Cheapest way to send money to Malaysia?

Wise and Remitly typically lead MYR corridors (USD, SGD, AUD, GBP) with margins under 1%. For SGD→MYR specifically, given the close geographic and economic ties, Singapore banks (DBS Remit) are also competitive.

DuitNow is Malaysia's domestic instant payment rail, allowing instant transfers between Malaysian banks. International providers using DuitNow can credit MYR bank accounts in under a minute.

Are remittances to Malaysia taxable?

No — personal remittances to family in Malaysia are not subject to income tax. There is no annual cap on inbound personal remittances.

How fast do MYR transfers settle?

DuitNow-enabled transfers settle in under a minute. Standard bank deposits typically take 1–4 hours during business days. SWIFT bank wires can take 1–2 days.

Can I send to TouchnGo or Boost wallet?

Some international providers (Wise, Tng Money) now support direct wallet credit to TouchnGo eWallet and Boost. Coverage is narrower than for bank deposits, so check before initiating.

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Malaysian Ringgit (MYR) Live Exchange Rate & Remittance Guide

MYR · RM · Bank Negara Malaysia (BNM)

1 USD =

RM—

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About the Malaysian Ringgit

The Malaysian Ringgit was introduced in 1975, replacing the Malaya and British Borneo dollar. After being pegged to the USD at 3.80 from 1998 to 2005 in response to the Asian Financial Crisis, BNM moved to a managed float against a basket of currencies. The MYR is non-internationalised — limited offshore trading is allowed.

Why MYR matters for remittance

Malaysia is both a sender and receiver. As a sender, it hosts large Indonesian, Bangladeshi, Nepalese, and Indian migrant workforces. As a receiver, the Malaysian diaspora in Singapore, Australia, the UK, and the US sends roughly $1.7 billion home annually.

Compare MYR corridors

See live rates and the best providers for each pair.

USD→MYR SGD→MYR AUD→MYR GBP→MYR EUR→MYR

Malaysia remittance guide

Country profile for sending money TO Malaysia — delivery methods, regulations, recipient guidance.

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MYR remittance regulations

BNM regulates remittances under the Money Services Business Act 2011. Personal remittances are not taxed and have no annual cap. The DuitNow domestic instant payment rail (launched 2019) is increasingly supported by international providers for fast delivery.

How to send Malaysian Ringgit (MYR)

Use a BNM-approved provider — Wise, Remitly, Western Union, and Tng Money are all licensed.
Bank deposit to Maybank, CIMB, Public Bank, RHB, or Hong Leong is the standard delivery method.
DuitNow-supporting providers offer near-instant credit to Malaysian bank accounts.
TouchnGo eWallet, Boost, and GrabPay are popular Malaysian wallets supported by some international providers.

Currency facts

ISO 4217: 458
Sub-unit: 100 sen = 1 ringgit
Central bank: Bank Negara Malaysia (BNM)
Daily FX volume: $8 billion/day
Symbol: RM
52-week range (vs USD): 4.55 – 4.8

Frequently asked questions

Live rates fetched from Wise's public comparison API. For currency conversion mid-rates we display Wise's quoted rate, which has zero markup. Methodology.