How to Send Money from the UK to Malaysia Without Getting Mugged by Your Bank

Let me paint you a picture.

You need to send £500 from your UK account to your Malaysian account. Your bank helpfully offers to do this for you. They take a £15–25 fee, apply an exchange rate that’s 3–4% worse than the actual rate, and then you receive about RM 180 less than you should have. Every. Single. Time.

Multiply that across 12 months of transfers and you’ve quietly handed your bank several hundred pounds for absolutely nothing.

Right. So let’s fix that.

The Problem: What Your Bank Is Actually Doing

When you transfer money internationally through a traditional bank, they apply what’s called a “retail exchange rate” — which is simply the real exchange rate plus a markup that goes straight into their pocket. It’s perfectly legal. It’s also quietly expensive.

The mid-market rate is the real exchange rate — the one Google shows you, the one currency traders use. Your bank gives you something worse than that and doesn’t always make it obvious how much worse.

The Solution: Wise

Wise (formerly TransferWise) is the tool that pretty much every expat I’ve ever met uses for international transfers. Here’s why:

• It uses the actual mid-market exchange rate — not a marked-up version
• The fees are small, transparent, and shown upfront before you confirm
• Transfers typically arrive in 1–2 business days
• You can also get a Wise debit card that works in MYR — great for withdrawing cash in KL
• The app is simple and works well

Real Example: £500 from UK to Malaysia

At time of writing (approximate figures, always check live rates):

• Via your UK bank: ~RM 2,750 arrives, after fees and poor rate
• Via Wise: ~RM 2,960 arrives, small transparent fee deducted upfront

That’s roughly RM 210 more in your Malaysian account on a single £500 transfer. Every time. For doing nothing differently except using a better tool.

How to Set Up Wise

1. Go to wise.com and create an account (takes about 5 minutes)
2. Verify your identity (UK passport or driving licence)
3. Add your UK bank account as the funding source
4. Add your Malaysian bank account as the recipient
5. Send money whenever you need to

They’ll also offer you a Wise debit card linked to a multi-currency account — I’d recommend getting this too. You can hold MYR in it, withdraw from Malaysian ATMs at the real rate, and use it for everyday spending when you first arrive before you’ve set up a local bank account.

What About Revolut?

Revolut is another option — and it’s decent. The main difference is that on Revolut’s free tier, the good exchange rate is only available on weekdays during market hours. At weekends, they add a markup. Wise uses the mid-market rate 24/7. For regular transfers, I stick with Wise.

What About Sending MYR Back to the UK?

Same answer: Wise works in both directions. If you’re earning in Malaysia and want to send ringgit back to your UK account, Wise handles this just as well.

The Short Version

Stop using your bank for international transfers. Set up Wise. It takes 10 minutes and you’ll save money every single time you move money between the UK and Malaysia. I’ve been using it for years and I’ve never gone back to my bank for transfers.

Affiliate disclosure: The Wise link in this post is an affiliate link. If you sign up and make a transfer, I receive a small commission. This doesn’t change the rate you get — and I’d recommend Wise whether I got paid for it or not, because I actually use it.