Compare today's MYR to INR (Malaysian Ringgit to Indian Rupee) exchange rates
📈 Malaysia to India Money Transfer Snapshot Today
- Best MYR to INR exchange rate today: INR 23.7300, offered by Instarem
- Number of money transfer providers compared: 6
- Exchange rate range: INR 22.8736 to INR 23.7300
- Potential savings on MYR 1000: INR 856.40
- Number of deals and promo codes: 1
- Mid-market
ⓘThe mid-market exchange rate (also called the interbank rate) is the real MYR to INR exchange rate before providers add their margin or fees. exchange rate: 1 MYR = INR 23.6959 (Updated about an hour ago)
See detailed Malaysia to India money transfer comparison below.
Money Transfer Providers that matched the search criteria
📢 B2B transfers only
📢 Special exchange rate applied for first transfer
If you are making international business money transfers or payments, RemitFinder can assist by matching you with the best options to suit your unique business needs. Get in touch now to see how we can help protect your business revenue by getting you higher exchange rates and lower transfer fees on international business FX.
💡What today's MYR-INR exchange rates mean for you
Compare today's MYR-INR exchange rates and send money from Malaysia to India after comparing numerous money transfer providers. Check the latest exchange rates, read detailed provider reviews, and discover deals and promo codes — all in one place.
RemitFinder compared 6 providers that you can rely on for Malaysia to India money transfers today. Here is a summary of how the competition looks like right now:
Today's Most Competitive Malaysia to India Providers
🥇 Instarem with 1 MYR = 23.7300 INR (best MYR to INR exchange rate today).
🥈 Ria Money Transfer offering 1 MYR = 23.6600 INR.
The exchange rate provided by these 6 providers ranges from INR 22.8736 to INR 23.7300. For a MYR 1000 money transfer from Malaysia to India, that could mean up to INR 856.40 saved on FX alone.
MYR-INR exchange rates fluctuate throughout the day, and top positions can change quickly. This volatility can significantly impact the final INR payout that your recipient gets in India.
That's why we recommend comparing money transfer providers to ensure you can maximize the value of your Malaysia to India remittances.
🔄 Looking for the reverse corridor? Send money from India to Malaysia instead.
Looking for a different option? You can browse all sending countries on our send money from hub, or view all destinations available when sending money from Malaysia.
👇 We also suggest looking beyond today's MYR-INR exchange rate — historical pricing trends show many factors that can affect the overall transfer cost of your transfer.
Whilst MYR-INR exchange rate is crucial, historical data shows that transfer fees, MYR amount sent and payment and delivery methods can also significantly influence your final payout.
Below, we analyze Malaysia to India historical remittance data to help you understand where costs may arise and share some best practices to try to maximize your INR payout.
Data-driven cost insights for Malaysia to India money transfers
When you send money internationally from Malaysia to India, the key factors that will influence the overall cost of your transaction are:
- MYR-INR exchange rate
- Transfer fee
- Payment method
- Delivery method
Ideally, you would want to optimize these 4 factors to try to get the maximum INR payout for your overseas recipient in India.
Another counter-balancing aspect is money transfer speed. If you need to rush money from Malaysia to India, you may have to compromise on some of the above factors whilst optimizing for speed.
To put this into a better perspective using a data-driven approach, we analyzed historical remittance pricing1 for Malaysia to India money transfers to compare transfer costs, FX margins, fees, and payment and delivery methods across providers.
This analysis is based on 361 actual Malaysia to India money transfers handled by 20 providers over the last 5 years (for a MYR 610 remittance benchmark).
This data-driven approach using real MYR-INR transfer data provides useful insights into identifying the lowest-cost payment and delivery combinations, thereby helping you reduce costs and maximize the amount received.
Before we deep dive, here are the key trends from our analysis, summarized in an easy to read format.
📌 Key insights for Malaysia to India money transfers
- Average total cost: 2.36% (range -2.07% to 9.71%, spread 11.78 percentage points)
- Potential payout difference: On a MYR 610 transfer, the above variation can save you up to MYR 71.86.
- Average FX markup: 0.92% (range -3.71%
ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts. to 8.07%, spread 11.78 percentage points) - Average transfer fee: MYR 8.79 (range MYR 0.00 to MYR 15.00)
- Cheapest payment/delivery method combo: Bank Account Transfer → Mobile Wallet (1.66% avg cost); most expensive is Cash → Bank Deposit (3.24%)
- Payment/delivery method choice impact: Cheapest vs most expensive combo saves 1.58% (MYR 9.66 on MYR 610 transfer).
- Market coverage: ~20 providers on average (competition level: competitive)
- Average speed: About 10 hours
🛠️ Key takeaway: Compare providers using both exchange rate and fees, then optimize your payment and delivery methods to reduce total cost.
Below, we provide detailed data-driven insights on various factors that influence the total cost of your Malaysia to India money transfers.
📈 MYR to INR exchange rate is often the biggest driver of both cost and payout
The exchange rate on your Malaysia to India money transfers is usually the single biggest factor that will determine your overall MYR cost and your recipient's INR payout.
To analyze exchange rates, we will rely on the exchange rate markup (also called FX margin) which is the difference between the mid-market exchange rate
Based on historical pricing data for a MYR 610 money transfer benchmark, we see the following FX markup ranges for Malaysian Ringgit to India transfers:
- Average markup: 0.92%
- Median markup: 0.61%
- Lowest markup: -3.71%
ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts. - Highest markup: 8.07%
That is a spread of 11.78 percentage points between the lowest and highest observed FX markups.
To put this into perspective, on a MYR 610 transfer, the above markup range is equivalent to roughly INR 71.86 purely from differences in the exchange rate. That incremental saving increases to INR 180.23 for a MYR 1530 transfer.
🛠️ How to use this insight: When comparing providers for Malaysia to India remittances, pay close attention to the exchange rate you receive. A small difference in the FX markup can quickly outweigh other factors like fees, and the gap generally grows as transfer amounts increase.
MYR to INR exchange rate can be the single most critical factor that determines the cost of your transfer. When comparing providers, keep an eye on the rate you will get.
💰 Transfer fees affect your total Malaysia to India remittance cost
Whilst exchange rate is a major factor affecting total transfer cost, the transfer fee can also have a big impact on how much of your Malaysian Ringgit reaches your recipient in India.
Based on data from last 5 years, we notice the below about Malaysian Ringgit to India money transfer fees:
- Average fee: MYR 8.79
- Median fee: MYR 10.00
- Lowest fee: MYR 0.00
- Highest fee: MYR 15.00
The average fee amount of MYR 8.79 noted above represents 1.44% of the total amount sent.
Also note that even if two providers provide the same exchange rate, a best vs worst case transfer fee can increase the payout by MYR 15.00.
🛠️ How to use this insight: For your next money transfer from Malaysia to Indian Rupee, look for providers that provide lower (or even 0) fees.
One caveat to this, though, is something called the hidden fee. Some providers may hide their real fees by offering a 0 or low fee, but providing a lower exchange rate. The money lost due to an inferior FX rate affects your bottom line and is referred to as a hidden fee. Therefore, you should also keep an eye on rates whilst paying attention to fees.
Another point that you should keep in mind is that for larger transfers, fixed fees become a lesser percentage of total amount. But for smaller transfers, fees can be a major part of total cost.
💸 Payment and delivery methods matter for MYR-INR remittances
Based on our detailed analysis of historical Malaysia to India data, we see consistent variation in overall cost amongst the payment method and delivery method you choose.
Here is the average cost for popular payment methods used to send money to India from Malaysia:
- Debit Card: 2.32%
- Bank Account Transfer: 2.38%
- Cash: 2.39%
- Credit Card: 3.10%
That is a total spread of 0.78 percentage points.
This means that on a MYR 610 transfer, you could save up to MYR 4.78 simply by choosing the best priced payment method.
These savings will only multiply for higher MYR amounts.
Here is the average cost of popular delivery methods used to send money from Malaysia to India:
- Mobile Wallet: 1.70%
- Cash Pickup: 2.30%
- Bank Deposit: 2.47%
The cost difference between the above delivery methods is 0.76 percentage points.
Once again, this means that you could save up to MYR 4.65 on a MYR 610 transfer to India by choosing Mobile Wallet versus Bank Deposit.
As you can imagine, the possible combinations of Malaysia payment methods and India delivery methods will all have disparate cost. Let us look at that next.
Here is a summary of the average cost of payment and delivery method combinations for Malaysia to INR money transfers.
| Payment Method | Delivery Method | Average Cost (%) |
|---|---|---|
| Bank Account Transfer | Mobile Wallet | 1.66 |
| Debit Card | Mobile Wallet | 1.75 |
| Debit Card | Bank Deposit | 1.85 |
| Bank Account Transfer | Cash Pickup | 2.16 |
| Cash | Cash Pickup | 2.20 |
| Bank Account Transfer | Bank Deposit | 2.48 |
| Debit Card | Cash Pickup | 2.89 |
| Credit Card | Cash Pickup | 3.09 |
| Credit Card | Bank Deposit | 3.17 |
| Cash | Bank Deposit | 3.24 |
Sorted by Average Cost % (cheapest to most expensive).
As you can see, the difference between these MYR-INR payment and delivery options is significant. Here are some observations:
- Bank Account Transfer → Mobile Wallet has the lowest average cost at 1.66%.
- Cash → Bank Deposit has the highest average cost at 3.24%.
- Bank Account Transfer → Mobile Wallet average cost is 1.58 percentage points lower than that of Cash → Bank Deposit.
- This means that on a MYR 610 money transfer, you could save up to MYR 19.78 simply by choosing the best payment and delivery method combo.
- Further, on a MYR 1530 money transfer, the savings increase to MYR 49.62.
Here is a quick summary of the average historical cost of various payment and delivery methods for MYR to India money transfers.
💸 Cheapest payment and delivery methods (data-backed)
- Cheapest payment method: Debit Card averaged 2.32%, compared to 3.10% for Credit Card, a difference of 0.78 percentage points.
- Cheapest delivery method: Mobile Wallet averaged 1.70%, compared to 2.47% for Bank Deposit (0.76 percentage points higher).
- Cheapest combo: Bank Account Transfer → Mobile Wallet averaged 1.66%, which is 1.58 percentage points lower than Cash → Bank Deposit (3.24%).
🛠️ How to use this insight: As you compare money transfer providers for your next Malaysia to India international money transfer, strive to pair the lowest-cost payment method with the lowest-cost delivery method.
This can help you avoid the pitfall of "great exchange rate, expensive methods".
You can save money on your Malaysia to India remittances by carefully choosing the most economical payment and delivery methods.
🏦 Are banks more expensive than money transfer providers for MYR-INR remittances?
When we compared Malaysia banks with money transfer providers based on 5 years of remittance data, we noticed some patterns.
We observed that traditional banks charged 1.19 percentage points more on average than money transfer providers for Malaysia to India remittances.
This means banks tend to be approximately 1.55x more expensive than money transfer companies.
Here are the key stats behind this comparison:
| Banks | MTOs^ | Difference | |
|---|---|---|---|
| Average transfer fee | MYR 10.74 | MYR 8.42 | MYR 2.32 |
| Exchange rate markup | 1.60% | 0.79% | 0.81 pp* |
| Average total cost (%) | 3.36% | 2.17% | 1.19 pp* |
^MTO: Money transfer operator, a commonly used term for a money transfer provider
*Percentage points
🛠️ How to use this insight: Whilst banks in Malaysia may offer convenience and familiarity, money transfer providers often deliver lower overall cost due to their better exchange rates and lower fees. Even if you want to send money overseas with your bank in Malaysia, we recommend comparing with money transfer companies to find your best options.
📊 Does sending more money reduce the cost of MYR-INR money transfers?
To see if transfer cost varies based on the amount sent, we compared the average cost of sending MYR 610 vs MYR 1530 from Malaysia to India.
We found that sending a higher amount (MYR 1530) tends to be cheaper - average cost drops from 2.36% to 1.55%, a reduction of 0.81 percentage points.
The cost of your transfer usually continues to drop as transfer amount increases. That said, always check the latest exchange rates and fees for your intended transfer amount.
🛠️ How to use this insight: Since it is generally cheaper to send higher Malaysian Ringgit amounts to India, consider consolidating smaller, more frequent transfers into fewer, larger ones. Doing so may reduce the total cost you pay.
🏛 How competitive is the Malaysia to India remittance market?
Based on data from the last 5 years, MYR-INR money transfers are provided on an average by 20 remittance companies. With around 20 providers serving this market, we consider the level of competition to be competitive.
Traditional banks have represented only 20% of active providers in this corridor (4 out of 20), meaning money transfer companies make up the majority.
A remittance market with more active providers is typically more competitive. This means you can get a better pricing and more payment and delivery options for your Malaysia to India remittances.
⏱️ How fast are MYR-INR money transfers?
If your recipient in India needs funds urgently, you may need to optimize your transfer for speed.
Here is what we see for Malaysia to India transfers when it comes to processing time:
- Average transfer time: About 10 hours.
- Fastest transfer time: About less than 1 hour.
- Slowest transfer time: About 96 hours (~4.0 days).
- Average speed at MYR 610: About 10 hours.
- Average speed at MYR 1530: About 10 hours.
Banks vs money transfer providers speed comparison: Banks take 10 hours longer on average than money transfer providers.
🛠️ How to use this insight: If you need to send money from Malaysia to India in a hurry, compare providers not just on exchange rate, but also on expected speed. Speed also varies based on the delivery method (bank vs cash vs wallet) you choose for India.
Malaysia to India transfer speed varies across providers, so compare transfer speed along with cost for time-sensitive money transfers. In addition, pick the fastest payment and delivery methods for faster processing.
Frequently Asked Questions about Malaysia to India money transfers
These FAQs use data from RemitFinder's historical analysis of Malaysia to India money transfers over several years.
What factors affect the total cost of sending money from Malaysia to India?
The total cost of your MYR-INR money transfer depends on how you fund the transaction (payment method), how the recipient receives it (delivery method), the exchange rate you get, and any transfer fee charged by the provider.
To avoid overpaying for your transfer, compare money transfer providers.
How much does the exchange rate affect Malaysia to India transfers?
Historical MYR to INR exchange rate markup ranges from -3.71% to 8.07%, a spread of 11.78 percentage points. Even small differences in the exchange rate markup can impact your final payout significantly.
Can MYR-INR exchange rate markup be negative?
Sometimes, money transfer providers may offer promotional exchange rates that are better than the mid-market exchange rate, resulting in a negative MYR-INR exchange rate markup.
Such offers are generally limited by transfer amount, eligibility, or duration. Compare providers to see if you can take advantage of any ongoing special offers.
Is the exchange rate or the transfer fee more important for Malaysia to India transfers?
Exchange rate markup ranges from -3.71% to 8.07% (a spread of 11.78 percentage points).
Transfer fees range from MYR 0.00 to MYR 15.00, which equals roughly 2.46% on a MYR 610.00 transfer.
At both MYR 610.00 and MYR 1530.00, the exchange rate markup shows larger variation than the other component.
Regardless, our recommendation is that it is important to compare both exchange rates and fees when choosing a provider for Malaysia to India transfers.
As the transfer amount increases, the % impact of fees decreases (because the fee gets spread across a larger MYR amount), whilst exchange rate markup remains a percentage-based cost that can scale with transfer size.
For smaller transfers, fees can matter more, whilst for larger transfers, exchange rate often becomes the bigger driver. Either way, comparing both helps you get the most INR for your MYR.
How much can Malaysia to India transfer costs vary between providers?
Historical transfer cost ranges from -2.07% to 9.71% for MYR transfers to India. That is a spread of 11.78 percentage points, meaning significant differences between various money transfer providers.
A major contributor to this variation is exchange rate markup. FX markup alone ranges from -3.71% to 8.07% (a spread of 11.78 percentage points). Thus, even small differences in FX margin can have a big impact on the final INR payout.
Why do various money transfer providers price MYR to India transfers differently?
If you send the same Malaysian Ringgit amount to India via different providers, the cost of each transfer will be different because of variations in FX markup, fees, and payment and delivery methods.
Even small differences among all the above factors can change the final INR payout in India in a big way.
How stable are transfer costs in the Malaysia to India corridor?
When we analyzed the historical total cost for MYR-INR transfers, we observed a range from -2.07% to 9.71% (11.78 percentage points difference), along with a variability (standard deviation) of 1.29%.
A major driver of cost in this market is exchange rate markup. FX markup ranges from -3.71% to 8.07% (11.78 percentage points difference), with a standard deviation of 1.16%. Fees and payment/delivery method choices can contribute to further volatility.
This is exactly why we recommend comparing money transfer providers to get the most of your MYR-INR transfers.
Which payment method is cheapest for Malaysia to India remittances?
Debit Card is the cheapest payment method in Malaysia based on its average cost at 2.32% (compared to Credit Card at 3.10%, a difference of 0.78 percentage points).
Based on this, we recommend paying for your MYR transfer with Debit Card, and avoiding Credit Card if possible.
Is Debit Card cheaper than Credit Card for Malaysia to India transfers?
Debit Card is cheaper on average when sending money to India from Malaysia since it costs 2.32% (compared to 3.10% for Credit Card payments, a difference of 0.78 percentage points).
As a result, we recommend that you avoid paying for your transfer to India with a Credit Card.
Which delivery method is cheapest for MYR-INR money transfers?
Mobile Wallet is the cheapest delivery method in India as it costs 1.70% (compared to Bank Deposit at 2.47%, a spread of 0.76 percentage points).
If your recipient in India can accept Mobile Wallet, we recommend choosing it as your preferred delivery option for MYR-INR transfers.
Is Bank Deposit cheaper than Cash Pickup for Malaysia to India transfers?
Cash Pickup is cheaper for transfers to India given its 2.47% average cost (versus 2.30% for Cash Pickup, a difference of 0.16 percentage points).
To save more, consider choosing the cheapest delivery option for India.
What is the cheapest way to send money from Malaysia to India?
We evaluated 10 payment and delivery method combinations for Malaysia to India remittances.
Based on historical data, Bank Account Transfer → Mobile Wallet is the cheapest combination with 1.66% cost.
At the other end of the spectrum, Cash → Bank Deposit is the most expensive combination at 3.24% cost. That is a difference of 1.58 percentage points between the cheapest and most expensive combinations.
Money transfer providers tend to price payment and delivery methods for Malaysia to India remittances differently. As you compare options, look for the cheapest payment-delivery method combo to maximize the value of your MYR-INR transfers.
Does sending more money reduce the cost for Malaysia to India transfers?
Larger MYR-INR transfers are cheaper on average.
The cost of a MYR 610 transfer averages 2.36% as compared to 1.55% for a MYR 1530 transfer, a difference of 0.81 percentage points.
How long does it take to send money from Malaysia to India?
Based on our analysis, the average transfer time for MYR-INR transfers is 10 hours, with the fastest transfers completing in less than one hour and the slowest in 96 hours (~4.0 days).
Are instant transfers available from Malaysia to India?
Yes, historical data shows that some transfers to India from Malaysia can complete in less than one hour.
Note that the actual speed of your MYR-INR transfer will depend on the chosen provider, payment method, delivery method, and eligibility checks.
Are banks more expensive than money transfer companies for Malaysia to India?
Banks in Malaysia are more expensive than money transfer providers.
The average cost of banks is 3.36% compared to 2.17% for money transfer providers in Malaysia, a difference of 1.19 percentage points.
Why do banks charge more for Malaysia to India transfers?
Bank transfers in Malaysia cost 3.36% compared to 2.17% for money transfer companies.
The difference is often due to the fact that banks in Malaysia provider lower exchange rates and charge high wire transfer fees.
How competitive is the Malaysia to India remittance market?
Based on historical data, the competition level in Malaysia to India is considered competitive with 20 active providers.
Money transfer providers represent about 80% of identified providers in Malaysia.
Do I risk overpaying if I do not compare providers for Malaysia to India?
Historically, total MYR-INR transfer cost has varied by 11.78 percentage points. On a MYR 610 transfer, that can translate to MYR 71.86 in savings.
MYR-INR exchange rate markup also varies across providers. The average markup spread has been about 11.78 percentage points. On a MYR 610 transfer, that could be MYR 71.86 saved from FX alone.
Fees can also make a big difference in this market, with a difference of about MYR 15.00 across providers.
That is why comparing providers can materially change how much of the MYR you send does your recipient receive in India in India.
Latest MYR to INR Conversion Rates
Here are some latest MYR to INR (Malaysian Ringgit to Indian Rupee) exchange rates for popular conversion amounts*.
| 1 MYR | 23.70 INR |
| 5 MYR | 118.48 INR |
| 10 MYR | 236.96 INR |
| 25 MYR | 592.40 INR |
| 50 MYR | 1,184.80 INR |
| 100 MYR | 2,369.59 INR |
| 150 MYR | 3,554.39 INR |
| 200 MYR | 4,739.18 INR |
| 250 MYR | 5,923.98 INR |
| 300 MYR | 7,108.77 INR |
| 400 MYR | 9,478.36 INR |
| 500 MYR | 11,847.95 INR |
| 600 MYR | 14,217.54 INR |
| 700 MYR | 16,587.13 INR |
| 800 MYR | 18,956.72 INR |
| 1000 MYR | 23,695.90 INR |
| 1500 MYR | 35,543.85 INR |
| 2000 MYR | 47,391.80 INR |
| 2500 MYR | 59,239.75 INR |
| 3000 MYR | 71,087.70 INR |
| 4000 MYR | 94,783.60 INR |
| 5000 MYR | 118,479.50 INR |
| 10000 MYR | 236,959.00 INR |
| 15000 MYR | 355,438.50 INR |
| 20000 MYR | 473,918.00 INR |
| 30000 MYR | 710,877.00 INR |
| 40000 MYR | 947,836.00 INR |
| 50000 MYR | 1,184,795.00 INR |
| 100000 MYR | 2,369,590.00 INR |
*Based on the Mid-market Exchange Rate
Other popular countries to send money from Malaysia
- Send money from Malaysia to Bangladesh
- Send money from Malaysia to Belgium
- Send money from Malaysia to China
- Send money from Malaysia to Egypt
- Send money from Malaysia to France
- Send money from Malaysia to Germany
- Send money from Malaysia to Guatemala
- Send money from Malaysia to Indonesia
- Send money from Malaysia to Italy
- Send money from Malaysia to Mexico
- Send money from Malaysia to Nigeria
- Send money from Malaysia to Pakistan
- Send money from Malaysia to Philippines
- Send money from Malaysia to Russia
- Send money from Malaysia to Ukraine
- Send money from Malaysia to Vietnam
1 Based on 361 pricing observations across 20 firms over the last 5 years for a MYR 610 money transfer from Malaysia to India. Data Source: The World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org.
How we analyze remittance data?
Insights are derived from the World Bank's Remittance Prices Worldwide dataset, which collects standardized provider pricing information at defined transfer amounts.
We aggregate this data across multiple providers and multi-year periods to calculate averages, medians, and variability measures in order to identify consistent pricing patterns for the Malaysia to India remittance corridor.
RemitFinder does not modify the underlying World Bank data. The analysis presented here is independently calculated from published datasets and is intended for informational and comparison purposes only.