All You Need to Know When Sending Money to Malaysia

In the 1960s-1970s, very few people believed the Malaysian economy would be where it is today (boasting one of the strongest and most diversified economies around the globe). Such advancements have boosted remittance inflow from other countries, as more companies are looking to invest in Malaysia.

In addition to the economy, many folks have become fond of the Malaysian culture and lifestyle, and numerous international students have moved there to study in Malaysian universities. Whether a business person or a student, several factors need to be taken into account when sending money to Malaysia.

Fees & Rates

If you’re intent on saving as much as possible on the transfer, you need to pay minimum fees. In general, some remittance providers take a percentage of the transfer amount while others charge fixed fees. It’s advisable to avoid paying a percentage, especially in higher volumes.

Some providers may claim to charge “zero fees”. Don’t buy into that because while they charge nothing on the surface, they’ll adjust up the exchange rate and easily make up for the zero-fee. Your pick should be a provider offering minimum but transparent fees.

Transfer Time

You’re likely wondering how long it’ll take to send money to Malaysia. Well, it depends on several factors, such as the transfer method, the sender, and the recipient country. Some providers may take three to seven days to make the transfer, but Lycaremit delivers the cash in two days max.

Related Article: Money Transfer to Malaysia: What Factors to Consider

Security

Lots of folks are wary about transferring money overseas due to concerns regarding their money’s security. It’s a challenge to find a reliable provider able to fully protect your money. Hence, it’s wiser to opt for a provider that utilises secure technology on every transfer. For instance, Lycaremit uses the RSA 256-bit technology to secure the personal or financial details of every transaction.

Bottom Line

There’s a wide range of traditional and online remittance providers with unique upsides/downsides. Some appear affordable but take forever to transfer the funds and are vulnerable to attacks. Others promise shorter turnaround times but charge exorbitant fees to do so.

Fortunately, Lycaremit has all the above benefits and more, making it a suitable, hassle-free solution for small and large transfers. Hence, if you’re looking for an affordable and effortless way to send money to Malaysia, please sign up today.

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