Top Wise Business alternatives for Malaysian businesses [2027]

Wise provides multi-currency services in Malaysia, but its Business account is unavailable. Discover how six providers support cross-border business payments

Key takeaways

• Wise provides Malaysian users with personal accounts for holding, receiving and transferring funds, but Wise Business is not available
• WorldFirst offers a multi-currency business account for receiving, holding and sending funds
• Airwallex offers multi-currency business accounts and payment acceptance features
• Payoneer offers international receiving accounts and marketplace payout integrations
• XTransfer focuses on B2B cross-border payments for international trade
• MoneyMatch and Instarem Business focus on international money transfers for businesses

Wise is a global payments provider offering personal and business accounts for international money transfers.¹ In Malaysia, Wise provides personal accounts, with holding and converting capability for 40+ currencies.¹ It can also receive money through global accounts in 23 currencies, and offers a linked debit card for spending abroad.¹ But, Wise Business is not available in Malaysia, so businesses do not have access to business-specific features such as corporate cards, batch transfers and custom spending controls available in other markets.

This article covers six providers available to Malaysian businesses and how their features differ across multi-currency accounts, international transfers, receiving capabilities, and more. The article also explores a multi-currency account for businesses offered by WorldFirst.

Why consider an alternative to Wise in Malaysia?

Wise Business is not available in Malaysia

Wise personal accounts are designed for individual use and do not provide the full range of business functionality available through Wise Business in other supported countries.¹

Businesses handling international transactions may require features such as business payment workflows, employee or corporate cards, bulk payments, local receiving details, marketplace collections and tools for managing supplier payments. These requirements are relevant for SMEs, e-commerce sellers, freelancers and businesses trading internationally.

→ Take a look at our in-depth Wise Malaysia review

No accounting integrations

Wise personal accounts in Malaysia do not provide the accounting integrations available through Wise Business in other markets.¹ Businesses using platforms such as Xero or QuickBooks may therefore need separate tools or providers that support accounting-system integrations for managing and reconciling international transactions.

No marketplace payout collection

Businesses selling through Amazon, Shopify, Etsy and other international marketplaces may need local receiving account details to collect marketplace payouts. Wise personal accounts in Malaysia do not provide this business-focused marketplace collection feature, making receiving-account support a valid comparison point when assessing other providers.

What to look for in a Wise alternative

• Multi-currency receiving: Local receiving details let businesses collect international payments in currencies such as USD, GBP and EUR, reducing reliance on traditional wire transfers
• Currency holding and conversion: Holding foreign currency balances lets businesses retain revenue and convert funds when needed, rather than converting immediately after receipt
• Card availability: Business cards can cover employee expenses, advertising, subscriptions and supplier payments. Compare virtual or physical options, card limits and the number available
• Marketplace payout support: Check support for payouts from Amazon, Shopify, Etsy and Stripe, including whether local receiving details are provided
• Chinese supplier payments: Businesses sourcing from China can check for CNH payments and direct supplier-payment routes, including 1688.com support
• Regulatory status: Check whether providers hold applicable Malaysian licences or authorisations for payment and remittance services
• Fee transparency: Compare account, receiving, transfer, FX conversion and card fees, including how clearly charges are disclosed
• Sending capabilities: Check supported destination countries and currencies for payments to business partners internationally

Wise alternatives in Malaysia: Head-to-head comparison

*Fees checked in September 2026

Best alternatives to Wise in Malaysia

1. WorldFirst

The World Account is a multi-currency account by WorldFirst that helps Malaysian businesses handle cross-border payments. Businesses receive local account details for USD and MYR, which can be shared with customers, marketplaces and payment platforms to receive funds in those currencies. Incoming payments are credited to the World Account balance, allowing businesses to hold the funds in USD or MYR rather than converting them immediately.

Businesses can then convert currencies within the account and send payments in USD, MYR and CNH. E-commerce businesses can also use the account to collect payouts from 130+ marketplaces and payment gateways, including Amazon, Etsy, Stripe and Shopify.

For businesses sourcing from China, World Pay, the authorised international payment provider for 1688.com, enables direct payments to Chinese suppliers. Eligible businesses can also use Firm Orders to agree on an exchange rate in advance for future USD, MYR and CNH payments.

→ Learn how to find suppliers in China

Key features of the World Account 

• Receive international payments in USD and MYR through local receiving account details
• Hold USD and MYR balances within the World Account
• Send USD, MYR and CNH to overseas users
• Convert between USD, MYR and CNH within the account
• Receive payouts from 130+ marketplaces and payment gateways, including Amazon, Etsy, Stripe and Shopify
• Pay Chinese suppliers directly through World Pay for 1688.com purchases
• Use Firm Orders for eligible USD, MYR and CNH transactions to agree on an exchange rate in advance

Pricing: Account opening, monthly maintenance and receiving fees are zero. Sending and currency-conversion fees vary by transaction.
*Fees checked in September 2026

2. Airwallex

Airwallex provides Malaysian businesses with a multi-currency account supporting 20+ currencies, including MYR, USD, EUR and GBP.¹³ Businesses can receive payments through local account details, hold foreign currency balances and send funds in 70+ currencies to 200+ countries and regions.¹³

It also lets businesses create payment links and accept online payments through 160+ payment methods.¹⁴ Businesses can issue multi-currency VISA corporate cards for company or employee spending, with cards drawing from available currency balances.¹⁵ Airwallex also supports bulk transfers to up to 1,000 recipients and integrates with software including Xero, Shopify, Amazon, Lazada and WooCommerce.¹³

→ Here’s a guide on how to sell on Lazada

Pricing: There is zero monthly account and local-account access fee.^2,3 FX is 0.40% for major currencies and 0.60% for other supported currencies; SWIFT transfers to other accounts cost RM30–RM90^2,3

*Fees checked in September 2026

3. Payoneer

Payoneer provides international payment services for businesses, freelancers and online sellers across 190+ countries and territories and 70+ currencies.¹⁷ Its receiving accounts provide local payment details in supported currencies, while funds can be held across 10 major currency balances including USD, EUR, and GBP.¹⁷

Businesses can make mass payouts to up to 1,000 recipients and withdraw funds to Malaysian business bank accounts.¹⁸ Payoneer also connects with more than 2,000 marketplaces and platforms, including Amazon, Etsy and Shopify, and integrates with Xero, QuickBooks, NetSuite and Zoho Books.6 Malaysian users can also access Mastercard corporate cards with spending controls and expense tracking.⁷

Pricing: An annual US$29.95 fee may apply when less than US$6,000 is received in 12 consecutive months.⁵ Receiving, withdrawal, conversion and card fees vary by service⁵

*Fees checked in September 2026

4. XTransfer

XTransfer is a B2B cross-border payment provider offering global business accounts covering 20+ currencies like USD, GBP and more around 200+ countries and regions.²⁰ Malaysian businesses can receive international payments using local account details.^9,20 Funds can be received locally with zero receiving fees and no correspondent bank charges under the stated service.^9,20

Businesses can also send payments globally in local currencies and make CNY payments to Chinese suppliers’ business or personal bank accounts.⁸ XTransfer also supports 24/7 currency exchange and near-instant XTransfer-to-XTransfer payments, with zero transaction fees for X2X transfers.^8,20

Pricing: XTransfer’s opening and maintenance fees are zero^8,9

*Fees checked in September 2026

5. MoneyMatch

MoneyMatch is a Malaysian international money transfer provider focused on sending funds overseas.²² It does not provide receiving capabilities or multi-currency accounts. Its business platform, Pulse, supports international payments to 110+ countries in 88+ currencies.¹⁰

Businesses can track transactions through the platform.¹⁰ It also supports bulk transfers to up to 500 recipients in one go.¹⁰ Malaysian businesses can fund transfers via FPX (online bank transfer), DuitNow (instant payment), corporate bank accounts or manual bank transfers.¹⁰ MoneyMatch Sdn. Bhd. is licensed by Bank Negara Malaysia as a Principal MSB and Remittance Class B Licensee.²³

Pricing: Account registration and subscription fees are zero.¹⁰ Transfer fees vary, including RM8 for USD, RM3 for AUD and RM5 for SGD; FX markup is not specified^24,25,26

*Fees checked in September 2026

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

6. Instarem Business

Instarem Business provides an international business account for SMEs making and receiving cross-border payments.¹² Businesses can send payments across 160+ countries and pay up to 1,000 employee salaries in one transaction, in local currencies.^12,27,28

For receiving, businesses can collect payments in USD, AUD, SGD, HKD, JPY, NZD, EUR and GBP through Instarem’s global collection account.²⁹ The receiving service is currently available on an application and approval basis, and businesses do not need to open separate local bank accounts to receive these payments.²⁹

Businesses can also fund transfers using Visa or Mastercard bank cards issued by their bank.^30,31

Pricing: There are zero sign-up, account setup and subscription fees.¹² Transaction fees and applicable exchange rates are shown before confirmation and vary by payment, starting from 0.30%^12,33

*Fees checked in September 2026

FAQs

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

The available options differ by business requirement. Some provide multi-currency accounts with receiving and holding capabilities like the World Account, while others focus mainly on international transfers like MoneyMatch.¹⁰ Features such as marketplace collections, business cards, bulk payments, and accounting integrations also vary between providers.

2. Is Wise available in Malaysia?

Wise provides personal account services in Malaysia, but Wise Business is not available for Malaysian users.¹ Businesses therefore do not have access to Wise Business features such as its business-focused account functionality and integrations in Malaysia.

3. What currencies can Malaysian businesses hold with WorldFirst?

The World Account lets Malaysian businesses hold USD and MYR balances. Businesses can also convert between USD, MYR and CNH and send payments in these currencies internationally.

4. Can Malaysian businesses use WorldFirst to pay Chinese suppliers?

Yes. World Pay is the authorised international payment provider for 1688.com, allowing Malaysian businesses to make direct payments to Chinese suppliers for eligible purchases.

Sources

1. https://wise.com/my
2. https://www.airwallex.com/en-my/pricing
3. https://www.airwallex.com/en-my/terms/fee-schedule
4. https://www.airwallex.com/en-my/integrations
5. https://www.payoneer.com/pricing/
6. https://www.payoneer.com/integrations
7. https://www.payoneer.com/commercial-card/
8. https://www.xtransfer.com/services/payment
9. https://www.xtransfer.com/services/collection
10. https://moneymatch.co/business
11. https://support.moneymatch.co/hc/en-us/articles/360021830372-CNY-to-China
12. https://www.instarem.com/en-my/business/
13. https://www.airwallex.com/my/business-account
14. https://www.airwallex.com/my/payments/payment-links
15. https://www.airwallex.com/my/spend-management/cards
16. https://www.airwallex.com/global/newsroom/airwallex-secures-key-regulatory-approvals-for-full-commercial-launch-in
17. https://www.payoneer.com
18. https://www.payoneer.com/send-payments/
19. https://www.payoneer.com/state-licenses-and-disclosures/
20. https://www.xtransfer.com
21. https://www.xtransfer.com/newsroom/xtransfer-receives-malaysia-central-banks-conditional-approval-for-key-payment-licence?utm_source=geo_newsroom
22. https://moneymatch.co
23. https://www.bnm.gov.my/-/moneymatch-sdn-bhd
24. https://support.moneymatch.co/hc/en-us/articles/360025636991-USD-to-the-United-States-of-America
25. https://support.moneymatch.co/hc/en-us/articles/360021830132-AUD-Transfers
26. https://support.moneymatch.co/hc/en-us/articles/360024241872-SGD-Transfers
27. https://www.instarem.com/help-business/how-instarem-keeps-your-money-safe-secure/
28. https://www.instarem.com/en-my/business/send/
29. https://www.instarem.com/en-my/business/receive/
30. https://www.instarem.com/help-business/faqs-sme/issue-corporate-card/
31. https://www.instarem.com/help-business/faqs-sme/supported-payment-methods/
32. https://www.instarem.com/licenses/
33. https://www.instarem.com/fees/

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.