What are the alternatives to Remitly available for Malaysians

Remitly¹ is an international payment provider which allows customers in 21 sending countries to make payments to over 100 receiving countries around the world. If you’re looking to send an international transfer you might be wondering whether Remitly Malaysia is an option - this guide has you covered.

Is Remitly available in Malaysia?

You can’t use Remitly money transfer to send payments if you’re a resident in Malaysia, or if you’re using a payment method linked to a Malaysian bank account. However, you can receive a payment through Remitly if you’re based in Malaysia.

When you register a Remitly account you’ll have to select your sending country which should match your residential address and the address associated with your preferred payment method. Malaysian citizens living in one of the send countries served by Remitly will be able to create a Remitly account using their local proof of address and bank account in that country. You can register an account and make payments using Remitly from the following countries²:

• Australia
• Austria
• Belgium
• Canada
• Denmark
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Latvia
• Lithuania
• Netherlands
• New Zealand
• Norway
• Singapore
• Slovakia
• Spain
• Sweden
• United Kingdom
• United States

Can I send money to Malaysia with Remitly?

Yes. Remitly Malaysia is available for inward payments - which means you can receive a payment in Malaysia via Remitly if the sender is in one of Remitly’s 21 eligible send countries.

To make a Remitly money transfer to Malaysia the sender will need to create an account and enter their registered address in an eligible send country. If you plan on sending money to Malaysia, this Remitly money transfer review which walks through how to register a Remitly account might help.

Best alternatives similar to Remitly available for Malaysians

If you’re a resident of Malaysia you won’t be able to use Remitly to send payments. However, there are plenty of great alternatives out there which are just as convenient - and may even get you a lower overall fee, too. Here are a few options to consider, depending on the type of transfer you need to make.

Wise (formerly TransferWise)

Open a Wise account online or in the Wise app to send international transfers to 80+ countries, and get paid fee free with local bank details for 10 currencies.

Wise accounts are opened and operated entirely online or in the smart Wise app. You can send payments easily to countries around the world, which you fund with FPX or bank transfer. Wise transfers are often instant, with more than 80% arriving within 24 hours - making it faster, and cheaper than using a regular bank.

Where Wise really comes through in the Remitly vs TransferWise showdown is on exchange rates. Wise always uses the real mid-market exchange rate with low, transparent fees. That means it’s always easy to see exactly what you’re paying for your international money transfer. Remitly on the other hand may include a markup on the rates available which is an extra fee which could push up the overall cost unexpectedly.

Instarem

Send money to 55+ countries with Instarem³, with low fees and smaller exchange rate margins compared to regular banks.

Instarem was founded in Singapore in 2014 and now has offices throughout the region, as well as in the US and Europe. Customers can set up personal and business accounts, to send payments to 55+ countries, in a broad range of currencies.

When you make a payment with Instarem you’ll see the full costs before you confirm, including any transfer fee which applies. You’ll also see the exchange rate being used so you can compare it to other providers to make sure you’re getting the very best deal. Instarem offers reward points which can mean that you earn discounts on future transactions. Want to know more? Get your full Instarem review here.

PayPal

PayPal is a global giant which offers domestic and international payment services as well as powering ecommerce transactions all over the world.

PayPal offers super convenient ways to get money moving locally and internationally, with transfers between PayPal accounts happening more or less instantly. You won’t need your recipient’s bank account details to send a payment, just an email or phone number, and payments can be made to more or less any country in the world.

The drawback to PayPal when it comes to international transfers is usually the cost. There’s a PayPal transfer charge⁴ of 4.99 USD + 3.4% if you pay for your transfer by credit card. In addition to this you’ll pay a currency conversion fee which can vary by currency, but can be in the region of 4%. Find out more about PayPal Malaysia’s fees here.

Summary

Remitly isn’t an option if you live in Malaysia. But the good news is that there are plenty of other providers which can also offer an easy and intuitive way to send payments online and via your smartphone. Use this guide as a starting point to compare a few, including Wise for low cost transfers which use the real mid-market exchange rate.

Get a Wise account for free!