Sending business payments from the US to Malaysia
A US company pays a Malaysian supplier by SWIFT wire in US dollars to the supplier's foreign currency account (FCA) in Malaysia, or in ringgit through a provider that pays locally over DuitNow, Interbank GIRO or RENTAS. Bank Negara Malaysia lets residents receive foreign currency from non-residents for any purpose except certain derivatives, and permits ringgit settlement of goods trade. This guide covers the details to collect, the rules, rails, holidays, documents and fees.
- Bank Negara Malaysia's Foreign Exchange Policy lets a resident receive foreign currency from a non-resident for any purpose except certain derivatives.
- BNM permits settlement of trade in goods in ringgit between a resident and a non-resident, so a buyer abroad can also pay a ringgit invoice.
- FEP Notice 7 requires export proceeds for goods to be repatriated to Malaysia in full within 6 months of shipment, and since 15 April 2021 exporters decide when to convert them.
- CIMB lists DuitNow as available 24/7 and Interbank GIRO at up to RM1,000,000 per transaction, with RENTAS credited the same business day.
- Maybank charges RM5 for an inward remittance received from other banks.
Details to collect from your recipient in Malaysia
Malaysian companies often hold a ringgit current account and a separate foreign currency account (FCA) for dollars. Collect the details once, in writing. SWIFT is the network banks use for cross-border payment instructions, and each bank on it has an 8 or 11 character SWIFT code.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The company name exactly as registered with SSM, the Companies Commission of Malaysia, and on the account | Name mismatches lead to queries or returns |
| Beneficiary address | Full street address in Malaysia | Required on SWIFT wires |
| Account number and currency | The USD FCA, or the ringgit current account | A dollar wire to a ringgit account is converted on arrival |
| Bank name and SWIFT code | 8 or 11 characters | Routes the wire to the right bank |
| Intermediary bank | The US correspondent the bank names, if any | Some US banks ask for it |
| Invoice and shipment reference | As on the commercial invoice and bill of lading | Lets the supplier match the payment to the shipment it must repatriate |
Field list compiled by the Helm Editorial Team. As published on 29 October 2026.
USD or ringgit: what Bank Negara Malaysia's rules say
Bank Negara Malaysia (BNM) sets the Foreign Exchange Policy (FEP), a set of numbered Notices organized by residency. The rules allow a buyer abroad to pay in either currency, and they give the supplier a deadline to bring goods proceeds home. The US dollar to ringgit page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Receiving foreign currency | A resident may receive foreign currency from a non-resident for any purpose, except certain derivatives | A dollar invoice is allowed |
| Ringgit settlement | Settlement of trade in goods in ringgit between a resident and a non-resident is permitted | A ringgit invoice is allowed too |
| Export proceeds for goods | Repatriated to Malaysia in full within 6 months of shipment (Notice 7) | Pay the supplier's account in Malaysia, not an account abroad |
| Conversion | Since 15 April 2021 exporters manage conversion according to their own cash flow needs | The supplier can hold your dollars in its FCA |
| Payments between residents | Foreign currency payments between two residents are allowed only for listed purposes | A Malaysian subsidiary of yours pays local suppliers in ringgit |
Sources: BNM, payment in foreign currency by residents; BNM, payment in ringgit by non-residents; FEP Notice 7; BNM, Liberalisation of Foreign Exchange Policy (31 March 2021). As published on 29 October 2026.
A ringgit invoice removes conversion from the supplier's side and can support a sharper price, while a dollar invoice keeps your books in dollars. Settle the currency in the contract. More on the supplier side is in how to pay suppliers in Malaysia.
Rails and arrival times: SWIFT, DuitNow, IBG and RENTAS
A dollar wire settles in the United States on Fedwire, whose business day runs from 9:00 p.m. ET the previous evening to 7:00 p.m. ET on weekdays, with a 6:45 p.m. ET cut-off for customer transfers. Kuala Lumpur is 12 hours ahead of New York in the US summer and 13 hours ahead in the US winter, so a wire sent on a New York afternoon reaches the correspondent overnight in Malaysia.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to an FCA | US dollars | Credited on a Malaysian business day | Standard route for dollar invoices |
| Ringgit payout over DuitNow | Ringgit | 24/7, including non-business days | CIMB lists higher limits for business customers on larger packages |
| Ringgit payout over Interbank GIRO | Ringgit | At CIMB, initiated before 5:00 a.m. on a business day, received by 11:00 a.m. | Up to RM1,000,000 per transaction |
| Ringgit payout over RENTAS | Ringgit | Same business day; CIMB's counter cut-off is 3:30 p.m. | For large payments |
Sources: CIMB, disclosure requirements for e-payment services and fees; Federal Reserve Financial Services, Fedwire operating hours. As published on 29 October 2026.
CIMB states that its crediting times apply under normal circumstances and that participating banks may change them. DuitNow runs every day, while SWIFT credits, IBG and RENTAS wait for a Malaysian business day, so a wire sent on a US Friday is credited on Monday at the earliest.
Documents, screening and why payments to Malaysia are held
A Malaysian exporter has to show its bank that goods proceeds came home within 6 months, so a payment that quotes the invoice and shipment reference closes that file cleanly. A request to pay an account outside Malaysia deserves a question for the same reason. Treat any change of bank details as a fraud risk and confirm it by phone with a contact you already know.
On the US side, sanctions screening applies to every payment: OFAC states that all US persons, including US-incorporated entities and their foreign branches, must comply with its sanctions, so check the payee and its bank against OFAC's lists (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Dollars sent to the ringgit account | Converted at the bank's rate | Ask for the USD FCA number |
| Ringgit payout above RM1,000,000 by IBG | Exceeds the IBG limit per transaction at CIMB | Use a provider that pays large amounts over RENTAS |
| Payment to an account outside Malaysia | The supplier still has to bring goods proceeds home | Pay the supplier's account in Malaysia |
| Name differs from SSM registration | Queried or returned | Use the registered name exactly |
| Wire sent as SHA | Arrives short of the invoice | Use OUR charges |
Sources: CIMB; BNM, FEP Notice 7; Helm Editorial Team. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to Malaysia
Domestic ringgit fees are small: CIMB lists Interbank GIRO at RM0.10 and RENTAS at RM2.00 per transaction online, and DuitNow as waived. On the receiving side, Maybank charges RM5 for an inward remittance from other banks. The larger costs are intermediary deductions on a SHA wire and the exchange rate on a ringgit payout. With OUR you pay all bank charges. For the supplier's account options, see USD business accounts in Malaysia.
From a Helm account you can send international payments by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
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How do I send a business payment from the US to Malaysia?
For a dollar invoice, send a SWIFT wire to the supplier's USD foreign currency account in Malaysia. For a ringgit invoice, use a provider that pays ringgit locally over DuitNow, Interbank GIRO or RENTAS.
Can I pay a Malaysian supplier in ringgit from abroad?
Yes. Bank Negara Malaysia permits settlement of trade in goods in ringgit between a resident and a non-resident. A provider converts your dollars and pays the supplier's ringgit account.
Can a Malaysian supplier keep US dollars?
Yes. Since 15 April 2021 exporters manage the conversion of export proceeds according to their own needs, but goods proceeds must reach Malaysia within 6 months of shipment under FEP Notice 7.
How long does a payment to Malaysia take?
A ringgit payout over DuitNow can be sent 24/7, and RENTAS credits the same business day. A SWIFT wire is credited on a Malaysian business day after it clears the US correspondent.
Why did my Malaysian supplier receive less than I sent?
Intermediary banks can deduct fees from a wire sent with SHA or BEN charges, and banks charge for inward remittances; Maybank charges RM5 for one received from other banks. Send with OUR charges.
What does Helm charge to send money to Malaysia?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- Bank Negara Malaysia: Foreign Exchange Policy, payment in foreign currency by residents
- Bank Negara Malaysia: Foreign Exchange Policy, payment in ringgit by non-residents
- Bank Negara Malaysia: FEP rules for residents, Export of Goods (Notice 7)
- Bank Negara Malaysia: Liberalisation of Foreign Exchange Policy (31 March 2021)
- CIMB: Disclosure requirements for e-payment services and fees (business)
- Maybank: Remittance fees and charges
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.