Transfer Money from
India to Malaysia

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Transfer Money from India To Malaysia

Transfer money overseas effortlessly

For decades now, Malaysia has been home to a significant portion of the Indian population. This has led to a banking channel, which sees frequent fund transfers between India and Malaysia. If you need to send money from India to Malaysia, you can do so without any hassles. Money transfers from Malaysia to India have become more accessible than ever, and your beneficiaries in Malaysia can receive the transferred sums within a few days.

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Convenient Ways to Transfer Money from India to Malaysia

  • Bank Transfer (Wire Transfer).
  • Transfer via RBI Authorized Exchange Houses, i.e., Non-banking Financial Company, Full-Fledged Money Changers, select rural or urban co-operative banks.
  • Digital Payment Platforms.

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How To Initiate a Wire Transfer to Send Money To Malaysia via digibank by DBS?

Bank Transfer is the most economical and safest way you can send money overseas.

  1. Login to your digibank by DBS mobile app and add details of your beneficiary residing in Malaysia. You will need the personal and bank details of the beneficiary – their name, bank account number, international bank account number (IBAN), and Society for Worldwide Interbank Financial Telecommunications (SWIFT) code.
  2. Now login to digibank by DBS internet banking website and locate the money transfer option.
  3. Select the beneficiary and enter the desired amount and currency of the beneficiary’s country of residence, Malaysian Ringgit (MYR), in this case.
  4. The bank will charge a transfer fee, and the beneficiaries also have to pay a transaction fee on their end upon receiving the fund transfer.

As per the RBI, the daily upper limit on overseas transfer is USD 25,000, equivalent to other currencies. However, you must check for limits placed by the bank on outgoing money transfers. The time for the recipient to receive money in their bank account will be anywhere between a few working days to a week.

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Why Choose digibank by DBS to Transfer Money from India to Malaysia

  • With digibank by DBS, you can send money to Malaysia and other countries with little to no paperwork. The bank digitally collects the required payment details and declarations when you initiate a fund transfer request to Malaysia. You can submit these details on the digibank by the DBS internet banking portal.
  • digibank also enables you to initiate international money transfers anytime, including on public and bank holidays. The bank will process the request on the next working day as per the cut-off time.
  • digibank by DBS also provides competitive exchange rates, secure banking, locked Forex rates and many more services.

Send money to Malaysia easily, with digibank by DBS

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Frequently Asked Questions

How is my international transfer request funded?

When you place a request to transfer money from India to Malaysia on the digibank by the DBS Internet Banking portal, your savings account gets debited with the equivalent INR amount shown on the confirmation receipt.

What are the minimum and maximum limits on overseas funds transfer with digibank by DBS Internet banking?

The minimum limit is USD 10 (or its equivalent) per transaction, while the maximum limit is USD 25000 per transaction. The daily limit is USD 25000. The annual limit is USD 250,000.

When will the beneficiary receive the payment?

For the USA, UK, Australia, Canada, Europe, Hong Kong and Singapore, the beneficiary will receive the payment on the same day, provided the payment is made before the cut-off time. If payment is sent out after the cut-off time, the beneficiary will receive the amount on the next working day. For other countries or currencies, the payment will be received in 1-3 working days if sent before and 2-4 working days if sent after the cut-off time.

What is the processing fee for outward remittance through digibank by DBS Internet Banking?

digibank by DBS does not charge any processing fee for international fund transfers to the USA, UK, Australia, Canada, Europe, Hong Kong, and Singapore. For other countries or currencies, INR 500 is charged upfront as a processing fee. There is no hidden cost, and all charges are displayed during the transaction.