Compare today's MYR to PHP (Malaysian Ringgit to Philippine Peso) exchange rates
📈 Malaysia to Philippines Money Transfer Snapshot Today
- Best MYR to PHP exchange rate today: PHP 14.9913, offered by Instarem
- Number of money transfer providers compared: 5
- Exchange rate range: PHP 14.5735 to PHP 14.9913
- Potential savings on MYR 1000: PHP 417.80
- Number of deals and promo codes: 1
- Mid-market
ⓘThe mid-market exchange rate (also called the interbank rate) is the real MYR to PHP exchange rate before providers add their margin or fees. exchange rate: 1 MYR = PHP 15.0090 (Updated about an hour ago)
See detailed Malaysia to Philippines money transfer comparison below.
Money Transfer Providers that matched the search criteria
📢 Special exchange rate applied for first transfer
📢 B2B transfers only
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-PHP exchange rates mean for you
Compare today's MYR-PHP exchange rates and send money from Malaysia to Philippines 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 5 providers that you can rely on for Malaysia to Philippines money transfers today. Here is a summary of how the competition looks like right now:
Today's Most Competitive Malaysia to Philippines Providers
🥇 Instarem with 1 MYR = 14.9913 PHP (best MYR to PHP exchange rate today).
🥈 WorldRemit offering 1 MYR = 14.8837 PHP.
The exchange rate provided by these 5 providers ranges from PHP 14.5735 to PHP 14.9913. For a MYR 1000 money transfer from Malaysia to Philippines, that could mean up to PHP 417.80 saved on FX alone.
MYR-PHP exchange rates fluctuate throughout the day, and top positions can change quickly. This volatility can significantly impact the final PHP payout that your recipient gets in Philippines.
That's why we recommend comparing money transfer providers to ensure you can maximize the value of your Malaysia to Philippines remittances.
🔄 Looking for the reverse corridor? Send money from Philippines 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-PHP exchange rate — historical pricing trends show many factors that can affect the overall transfer cost of your transfer.
Whilst MYR-PHP 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 Philippines historical remittance data to help you understand where costs may arise and share some best practices to try to maximize your PHP payout.
Data-driven cost insights for Malaysia to Philippines money transfers
When you send money internationally from Malaysia to Philippines, the key factors that will influence the overall cost of your transaction are:
- MYR-PHP exchange rate
- Transfer fee
- Payment method
- Delivery method
Ideally, you would want to optimize these 4 factors to try to get the maximum PHP payout for your overseas recipient in Philippines.
Another counter-balancing aspect is money transfer speed. If you need to rush money from Malaysia to Philippines, 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 Philippines money transfers to compare transfer costs, FX margins, fees, and payment and delivery methods across providers.
This analysis is based on 676 actual Malaysia to Philippines money transfers handled by 28 providers over the last 5 years (for a MYR 610 remittance benchmark).
This data-driven approach using real MYR-PHP 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 Philippines money transfers
- Average total cost: 3.35% (range 0.38% to 10.24%, spread 9.86 percentage points)
- Potential payout difference: On a MYR 610 transfer, the above variation can save you up to MYR 60.15.
- Average FX markup: 1.28% (range -1.26%
ⓘ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 6.31%, spread 7.57 percentage points) - Average transfer fee: MYR 12.61 (range MYR 5.00 to MYR 31.80)
- Cheapest payment/delivery method combo: Bank Account Transfer → Mobile Wallet (1.40% avg cost); most expensive is Bank Account Transfer → Bank Deposit (5.12%)
- Payment/delivery method choice impact: Cheapest vs most expensive combo saves 3.72% (MYR 22.70 on MYR 610 transfer).
- Market coverage: ~28 providers on average (competition level: highly competitive)
- Average speed: About 22 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 Philippines money transfers.
📈 MYR to PHP exchange rate is often the biggest driver of both cost and payout
The exchange rate on your Malaysia to Philippines money transfers is usually the single biggest factor that will determine your overall MYR cost and your recipient's PHP 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 Philippines transfers:
- Average markup: 1.28%
- Median markup: 0.81%
- Lowest markup: -1.26%
ⓘ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: 6.31%
That is a spread of 7.57 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 PHP 46.18 purely from differences in the exchange rate. That incremental saving increases to PHP 115.82 for a MYR 1530 transfer.
🛠️ How to use this insight: When comparing providers for Malaysia to Philippines 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 PHP 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 Philippines 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 Philippines.
Based on data from last 5 years, we notice the below about Malaysian Ringgit to Philippines money transfer fees:
- Average fee: MYR 12.61
- Median fee: MYR 10.00
- Lowest fee: MYR 5.00
- Highest fee: MYR 31.80
The average fee amount of MYR 12.61 noted above represents 2.07% 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 26.80.
🛠️ How to use this insight: For your next money transfer from Malaysia to Philippine Peso, 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-PHP remittances
Based on our detailed analysis of historical Malaysia to Philippines 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 Philippines from Malaysia:
- Debit Card: 2.32%
- Cash: 2.86%
- Credit Card: 3.13%
- Bank Account Transfer: 4.40%
That is a total spread of 2.08 percentage points.
This means that on a MYR 610 transfer, you could save up to MYR 12.69 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 Philippines:
- Mobile Wallet: 1.76%
- Cash Pickup: 2.68%
- Bank Deposit: 4.44%
The cost difference between the above delivery methods is 2.68 percentage points.
Once again, this means that you could save up to MYR 16.37 on a MYR 610 transfer to Philippines by choosing Mobile Wallet versus Bank Deposit.
As you can imagine, the possible combinations of Malaysia payment methods and Philippines 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 PHP money transfers.
| Payment Method | Delivery Method | Average Cost (%) |
|---|---|---|
| Bank Account Transfer | Mobile Wallet | 1.40 |
| Debit Card | Bank Deposit | 1.78 |
| Debit Card | Mobile Wallet | 1.78 |
| Cash | Mobile Wallet | 2.12 |
| Bank Account Transfer | Cash Pickup | 2.47 |
| Debit Card | Cash Pickup | 2.66 |
| Cash | Cash Pickup | 2.77 |
| Credit Card | Cash Pickup | 3.13 |
| Cash | Bank Deposit | 3.72 |
| Bank Account Transfer | Bank Deposit | 5.12 |
Sorted by Average Cost % (cheapest to most expensive).
As you can see, the difference between these MYR-PHP payment and delivery options is significant. Here are some observations:
- Bank Account Transfer → Mobile Wallet has the lowest average cost at 1.40%.
- Bank Account Transfer → Bank Deposit has the highest average cost at 5.12%.
- Bank Account Transfer → Mobile Wallet average cost is 3.72 percentage points lower than that of Bank Account Transfer → Bank Deposit.
- This means that on a MYR 610 money transfer, you could save up to MYR 31.25 simply by choosing the best payment and delivery method combo.
- Further, on a MYR 1530 money transfer, the savings increase to MYR 78.38.
Here is a quick summary of the average historical cost of various payment and delivery methods for MYR to Philippines money transfers.
💸 Cheapest payment and delivery methods (data-backed)
- Cheapest payment method: Debit Card averaged 2.32%, compared to 4.40% for Bank Account Transfer, a difference of 2.08 percentage points.
- Cheapest delivery method: Mobile Wallet averaged 1.76%, compared to 4.44% for Bank Deposit (2.68 percentage points higher).
- Cheapest combo: Bank Account Transfer → Mobile Wallet averaged 1.40%, which is 3.72 percentage points lower than Bank Account Transfer → Bank Deposit (5.12%).
🛠️ How to use this insight: As you compare money transfer providers for your next Malaysia to Philippines 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 Philippines remittances by carefully choosing the most economical payment and delivery methods.
🏦 Are banks more expensive than money transfer providers for MYR-PHP 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 3.69 percentage points more on average than money transfer providers for Malaysia to Philippines remittances.
This means banks tend to be approximately 2.54x more expensive than money transfer companies.
Here are the key stats behind this comparison:
| Banks | MTOs^ | Difference | |
|---|---|---|---|
| Average transfer fee | MYR 20.27 | MYR 9.96 | MYR 10.32 |
| Exchange rate markup | 2.76% | 0.76% | 1.99 pp* |
| Average total cost (%) | 6.08% | 2.40% | 3.69 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-PHP 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 Philippines.
We found that sending a higher amount (MYR 1530) tends to be cheaper - average cost drops from 3.35% to 2.14%, a reduction of 1.20 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 Philippines, 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 Philippines remittance market?
Based on data from the last 5 years, MYR-PHP money transfers are provided on an average by 28 remittance companies. With around 28 providers serving this market, we consider the level of competition to be highly competitive.
Traditional banks have represented only 28.6% of active providers in this corridor (8 out of 28), 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 Philippines remittances.
⏱️ How fast are MYR-PHP money transfers?
If your recipient in Philippines needs funds urgently, you may need to optimize your transfer for speed.
Here is what we see for Malaysia to Philippines transfers when it comes to processing time:
- Average transfer time: About 22 hours.
- Fastest transfer time: About less than 1 hour.
- Slowest transfer time: About 144 hours (~6.0 days).
- Average speed at MYR 610: About 22 hours.
- Average speed at MYR 1530: About 22 hours.
Banks vs money transfer providers speed comparison: Banks take 55 hours longer on average than money transfer providers.
🛠️ How to use this insight: If you need to send money from Malaysia to Philippines 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 Philippines.
Malaysia to Philippines 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 Philippines money transfers
These FAQs use data from RemitFinder's historical analysis of Malaysia to Philippines money transfers over several years.
What factors affect the total cost of sending money from Malaysia to Philippines?
The total cost of your MYR-PHP 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 Philippines transfers?
Historical MYR to PHP exchange rate markup ranges from -1.26% to 6.31%, a spread of 7.57 percentage points. Even small differences in the exchange rate markup can impact your final payout significantly.
Can MYR-PHP 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-PHP 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 Philippines transfers?
Exchange rate markup ranges from -1.26% to 6.31% (a spread of 7.57 percentage points).
Transfer fees range from MYR 5.00 to MYR 31.80, which equals roughly 4.39% 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 Philippines 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 PHP for your MYR.
How much can Malaysia to Philippines transfer costs vary between providers?
Historical transfer cost ranges from 0.38% to 10.24% for MYR transfers to Philippines. That is a spread of 9.86 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 -1.26% to 6.31% (a spread of 7.57 percentage points). Thus, even small differences in FX margin can have a big impact on the final PHP payout.
Why do various money transfer providers price MYR to Philippines transfers differently?
If you send the same Malaysian Ringgit amount to Philippines 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 PHP payout in Philippines in a big way.
How stable are transfer costs in the Malaysia to Philippines corridor?
When we analyzed the historical total cost for MYR-PHP transfers, we observed a range from 0.38% to 10.24% (9.86 percentage points difference), along with a variability (standard deviation) of 2.17%.
A major driver of cost in this market is exchange rate markup. FX markup ranges from -1.26% to 6.31% (7.57 percentage points difference), with a standard deviation of 1.34%. 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-PHP transfers.
Which payment method is cheapest for Malaysia to Philippines remittances?
Debit Card is the cheapest payment method in Malaysia based on its average cost at 2.32% (compared to Bank Account Transfer at 4.40%, a difference of 2.08 percentage points).
Based on this, we recommend paying for your MYR transfer with Debit Card, and avoiding Bank Account Transfer if possible.
Is Debit Card cheaper than Credit Card for Malaysia to Philippines transfers?
Debit Card is cheaper on average when sending money to Philippines from Malaysia since it costs 2.32% (compared to 3.13% for Credit Card payments, a difference of 0.81 percentage points).
As a result, we recommend that you avoid paying for your transfer to Philippines with a Credit Card.
Which delivery method is cheapest for MYR-PHP money transfers?
Mobile Wallet is the cheapest delivery method in Philippines as it costs 1.76% (compared to Bank Deposit at 4.44%, a spread of 2.68 percentage points).
If your recipient in Philippines can accept Mobile Wallet, we recommend choosing it as your preferred delivery option for MYR-PHP transfers.
Is Bank Deposit cheaper than Cash Pickup for Malaysia to Philippines transfers?
Cash Pickup is cheaper for transfers to Philippines given its 4.44% average cost (versus 2.68% for Cash Pickup, a difference of 1.76 percentage points).
To save more, consider choosing the cheapest delivery option for Philippines.
What is the cheapest way to send money from Malaysia to Philippines?
We evaluated 10 payment and delivery method combinations for Malaysia to Philippines remittances.
Based on historical data, Bank Account Transfer → Mobile Wallet is the cheapest combination with 1.40% cost.
At the other end of the spectrum, Bank Account Transfer → Bank Deposit is the most expensive combination at 5.12% cost. That is a difference of 3.72 percentage points between the cheapest and most expensive combinations.
Money transfer providers tend to price payment and delivery methods for Malaysia to Philippines remittances differently. As you compare options, look for the cheapest payment-delivery method combo to maximize the value of your MYR-PHP transfers.
Does sending more money reduce the cost for Malaysia to Philippines transfers?
Larger MYR-PHP transfers are cheaper on average.
The cost of a MYR 610 transfer averages 3.35% as compared to 2.14% for a MYR 1530 transfer, a difference of 1.20 percentage points.
How long does it take to send money from Malaysia to Philippines?
Based on our analysis, the average transfer time for MYR-PHP transfers is 22 hours, with the fastest transfers completing in less than one hour and the slowest in 144 hours (~6.0 days).
Are instant transfers available from Malaysia to Philippines?
Yes, historical data shows that some transfers to Philippines from Malaysia can complete in less than one hour.
Note that the actual speed of your MYR-PHP 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 Philippines?
Banks in Malaysia are more expensive than money transfer providers.
The average cost of banks is 6.08% compared to 2.40% for money transfer providers in Malaysia, a difference of 3.69 percentage points.
Why do banks charge more for Malaysia to Philippines transfers?
Bank transfers in Malaysia cost 6.08% compared to 2.40% 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 Philippines remittance market?
Based on historical data, the competition level in Malaysia to Philippines is considered highly competitive with 28 active providers.
Money transfer providers represent about 71.4% of identified providers in Malaysia.
Do I risk overpaying if I do not compare providers for Malaysia to Philippines?
Historically, total MYR-PHP transfer cost has varied by 9.86 percentage points. On a MYR 610 transfer, that can translate to MYR 60.15 in savings.
MYR-PHP exchange rate markup also varies across providers. The average markup spread has been about 7.57 percentage points. On a MYR 610 transfer, that could be MYR 46.18 saved from FX alone.
Fees can also make a big difference in this market, with a difference of about MYR 26.80 across providers.
That is why comparing providers can materially change how much of the MYR you send does your recipient receive in Philippines in Philippines.
Latest MYR to PHP Conversion Rates
Here are some latest MYR to PHP (Malaysian Ringgit to Philippine Peso) exchange rates for popular conversion amounts*.
| 1 MYR | 15.01 PHP |
| 5 MYR | 75.05 PHP |
| 10 MYR | 150.09 PHP |
| 25 MYR | 375.23 PHP |
| 50 MYR | 750.45 PHP |
| 100 MYR | 1,500.90 PHP |
| 150 MYR | 2,251.35 PHP |
| 200 MYR | 3,001.80 PHP |
| 250 MYR | 3,752.25 PHP |
| 300 MYR | 4,502.70 PHP |
| 400 MYR | 6,003.60 PHP |
| 500 MYR | 7,504.50 PHP |
| 600 MYR | 9,005.40 PHP |
| 700 MYR | 10,506.30 PHP |
| 800 MYR | 12,007.20 PHP |
| 1000 MYR | 15,009.00 PHP |
| 1500 MYR | 22,513.50 PHP |
| 2000 MYR | 30,018.00 PHP |
| 2500 MYR | 37,522.50 PHP |
| 3000 MYR | 45,027.00 PHP |
| 4000 MYR | 60,036.00 PHP |
| 5000 MYR | 75,045.00 PHP |
| 10000 MYR | 150,090.00 PHP |
| 15000 MYR | 225,135.00 PHP |
| 20000 MYR | 300,180.00 PHP |
| 30000 MYR | 450,270.00 PHP |
| 40000 MYR | 600,360.00 PHP |
| 50000 MYR | 750,450.00 PHP |
| 100000 MYR | 1,500,900.00 PHP |
*Based on the Mid-market Exchange Rate
Other popular countries to send money from Malaysia
- Send money from Malaysia to Algeria
- Send money from Malaysia to Australia
- Send money from Malaysia to Bosnia and Herzegovina
- Send money from Malaysia to Bulgaria
- Send money from Malaysia to Georgia
- Send money from Malaysia to Jamaica
- Send money from Malaysia to Kyrgyzstan
- Send money from Malaysia to Luxembourg
- Send money from Malaysia to Moldova
- Send money from Malaysia to Myanmar (Burma)
- Send money from Malaysia to Netherlands
- Send money from Malaysia to Senegal
- Send money from Malaysia to Slovakia
- Send money from Malaysia to Switzerland
- Send money from Malaysia to Tajikistan
- Send money from Malaysia to Tunisia
1 Based on 676 pricing observations across 28 firms over the last 5 years for a MYR 610 money transfer from Malaysia to Philippines. 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 Philippines 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.