Every day hundreds of people send money to and from Malaysia — and it’s on the rise. Last year alone, Malaysia’s international money transfers grew 23.3%, to RM41 billion.
But there’s a problem. Most Malaysians are still sending money abroad with their bank. And every time they do, they could be losing out to hidden fees. Because banks aren’t using the real exchange rate — they’re marking it up and taking an extra cut for themselves.
Today this all changes. You can now send Malaysian Ringgits to over 70 countries with the real exchange rate — like the one you see on Google. With the low transparent fees we’re known for.
We couldn’t be happier to launch in Malaysia, our fourth country in Asia — following Singapore, Hong Kong and Japan.
To celebrate this launch, our first 1,000 customers will get their first transfer fee-free for up to RM1,000 — get your free transfer here.
TransferWise is the building the best way to move money around the world.
6 million people are already transferring over RM20 billion every month. That’s a saving of over RM6 billion every year compared to if they used a bank.
Check out how to send money with TransferWise
TransferWise is up to 4x times cheaper than banks in Malaysia to send money overseas — compare the price here.
Currently, TransferWise is available to anyone sending money out of Malaysia to over 70 countries. You can send money back home, pay for your tuition fees overseas, or pay friends and family overseas.
If you’d like to send money as a business, join the waitlist for business here. We’re launching in the next few months so businesses can send money out of Malaysia.
Of course! And when you invite 3 friends, you’ll get RM100.
- Create a Transferwise account
- Go to your account and select Invite & earn 100 MYR
- Share your invite link
- For every 3 friends who transfer over RM500, you’ll get RM100
- Tell us your bank account for the reward to be paid out
In the coming months, we are launching payments via FPX, and international transfers for businesses. We are also working on our multi-currency account and debit card to bring people in Malaysia a step closer to a world without borders.
The year has been a big step forward for TransferWise, but it’s early days for our mission. 99% of the world is still moving money with expensive, intransparent providers, and for the RM6 billion we save customers every year, hundreds more billions are wasted in hidden fees. We want to get that number to zero.
Read about the price change for TransferWise business bank details in Singapore
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