Cheap Money Transfer from India to Malaysia with Wise & Big App
This article will show how you can transfer money back to India from Malaysia as fast & as cheap as possible using 2 apps:
- Wise (formerly Transferwise) app
- BigPay (AirAsia group) app
In the following example, I will be using MYR to INR. But if you’re sending back money to India from other currencies, the process of using the Wise or BigPay will be identical, except for changing the sender’s currency.
The Best Way to Transfer Money from Malaysia to India
At the time of this writing, Big Pay offers the best rates for money transfers from Malaysia to India.
Note that transfer fees vary from time to time, so please check using the links in the table before making a transfer
Let’s compare money transfer methods to India:
| MYR 1,000 Transfer Method | INR Received | Benefits | How Long to Receive Money | Max Transfer Limit |
|---|---|---|---|---|
| Remittance Shop | Depends on the physical shop | For those who can’t transfer online | Depends on shop | Depends on shop |
| Maybank TT Transfer | INR 16,849 | Large transfer limit. FAQ | 1 to 3 working days | RM 49,000 |
| Western Union | INR 17,432 | For receivers who don’t have a bank account. FAQ | Within minutes | RM 3,000 per day |
| Big Pay | INR 17,465 | Sometimes cheaper than Wise. FAQ | 5 mins to 1 day | Check in app |
| Wise | INR 17,394 | Can use on PC without installing the app. FAQ | In seconds | RM 30,000 |
As of 23rd August 2021, Big Pay is the cheapest, followed by Western Union & finally, Wise:
Despite Big Pay & Western Union being the cheapest, I prefer to use Wise as I find it the most user-friendly (personal opinion), followed by Big Pay as my second choice.
I’ve previously been using Wise to receive money from Singapore and have generally trusted Wise over the other apps due to my experience.
The choice is ultimately yours. I will go over the step-by-step for both the Wise & Big Pay app.
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Requirements for Wise & BigPay
Here is what you need to do to send money back to India using the Wise & BigPay app:
- Register an account with Wise or Big Pay
- Know the banking details of the person receiving the money in India
- Sending money to the apps:
- Wise: Transfer money to Wise’s Malaysian bank account
- Big Pay: Top up your account balance
Next, let’s take a look at the overview of how transferring money via Wise works:
Transfering Money to India with Wise
Overview: How Does Wise Work?
How to Send Money From Malaysia to India with Wise
You can use Wise either through their website or by downloading their app (iPhone & Android).
Once you have signed up, click on ‘send’ on the homepage to start transferring money:
Next, select currencies that you want to convert from the drop-down menu. In this example,
- We’re sending MYR 1,000
- The receiver should receive the money in INR
Next, you’ll select who you’ll be sending the money to, either to yourself or to someone else. Here, I’m assuming you’re sending it to someone else.
On this page, Wise will ask for the basic bank account information of the receiver in India. Make sure to place it in the receiver’s full legal name, IFSC code & account number:
On the next page, you can review the total amount that the recipient will receive in INR & the Wise fee:
The next step is to online transfer the MYR 1,000 to Wise Malaysia’s bank account. You have less than 24 hours to make the transaction.
Make sure to include the reference details shown on the confirmation page.
Once you’ve made the transfer, Wise will verify. It will take from a few minutes to a few hours.
After everything checks out, Wise India will release the agreed INR amount from the Wise India bank account to your receiver.
Sign Up for Wise
I hope this article has been helpful. Sign up with Wise by clicking on the button below:
Transferring Money to India Using Big Pay
Overview: How Does Big Pay Work?
How to Send Money From Malaysia to India with Big Pay
You need to download the Big Pay app (iPhone & Android).
Once you have signed up, click on ‘Payment’ on the homepage to start transferring money:
On the next page, click on ‘International Bank Transfer:’
Change the currencies you want to convert. In this example, we are sending MYR 1,000 to INR. To transfer money using Big Pay, you need to top up that amount in your Big Pay account first:
The last step is to fill out the receiver’s banking in India. It should include their full name, bank name, bank account number & IFSC code:
Click on ‘Next,’ Big Pay will verify your request and send the money to India. Expect the receiver to get the money within a few minutes.
Sign Up for Big Pay & Get Free RM10
I hope this article has been helpful. Sign up with Big Pay by clicking on the button below:
Get free RM 10 with my code: I3M7KXTBO3
Jump back to Wise section here.
