Top Payoneer alternatives for Malaysian businesses

Payoneer helps businesses and freelancers manage international payments, but transaction fees apply. Dive into five Payoneer alternatives and what they have to offer

Key takeaways

• Payoneer supports business payments across 190+ countries and 70+ currencies
• WorldFirst provides a multi-currency business account with USD and MYR receiving and holding, plus USD, MYR and CNH payments and conversion
• Airwallex provides business accounts in 20+ receiving currencies, 60+ transfer currencies and multi-currency corporate cards
• Wise provides personal accounts in Malaysia, with 23 receiving currencies and a personal debit card

Payoneer is an international payments provider for businesses, freelancers and online sellers, with multi-currency receiving accounts, international payments and corporate cards.^1,2 It supports payments across 190+ countries and territories and 70+ currencies.¹ But, using Payoneer can involve an annual US$29.95 account fee when less than US$6,000 is received in 12 months, plus fees for receiving, sending and withdrawing funds also apply.³ Currency conversion can also carry a 0.5% fee.³

This guide compares five Payoneer alternatives covering accounts, currencies, receiving capabilities, payments, cards and pricing. It also explores a multi-currency account by an international payments provider, WorldFirst.

Best alternatives to Payoneer in Malaysia

1. WorldFirst

WorldFirst is an international payments provider that offers the World Account, a multi-currency account for Malaysian businesses paying and receiving funds from overseas. In Malaysia, businesses can get local receiving account details for USD and MYR. Clients, marketplaces and other payers can use these local currency account details to send money to the World Account, where the funds can then be kept in either USD or MYR.

Businesses can also use the account to send USD, MYR and CNH and convert between these currencies when needed. Plus, the World Account can receive payouts from more than 130 marketplaces and payment gateways, including Amazon, Etsy, Stripe and Shopify.

→ Learn how to sell on Amazon from Malaysia

Key features

• Receive USD and MYR through local account details for getting paid by clients and marketplaces
• Hold funds in separate USD and MYR balances
• Send USD, MYR and CNH internationally
• Convert funds between USD, MYR and CNH when needed
• Receive payouts from 130+ supported marketplaces and payment gateways
• Use Firm Orders to lock in exchange rates for USD, MYR and CNH transactions
• Use World Pay, the authorised international payment provider for 1688.com to pay suppliers in China when sourcing from 1688

→ Businesses comparing Chinese marketplaces can explore 1688 vs Alibaba to understand the key differences

2. Airwallex

Airwallex provides a business account with local account details to receive funds in 20+ currencies, including USD, GBP, EUR, AUD, CNY, HKD and CAD.⁴ It supports transfers in 60+ currencies to 200+ countries and lets businesses hold and convert multiple currencies.^4,5,6

Airwallex Malaysia’s business platform covers payment acceptance, billing and expense management as well.^4,6 Plus, its corporate card offering includes multi-currency virtual cards and employee cards, with spending controls and real-time transaction visibility.⁷

Pricing: Zero setup and monthly account fees.⁸ FX conversion is 0.4% above the stated interbank rate for listed currencies and 1% for others.⁹ SWIFT transfers cost RM30 to RM90⁸

*Fees checked in September 2026

3. Wise

Wise offers personal accounts in Malaysia, with receiving account details in 23 currencies, including MYR, USD, GBP, EUR, AUD, CAD, SGD, JPY, HKD and CNY.^10,11 Users can hold and convert 40+ currencies and use a personal Wise debit card for online and in-store payments.^10,11,12 Its debit card supports spending in 40+ currencies, while digital cards are also available.¹²

With Wise, users can send money overseas to 100+ countries, with transfers of up to RM975,000 per transaction.¹³ Wise Business is not available in Malaysia, so Malaysian businesses cannot use business features like bulk payments, custom spending limits, business cards and more.

Pricing: Registration has no fee, transfers and conversion start from 0.25%, and the personal debit card costs RM13.70.¹⁴ Receiving account details are provided without a fee, while SWIFT receiving fees vary by currency starting from 2.16 GBP¹⁴

*Fees checked in September 2026

4. XTransfer

XTransfer helps businesses handle international B2B transactions, supporting payments across 200+ countries and regions and more than 20 currencies.¹⁵ Its local account network spans about 60 countries and regions, allowing businesses to receive payments using local business bank account details in supported markets.¹⁵

The service supports multi-currency collection, 24/7 currency exchange and online account management.^15,16 Businesses can receive global payments, add funds through local financial networks, pay overseas suppliers and exchange currencies.¹⁶ The local collection accounts use domestic payment networks where available, while XTransfer-to-XTransfer payments can be near-instant. XTransfer does not provide corporate cards.^15,17

Pricing: Account opening and maintenance fees are zero.18 Transfer and FX costs depend on the corridor and transaction¹⁸

*Fees checked in September 2026

→ Here’s a list of the best international money transfer providers in Malaysia

5. MoneyMatch

MoneyMatch is a Malaysia-based international transfer platform offering business payment services through its Pulse platform.¹⁹  Businesses can pay in 110+ countries and send funds in 88+ currencies.^19,20 Pulse provides live exchange rates, bulk uploads for up to 500 recipients, transfer tracking and multilingual support in English, Bahasa Malaysia and Chinese.¹⁹

But, MoneyMatch does not provide a multi-currency account for holding foreign-currency balances. Business card solutions are available through MoneyMatch partners, while the MoneyMatch Card and eWallet product is listed as coming soon.²¹

Pricing: Account registration and subscription fees are zero.¹⁹ Transfer fees vary, starting from RM3²²

*Fees checked in September 2026

FAQs

1. What are the best alternatives to Payoneer in Malaysia?

WorldFirst, Airwallex, Wise, XTransfer and MoneyMatch provide different options. WorldFirst and Airwallex offer business-focused multi-currency accounts, while XTransfer focuses on B2B trade payments.^4,10 Wise provides a personal multi-currency account in Malaysia, and MoneyMatch focuses on international transfers for businesses.^15,19

2. Which Payoneer alternative has the lowest fees for Malaysian businesses?

Fees depend on the transaction, currency, receiving method and transfer destination. WorldFirst and Airwallex have zero account opening and monthly fees, while XTransfer has zero account opening and maintenance fees.^9,18 MoneyMatch has zero registration and subscription charges.¹⁹

3. What should Malaysian businesses consider when choosing a multi-currency payment service?

Businesses can compare supported currencies, local receiving account details, international transfer coverage, currency conversion fees and account charges. The availability of features can also vary by provider and business type.

Sources

1. https://www.payoneer.com
2. https://www.payoneer.com/commercial-card/
3. https://www.payoneer.com/pricing/
4. https://www.airwallex.com/en-my
5. https://www.airwallex.com/en-my/business-account/global-accounts
6. https://www.airwallex.com/en-my/business-account/transfers
7. https://www.airwallex.com/en-my/spend-management/cards
8. https://www.airwallex.com/en-my/pricing
9. https://www.airwallex.com/en-my/terms/fee-schedule
10. https://wise.com/my/
11. https://wise.com/my/receive-money/#coverage
12. https://wise.com/my/card/
13. https://wise.com/my/send-money/
14. https://wise.com/my/pricing/
15. https://www.xtransfer.com
16. https://www.xtransfer.com/services/account
17. https://www.xtransfer.com/services/payment
18. https://www.xtransfer.com/services/wallet
19. https://moneymatch.co/business
20. https://moneymatch.co
21. https://moneymatch.co/cards
22. https://support.moneymatch.co/hc/en-us/articles/360021830132-AUD-Transfers

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.