Euro to RM Malaysia: Today’s Exchange Rate and Wise Transfer Savings
Convert your Euros (EUR) to Malaysian Ringgit (MYR) quickly and easily with today’s live exchange rate. This page provides the current EUR to MYR conversion rate, along with a comparison of bank transfer fees versus using Wise (formerly TransferWise) for international money transfers.
The European Central Bank (ECB) provides daily exchange rate updates, ensuring you have the most accurate information for your currency conversions.
Understanding the Euro to RM Exchange Rate
The exchange rate between the Euro and the Malaysian Ringgit fluctuates daily based on various market factors. Understanding these fluctuations can help you make informed decisions when exchanging currency. While banks and traditional money transfer services often include hidden fees within their exchange rates, using a transparent service like Wise can provide significant savings.
Sending Money from Europe to Malaysia: Banks vs. Wise
Banks often incorporate hidden markups within their exchange rates for international transfers, resulting in higher fees than advertised. This can significantly impact the total cost of sending money abroad. In contrast, Wise offers a transparent pricing model with a low, upfront fee and utilizes the real mid-market exchange rate. This can translate to substantial savings, especially for larger transfers.
For instance, a 1000 EUR transfer to USD could cost as little as 4 EUR with Wise, compared to 28 EUR with a typical bank. This demonstrates the potential cost savings of choosing Wise for your international money transfers.
Wise offers a convenient and cost-effective way to send money to Malaysia, allowing you to avoid inflated exchange rates and hidden bank fees.
Cross Currency Rate Calculations
Cross currency rates are calculated values for two currencies, neither of which is the domestic currency of the country where the quote is obtained. For example, in the United States, a cross rate would be any rate between two currencies other than the US dollar. Below is a table showcasing various cross currency rates:
| EUR | USD | GBP | CHF | CAD | AUD | JPY |
|---|---|---|---|---|---|---|
| EUR | 1 | 1.0889 | 0.8418 | 0.9641 | 1.5691 | 1.7237 |
| USD | 0.9184 | 1 | 0.7731 | 0.8854 | 1.4410 | 1.5830 |
| GBP | 1.1879 | 1.2935 | 1 | 1.1452 | 1.8639 | 2.0476 |
| CHF | 1.0372 | 1.1294 | 0.8732 | 1 | 1.6275 | 1.7879 |
| CAD | 0.6373 | 0.6940 | 0.5365 | 0.6144 | 1 | 1.0985 |
| AUD | 0.5801 | 0.6317 | 0.4884 | 0.5593 | 0.9103 | 1 |
| JPY | 0.0062 | 0.0067 | 0.0052 | 0.0060 | 0.0097 | 0.0106 |
These rates are updated daily.
Conclusion
When converting Euros to Malaysian Ringgit, utilizing a service like Wise can offer substantial savings compared to traditional banks. Remember to compare exchange rates and fees before initiating your transfer to ensure you’re getting the best possible deal.