Top Wallex alternatives for Malaysia businesses [2027]

Wallex enables businesses to make international payments and convert currencies. Check out Wallex alternatives for cross-border transactions

Key takeaways

• Wallex provides Malaysian businesses with cross-border payment services, currency conversion and business account features
• World Account supports Malaysian businesses with local USD and MYR receiving details, multi-currency balances and international payments
• Airwallex, Wise, Instarem, Remitly, SunwayMoney and PingPong offer different options for multi-currency accounts, international payments and remittances

Wallex is a Singapore-headquartered cross-border payments provider that helps Malaysian businesses make international payments, hold or convert currencies and collect funds through a business account.¹ Its platform supports payments in 47 currencies and features such as bulk payments and real-time transaction tracking.¹

But, Wallex does not publicly specify its pricing.²  It also states that foreign currency funds can be held for one day before being sent or converted.³  This guide explores seven Wallex alternatives including the World Account by WorldFirst that supports local receiving account details in MYR and USD.

Top Wallex alternatives for Malaysia businesses

1. WorldFirst

WorldFirst provides Malaysian businesses with the World Account, a multi-currency account built around local receiving accounts and international payments. Malaysian users can open local account details for USD and MYR, allowing customers, marketplaces and other payment platforms to pay them using local payment routes.

Once funds arrive, businesses can retain USD or MYR balances and use them for sending payments overseas in USD, MYR and CNH or convert between them. The World Account also supports marketplace collections and payments to Chinese suppliers through World Pay.

Key features of the World Account

• Open local receiving accounts in USD and MYR for customer and marketplace payments
• Retain received funds in USD or MYR before converting or making payments
• Send business payments in USD, MYR or CNH to suppliers, contractors and partners
• Convert balances between USD, MYR and CNH within the World Account
• Collect payouts from 130+ marketplaces and payment gateways, including Amazon, TikTok Shop and Stripe
• Pay suppliers on 1688.com through World Pay, the authorised international payment provider for 1688.com
• Use Firm Orders to fix the exchange rate in advance for USD, MYR or CNH payments

2. Airwallex

Airwallex offers Malaysian businesses Business Accounts with local account details in 20+ currencies, including USD, EUR, GBP and CNY.^4,5 Businesses can receive and hold funds in multiple currencies, convert balances and send payments in more than 60 currencies to 200+ countries.^4,5  It also provides multi-currency corporate cards with employee spending controls and real-time transaction updates.⁶

*Fees checked in September 2026

3. Wise

Wise gives Malaysian users access to a personal multi-currency account for receiving, holding, converting and sending money internationally.^8,9  Account details are available for receiving funds in 23 currencies, while transfers can be sent in 32 currencies.^8,9

Personal users can also use the Wise card for spending in 40+ currencies and add it to Apple Pay or Google Pay.¹⁰  Wise Business is not currently available to Malaysian businesses, so business-specific services such as bulk payouts and business card controls are not available.

*Fees checked in September 2026

4. Instarem

Instarem offers Malaysian businesses a way to send international payments while also providing a Global Collection Account for receiving overseas funds.^12,13,14   Businesses can send money to 160+ countries and process up to 1,000 salary payments in a single transaction.^12,13,14

Subject to application and approval, the Global Collection Account can receive international payments in USD, AUD, SGD, HKD, JPY, NZD, EUR and GBP.^12,13,14  Businesses can also fund transfers using Visa or Mastercard cards.¹⁵ Instarem’s B2B payment limits vary based on the country, account and transaction type.12 Businesses may have higher limits, but check with your bank for the exact limit on your account.¹²

*Fees checked in September 2026

5. Remitly

Remitly focuses on international remittances for individuals receiving money in Malaysia.¹⁷  Depending on the transfer route and available payout method (like via Maybank, BigPay, CIMB Bank and more), recipients can receive funds through a bank deposit, mobile wallet or cash pickup.¹⁷  The recipient does not pay a receiving fee, while the sender is shown the applicable transfer charge and exchange rate for the transaction.¹⁷

*Fees checked in September 2026

6. SunwayMoney

SunwayMoney enables individuals and businesses in Malaysia to make international money transfers instantly in 90+ countries.¹⁸  For business payments, SunwayMoney supports transfers to company beneficiaries for goods and services, with a daily limit of up to RM5 million.¹⁸

SunwayMoney supports bank transfers to overseas accounts, plus e-wallet payments for selected currencies and cash payouts for selected currencies such as NPR and PKR.^18,19 Its international transfer coverage spans Asia, Europe, North America, Oceania, the Middle East and Africa, with selected non-native currency routes also supported, including USD payments to China.^18,19

Fees checked in September 2026.

7. PingPong

PingPong provides businesses with Global Accounts that offer local virtual account details for receiving payments in 20+ currencies, including USD, AUD, GBP and EUR.^20,21,24  Its Global Payouts service supports payments in 25+ currencies (like USD, JPY, AUD and more) across 200+ countries, while businesses can also convert currencies through the platform.^20,21,22  Separate business payment cards are also available for multi-currency spending, with single-use and multi-use options that can be configured with spending limits and usage controls.²³

*Fees checked in September 2026

Which Wallex alternative fits your business?

WorldFirst, Airwallex, Wise and PingPong offer multi-currency accounts for receiving, holding and sending funds, while Instarem combines international transfers with collection accounts. Remitly and SunwayMoney focus on transfers. The key consideration is whether your business only sends money or also needs to receive and hold foreign currencies.

FAQs

1. What are the main Wallex alternatives in Malaysia?

The seven providers covered here are WorldFirst, Airwallex, Wise, Instarem, Remitly, SunwayMoney and PingPong.^{4,8,12,17,18,20}  They offer multi-currency accounts, international business payment platforms and send-focused remittance services.

2. Which Wallex alternatives offer a multi-currency account?

WorldFirst, Airwallex, Wise (for personal users) and PingPong offer multi-currency accounts in Malaysia.^4,8,20  Instarem also provides business collection and payment functionality.

3. Can Malaysian businesses use Wallex?

Yes. Wallex offers cross-border payment services for businesses in Malaysia, including international transfers, currency conversion and business account services.¹  Availability, transaction limits and fees can vary based on the business and transaction type.¹

Sources

1. https://www.wallex.asia/en-my
2. https://www.wallex.asia/en-my/pricing
3. https://help.wallex.asia/how-long-can-i-hold-funds-in-other-currencies
4. https://www.airwallex.com/my/business-account
5. https://www.airwallex.com/en-my/business-account/transfers
6. https://www.airwallex.com/my/spend-management/cards
7. https://www.airwallex.com/en-my/pricing
8. https://wise.com/my/
9. https://wise.com/my/receive-money/
10. https://wise.com/my/card/
11. https://wise.com/my/pricing/
12. https://www.instarem.com/en-my/business/
13. https://www.instarem.com/en-my/business/send/
14. https://www.instarem.com/en-my/business/receive/
15. https://www.instarem.com/help-business/faqs-sme/issue-corporate-card/
16. https://www.instarem.com/fees/
17. https://www.remitly.com/my/en/receive-money
18. https://sunwaymoney.com/business
19. https://sunwaymoney.com/faq
20. https://www.pingpongx.com/global/home
21. https://www.pingpongx.com/global/business/account-global-accounts
22. https://www.pingpongx.com/global/business/account-global-payouts
23. https://www.pingpongx.com/global/platform/api-card-issuing
24. https://help.pingpongx.com/global-en/00a7b/234ae

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.