Receive payouts by local wire transfer in MYR (Malaysia)

Overview

Local wire transfer in MYR is a transfer of funds between banks in Malaysia in the local MYR currency. This method is valued for its reliability, convenience, and speed, as it provides a direct transfer from one bank account to another within the country.

Supported currencies

• Malaysian ringgit (MYR)

📌 If the currency of your balance in Smartcat is different from MYR, the funds are converted to MYR using the Smartcat exchange rate.

Commission

3 USD + 0.5% of the withdrawal amount. The fee is converted into the payout currency at the time of the transaction.

You can view a list of companies that reimburse your commission in My Payouts (click the More Details button on your payout method).

Minimum and maximum payout amounts

From 40 MYR to 100,000 MYR.

Smartcat allows setting the minimum amount, starting from which the payment is sent to you. You can learn more in Minimum payout amount.

Required details

Advantages

• Cheaper than international transfer. There is no intermediary bank, and the commission is lower than for an international wire transfer

• Speed. Payouts are processed up to 3 business days on the Smartcat side and up to 1–2 business days on the bank side

• Funds are received immediately in the local currency. You do not spend money on additional conversions and can use the money in your country right away

FAQs

I chose this method, but the payment was rejected. Why?

Act as follows:

• Make sure you provide payment details for a local wire transfer (not an international SWIFT transfer)

• Make sure that the postal code, city, street, and house number are specified in the corresponding fields of the details. Make sure that you do not enter a PO box or email address instead of your residential address

• Check that the account number, bank name, and SWIFT are correct

• Make sure that the name of the account holder is entered in the details exactly as it is in the bank details, including all spaces and symbols

If the details you provided are correct, contact your bank branch to find out the reason for the rejection of the payment on the bank's side.

I cannot find the payment. What does the payment look like on the bank statement?

If you cannot find the payment, check your account statement for the relevant transactions.

As a reference, the payment ID can be specified in the format PO-XXXXXX-XXXXX, which you can find in the Payout History section.

SMARTCAT EUROPE BV or THE CURRENCY CLOUD LIMITED is displayed as the sender, depending on the receiving bank.

For which countries is this method available?

The method is only available for receiving funds to an account in Malaysian banks.

I received a payment. What details should be used for billing?

When receiving funds by local bank transfer in MYR, enter the following Smartcat details in your account:

• Full name: Smartcat Europe BV

• Legal address: Strawinskylaan 903, 1077 XX Amsterdam, the Netherlands

• VAT no.: NL859832880B01