Sunway Money review: cheap international money transfers in Malaysia?

Hannes Ausmees

Sunway Money offers international transfers from Malaysia to 60+ countries, with funds being deposited directly into bank accounts around the world in a range of popular currencies. If you need to send a payment overseas, you may be considering a Sunway money transfer as an easy way to arrange your payment online or in-app.

This Sunway Money review covers all you need to know including how to set up a Sunway Money payment, and the fees and exchange rates to expect. We’ll also introduce Wise as an alternative for low cost international payments, so you can compare and find the best provider for your needs.


What is Sunway Money?

Sunway Money¹ offers international payments for individuals and businesses in Malaysia, and serves 10,000+ customers. Sunway Money Malaysia is fully licensed by Bank Negara, and part of the bigger Sunway Group which covers a range of businesses across real estate, construction and other sectors.

Sunway international money transfers can be sent to over 60 countries, including popular payment destinations in Southeast Asia, Europe and North America. You’ll be able to apply for a Sunway account online or in the Sunway app, and start making payments once your account is verified and approved. With personal customers this can be pretty much instant, although business customers may need to wait a day or so to have their accounts activated.

Once you have a Sunway account set up you can make payments online and in-app, pay in MYR, and have your money deposited in the currency of your choice, directly into your recipient’s bank account.

Sunway Money transfer exchange rate and transfer charges in Malaysia

Sunway Money charges a flat 1 MYR fee for international payments, although in some cases additional SWIFT charges and fees applied by the recipient's own bank may also apply. There will also be an exchange rate markup - a fee added into the exchange rate that’s used to convert your ringgit to the currency you need.

Exchange rate markups are commonly used by banks and money transfer services, but they can make it harder to see the full costs of your payment, as this fee is not split out separately for easy comparison. To see the Sunway Money exchange rate markup you’ll need to compare the exchange rate you’re quoted for your transfer against the mid-market exchange rate - the one you’ll find on Google.

If you’re sending 3,000 MYR or more, you may be eligible for a discount on your Sunway money transfer². This - as well as the full Sunway Money charge you’ll pay - will be shown in the Sunway app or on the desktop site when you set up your transfer.

Overseas remittance comparison - Sunway Money vs Wise

Not all money transfer services use an exchange rate markup. Some, like Wise, split out the costs of your transfer for transparency, and convert your funds using the Google exchange rate.

Wise international transfers can be sent to 80+ countries in 50+ currencies, and can arrive fast too. In fact, 50%+ of Wise payments arrive instantly, and 90% get there within 24 hours³. You’ll also be able to open a multi-currency Wise account to hold and exchange 50+ currencies, get paid like a local from 30+ countries, and spend with your linked Wise card in 170+ countries.

Let’s take a look at how Wise and Sunway Money transfers compare on some key features:

FeatureSunway MoneyWise
EligibilityAvailable for Malaysian citizens and residents²Available in all but a very small number of countries
Send payments to60+ countries, 30+ currencies80+ countries, 50+ currencies
Transfer fees1 MYR + potential SWIFT and recipient bank chargesLow, transparent fees which vary based on destination⁴
Exchange rateExchange rate is likely to include a variable markup added to the mid-market rateMid-market rate
Transfer speedImmediate to 3 days²50% of payments are instant, 90% arrive in 24 hours
Multi-currency accountNot availableAvailable to hold and exchange 50+ currencies
Local bank details to get paid fee freeNot availableAvailable for up to 10 currencies
Linked debit cardNot availableAvailable for spending in 170+ countries
SafetyLicensed by Bank NegaraLicensed by Bank Negara and a range of other regulators globally

Model your Wise transfer here

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

How to use Sunway Money transfer

Let’s walk through the steps you’ll need to take to apply for a Sunway Money account and arrange your first Sunway money transfer¹.

  1. Download the Sunway app, or head to the desktop site
  2. Click Sign up
  3. Enter your personal details
  4. Complete the verification step - more on this in a moment
  5. Once your account is verified you can make your first transfer

To open a personal Sunway account you’ll need to provide:

  • An image of your NRIC or passport
  • A selfie

And if you’re looking for a business account, you’ll have to prepare:

  • Relevant company secretarial documents
  • An image of the director’s ID
  • Shareholder organisational chart

Personal customers can have their account application approved instantly through electronic verification, while business customers will need to wait for Sunway to get in touch to confirm their account is ready to use.

To send a payment with Sunway Money you’ll need to log into your account and add the amount of money you want to send, and the currency it should be deposited in. You’ll be prompted to enter⁵:

  • The name of the recipient
  • Recipient’s nationality
  • Recipient’s address
  • Recipient’s bank details including account number

Malaysians and expats can send up to 30,000 MYR a day once they’ve completed the e-verification process. If you want to send more, you’ll need to complete a face to face verification process. Business customers who have completed the face to face verification process can send up to 3 million MYR a day to business recipients.²


Sending a payment with Sunway Money is pretty straightforward once you’ve completed the verification process. However, it’s always best to shop around to make sure you’re getting the best available fees and exchange rates for your transfer. Other providers, such as Wise, may offer just as convenient a service with more transparent fees and a faster delivery time.


  1. Sunway Money
  2. Sunway Money FAQ
  3. Speed: The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions
  4. Pricing/fees: Please seeTerms of Use for your region or visit WiseFees & Pricing for the most up to date pricing and fee information
  5. Sunway Money terms and conditions

Sources checked on 09/02/2023

*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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