Photo Credit: ahmad bakri, Flickr

When it comes to sending money overseas, the duel considerations of thrift and convenience are all too often at odds with one another. Questions and Google searches about the best transference speeds, security assurances and amount limitations can leave you with the feeling that a method which optimizes all areas of concern is always just out of reach. Fortunately, this is not the case!

Though obviously you should do some comparative searching to find which monetary companies have policies most suited for your circumstances/occupation, the businesses found here offer services that will make sure your money gets transferred in the most efficient and economical way possible. 

MoneyGram

The speedy, convenient and efficient services offered by MoneyGram make it easy to see why the company is one of the leading transfer providers in the world. Both Maybank Berhad and CIMB are connected with MoneyGram, and the extensive network of agents can be found here.

Transferring funds with MoneyGram is a breeze with the easy to follow 5 step system that is clearly outlined on the company website. Users will need to fill in a simple ‘send’ form, for which personal identification (passport, driver’s license) is needed, after which they will receive a reference number. The money can be accessed by the receiver, by way of the reference number, a mere ten minutes after it has been sent.  

Transfer costs with MoneyGram vary from country to country, and anyone considering using the services offered can compare prices with the convenient cost estimator system found on the website.

Transferring money to countries close to Malaysia such as Thailand or Indonesia is significantly cheaper than transferring to more far-flung locals such as America and Europe. 

PayPal

This easy to use e-commerce business platform has over 128 million active accounts throughout the world and it is easy to see why. PayPal offers flexible, private and relatively inexpensive money transfer services for users- though both the sender and receiver will need to open their own free accounts.  

Much like MoneyGram, PayPal has an easy to use currency converter and comparison system that will instantly calculate how much you will be charged for your transfer and how much it will be worth in USD. Senders can use a broad range of payment methods including withdrawing from your bank account, credit or debit card.

In the Malaysian Context, if you wish to send money to a neighboring country such as Thailand and you use your bank account or existing PayPal account balance, you will incur no service fees (though transfer via credit card will cost you RM36). Transferring money by the same method to countries further away will cost you a small service charge and a slightly higher price for credit card transfer. Further information on specific transfer costs can be found here.

PayPal’s groundbreaking donation and fundraising products may also appeal to those who intend to transfer funds for such purposes, with payment methods simplified into stages which bypass the potential pitfalls that can be fallen into when we give money online.

Further information on these products can be found here.

Western Union

One of the most well established and rigorously regulated money transfer providers in the world, Western Union is aligned with a host of Malaysian Banks including Public Bank Berhad, Hong Leong and the United Overseas Bank.  

Western Union associated offices can be found in every state in Malaysia and their Authorized Service Providers are accessible every day of the week. Maximum send amounts with Western Union depend on which organization the funds are being transferred in conjunction with. So, for example, the maximum send amount with Public Bank Berhad is USD16,495 per transaction, per day whereas the limit for RHB Bank is only USD6,000 equivalent per person, per transaction, per day.

Expats and travelers alike must produce valid passports in order for their transfers to be approved and for transactions that exceed RM50,000 a valid reason must be formally submitted.

More information about Western Union’s transfer procedure can be found here. 

Many expatriates tend, initially, to favor the personal cheque approach to dispensing their funds overseas. However, this process all too often involves frustrating exchange fees and bureaucratic delays. For this reason, money orders and bank drafts are generally preferred for physical transfers.  

Expatriates are also encouraged to approach their individual banks to see what specific money transfer policies can be enforced as, depending on where the money is being sent, added incentives may be available. 

Homepage Highlight Photo Credit: lunaticg.blogspot, Flickr

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