Malaysia has one of the most robust and diversified economies in the world. So, it’s no wonder that every year, ever more people fall in love with the idea of doing business, studying, or even living in Malaysia. Inevitably, that means millions of people need a reliable remittance provider to help them send money to Malaysia.
However, there are so many different options with unique upsides/downsides it may be difficult for some to find the most sensible choice. If you’re one of these people, we’ve listed our top three picks to help you send money to Malaysia.
Banks
Whether you’re sending money to a friend in France or a business partner in Srilanka, banks are there to help you. Since they’re part of an international system, their extensive reach and security give them a unique edge over the competition.
However, being part of such a system means that they are heavily regulated, making the transfer process harder than it should be. Plus, by charging hefty fees and providing unfair exchange rates, they have lost an enormous portion of their customer base to the following two options.
Digital Wallets
In the last decade or so, digital wallets have established themselves as a viable payment method in online retail. The prime examples, PayPal and Skrill, have become immensely popular because of their hassle-free, instant transfers. Setting up a digital wallet account is so easy that you can do it in a matter of minutes.
However, digital wallets are notorious for limiting or suspending any account due to a slight discrepancy in the customer’s information. Moreover, they charge somewhere around 4% on both parties to the transaction, including additional fees if the transfer volume exceeds a certain threshold.
Online Remittance Providers
You may have sensed that banks and digital wallets are two extremes of a spectrum. Banks have limited speed but broad reach, while digital wallets offer instant transfers but don’t support many countries. Interestingly, online remittance providers are the mid-point of this spectrum.
What you need want is a provider that helps you send money to Malaysia in a day and charges a small fraction of the transfer volume!
Many reliable online remittance providers support a wide range of currenies, make transfers within a day or two and charge far less than the two above-alluded options.
Bottom Line
Most people are careful about who handles their money. Some of us put speed above all else and sacrifice security and affordability for it. Others like speed but are willing to balance it with more security and far less cost. If you’re in the second group, be sure to check Lycaremit because you can obtain all of the above and much more with us.
