Looking to open a YouBiz account in Malaysia? Take a look at the current availability status and the top alternatives for the multi-currency account, available to Malaysian businesses
Key takeaways
- YouBiz accounts are currently available to businesses operating in Singapore, so businesses in Malaysia cannot yet apply for a YouBiz account
- MYR can be used for YouBiz card spending and transfers, but it is not a YouBiz wallet currency that can be held
- The World Account is a multi-currency account available to Malaysian businesses that allows receiving MYR and USD and sending MYR, USD and CNH
YouBiz is a digital business account designed for Singapore businesses handling local and international payments.1 But, YouBiz is currently not available in Malaysia, so Malaysian businesses looking for multi-currency account features need to look for alternate options.
This guide explains YouBiz eligibility in Malaysia, what businesses can do to fulfil their multi-currency payments needs, and how the World Account by WorldFirst supports cross-border business payments.
What is YouBiz?
YouBiz is a multi-currency business account by YouTrip, that also offers corporate cards got business spending.1,4 The account lets users hold, send, convert and receive payments in eight currencies across 150+ countries.1,4 Minimum and maximum transaction limits apply to all currencies, and transfer fees (not publicly disclosed) may also apply.8,9,10 The account can be opened digitally.1
Is YouBiz available in Malaysia?
No. YouBiz is currently available for businesses operating in Singapore. Its current terms identify a business operating in Singapore as an eligible applicant, so a Malaysian-registered business cannot open the account solely on its Malaysian registration.1,2
This distinction matters for businesses that operate across both countries: a company incorporated and operating in Singapore can have Malaysian transactions while continuing to use its Singapore YouBiz account.3 The transaction location does not change the eligibility requirement for opening the account.
For Singapore-registered YouBiz users, MYR is supported for overseas transfers and card spending.3 But, MYR is not available as a YouBiz wallet balance. YouBiz cards can therefore be used for eligible Malaysian purchases where Mastercard is accepted.4,5
Is YouTrip launching in Malaysia?
YouTrip and YouBiz are separate products.1,6 YouTrip is the personal multi-currency wallet, while YouBiz is the business-focused account and card service.1,6
The YouTrip Malaysia website currently invites users to join its waitlist as it is going to launch soon.7 But users need to note that YouTrip launching in Malaysia does not automatically mean YouBiz will also become available in Malaysia.
Main features of YouBiz
Multi-currency business account
YouBiz lets businesses receive payments in eight currencies and send funds in multiple currencies, including SGD, AUD, USD, MYR and GBP.1,3,11 Each supported currency comes with local receiving account details, allowing businesses to collect overseas payments without opening separate multi/foreign currency accounts.1,11 Users can also convert currencies and hold balances for future payments.1
Corporate cards
Mastercard corporate cards are linked to the business account.4 Businesses can issue unlimited cards, set spending limits, and monitor transactions in real time.4 Eligible purchases include unlimited 1% cashback and no fees on supported foreign-currency spending.4
Expense management
Expense tools include user roles, approval workflows, spending controls and accounting exports.12 Employees can upload receipts, add notes and categorise expenses through the mobile app.12
Xero integration
YouBiz supports Xero exports, with transaction data provided in pre-formatted CSV files for accounting use.13
Overseas transfers cover 150+ countries, with currency-specific limits.1 Batch payments support up to 1,000 supplier payments in one upload.8
What Malaysian businesses can do while YouBiz is unavailable
Malaysian businesses looking for a business account with multi-currency features have a few options while YouBiz availability in Malaysia remains unconfirmed:
- Check for a YouBiz Malaysia launch: YouTrip is expanding into Malaysia, but this does not confirm that YouBiz will be available to Malaysian businesses. Businesses can wait for YouBiz to launch in Malaysia and keep a close check on latest eligibility and country availability information before applying
- Set up a Singapore-registered business: Businesses that establish a Singapore entity may be able to apply for YouBiz, subject to its eligibility requirements. This means creating and maintaining a separate Singapore company, including meeting its registration, tax and ongoing compliance requirements
- Use a multi-currency account available in Malaysia: Malaysian businesses can use a multi-currency account like the World Account by WorldFirst to receive, hold and send supported currencies through one account. This provides access to multi-currency balances and business account features without requiring the business to establish a Singapore entity
The World Account: A multi-currency account available in Malaysia
WorldFirst is an international payments provider offering the World Account, a multi-currency account available to Malaysian businesses. In Malaysia, the account supports receiving and holding USD and MYR, while businesses can send payments in USD, MYR and CNH. Businesses can fund the account by transferring money from their Malaysian business bank account, or receive eligible international payments directly into their receiving accounts. Funds can then be held in the original currency or converted when needed.
The account also supports collections from 130+ marketplaces and payment gateways. Businesses can use these funds in the account to pay overseas suppliers, contractors and other business recipients, including eligible CNH payments for purchases from China.
Additional features of the World Account
- Businesses can receive and hold MYR and USD
- Businesses can send and convert between MYR, USD and CNH
- Firm Orders are available for USD, MYR and CNH transactions for locking an exchange rate
- World Pay, the authorised international payment provider for 1688.com, can be used by Malaysian businesses to make supported CNH payments for 1688 purchases directly through the World Account
- Businesses can receive international payments from 130+ marketplaces and payment gateways, including Amazon, Shopify, Stripe and Etsy
FAQs
1. Can a Malaysian business open a YouBiz account?
No, YouBiz is currently not available to businesses registered in Malaysia.
2. Is YouTrip available in Malaysia?
The YouTrip Malaysia website currently provides a waitlist, so it is launching soon in Malaysia but is currently unavailable.7
3. What is the difference between YouBiz and YouTrip?
YouBiz is intended for business use and includes business account features like bulk payouts and corporate card services.2 YouTrip is a personal multi-currency wallet that can be used by individuals when travelling across borders.6
4. Can YouBiz cards be used in Malaysia?
Yes. Singapore-based YouBiz users can use their cards for supported Malaysian transactions, including MYR spending where Mastercard is accepted.4 But, this does not make a Malaysian-registered business eligible to open YouBiz.
5. What are the alternatives to YouBiz for Malaysian businesses?
The World Account is a multi-currency account available to Malaysian businesses, with USD and MYR receiving and holding, USD, MYR and CNH payment capabilities, currency conversion and supported marketplace collections.
Sources
- https://www.you.co/biz/
- https://www.you.co/biz/blog/apply-youbiz-account/
- https://youbiz.zendesk.com/hc/en-us/articles/6334629807769-Which-currencies-are-supported
- https://www.you.co/biz/corporate-cards/
- https://youbiz.zendesk.com/hc/en-us/articles/6304923165593-Where-can-I-use-my-YouBiz-card
- https://www.you.co/sg/
- https://www.you.co/my/
- https://www.you.co/biz/fx-transfers/
- https://support.you.co/hc/en-us/articles/360000608414-What-are-the-fees-involved-in-using-a-YouTrip-account
- https://youbiz.zendesk.com/hc/en-us/articles/6188587658393-Is-there-a-fee-for-sending-money-overseas
- https://www.you.co/biz/multi-currency-accounts/
- https://www.you.co/biz/expense-management/
- https://www.you.co/biz/xero-integration/
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.
