Receiving international money transfer in Malaysia is not exactly difficult. Whether somebody donated to your Patreon for your crafts or you are paid overseas for a freelance gig, it is always possible to digitally get foreign currencies for your Malaysian account. Said money would convert to the MYR currency too, depending on the current exchange rate.
There are a few ways to receive overseas money as a Malaysian. Just keep in mind that the fees and arrival time varies between methods.
Western Union
Western Union is for you if you want the money now and you do not mind paying a high fee for it. It is an American multinational financial service that people mostly use to transfer or receive foreign currencies. The Money in Minutes option allows people to immediately pay to their recipients who can collect the money right away at the nearest Western Union agent location.
Though you could receive your physical payment at a short time, the fees to do so are high as mentioned before, and current exchange rates can affect the price.
If you are lazy to go out and collect from an agent location, you can instead let your sender pay you online into your bank account. For this option, you may get your money a little later than a physical collection, but at least you will get your pay in your account regardless of your location.
Paypal
Paypal is one of the most common methods of transferring and receiving foreign currencies online. You can simply set up a Paypal account and allow your sender to either pay you in MYR or their local currency in just a few seconds.
There is a fee that will be imposed to your sender upon their transfer, depending on the base location of their Paypal account and the way they fund the transfer. A currency conversion fee will also be charged when your money is converted from one currency to another.
Doing this via your Paypal account will cost you 3% to 4.5% of the total converted amount. Your sender will have to do the same on their side too.
SWIFT
Maybe you don’t want to create an account or receive your foreign pay through any of the two financial platforms. Instead, you rather receive them directly into your bank account, straight from your sender. Fortunately, most Malaysian banks allow this to happen.
The international wire transfer known as SWIFT transfer can be longer than the other two methods as it takes 3 to 5 working days to actually receive your money. Your sender will be charged upon transfer and your own bank will have to deduct a receiving fee too before the money is deposited.
You will have to give your sender some information including your bank account’s full name, bank name and address, account number and SWIFT or BIC code. Home address and contact details may also be added for additional details.
SWIFT may not be your best option if you do not trust your sender enough to provide your bank account’s details to them.