IME Malaysia Review: Check exchange rates and fees

Yumiko Kijima

IME - International Money Express - is a leading Malaysian money transfer company. In 2015, IME was acquired by Ria Money Transfer - the third largest global provider of money transfer and currency services.¹

This guide covers all you need to know about IME money transfer including the fees, exchange rates and process involved. We’ll also touch on an alternative as a comparison - cheap and secure online transfers with Wise.

Table of contents

IME money transfer fees and exchange rates - an example

Before we get started, let’s look at a cost example to give a picture of how IME Malaysia measures up against a competitor service.

Cost example: sending 5,000 MYR to a bank account in Indonesia.

ProviderTransfer feesExchange ratesYour recipient gets
IME²MYR 10Exchange rate IME decides (1 MYR =IDR3,448.28)IDR 17,206,917
Wise³MYR 28.77Mid-market exchange rate (1 MYR =IDR3,527.95)IDR 17,538,251 Send money

(Fees and exchange rates correct as at 21 April 2021, at 11:13(GMT+8))

As you can see in this example, your recipient will get more in the end when you choose Wise.

Even though IME has a low headline fee, the IME money transfer exchange rate includes a markup - an extra fee added onto the rate used, that can be hard to spot. Once you take into account this additional fee, the overall costs are higher with IME.

Before you choose a provider for your international transfer, make sure you check out both the fees and the exchange rates on offer. A lower transfer fee doesn’t always mean a lower price overall.

Send money with the real rate: Wise👩‍💻

IME money transfer: Fees and Exchange Rates

Let’s take a look in more detail at the fees and exchange rates available from IME.

IME transfer fees

IME transfer fees depend on where you’re sending money to - you’ll be able to model your payment online easily, and get a quote which includes both the transfer fee and the exchange rate available.

Here are a few examples to give a picture.

Sending MYR 5,000 by bank deposit to:IME transfer fee
IndonesiaMYR 10
AustraliaMYR 15
SingaporeMYR 15
ChinaMYR 40

IME exchange rates

To understand the IME exchange rate it helps to know a bit about the mid-market exchange rate. The mid-market exchange rate is the one that you’ll find on Google or with a currency converter tool online.

However, many money transfer services don’t pass on the mid-market exchange rate to customers. Instead, they add a markup or margin - an extra fee - to the mid-market rate to calculate the rate used for retail transactions. This pushes up the overall cost - and makes it harder to see what you’re really paying for your international transfer.

Check the rate you’re offered by any provider against the mid-market exchange rate to see if a markup has been added.

A cheap and transparent alternative: Wise

Not all international payment providers add a markup to the exchange rates offered. Meet Wise.

Wise uses low, transparent fees and the real exchange rate without any mark-up. You can send money overseas from Malaysia easily online and via the app to 70+ countries with no hidden fees. Even better, Wise is up to 4x cheaper than Malaysian banks.

The true cost of sending MYR to IDR

To send money with Wise,

  1. Register for free
  2. Choose an amount to send
  3. Add recipient’s bank details
  4. Verify your identity
  5. Pay for your transfer by bank transfer or debit/credit card

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Join over 10 million customers and experience a cheaper, faster way to send money abroad.

Sign up for free🚀

How to send money abroad with IME

Here’s how to get started with IME, both online and in person in an IME branch location.


To send money online with IME you’ll first need to create an account. Head over to the IME website and follow the prompts to register. You’ll also need to go through an ID verification process, so have your ID documents handy.⁴

Once your account is up and running, you can send money easily. Here’s how:

  • Log into your account on the IME website
  • Select the* Exchange rate* tab from the top of the screen
  • Enter the details of your payment to generate a quote
  • Check the fees and exchange rates available against other providers to make sure it’s the best deal for your needs
  • If you’re happy, follow the on-screen prompts to fund your transfer - and you’re done

Via branch

You can also make your payment in person by visiting one of the 80+ IME locations which are throughout Malaysia. Find your local branch using the handy online branch locator tool⁵, and call in to arrange your transfer. Don’t forget to take your ID documents, and compare the quote you get against other providers before you confirm it.


Shopping around for the best deal on your international transfer makes sense. IME has a few advantages - you can send money in cash, and have your recipient collect it locally to them in cash too. That’s great if you’re in a hurry, although it can mean you pay extra. There are also plenty of IME locations in Malaysia so there’s a good chance you’ll live close to one.

However, there are also some drawbacks. The upfront transfer fees look fairly low with IME, but you’ll need to check the exchange rate used for your transfer as this may hide an additional charge which pushes up the overall cost.

Compare the service - and of course, the rates and fees - available from IME against other payment providers like Wise. By choosing a provider which uses the real mid-market exchange rate and has transparent fees, you might find you can save.

Send money with Wise🌎

1]IME Malaysia Online

2]IME Malaysia Online: Exchange Rate

3]International Money Transfers from Malaysia - Wise, formerly Wise

4]IME Malaysia Online: Membership Registration

5]IME Malaysia Online: Branch Network

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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