provider. Consider everything we have discussed here to make an informed choice that is best for your needs.
This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circ*mstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.
