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Monito Score
Recipient gets
88,615 INR
True cost: 48.57 MYR
Compare 5 providers
Sorted by amount received
Monito Score
Recipient gets
88,919 INR
True cost: 31.58 MYR
Recipient gets
88,919 INR
True cost: 31.58 MYR
Monito Score
Recipient gets
88,771 INR
True cost: 39.85 MYR
Monito Score
Recipient gets
88,615 INR
True cost: 48.57 MYR
Monito Score
Recipient gets
86,066 INR
True cost: 191.02 MYR
84,353 INR
True cost: 286.72 MYR
Monito Score
Recipient gets
84,817 INR
True cost: 260.76 MYR
Estimated
Consistently poor exchange rates, high fees and low customer satisfaction.
We source transfer fees, rates and other data from money transfer providers in different ways - in most cases in real time. We constantly monitor the quality of our comparison data, but we cannot guarantee its accuracy.
If the person you're sending money to wants to receive Indian rupees in a bank account in India, then the cheapest option is currently InstaReM, with competitive fees of 20 MYR and a good MYR-INR exchange rate (their current exchange rate is 1 MYR = 17.9044 INR).
The total cost of your transfer with InstaReM is 31.58 MYR, but the total cost of your transfer would be 260.76 MYR (around 8x more expensive) if you were to use Maybank to make the same transaction.
Two other money transfer providers worth considering for your transfer are Wise and WorldRemit.
This recommendation was updated a few minutes ago.
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Today's cheapest money transfer service might not be the cheapest tomorrow. Find the one that's best suited to your needs and preference by comparing the best performers on Monito's comparison engine over the past 30 days for transfers from Malaysia to India:
If you're sending money from Malaysia to India, you'll have two main options. One will be to go through your bank (which we don't recommend because of the high fees). Another option will be to use an international money transfer service.
Using an online international money transfer service is the fastest and cheapest way to transfer money from Malaysia to India. There are several top online transfer platforms that offer MYR to INR transfers, including:
In general, money transfer services are the best way to send money abroad not only because they're the cheapest, but also because they're usually the fastest and easiest to use options out there. Find out more about money transfer services here.
Using your bank — whether it be Maybank, CIMB, UOB, or any other — is indeed a reliable option for sending money from your bank account to a bank account in India. However, it's very expensive and transfers usually take a long time to arrive (between two and five business days). This is because bank transfers go over SWIFT, which involves many steps along the way.
In fact, sending money from Malaysia to India with Maybank, for example, can be around 10% more expensive than making the same transfer with a top money transfer service online. It's for this reason that we generally don't recommend banks to get the job done. Learn more about why online platforms are better than banks for international transfers in our in-depth guide.
A lot of people wonder whether or not they can use Google Pay to send money from Malaysia to India. Unfortunately, it's not yet possible to send money this way at this time, as Google Pay only supports international money transfers from the US.
Would you describe yourself as tech-savvy? Then you'll find online money transfers very handy. The good news is that you could get more Indian rupees for your ringgits by switching to one of the online money transfer providers, for example, Wise, Skrill, Instarem, or WorldRemit to name a few.
In the 21st century, an online money transfer is the equivalent of wiring money — only it's much cheaper and easier! With online money providers, you can send money via your mobile phone, laptop, or tablet with just a few clicks. There's no need to go to a bank or money transfer physical location. They offer much better MYR-INR exchange rates than banks and low and transparent fees. Compare your options in the list above to find the fastest, best rated, or cheapest option to send money to India.
Make sure to compare all providers before every transfer from Malaysia to India to get the best MYR-INR exchange rate every time.
Let's start with the most expensive solutions: banks, cash-based money transfers, and mobile payments apps like Paypal are typically very expensive options when you factor in all fees (which include hidden exchange rate margin fees).
As we mentioned above, the cheapest way to transfer money internationally is to use a specialist money transfer service. They provide much more competitive rates, fees, and commissions than banks or Paypal. Their fees depend on various factors:
A dozen other parameters influence the price of sending money to India. You should check out Monito’s live comparison tool with dozens of services to find the cheapest or fastest one for you!
It comes as no surprise that the speed of your transfer depends on the method you choose to send your money from Malaysia to India.
Online money transfer providers are typically the fastest option. For example, Instarem offers transfers that will go to the recipient's account the same day, whereas Skrill and Wise offer transfers that arrive the next business day.
When comparing the fastest options, always be sure to also compare the exchange rate to check you’re not getting a poor deal. More information about the fastest way to send money abroad can be found in our guide.
If you are living in India and want to receive money cheaply from your friends and loved ones abroad, then take a look at our in-depth guide here.
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You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe.
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To calculate the total cost of your transfer, we compare the exchange rate every provider applies to your transactions with the latest mid-market exchange rate data that we source from XE.
