Send Money From Singapore And Australia To Worldwide


How to Send Money to Malaysia from Australia?

True! One of the challenges of living in Australia being the Malaysian immigrant is to send money to Malaysia from Australia safely and quickly every month. In this regard, there are dozens of money transfer options such as Speed Remit helping you to send money with the practical exchange rates and sensible fee. Furthermore from a banking channel to online money sending method, you can opt for any option being convenient for you but honestly, money transfer providers are the most popular ones nowadays for expats in Australia particularly to send money to Malaysia from Australia. Before, you actually opt for the services of any remittance transfer provider, you really need to be satisfied of its charges for making money transfer pocket-friendly. Always remember that how quick your family gets money back home depends on the service and transaction method you avail, so be careful of choosing a money transfer service to send money to Malaysia from Australia. Furthermore, being a regular money sender from Australia to Malaysia, it is must to keep up with the exchange rates as they fluctuate so often and may impact your money transfer transaction. Furthermore, being a smart money sender, knowing the fee structure is must because the more you educate yourself, the more you make this process of sending money to Malaysia from Australia smoother.


Following are types of money transfer fees in this specific business sector, so get yourself aware of them beneath.


  • Incoming Transfer and Outgoing Fees: Each financial institutions and banks come-up with their own specific set of fees specifically when it comes to send money to Malaysia from Australia. The majority of banks separate their fees into the incoming & outgoing wire-transfer-fee irrespective of transfer mode domestic or international. The outgoing-wire-sending fees vary from 20-35 Dollars for the domestic transaction, and for international transfer they differ from 0 to 16 dollars
  •  Intermediary Money Transfer Fees: Few money transfers include a third-party bank facilitating the entire money transfer procedure among banks with having a no financial relationship all together. It means that you should be aware of intermediary bank’s charges when you send money to Malaysia from Australia. Yes, the intermediary bank may levy a transfer fee in addition to the charges from incoming or outgoing transfer.
  •  Exchange Rates: While it is not necessarily a fee, it is the cost of money transfer that you cannot overlook while sending money to Malaysia from Australia. Yes, you must make sure to the account for the conversation rate; thus, you know the right receiving amount from a remittance transfer or the required money for the outgoing transfer for ensuring that the recipient gets the accurate amount of money.


Some Proven Money Transfer Methods to Malaysia from Australia:

Bank Transfer:

SWIFT/IBAN: You can send money from your Australian bank account to a Malaysian bank account using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) or IBAN (International Bank Account Number) system. Yes, it is one of the common methods to send money to Malaysia from Australia. Contact your bank for details on how to initiate an international transfer. Keep in mind that this method may have higher fees and longer processing times.

Online Money Transfer Services:

PayPal: PayPal is a widely accepted digital payment platform that allows you to send money to Malaysia from Australia. Ensure both you and the recipient have PayPal accounts, and link your Australian bank account or credit card to fund the transfer.

TransferWise:

Wise offers a transparent and cost-effective way to send money to Malaysia from Australia. You can transfer money from your Australian bank account to a Malaysian bank account with low fees and competitive exchange rates.

OFX:

OFX (formerly OzForex) specializes in international money transfers specifically if you talk about sending money to Malaysia from Australia. They provide competitive exchange rates and low fees for transferring money from Australia to Malaysia.

Money Transfer Companies:

 There are dozens of remittance transfer companies, for instance, Speed Remit that has a vast network of agents in both Australia and Malaysia, making it easy for recipients to collect cash. You can send money online, in person, or through their mobile app.

Cryptocurrency:

If you and the recipient are familiar with cryptocurrencies, you can use platforms like Bitcoin or Ethereum to send money to Malaysia from Australia. You would need a cryptocurrency wallet, and the recipient would need to convert the cryptocurrency to Malaysian Ringgit (MYR) on a local exchange.

Prepaid Debit Cards:

Some companies offer prepaid debit cards that can be loaded with funds in Australia and used by the recipient in Malaysia. These cards can be a convenient way to send money to Malaysia from Australia, but be sure to check for fees and currency conversion rates.


Useful Tips to Stay Secure While Sending Money to Malaysia from Australia:


Use Reputable Services:

Choose well-known and reputable money transfer services, banks, or financial institutions to send money to Malaysia from Australia. Research their reviews and ratings to ensure they have a good track record of secure transactions.

Verify Recipient Information:

Double-check the recipient's details to send money to Malaysia from Australia, including their full name and bank account information. Any mistakes can lead to funds being sent to the wrong person or account.

Secure Your Online Accounts:

Use strong, unique passwords for your online banking and money transfer accounts. Enable two-factor authentication (2FA) wherever possible to add an extra layer of security while sending money to Malaysia from Australia. Never use public Wi-Fi networks for the financial transactions, as they are not secure particularly when sending remittances to home. 

Beware of Phishing Scams:

Be cautious of emails, messages, or calls that request personal or financial information.

Verify the sender's identity before responding to any requests for sensitive information while sending money to Malaysia from Australia.

Use Secure Connections:

While sending money to Malaysia from Australia, ensure that the website you're using is secure. Look for "https://" in the URL and a padlock icon in the address bar.

Keep Transaction Records:

Save all transaction receipts, confirmation numbers, and any correspondence related to sending money to Malaysia from Australia. This documentation can be useful if any issue takes place.

Check Exchange Rates:

Monitor exchange rates to ensure you get a fair rate when sending money to Malaysia from Australia. Compare rates between different money transfer providers to find the best deal.

Don’t Send Large Sums in a Single Transaction: 

Consider sending smaller amounts over multiple transactions if you're sending a substantial sum of money and it really makes sending money to Malaysia from Australia affordable. This can reduce the risk associated with a single large transaction.

Evaluate the Fees:

Read the terms and conditions carefully to understand all fees associated with your money transfer. Watch out for hidden fees, including currency conversion fees and intermediary bank charges when it comes to send money to Malaysia from Australia.

Use Encryption Services: 

Some money transfer services offer end-to-end encryption for your transactions and adding an extra layer of security to your financial data is great while sending money to Malaysia from Australia.

Keep Your Devices Secure:

Ensure that your computer, smartphone, or tablet has up-to-date antivirus and anti-malware software installed prior to send money to Malaysia from Australia. Don’t be lazy on updating your operating system & apps for patching security vulnerabilities.

Educate Yourself:

Stay informed about common scams and fraud tactics as it comes to send money to Malaysia from Australia. Awareness is your best defense against falling victim to fraudulent schemes.

Contact Customer Support:

If you have any doubts or concerns about a money transfer while sending money to Malaysia from Australia, contact the customer support of the money transfer service or your bank. They can provide guidance and verify the legitimacy of the transaction.


Tips to Select a Money Transfer Provider to Malaysia from Australia:

Compare Exchange Rates:

Compare the exchange rates offered by different providers to send money to Malaysia from Australia.  Even a small difference in rates can significantly affect the amount the recipient receives in Malaysian Ringgit (MYR).

Consider Fees and Charges:

Review the fee structures of various providers while you send money to Malaysia from Australia. Some may offer lower fees, while others might have hidden charges. Pay attention to currency conversion fees and intermediary bank fees.

Check Transfer Speed:

Different providers offer varying transfer speeds. If you need the money to reach the recipient quickly, choose a provider that offers faster transfer options making it quicker to send money to Malaysia from Australia.

Read Reviews and Ratings:

Look for customer reviews and ratings of the money transfer providers you're considering. This can provide insights into the provider's reliability and customer satisfaction specifically if you send money to Malaysia from Australia.

Ensure Regulatory Compliance:

Confirm that the provider is compliant with financial regulations in both Australia and Malaysia and it makes sending money to Malaysia from Australia more hassle-free. They should be registered with relevant authorities and adhere to anti-money laundering (AML) and know your customer (KYC) regulations.

Security Measures:

Choose a provider with robust security measures to send money to Malaysia from Australia in a more secure way. The top-rated money transfer company also ensures encryption and authentication to protect your financial data and transactions.

Ease of Use:

Consider the user-friendliness of the provider's platform or app to send money to Malaysia from Australia quickly and safely. A simple and intuitive interface can make the process smoother and more convenient.

Customer Support:

Assess the quality of customer support provided by the company when it comes to send money to Malaysia from Australia. Check if they offer multiple channels for customer assistance, such as phone, email, and live chat.

Accessibility:

Ensure that the provider has convenient access points for both sending and receiving money as it comes to send money to Malaysia from Australia. This includes physical locations, online platforms, and mobile apps.

Transparency:

Look for a provider that is transparent about its fees, exchange rates, and terms and conditions to send money to Malaysia from Australia. Avoid providers with hidden charges.

Transfer Options:

 Check if the provider offers various transfer options, including bank transfers, cash pickups, or mobile wallet deposits to send money to Malaysia from Australia.

Track Record:

Consider the provider's reputation and track record in the industry of sending money to Malaysia from Australia. Established providers with a history of successful international transfers are generally more reliable.

Regulated by Financial Authorities:

Ensure that the provider is regulated by relevant financial authorities in both Australia and Malaysia. This helps ensure compliance with financial regulations and offers additional security specifically when you send money to Malaysia from Australia.

Transaction Limits:

 Check the provider's transaction limits to ensure they can accommodate the amount you want to send. Yes, companies are in competition when it comes to transaction limits in order to attract maximum clients mainly when it is to send money from Malaysia from Australia.


Conclusion

Got the right way of sending money to Malaysia from Australia? Sure you do after going through the thorough guide above. Honestly, Speed Remit is definitely the one-stop solution to cater to your money transfer needs to Malaysia in a hassle-free manner.

Choose Speed Remit for sending remittances in a more precise and secure way with easy steps. Moreover, you find it highly responsive whether you send it through your laptop or smartphone. Additionally, the global reach makes it the more practical option of sending money for everyone.

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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team ([email protected]) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.