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Here are answers to some of the most frequently asked questions
HOW DO I USE FXCOMPARED
- Enter your search criteria
- Review the results and select a provider
- Register an account with that provider
- You're ready to send money!
HOW LONG DOES IT TAKE
Once you have registered, booked the trade and sent your funds to the money transfer provider, it typically takes between one and two days for more mainstream currencies and three days or sometimes longer for more exotic currencies to be received by the recipient.
CAN I PERFORM MY TRANSFER ONLINE
Yes. Nearly all the providers listed on our site have online platforms. These platforms allow you easy 24/7 access to their service and you can manage the process and view your transactions and reporting. In the comparison tables opposite, you will be able to see this under the Types of Transfer and look for the computer symbol.
CAN I USE THIS FOR MY BUSINESS
Yes. If you make or receive international payments, using a money transfer provider as opposed to your bank can help you run your business better and improve your overall cash flow. Your provider can do much more than simply beat your banks foreign exchange rate. For more detailed information, visit our business section.
HOW IS THE BANK SAVING CALCULATED
Our bank saving calculations are based the FXcompared International Money Transfer Index (IMTI). The IMTI is a weighted average of the cost of sending money bank to bank based on data from large banks. The exact saving compared to your own individual bank cost may be higher or lower than the saving number shown. The savings currently shown is based on data collected for both bank and non-bank providers on 15 July 2016. See more information and the full methodology on the IMTI.
The Malaysian ringgit (MYR) is a fully convertible currency, and the central bank applies few restrictions to international money transfers to Malaysia. Transferring money out of Malaysia in MYR is very difficult due to the controls of the Malaysian Central Bank.
Malaysia money transfer regulations
Individuals and corporations may send money to Malaysia freely and convert it MYR. Transfers related to foreign direct investment (FDI) or portfolio investment, known as capital account transactions, are also open.
The Malaysian central bank still controls the use of MYR for settlement outside of the country. For companies, moving money outside of the country has become much easier in recent years; the central bank removed limits on outbound investment, trade financing and inter-company loans (excluding banks) in June 2011. Banks are required to keep records of the amount and purpose of all outbound money transfers over RM 200,000. Sending money out of the country as an individual is much more challenging since the MYR is a restricted currency.
The vast majority of foreign exchange that takes place on Malaysian exchanges consists of conversions between MYR and USD followed, to a lesser extent, by the euro (EUR), Australian dollar (AUD), Japanese yen (JPY) and the British pound (GBP).
While Malaysia maintains some restrictions on investment, its has greatly liberalised its foreign exchange regulation in an effort to attract foreign direct investment (FDI) in key sectors and establish the country as a financial services hub.
Non-resident Malaysian money transfers
Non-residents are free to invest in ringgit-denominated assets; these may be funded by converting foreign currency to ringgit through licensed onshore banks in Malaysia or their foreign offices, or by obtaining a loan in ringgit.
Non-residents are also permitted to both obtain financing from Malaysian banks and issue debt instruments in foreign currencies. Bank accounts with authorised onshore banks in Malaysia can also be held in either ringgit or foreign currencies. Finally, profits, capital gains, dividends, royalties and interest may be freely remitted outside of Malaysia, but they must be transferred in foreign currency.
Malaysia’s regulatory authority
The Central Bank of Malaysia (Bank Negara Malaysia), monitors the growth of the Malaysian economy and aims to preserve monetary stability and a healthy financial sector. The bank oversees the country’s foreign exchange administration rules, in an effort to promote trade and investment.
Malaysia also maintains an international financial centre on the island of the Labuan, which is directly managed by the Labuan Financial Services Authority (FSA). As a financial hub, individuals and companies in Labuan are subject to dedicated fiscal and regulatory regimes, and we recommend consulting the relevant guidelines issued by the Labuan FSA.
The central bank manages the ringgit on a floating exchange rate, referenced against several trade-weighted currencies.
Malaysia’s monetary unit, the ringgit (MYR), is equivalent to 100 sen (cents) and abbreviated RM for (Ringgit Malaysia). Banknotes are printed with values of RM1, RM5, RM10, RM20, RM50 and RM100. Coins are available in denominations of 5, 10, 20 and 50 sen, and RM1.