A friend of mine is transferring me some money.
He lives in Malaysia and it is easier for him to transfer money to a Malaysian account than do a swift transfer. As an Australian can I have a virtual Malaysian account or something like that? I think I saw you can do this with Wise, but unsure if they support Malaysia.
Anyone know the best way to do this?
So going Malaysia -> Aus, its just like transferring money from your Malaysian bank account to another Malaysian bank account?
A little different as Aus bank accounts require a BSB, Wise will specify this :), but yeah pretty much.
Wise is a middleperson, hence whoever opens the Wise account will need to pay the money to Wise (it will be specified in the app), and then they will disburse it to your bank account.
check for some apps like Wirebarley.
How to Receive Money from Malaysia?
Get a job there?
Check with Wise if you can obtain a virtual account in Malaysian Ringit (the answer is almost certainly no).
Malaysia has strange banking and currency regulations. My experience was from 2019, and the only foreigners that can have a Malaysian bank account had to produce a work permit or substantial residency permit. This was a pain as I had a Malaysian company and my passport didn't require a residency permit.
We had to pay money to our Australian suppliers in AUD. I did this through our business bank account and the cost in commission and spread was over AUD 3,000! A full 11% fees, which is probably why your friend wants to pay in Ringit.
There are three legal ways that have lower costs. Western Union is very popular with a lot of workers. Purchase a Merchanttrade Money card in Ringit and courier the card to you by DHL (but there are limits). Have your friend convert Ringit to AUD and you pick it up, or have someone else pick it up (limit of AUD10,000 cash can be brought in to Australia without declaring to customs).
Your friend might be able to buy a prepaid travel money card that can be used online and you just spend it on all the great deals you find on Ozbargain.
Can't do virtual MYR account with wise. Wise and Western Union both have a 30k MYR limit (which is less than 10k). Wise have a higher fee but lower rate than Western Untion, but it all comes out in the wash and they end up both being about the same cost. Max transfer to AUD is around 9.5k.
You can bring in more than 10k if you simply declare it. I've done that a few times and it's simply a form to fill on arrival in Australia.
In this case, you'd also have to declare it as you exit Bolehland which is where you may get unstuck. The imigresen officials are probably the most corrupt in the country, after the polis and politicians. Truly Asia.
Sooooo get on a plane with a few k$ in cash. What could go wrong lol. But I get it, maybe its the only option
You may find a portion of whatever you declare missing after the process. Or the whole lot. The border officials are vile and corrupt and I wouldn’t want to take a chance. Or you could get through. But you'd be rolling the dice.
If the former PM could rip USD4.5 billion out of the joint, it tells you everyone else below him are doing the same. Don't get me wrong, I love Malaysia. But corruption is rife and it's seemingly getting worse.
Is Western Union an option?
You can deposit into a bank account using them.
Yes, but 30k MYR limit
Yes use Wise, its pretty instant to transfer from an Aus to Msian bank account and vice versa.
make sure you click on the referral links page.