\n\t| Conduct your transaction at any Western Union agent location.<\/td> | Fill out the necessary information through the Western Union website, but go to an agent location to make the payment.<\/td> | Conduct your transaction through the Western Union app or website.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n When sending money, you can choose how the recipient will receive the funds. In Malaysia, this can only be through direct transfer to a bank account or by picking up the cash in person at a Western Union branch. Other countries also offer transfers to mobile phone numbers as an alternative.<\/p>\n Western Union is supported by most banks in Malaysia, such as Public Bank, RHB, Bank Rakyat, UOB, Agrobank, Hong Leong Bank, Ambank, Bank Muamalat and Pos Malaysia. Therefore, you can still remit money overseas via Western Union using any one of these banks.<\/p>\n You can also keep track of your transactions by using their Track Money Transaction Progress on their website. Transactions can take between one and five business days depending on different banks and locations.<\/p>\n <\/span>3. PayPal<\/strong><\/span><\/h2>\nPayPal is more commonly used to pay for transactions when buying from a foreign vendor. This is most probably the simplest and safest way to remit money overseas. All you need is their email address or mobile number and your recipient must have a PayPal account to receive the payment. If they don\u2019t have one, they will need to sign up for it \u2013 which is absolutely free.<\/p>\n The transaction through PayPal comprises of three simple steps:<\/p>\n\n \n\n\n\tStep 1<\/strong><\/td>Login to your PayPal account and enter the recipient\u2019s
\r\nemail address or mobile number. <\/td>\n<\/tr>\n | \n\tStep 2<\/strong><\/td>| Enter your transfer amount.<\/td>\n<\/tr>\n | \n\tStep 3<\/strong><\/td>Your recipient will be notified via a PayPal notification,
\r\nalmost immediately. Using your PayPal account, you can keep
\r\ntrack of your transaction progress.
\r\n
\r\nYour recipient can choose to contain the money in their PayPal
\r\naccount or withdraw it by transferring it into their bank account,
\r\ncredit card or request for a cheque from Paypal.
\r\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\nPayPal allows you to consolidate all your overseas (and local) payments under one account to help you manage your payments better. You can also link your credit or debit card to your PayPal account for your convenience.<\/p>\n If you are making a purchase with a vendor, your payment made via PayPal will not be charged a transaction fee, but your recipient (the vendor) will be charged a small fee for each sale made. All you may incur is a small currency conversion fee if you are buying from a foreign vendor.<\/p>\n However, non-retail transactions incur a service charge depending on the country of destination. This charge is deducted from the amount that you are sending, so it is important that you take that into account when calculating how much you\u2019re sending.<\/p>\n Sending money through PayPal is one of the safest options as every transaction is protected by advanced encryption and 24-hour fraud monitoring.<\/p>\n Also, if the item or service you bought fails to arrive or doesn\u2019t match the seller\u2019s description, PayPal will reimburse you the full amount of the item purchased plus shipping costs. They deal in 26 different currencies.<\/p>\n <\/span>4. Bank\u2019s Telegraphic Transfer (TT)<\/strong><\/span><\/h2>\nTelegraphic Transfer (TT) is now often used interchangeably with wire transfer, bank transfer, or Society for Worldwide Interbank Financial Telecommunications (SWIFT) system transfer. It is basically doing an international money transfer through your bank\u2019s own system.<\/p>\n You will typically be charged a small service fee depending on the amount that is being transferred. This amount varies depending on your bank, and some banks also charge a fee for receiving transfers.<\/p>\n You need a savings or current account, preferably with an online account access to make a TT. When sending money overseas, you can calculate the value of your currency conversion instantly. The amount will be directly debited from your account into your recipient\u2019s account.<\/p>\n Telegraphic Transactions is secure via the SWIFT network and Transaction Authorisation Code (TAC). This being the case, you will need more information about your recipient than other transfers. However, this also means that your transfer request can be processed on the same day (as long as you make it between the hours of 9.30am and 4.30pm.)<\/p>\n In addition to needing your recipient\u2019s full name and address, you will also need the address of their bank, International Banking Account Number (IBAN) account number, and bank\u2019s SWIFT code. Additionally, there are restrictions on the amounts of funds that can be transferred depending on your residential status.<\/p>\n\n \n\n\n\tStep 1<\/strong><\/td>| Login to your bank\u2019s online account. <\/td>\n<\/tr>\n | \n\tStep 2<\/strong><\/td>| Select International Telegraphic Transfer from the menu. Where it is located depends on your bank. <\/td>\n<\/tr>\n | \n\tStep 3<\/strong><\/td>| Declare the amount that you want to transfer, your residential status, purpose of transfer, and relationship with the recipient.<\/td>\n<\/tr>\n | \n\tStep 4<\/strong><\/td>Provide the necessary information for the transfer to go though:
\r\n1) Recipient's name
\r\n2) Recipient\u2019s address
\r\n3) Name of recipient\u2019s bank
\r\n4) Address of recipient\u2019s bank
\r\n5) Recipient\u2019s bank SWIFT code
\r\n6) Recipient\u2019s International Banking Account Number (IBAN)
\r\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<\/span>5. Merchantrade eRemit<\/span><\/h2>\nMerchantrade eRemit offers a similar money transfer to MoneyGram. It features a simple online transaction that allows users to send money to 15 countries. Unique to Merchantrade is that it also allows you to specifically transfer funds to company or business accounts.<\/p>\n Recipients can also pick up the transfer in the form of cash from your chosen bank branch or designated cash pick up centres.<\/p>\n Merchantrade offers an electronic know-your-customer (eKYC) for registration, allowing you to sign up for the service through their app. Alternatively, you can also opt for a marketing representative to turn up at your office to verify your identity in person (only available in the Klang Valley).<\/p>\n\n \n\n\n\t| Step 1<\/td> | Download the Merchantrade eRemit app.<\/td>\n<\/tr>\n | \n\t| Step 2<\/td> | Follow the instructions to sign up for the service. It may take up to 24 hours to verify your identity.<\/td>\n<\/tr>\n | \n\t| Step 3<\/td> | Select your country and payment network. <\/td>\n<\/tr>\n | \n\t| Step 4<\/td> | Enter the amount and review your rates.<\/td>\n<\/tr>\n | \n\t| Step 5<\/td> | Fill out the recipient details.<\/td>\n<\/tr>\n | \n\t| Step 6<\/td> | Select the purpose of the transfer and the source of the funds.<\/td>\n<\/tr>\n | \n\t| Step 7<\/td> | Make your payment through Financial Process Exchange (FPX) or Merchantrade Money.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n Merchantrade eRemit also offers the option for your transfer to be conducted over the Western Union network. This gives you more options for how your money will be sent. However, for most purposes this will not affect your ability to send money to another country.<\/p>\n <\/span>6. Pos Malaysia<\/span><\/h2>\nIn the old days you would use the postal service to send money overseas, or even just to other parts of the same country. While the world has moved on to more advanced methods for sending funds, you can always go back to the post office if you really want to do it the old-fashioned way.<\/p>\n Not every Pos Malaysia branch offers remittance services these days, and you will have to consult the official list of available offices. Due to this being a legacy service, there is no online or mobile app option.<\/p>\n To make use of the postal money remittance service:<\/p>\n\n \n\n\n\t| Step 1<\/td> | Go to a post office that offers a money remittance service.<\/td>\n<\/tr>\n | \n\t| Step 2<\/td> | Fill in the required forms and make the payment.<\/td>\n<\/tr>\n | \n\t| Step 3<\/td> | Obtain the Money Transfer Control Number (MTCN) and send it to the recipient.<\/td>\n<\/tr>\n | \n\t| Step 4<\/td> | The recipient must go to a participating post office in their home country and fill in the \u201cReceive Money\u201d form. <\/td>\n<\/tr>\n | \n\t| Step 5<\/td> | The recipient must submit their completed form and provide an identification document (depending on the country) to receive the money.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n It should also be pointed out that post offices that allow money transfers are usually also participating Western Union branches. Therefore, you are free to choose your money transfer network.<\/p>\n <\/span>7. Valyou<\/span><\/h2>\nValyou is yet another digital money transfer service, much in the same vein as MoneyGram and Merchantrade. One benefit that Valyou advertises is the option to transfer money directly to the recipient\u2019s e-wallet (provided both of you are using the Valyou Mobile Wallet). However, this only applies to certain countries like Bangladesh, Cambodia, Nepal, and Pakistan.<\/p>\n It also offers home delivery services in Vietnam. Yes, you can have the money you\u2019re transferring directly delivered in the form of cash, which is useful if the recipient does not own a bank account.<\/p>\n There are three options for transferring funds overseas with Valyou:<\/p>\n | | | | | | | | | | | |