Reviewed 2026-10-31. General independent information; check current official immigration, financial and medical guidance before acting.
Expert take — Cost of Asia editorial team The hard part of sending money to Malaysia is often having a Malaysian account to receive it: CIMB, for example, asks working foreigners for an Employment Pass valid for at least six months, an employment letter and proof of a salary of at least RM10,000. Until a local account is open, you may need to pay through a multi-currency account or straight into a landlord's account. Ask your chosen bank for its foreigner document list before you arrive, and plan your first months' transfers around it.
Commercial transparency: Cost of Asia has no contracted partner in this category. Providers are compared on published criteria, and no provider has paid for inclusion. If this changes, affiliate links will be labelled.
This page is for expats, retirees and Malaysia My Second Home (MM2H) applicants who need ringgit in Malaysia. Most need a cheap route for regular amounts and a reliable one for a large sum, such as an MM2H fixed deposit.
Measure options against the mid-market rate. Wise's converter showed about 5.466 MYR per British pound on 31 October 2026. On £10,000, that is about 54,660 MYR, so each 1% of exchange margin costs you roughly 547 MYR.
At a glance
| Best for | Pick | Why |
|---|---|---|
| Regular transfers at a visible cost | Wise | Mid-market rate plus a fee; licensed by Bank Negara Malaysia |
| Holding foreign currency in a Malaysian bank | Maybank Foreign Currency Account | 16 currencies, linked to a ringgit account |
| Existing HSBC Premier customers | HSBC Malaysia Premier | Premier status abroad qualifies you |
| MM2H fixed deposits and other large sums | Your home bank's wire to a Malaysian bank | Single documented transfer into a licensed bank |
How we chose
- Total cost compared with the mid-market rate.
- Eligibility for foreigners, based on banks' published requirements.
- Fit for large, documented transfers such as the MM2H fixed deposit.
- Licensing by Bank Negara Malaysia or under Malaysia's banking laws.
Sources: Wise's Malaysia pages and regulatory disclosures, CIMB, Maybank and HSBC Malaysia requirement pages, and the official MM2H guidelines. Checked on 31 October 2026.
1. Wise — best for regular transfers at a visible cost
Wise Payments Malaysia Sdn. Bhd. is regulated by Bank Negara Malaysia for remittance, money-changing and e-money, according to Wise. It converts at the mid-market rate and shows its fee upfront.
Wise says Malaysian residents can get local ringgit account details, while non-residents can hold and spend ringgit by converting other currencies. That makes it useful in the gap before a Malaysian bank account is open.
Wise's Malaysia pricing page notes a fee discount once you send more than 25,000 US dollars, or the equivalent, in a month.
2. Maybank Foreign Currency Account — best for holding foreign currency in Malaysia
Maybank's Foreign Currency Account comes in 16 currencies, including US dollars, pounds, euros, Singapore and Australian dollars, and yen. It must be linked to a Maybank savings or current account at the same branch.
It suits people paid in foreign currency who want to choose when to convert. Maybank asks applicants to state a purpose (employment, education or other). Its page does not set out eligibility for non-residents, so confirm with the branch. For ordinary accounts, Maybank asks non-residents to bring their passport to a branch four business days after applying online.
3. HSBC Malaysia Premier — best for existing HSBC Premier customers
HSBC Malaysia lists three main routes to Premier: a total relationship balance of RM300,000, a Premier mortgage of at least RM1,000,000, or Premier status in another country. The account covers 11 major currencies.
HSBC says Premier customers get preferential rates and no transfer fees on its Global Money Transfers service. Ask your home HSBC how transfers into your Malaysian account are priced. Keep your eligibility current, because HSBC warns that a monthly account fee may apply if your basis changes.
What would this move really cost you?
Use your own rent, insurance, transport and visa assumptions. Compare options before committing.
4. Your home bank's wire — best for MM2H deposits and other large sums
The MM2H guidelines require participants to hold a fixed deposit with a financial institution licensed under Malaysia's Financial Services Act 2013 or Islamic Financial Services Act 2013. After approval, up to 50% of the deposit can be withdrawn for a home purchase, education, or medical and tourism costs in Malaysia.
A bank-to-bank wire gives you a clean record for that deposit. The trade-off is usually a wider exchange margin. Ask the bank for its rate on your exact amount and compare it with the mid-market rate. If your MM2H visa is still being processed, CIMB's document list requires the MM2H pledge to be made with CIMB, plus a conditional approval letter and an approved social visit pass.
What to check before you decide
- Ask for the bank's foreigner document list before arriving. CIMB also asks for a passport valid for at least six months.
- Expect a branch visit, plus proof of a Malaysian address such as a stamped tenancy agreement or utility bill.
- Check onward limits. Wise's guide says individuals can usually send up to RM50,000 per DuitNow transaction, and banks often share one daily cap between DuitNow and IBG transfers.
- For MM2H, confirm with your licensed agent which bank will hold the fixed deposit before you send money.
FAQ
What is the cheapest way to send money to Malaysia?
For regular amounts, usually a provider that converts at the mid-market rate with an upfront fee. Compare the ringgit received on the same day.
Can I open a Malaysian bank account as a foreigner?
Usually, if you hold a valid long-term pass and the right documents. CIMB, for example, accepts working foreigners with an Employment Pass and a minimum RM10,000 salary, students on savings accounts only, dependants and MM2H participants.
Does the MM2H fixed deposit have to be in a Malaysian bank?
Yes. The official guidelines require it to be held with a financial institution licensed under Malaysian law.
Related guides
- Cost of living in Malaysia
- Money services
- Best banks for expats in Malaysia
- MM2H guide
- Best multi-currency accounts
- Budget calculator
Sources
- CIMB — Documents for identity verification — foreigner documents, RM10,000 salary rule, MM2H and student conditions, proof of address
- Wise — How Wise is regulated in each country — Wise Payments Malaysia licence
- Wise — Can a foreigner open a bank account in Malaysia? (updated 19 January 2026) — branch visits, ringgit details for residents and non-residents
- Wise Malaysia — Send money pricing — mid-market model, 25,000 USD discount
- Wise — GBP to MYR converter — mid-market rate on 31 October 2026
- Wise — IBG vs DuitNow (29 March 2026) — DuitNow and IBG limits
- Maybank — Foreign Currency Account requirements — 16 currencies, linked account, purpose
- Maybank — Requirements for opening accounts — passport, branch visit after four business days
- HSBC Malaysia — Premier — eligibility routes, 11 currencies, Global Money Transfers, monthly fee warning
- MM2H — Requirements and regulations — fixed deposit with a licensed institution, 50% withdrawal rule
Choose the right services for your move.
Explore independent selection criteria and optionally request an introduction. No provider referral, delivery time or quotation is guaranteed.
