Ways to Send & Receive Money Internationally in Malaysia

If you are in Malaysia. there are many ways to send or receive money to/from overseas. Each methods differ in terms of transfer speed and fees involved.

Some methods also requires additional the sender or recipient utilize their cards such as VISA Money Transfer.

The table below is some of the methods to send and receive money to/from overseas. Transfer speed and fees is relative.

Speeds Fees Remarks
1 Foreign Telegraphic Transfer / Wire Transfer Fast to Slow Low Speed depends on the recipient country, Bank & whether any intermediate bank involved
2 Western Union Very Fast High
3 MoneyGram Very Fast High
4 International Money Orders Slow Low Limited to 21 countries
5 VISA Money Transfer Very Fast Low Service by M2U Visa Direct & UOB Visa Money Transfer. Recipient must have VISA Card
6 PayPal Instant High  No fees for country allow personal payment.
7 Citibank Global Transfer Instant Free Limited to certain countries & must have Citibank account.

e-money Payment Instrument in Malaysia

e-money is a type of payment instrument where it contains monetary value that has been paid in advance by the end-user.

With e-money, end-users can purchase goods and services from merchants. When users pay using e-money, the amount will be automatically deducted from their e-money balance. E-money comes in different forms and can be broadly categorised as card-based and network-based, which are currently accessible via the internet and mobile phones.

Below are the list of approved and licensed e-money issuers


  1. Alliance Bank Malaysia Berhad
  2. AmBank (M) Berhad
  3. Bank of China (M) Berhad
  4. CIMB Bank Berhad
  5. Citibank Bank Berhad
  6. Malayan Banking Berhad
  7. RHB Bank Berhad


  1. AEON Credit Services (M) Berhad
  2. Bandar Utama City Centre Sdn. Bhd.
  3. Celcom Multimedia (Malaysia) Sdn. Bhd.
  4. Chevron Malaysia Limited
  5. Com2U Sdn. Bhd.
  6. Digi Telecommunications Sdn. Bhd.
  7. Maxis Mobile Services Sdn. Bhd.
  8. Mobile Money International Sdn. Bhd.
  9. MAA Cards Sdn Bhd
  10. MOL Access Portal Berhad
  11. MRuncit Commerce Sdn. Bhd.
  12. PayPal Pte. Ltd.
  13. Raffcomm Sdn. Bhd.
  14. Silverlake Global Payments Sdn. Bhd.
  15. Touch ‘n Go Sdn. Bhd.
  16. Tune Money Sdn. Bhd.
  17. Webonline Dot Com Sdn. Bhd.
  18. Merchantrade Asia Sdn Bhd

MEPS & HOUSe Shared ATM Network (SAN)

Currently, there are two (2) Shared ATM Network system operating in Malaysia namely MEPS & HOUSe.

MEPS Shared ATM Network enable bank customers to conveniently access their funds anywhere from any of the participating banks’ ATMs.

Customers of participating banks who are issued with chip-based Bankcard can use any ATM from any participating banks. There are more than 11,000 MEPS Shared ATMs with MEPS logo throughout Malaysia.

The network is shared by most of the commercial banks in Malaysia and can be used by
card holders to

  • Cash withdrawal
  • Balance enquiry
  • Interbank ATM funds transfer to current account and savings account, loan repayment, and credit card repayment
  • Interbank ATM mobile prepaid top-up

Customer will be charged from MEPS Shared ATM Network usage. The charges ranging from RM1 to RM4 depending on types of transaction and banks. Normally, the charge on cash withdrawal is RM1.

On top of ATM owned by participacing banks, MEPS Shared ATM Network also consists of while-label ATMs which are owned and managed by MEPS.

Among the participating banks within MEPS Shared ATM Network are Affin Bank, Alliance Bank, Al Rajhi Bank, Agro Bank, AmBank, Bank Islam, Bank Rakyat, Bank Muamalat, Bank Simpanan Nasional, CIMB Bank, Citibank, Hong Leong Bank, HSBC Bank, Kuwait Finance House, Maybank, OCBC Bank, Public Bank, RHB Bank, Standard Chartered Bank and United Overseas Bank.

The second Shared ATM Network, HOUSe is a separate ATM system. HOUSe network is shared by four locally-incorporated foreign banks. They are United Overseas Bank (Malaysia), OCBC Bank (Malaysia), HSBC Bank Malaysia and Standard Chartered Bank Malaysia.

Customers can have access to over 300 HOUSe ATMs nationwide to make balance inquiries or cash withdrawals. RM1 service fee will be charged for every successful cash withdrawal transaction.

M2u Visa Direct – International Money Transfer

Maybank2u users are now be able to use M2U Visa Direct, an international fund transfer service which allows Maybank Savings and Current account to transfer funds to an overseas Visa debit, credit or prepaid cards via Maybank2u.

This service will bring a lot of convenience to Maybank2u user to transfer fund overseas and the most importantly, it only cost RM10 per transfer. On top of that, there is no service fee charged to the beneficiary for receiving funds.

Upon transfer completion, the funds will be credited directly to the beneficiary’s card account. The method for the beneficiary can access the funds depending on card type and shown below.

  • Visa debit card – Funds will be credited into the beneficiary’s banking account linked with the Visa debit card. Beneficiary can do cash withdrawal, bill payment or retail purchases.
  • Visa credit card – Funds credited into Visa credit card will offset the Visa credit card’s outstanding balance. The beneficiary can directly use the available credit balance for bill payment or retail purchases.
  • Visa prepaid card – Visa prepaid cardholder can directly use the available credit balance amount for bill payment or retail purchases.

With M2U Visa Direct, Maybank2u users may transfer money to more than 200 countries with an exception to Visa card issue in Columbia, Cuba, Iran, Israel, USA, Sudan, Syria and Venezuela.

Another good feature of M2U Visa Direct is the money will be fast credited to the beneficiary card. For card with fall under Fast fund category, the money will be available almost realtime (within 30 minutes) while for Non fast fund category, the money will be available within 2 working days.

The transaction limit are as below

  • Minimum transfer amount – RM300.00
  •  Maximum transfer amount – RM7,500.00
  •  The limit is also subjected to a total of RM50,000 per calendar month or 8 transactions per calendar month whichever is earlier.

The service is available 24 hours x 7 days a week except during Maybank2u maintenance hours.

MyDebit Payment System in Malaysia

MyDebit is a simple, secured, precise and cashless payments system. The payments system utilized regular ATM card to pay the merchant at the Point-of-Sale (POS) terminal.

Consumers only need to present their ATM card, key in the PIN number in order to complete the purchase transaction. Debit request is passed through the Inter-Member Network where the ATM Card, Personal Identification Number (PIN) and required funds for the purchase are verified by the issuing bank.

The payment will be deducted immediately from consumer’s savings or current account and deposit directly into the retailer’s or merchant’s bank account.

This provides consumers with better cash management and peace of mind as all transactions are PIN based. In addition, the new card is embedded with a sophisticated, tamper-resistant smart chip to protect consumers against the risk of fraud.

At the end of a successful transaction, the merchant will hand over the official receipt for the purchase.

Similar to the purchases made by any other payment method, refunds and exchanges are depending on merchant policy. Refunds can be processed through the MyDebit service providing the cardholder who made the purchase is present to authorize the refund transaction.

MyDebit are chip-based ATM cards issued by Malaysian banks. Some of the issuing banks are Affin Bank, Alliance Bank, Agro Bank, Ambank, Bank Islam, Bank Muamalat, Bank Rakyat, CIMB Bank, Hong Leong Bank, Maybank, Public Bank & RHB Bank.

MyDebit payments system is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

Direct Debit Payment Systems in Malaysia

Direct Debit Payment System is a simple, safe and the most convenient way for consumers to pay bills or make recurring payments such as insurance premium, utility bills, loan installment payment directly from their bank account.

It is more secure than making payment by using cheque or cash, because the fund is automatically deducted from consumer account and credited directly into the merchant’s account. As the payment is fully automatic and certain, consumers don’t have to worry about their bills either forgot to make payment or lost in the mail. Automatic payment also eliminates the risk of late-payment charges.

If you are interested to enroll in Direct Debit, here are the steps.

  • Contact the organisation or company that you wish to make payment.
  • Complete the MyClear Direct Debit Authorization Form (DDA Form) to authorize a merchant to debit your bank account for the agreed amount and frequency.
  • The merchant will then notify your authorization instruction onto your bank to deduct the agreed amount from your account for verification of signature and approval.
  • Upon approval, the agreed amount will be automatically deducted from your bank account for the recurring payments to your merchant’s account.
  • Just ensure that, you have sufficient funds in your account when the payment is due.

Participating banks are Bank Islam, Bank Kerjasama Rakyat, Bank of America (M) Berhad, CIMB Bank, Citibank, Deutsche Bank, Hong Leong Bank, HSBC Bank, J.P. Morgan Chase Bank, Maybank, OCBC Bank, Public Bank, RHB Bank and Standard Chartered Bank.

Consumer may be charged for Direct Debit transaction, but the charges or fee will depend on the merchant.

There is no limit on the number of direct debit transactions or value of each transaction. You just need to ensure the fund available in the account is sufficient.

For any reason, if you need to cancel authorize direct debit instruction, simply complete the Direct Debit Authorisation Form (DDA Form) which is available from your merchant. On the form you will find ‘Type of Application’ field; please select ‘Termination’

Direct Debit is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

MyClear role is to provide technical expertise, interbank switching and routing infrastructure and manage the clearing and settlement for the banks.

Retail Payment Systems in Malaysia

Retail payments systems are method used to make small payments by individuals and businesses. The most popular method is via cash. These are the payment systems, other than cash, that ca be use in daily life.

Retail payments in Malaysia can be divided into three categories

1. Types of retail payment systems

2. Types of retail payment instrument

3. Types of retail payment channels

  • Internet banking
  • Mobile banking
  • Mobile payment

Interbank RENTAS Money Transfer in Malaysia

Real-time Electronic Transfer of Funds and Securities System (RENTAS) is the only large value payment system in Malaysia.

It provides multi-currency real-time gross settlement of interbank fund transfers, multi-currency debt securities settlement, and depository services. Foreign currency custodian services and securities settlements are done via Euroclear link.

Normally, RENTAS is used for

  • Transfer large value of funds between banks.
  • Banks withdraw cash from their deposits (accounts) with Bank Negara Malaysia
  • Adjustments of statutory reserve requirements that the banks must hold with Bank Negara Malaysia
  • Settle money market transactions
  • Settle the ringgit part of large foreign currency transactions
  • Transfer of scripless securities such as Malaysian government debt securities that are issued in electronic form

Currently, RENTAS interbank transfer is only can be done over the counter as participating bank as internet banking does not offer this kind of facility.

When compare with Interbank GIRO transfer, the cost to make a RENTAS transfer is higher. It normally cost in between RM5 to RM14 depending on banks versus RM0.10 to RM2 for GIRO Transfer.

RENTAS Transactions are settled throughout the day, as they occur in real time. Normally, the fund will be sredited to recipient account on the same day.

Although RENTAS is designed for large value payments, there is no minimum limit for payments between member institutions. However, there is a minimum limit of RM10,000 for payments that originate from a non-RENTAS member, but this limit does not apply to payments to or from the government or Bank Negara Malaysia itself.

RENTAS is operated by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

RENTAS membership is restricted to licensed financial institutions in Malaysia. The members include commercial banks, Islamic banks, Investment banks, Development Financial Institutions and non-bank financial institutions that operate in the money markets or capital market. RENTAS is also used by the government of Malaysia.

FPX Payment (Financial Process Exchange)

FPX Payment (Financial Process Exchange) is a secure online payment gateway system that allows consumers to make real time online payments by using their existing current or savings account. FPX provides consumers with the convenience to purchase at their retail websites and online stores. Consumers are not required to register to make FPX Payment.

The great thing about FPX is it allow to make payment between different participating financial institutions or banks. Currently, the participating banks are Maybank, CIMB Bank, RHB Bank, Public Bank, Hong Leong Bank and Bank Islam.

The only drawback of FPX Payment is, consumer needs to have an Internet banking account with any of the six (6) participating banks mention above. Since FPX is for online payment, there should not a bigger issue as most of the consumers who shopping online, have an online banking account.

To use FPX payment, kindly follow these simple steps,

  1. Ensure pop-up blocker of your browser is disabled.
  2. At the merchant website. Select FPX as a payment option.
  3. Select your preferred bank and you will be directed to the Internet banking log-in page.
  4. Proceed to log-in and complete the payment.
  5. Once the transaction is successful, a separate notifications will be sent from the merchant, bank and FPX System.

FPX service operating hour is from 1:00am to 12:00am daily, seven days a week, 365 days a year. However, FPX service is also dependent on the participating banks’ Internet banking service availability.

The maximum transaction limit for an individual banking account is RM 30,000.00 per transaction and RM 1,000,000.00 per transaction for a corporate banking account. However, the above limit is subject to your Internet banking transaction limit, whichever is lower.

FPX Payment System is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia. MyClear provides technical expertise as well as providing interbank switching and routing infrastructure for the banks. They will also manage the clearing and settlement on behalf of the banks for the FPX service.

Interbank GIRO (IBG) Money Transfer in Malaysia

Interbank GIRO (IBG) is an electronic fund transfer payment system which allows transfer of money in between paticipating financial institutions within Malaysia. The IBG system is managed by MyClear, a subsidisary of Bank Negara Malaysia.

IBG fund transfer is secure, convenient and cost effective way to move fund between different banks. IBG Services allow customers to transfer fund between own or third party for the purpose of normal money transfer or payment to loan or credit card accounts.

Individual can perform IBG transaction via ATM machines or internet banking or over the counter. The maximium limit for fund transfer via internet banking is up to RM10,000 per day depending on banks, while over the counter IBG transfer can be as high as RM1,000,000.

The charges for IBG transfer is only RM1.00 for ATM machines transaction, RM0.10 for Internet Banking transactions and RM2.00 for transaction over the counter transaction.

For IBG transfer via ATM machines, the fund will be available instantly.

If the transaction is made via internet banking, the money will be available in the recipient account on the same day if transaction is made before 12.30pm on Monday to Friday. After 12.30pm, the fund will only be credited into recipient account next working day. If the transaction made on Saturday, Sunday or Federal Territory Public Holiday, the fund will be credited on the next working days.

Paticipating banks are Affin Bank, Agrobank, Alliance Bank, Al-Rajhi Bank, AmBank, Bank Islam, Bank of China (soon), Bank Rakyat, Bank Muamalat, Bank of America, Bank Simpanan Nasional, Bank of Tokyo – Mitsubishi UFJ, CIMB Bank, BNP Paribas, Citibank, Deutsche Bank, Hong Leong Bank, HSBC Bank, Industrial and Commercial Bank of China (ICBC), JP Morgan Chase, Kuwait Finance House, Maybank, Mizuho Corporate Bank, OCBC Bank, Public Bank, RHB Bank, The Royal Bank of Scotland (soon), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.