What is the minimum and maximum amount I can transfer from Malaysia

How to transfer and receive money from overseas

If you are an expat citizen living in Malaysia, you might often feel the need to send money abroad to your loved ones. It would include your family, as you would need to take care of their maintenance and other expenses. This would leave you wondering, at times, what is the minimum and maximum amount of money you can transfer from Malaysia. Let us explore this topic in detail.

Why do banks and transfer services impose limits

Banks and money transfer companies have their own predefined money transfer limits. It is because they try to keep their own costs down. They may restrict the amount you can send within a day, week or month. In some cases, service providers might also limit the money you can transfer in six months or one year.

When such restrictions are in place, it can become difficult for you as you will have to make multiple transfers and keep track of each one. Your recipient will also have to pay fees each time when receiving the money. Additionally, if there is an emergency, the recipient might not be able to receive all the funds at once.

Why do banks and transfer services impose limits

What is the minimum and maximum amount I can transfer?

Banks and money transfer agencies define the lower and upper limits based on their operational convenience. It can also vary based on the nature of your money transfer. Some service provider might restrict you from sending RM10,000 in a day, while others may not have any limits. The amount might also depend on the currency you want to transfer. Most major currencies don’t have regulations and can get transferred freely. Other regulated currencies may remain subject to regulatory norms.

How to send money from Malaysia to any foreign country

You can enlist the services of a bank or money transfer company to send money abroad from Malaysia. However, it is advisable to choose a money transfer service provider as they offer better rates. Here are some steps you need to follow in either of the cases.

Visit the wire transfer section and get more details before you initiate the transaction.
Look out for any minimum or maximum limits on online bank transfer.
Add recipient’s bank details, the amount you want to transfer, and the pickup options.
You will have to pay the processing fee and confirm the transaction.
Enquire how long does a wire transfer take to reach the recipient.

Transfer money abroad conveniently with Lotus Remit

If you are looking for the best way to send money online, look no further than Lotus Remit. As an authorized and leading money transfer agency in Malaysia, we have been in the business for years. We offer the best exchange rates and charge only a nominal service fee, which will be worth the entire amount you want to transfer. There are several ways to transfer money online, but choosing the service provider is important. Contact us today to know about our exchange rates and services.