Practical Ways Of Making Business Payments To Malaysia

Malaysia is a great spot for doing business, including constructing regional offices, employing contractors, and establishing supply chains, among other things. Malaysia has emerged as a major market for companies aiming to develop their business both regionally and worldwide. 

While this is an optimal way for companies to receive the services they need at a low cost, it also means that money must travel across borders to make business payments to Malaysian partners, who are normally paid in their native currency, the Malaysian Ringgit.

Although finding the optimal methods to transfer money to Malaysia is a daunting task, thanks to advances in technology, different international online money transfer companies are available to ease the remittance process. In this article, we’ll list some of these practical ways for business payments to Malaysia.

Photo by Zukiman Mohamad from Pexels

Western Union

Western Union is a global money transfer and payments organization that’s also a popular choice for migrant workers who intend to send money home. However, employing their services when dealing with foreign corporations is not advised. Every corporation in Malaysia is required by law to establish its corporate bank account. 

A legitimate organization will never ask you to send money by Western Union, mostly because the money may be withdrawn by anybody with certain credentials (everybody knows it’s not that hard to make a fake ID) and, more importantly, Western Union doesn’t follow the money after it’s withdrawn. Therefore, be quite cautious when dealing with people, especially anonymous internet users.

Moneycorp

Moneycorp is a popular money transfer provider among expats because of its low prices, quick transfers, and dependable customer service. If you send money to Malaysia regularly, as you most likely do, you can set up recurring payments, lock in your rate and schedule, and save money on transfers to your Malaysian relatives. Moneycorp provides transfers in 90 currencies and has offices in the United Kingdom, the United States, France, Spain, and Ireland. In 2017, Moneycorp was given the Feefo Trusted Gold Service Award. 

HiFX 

HiFX sends money to more than 170 countries, including Malaysia. Creating an account is free for conducting transactions with this service. However, third-party banks may charge fees while sending funds to HiFX or before the funds arrive in the destination account. HiFX also deals with companies, hence you can use this service to send money to Malaysia if you’ve created a company in another nation.

Lycaremit 

Lycaremit is another reputable money transfer service able to assist in sending funds online. It is a remittance firm located in Malaysia with a diverse clientele. By offering mid-market rates, you’ll feel confident there are no hidden fees in the exchange rate markups. Because of technological developments and the existence of modern user-friendly applications, Lycaremit doesn’t need to charge a lot for its operational costs.

Another advantage of Lycaremit is you can send money anywhere in the world within 48 hours. Lycaremit is also one of the top companies in terms of security since each transfer is protected using RSA 256-bit encryption.

Bottom Line

Traditional money transfer methods, like high-street banking, are often costly due to additional fees and, in many cases, a lengthy procedure that takes several working days.

However, online remittance providers are user-friendly, cost-effective, and, in most situations, immediate. If you’re searching for an ideal online money transfer company for business payments to Malaysia, which ensures cheaper fees and favorable exchange rates, then Lycaremit is the answer. Don’t hesitate to register with us if you wish to learn more.

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