You may need to transfer money to Malaysia in the local currency, the Malaysian Ringgit. For example, to help relatives and friends or to pay for goods and services. It is essential to choose the safest and most favourable option for transfer.
How to make a bank transfer in Malaysian Ringgit (MYR)
It is most convenient to transfer money to another country in these ways:
- bank transfer;
- international money transfer systems;
- electronic payment systems;
A considerable number of providers offer this kind of service. Making the right choice to minimize overpayments due to commissions and currency exchange rate differences is essential.
At BestChange, you can find exchangers that transfer funds to a Malaysian bank account using the recipient's details. It is enough to create an application, specify the parties, and then pay it in any convenient way in the currency of your country or cryptocurrency.
What banks work in Malaysia
There is a wide range of banking institutions in the country. Firstly, several foreign banks and their representative offices operate. Here are just a few examples:
- Bank of America
- Bank of China
- JP Morgan Chase Bank
- Deutsche Bank
- United Overseas Bank
- Credit Suisse Limited
The Royal Bank of Scotland, etc. Of course, there are also in-house commercial banking institutions operating under a licence from The Central Bank of Malaysia:
- Hong Leong Bank
- Alliance Bank
- RHB Bank
Any of them allows the customer to open an account in Malaysian Ringgit and receive funds through transfers from anywhere in the world. They are also suitable for credit and debit card issuance, investment, students, etc.
The primary regulator of Malaysia's financial system is the Central Bank, which is a supervisory authority for banking and insurance and controls the stock market. The Central Bank also serves as a financial advisor to the government, holds the country's foreign exchange reserves and regulates financial transactions.