There may be all kinds of reasons why you might want to transfer money to Malaysia. You may be a Malaysian living overseas who wants to send their money back home to relatives. You may be a business paying a Malaysian supplier, or setting up an office there. Perhaps you want to pay for a holiday in advance, or pay ahead for some tuition. You may be buying a property there.
Well, we can’t find you a flat in downtown Kuala Lumpur, but we can help you on the currency side – by showing you how easy it can be to transfer money overseas.
Let’s say you need to transfer some money to Malaysia and complete a worked example.
Use The Money Cloud To Transfer Money To Malaysia
Using the Money Cloud’s comparison engine, transferring money abroad couldn’t be simpler. First, let’s find out who’s offering the best rates.
To do this, simply visit the Money Cloud home page. You’ll see our comparison engine displayed prominently.
So, you’ll want to select GBP in the first panel drop down menu, if you are sending from the UK. Select dollars if you are sending from the US, Cape Verde Escudos, if you are sending from Cape Verde – and so on. We cover 144 currencies in total, so we’re sure to have you covered.
Next, use the second drop down bar to select Malaysian Ringgits. FYI, at the time of writing, there are roughly 5.6 Malaysian Ringgits to the pound.
Finally, select the amount you wish to send. Let’s say you’ve decided to send £1,000 to fund a month’s stay in Kuala Lumpur. That gives you roughly £30 pounds spending money every day, with just enough left over to buy some souvenirs to give to people back home!
Once you have added the figure of £1,000 in, all you have to do is click compare!
Scan the results of your search and compare services
Now, when we ran this request, we got 6 results. It’s likely your search will generate a similar number of results – maybe a few more, as we are bringing on board new brokers all the time.
There are several things you want to look at at this point. Firstly, the speed. Of the brokers that our search provided; Tor FX, Smart Currency Exchange, Currencies Direct, OFX, Global Web Pay and Azimo, all 6 have a speed rating of either 1-2 days, or 1 – 3 days.
If you’re preparing your money transfer well in advance of your journey, which is always advisable, in this instance, speed is unlikely to be a problem. On other occasions, it may be the most important consideration.
Let’s move on. Next, is there a fee?
Again, this is simple to check; it’s the next column along after “Speed”. My research told me that whilst Tor FX, Smart, Currencies Direct and OFX did not charge a fee, Global Web Pay and Azimo do.
But that doesn’t mean that you should rule those last two out. First you should check the next column, “Rate”.
The Money Cloud’s API’s are able to extract the real-time price being offered by each of the featured brokers so you can be sure the selection of rates you see is a highly competitive selection. You will struggle to find a better selection elsewhere.
Check the “extra” column to see how much you are saving versus your high street bank!
Obviously, we want to get as many Malaysian Ringgits as we can for our pounds, so the higher the rate, the better. In this instance, it just so happens that the best rate is being offered by OFX, and you can see from the very next column, “Extra”, how much you are saving compared to if you had used a retail bank.
Quite a decent saving, we hope you agree.
You are not paying any fee, either, and on this occasion, stand to receive 5,554.68 Malaysian Ringgits when you complete the transfer – you can see this in the final column.
Of course, you may have a preference for any one of the others brokers displayed in the results, and we would never advise you to pick one over another, we just present the key information so that you can make an informed decision.
Final checks and selecting your broker or service
So once you have chosen your broker or transfer agency, all you have to do is click “select”.
Before you do that, if you would like to learn more about the broker, just click the black down arrow in the bottom left hand corner of that broker’s price display. A drop-down panel will provide more information about the broker, and also video content, to help you get a better feel for the organisation you’ll be dealing with and decide if it’s the right fit for you.
Again, we don’t judge, we just give you the facts and all the information you need to make an informed decision.
If you’re happy, go ahead and hit “select”. Next you will see a form with all of the details about your money transfer request displayed. Check one more time to make sure you are completely happy with the proposed transaction. If you are, go ahead and fill in the details requested: name, email, phone, and reason for transfer.
It’s important to note that at this stage you are not committing to make the transfer. Nor are you required to input any payment details. All that will happen is your request will be forwarded to the broker. The broker will then get in touch with you personally to finalise the transaction – if you still want to go ahead.
Select the checkboxes if you want to receive news from The Money Cloud, and an emailed copy of the message, and hit submit!
You’re done! Wait for the broker to contact you
And you’re done. The rest of your transfer will be conducted directly with the broker – but you have already made a lot of progress towards the smooth transfer of pounds, dollars, or Cape Verde Escudos, into Malaysian Ringgits. No tricky sales negotiations, or explaining three or four times what it is you need to do. No buyer’s remorse. Because you used The Money Cloud, you had all the information at your disposal.
Good luck with your transaction! And enjoy your time in Malaysia.
P.S. You should also know that we are constantly striving to make your transfers even easier to conduct. Soon you won’t even have to leave the Money Cloud platform to complete your transaction. We’ll handle account opening, Know Your Customer requirements, and the actual booking of the transfer, all on your behalf.
Watch this space.