Sometime ago I want to transfer some money from Australia to Malaysia. I researched for many companies to look for the best (cheap and effective) way. Here it is.
Trasnferwise is the best company you could possibly find for fund transfer from Australia to Malaysia (and I believe for other major currencies to MYR too). Established in the UK, Transferwise supports all major currencies and is invested by Sir RichardBranson, the founder of Virgin group.
1. It uses mid-market rate. This means that your transfer rate is even better than BNM's buyer rate, i.e., the exchange rate they offer is exceptional. In contrast, traditional telegraphic transfer (TT) using banks comes with a 5-10% spread as compared to BNM forex rate.
2. Small transaction fee and no other hidden fee will be incurred. For AUD-MYR, you will be charged 0.7% of the amount you transfer. And because you do not "lose" in forex rate, this means that the money you receive is only 0.7% less compared to the "optimal amount". I bet you can find any company doing better than this.
3. Fast and efficient. From my experience, the service is very impressive. I received the fund the next business day after they received my fund.
4. Reliable and secure. In the process of fund transfer, you will be updated at each stage about your fund status. This gives you peace of mind. You can read some review here. I am not surprised that this company receives 9.5/10 for their service.
If you want to transfer fund from overseas to Malaysia, abandon the exorbitant fees charged by banks and start using Transferwise by registering here. Yes, I have to tell you that this is my referral link. If you signed up using this link you will have a free transfer of up to GBP 500. And if you successfully refer your friends and they have made a transfer, you will be rewarded with cash.