Compare the total cost of each international payment: Check the FX margin, transfer fee, intermediary deductions and any charge for ensuring the supplier receives the full amount
Choose an account that matches your main currencies and payment routes: Focus on the currencies your business regularly receives, holds and sends rather than the number of currencies a provider offers
Review payment controls as well as transfer speed: User permissions, approval stages, payment tracking, batch uploads and accounting integrations can reduce manual work and give your finance team more control
Understand the account type, eligibility rules and fund protection: Bank accounts, bank-linked wallets and non-bank multi-currency accounts use different opening requirements and protection models
Use WorldFirst to connect international revenue with overseas costs: The World Account allows eligible Malaysian businesses to receive international proceeds, retain supported currency balances and pay overseas suppliers before moving the remaining funds into a Malaysian bank account
Open a World Account to explore the receiving and payment routes available for your business.
To keep the comparison relevant for established Malaysian SMEs, we assessed each account against the costs, payment routes and operational requirements involved in regular international transactions.
The following criteria shaped the selection:
Total international payment cost: FX margins, transfer fees, intermediary deductions, account charges and the amount expected to reach the recipient
Currency and payment-route coverage: Support for receiving, holding, converting and sending the currencies Malaysian businesses use most often
Payment speed and visibility: Delivery estimates, payment tracking, status updates and confirmation details
Controls and reconciliation: User permissions, approval stages, batch payments, payment references and accounting integrations
Eligibility and account access: Onboarding requirements, branch visits, linked accounts, minimum deposits and supporting documents
Regulation and fund protection: Bank Negara Malaysia status, PIDM protection for eligible bank deposits and safeguarding arrangements used by non-bank providers
Best business accounts for international payments in Malaysia
The table shows where each account fits before the individual comparisons cover its international payment features, current fees and main limitation:
Provider
Account type
Best for
WorldFirst World Account
Non-bank multi-currency business account
Paying international suppliers in several currencies while managing balances and approvals from one account
Airwallex Business Account
Non-bank multi-currency business account
Managing international transfers alongside company cards and expenses
HSBC Global Wallet
Bank-linked multi-currency wallet
Adding multi-currency payments to an existing HSBCnet setup
RHB Multi Currency Account
Bank multi-currency deposit account
Holding a broad range of foreign currencies with a Malaysian bank
CIMB Multi Currency Account
Bank multi-currency current account
Combining foreign currency balances with CIMB trade and treasury services
Maybank Master Foreign Currency Account
Bank foreign currency account
Keeping foreign currency activity within Maybank
Product details and published pricing were checked on 31 July 2026.
1. WorldFirst World Account
Best for: Malaysian SMEs paying international suppliers in multiple currencies
The WorldFirst World Account is amulti-currency account that combines international collections, supported currency balances, conversions and outgoing business payments. You can fund an invoice from an authorised Malaysian bank account or use money received from customers, marketplaces and payment gateways.
Malaysian businesses can collect payments in 20+ currencies using local account details and send funds in 100+ currencies to 210+ countries and territories.
Its payment tools include:
Scheduled payments for planned invoice dates
Custom authorisation rules that separate payment preparation from approval
File uploads for up to 200 payments at once
Xero and NetSuite integrations
WorldFirst charges no setup, subscription or monthly fees. Current Malaysian pricing includes no SWIFT cable charge and a limited-time SWIFT payment fee of up to 0.5%. Full-value transfers carry an additional US$20 service charge, while eligible payments to 1688.com and TaoWorld cost 0.8%.
Same-currency payments to other WorldFirst accounts are instant and free in 12 supported currencies.
For most SMEs, the World Account will sit alongside a Malaysian bank account used for payroll, tax, financing and other domestic banking needs.
2. Airwallex Business Account
Best for: Managing international transfers alongside company cards and expenses
The Airwallex Business Account combines Global Accounts, currency conversion, international transfers, corporate cards and expense tools. Malaysian businesses can open local-currency accounts with details in 20+ currencies and hold 20+ currencies, including USD, CNY, SGD, EUR, GBP and AUD.
Published transfer and FX charges include:
No separate fee for local transfer methods
RM30–RM90 for SWIFT transfers using SHA, where charges are shared, or OUR, where the sender pays the listed transfer charges
0.4% above interbank rates for 17 listed currencies
1.0% above interbank rates for other currencies
The lower FX tier includes USD, CNY, SGD, EUR, GBP, AUD, HKD and JPY. Airwallex also connects with Xero, QuickBooks and NetSuite.
Airwallex (Malaysia) Sdn. Bhd. is regulated as a licensed currency exchange and remittance business under the Money Services Business Act 2011. It is also an e-money issuer and registered merchant acquirer under the Financial Services Act 2013. Airwallex keeps customer funds in a designated account at a licensed Malaysian bank, separate from its operating funds.
When considering Airwallex, compare the FX tier and transfer route used for your regular supplier currencies rather than giving extra weight to card or expense features your business may not need.
Best for: Adding multi-currency payments to an existing HSBCnet setup
HSBC Global Wallet is a digital multi-currency e-wallet for SMEs that already use HSBC business banking. It operates through HSBCnet, keeping wallet balances, linked accounts and payment controls in one platform.
Key features include:
Local-like payments: Available in HKD, USD, JPY, CNY, CHF, AUD, CAD, GBP, EUR and SGD
Receiving currencies: Currently available in CNY, HKD, CAD, AUD, EUR, USD and GBP
Account controls: Individual user permissions, two-factor authentication and transfers between linked accounts
Same- or next-day delivery applies when the supported Pay like a local route is selected. SGD, JPY and CHF receiving details remain marked as coming soon.
The Basic Package adds per-transaction charges to a monthly subscription, debited from the main MYR account. Eligible deposits are PIDM-protected, subject to its limits and rules.
A new customer needs to compare the business current account, HSBCnet access and Global Wallet package together rather than treating the wallet as a standalone account.
4. RHB Multi Currency Account
Best for: Holding a broad range of foreign currencies with a Malaysian bank
The RHB Multi Currency Account allows businesses to hold up to 33 foreign currencies and manage balances through RHB Reflex Business Internet Banking.
The account provides:
Export Proceeds Accounts for eligible export revenue
Non-Export Proceeds Accounts for other overseas income
Online conversion and transfer access through RHB Reflex
Exporters can retain foreign currency without converting it into MYR immediately, while importers can buy and hold currency for a later supplier invoice.
RHB advertises a special counter rate for online telegraphic transfer applications, but its product page doesn’t show the full combination of FX margin, transfer fee and correspondent-bank deductions. A live quote remains necessary for the routes your business uses most often.
Opening the account requires a MYR savings or current account with the same RHB branch. Eligible deposits are PIDM-protected, subject to its limits and rules.
5. CIMB Multi Currency Account
Best for: Combining foreign currency balances with CIMB trade and treasury services
The CIMB Multi Currency Account offers separate Trade Multi Currency Account (Trade MCA) and Investment Multi Currency Account (Investment MCA) structures.
The account supports MYR and 13 foreign currencies, including USD, GBP, EUR, SGD, AUD and CNY. THB and IDR remain subject to CIMB’s Appointed Cross Currency Dealer requirements.
Businesses can use the account for foreign telegraphic transfers and move funds between foreign currency balances and a ringgit account. The structure may fit a company already using CIMB’s wider trade, treasury or domestic banking services.
The initial deposit is US$500 or equivalent for both export and non-export proceeds. Published account charges include:
US$2 or the MYR equivalent for each eligible debit or credit entry
US$10 or the MYR equivalent as a half-yearly service charge
Eligible deposits are PIDM-protected, subject to its limits and rules.
Those account charges don’t include the FX rate, telegraphic transfer charge or possible third-party bank deductions for a specific supplier payment. Request a route-specific quote before comparing CIMB with the other providers.
Best for: Keeping foreign currency activity within Maybank
The Maybank Master Foreign Currency Account (MFCA) allows businesses to receive and make payments in major currencies such as USD, GBP, EUR and AUD. Several currencies can be managed under one account number and eligible deposits are PIDM-protected.
Maybank’s general business Foreign Telegraphic Transfer (FTT) service is available through Maybank2u Biz and branches. Key terms include:
Online transfer fee: RM10 through Maybank2u Biz, plus 8% Sales and Service Tax (SST) on the service fee and any applicable agent or beneficiary-bank fee
Guaranteed OUR: Available for AUD, EUR, GBP and USD, with a fixed agent fee added to the transfer fee so the recipient receives the full amount sent
Preferential pricing: May be available for qualifying online transfers of at least RM10,000; confirm business eligibility with Maybank
Directly funding an online FTT from an MFCA has narrower eligibility. Maybank limits that route to individuals and sole proprietors using an Investment MFCA through Maybank2u. Companies and other business entities should confirm their available funding route with Maybank.
Business applications require company documents and branch submission. The eligibility distinction and limited public detail on team approvals, payment tracking and live FX pricing make direct comparison with fully online accounts harder.
Match your international account to how money moves through your business
Consider a Penang electronics importer receiving a US$50,000 marketplace payout on 5 August. A mainland China supplier invoice for RMB 220,000 is due on 14 August, with the cross-border payment settling in CNH, the offshore renminbi used in international markets.
WorldFirst supports this workflow by allowing eligible sellers to collect proceeds from 130+ marketplaces and payment gateways into a World Account. When a supplier sells through 1688.com or TaoWorld, the importer can use WorldFirst’s listed payment route to the sourcing platform rather than arranging a separate standard supplier transfer.
The business can retain the USD needed for the advertising invoice, convert the amount required for the CNH supplier payment and withdraw the remaining balance to an authorised Malaysian bank account.
WorldFirst has been part of Ant International since 2019, when Ant’s acquisition made WorldFirst the foundation for a cross-border funds-management platform for SMEs.
WorldFirst isn’t a bank. In Malaysia, WorldFirst is regulated by Bank Negara Malaysia under a Class A Money Services Business licence for cross-border payment services. WorldFirst doesn’t invest customer money and keeps it in segregated accounts with partner banks.
Open a World Account to connect international revenue with upcoming supplier and business payments.
1. Can a customer or third party pay into my business multi-currency account?
Sometimes, but the provider must allow that payer type. Rules differ for customer payments, marketplace proceeds, related companies and account top-ups. The provider may request an invoice, contract or proof of the payment relationship.
2. Are foreign exchange gains taxable in Malaysia?
Realised FX gains from revenue transactions are generally taxable, while realised revenue losses are generally deductible. Unrealised revenue differences are generally not recognised for tax until realised. The treatment depends on the underlying transaction, so confirm your position with a Malaysian tax adviser.
3. How do I verify an overseas supplier before paying them?
Verify the supplier’s identity and bank details through an independent channel before sending money.
Match the beneficiary name with the invoice and contract. Confirm new or changed bank details using a known phone number rather than relying only on the payment email.
4. What happens if an international payment is rejected or returned?
The funds may come back to your account, but the timing and any deducted charges depend on the banks involved.
Contact the provider immediately. Correcting or recalling a processed payment may require the receiving bank or beneficiary’s cooperation and isn’t guaranteed.
5. Are foreign currency deposits covered separately by PIDM?
No. Foreign currency and MYR deposits at the same member bank share one protection limit.
PIDM converts eligible foreign currency deposits into ringgit and combines them with other eligible deposits at that bank. Protection covers up to RM250,000 per depositor per member bank, subject to PIDM rules.
Disclaimer:
This article is intended for general informational purposes only and does not constitute legal or professional advice. 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.
