For a Malaysian SME making regular overseas supplier payments, the invoice amount may not reflect the final cost. FX margins, transfer fees and intermediary deductions can affect how much your business funds or how much the supplier receives.
The Edge Malaysia reported that Airwallex Malaysia processed more thanRM2 billion in remittance transaction volume in 2025. But that figure doesn’t show what your business will pay across the currencies and payment routes it uses most. Choosing without checking route-specific pricing could leave you with higher costs than expected.
This article compares the best Airwallex alternatives in Malaysia for SMEs deciding whether to switch or add a second provider.
Key takeaways:
Different Airwallex alternatives suit different business needs: WorldFirst supports international collections and supplier payments, XTransfer focuses on trade-led payments, PingPong targets marketplaces and platforms, while MoneyMatch centres on MYR-funded transfers
Malaysian access matters as much as global product coverage: Check that local onboarding is live and confirm which currencies, features and fees are available to Malaysian companies before applying
The full payment cost goes beyond the headline fee: Compare the exchange rate, transfer charges, SWIFT costs, possible bank deductions and the amount expected to reach the supplier
WorldFirst suits businesses linking overseas revenue with supplier payments: The World Account can receive supported marketplace proceeds, hold foreign-currency balances and pay eligible suppliers, including through a dedicated 1688.com payment route
Open a World Account to set up the currencies and payment routes your business uses most.
Airwallex is a financial platform that enables businesses to receive, hold, convert and send money in multiple currencies. Founded in Melbourne in 2015, Airwallex began as a cross-border payments company.
Its Malaysian offering includes payment acceptance, Corporate Cards, expense management andaccounting integrations.
Opening and maintaining a World Account incurs nosetup, subscription, or monthly fees. Current Malaysian pricing includes:
No SWIFT cable charge
A limited-time SWIFT payment fee of up to 0.5%
A 0.8% fee for payments to 1688.com and TaoWorld
An additional US$20 service charge for full-value transfers
Free same-currency payments to another World Account in 12 currencies
FX costs depend on the currencies and payment route. Compare the total amount your business needs to fund with the amount due to the recipient.
Why it’s a good Airwallex alternative:
WorldFirst is a strong option when overseas receipts fund supplier invoices. Supported balances can remain in the received currency until you pay another invoice, convert them or withdraw them into MYR.
Drawbacks:
Airwallex offers a broader Malaysian setup for checkout, Corporate Cards and employee expense management. Businesses relying on those tools may need to retain Airwallex alongside WorldFirst.
2. XTransfer
Best for: Importers and exporters that need payment checks linked closely to documented B2B trade
XTransfer is a cross-border payment provider built around international trade. Its global service combines collection accounts, currency exchange, supplier payments and reviews of the companies and documents behind a transaction.
Malaysian access remains pending. XTransfer received conditional approval from Bank Negara Malaysia for electronic money services and a Class A Money Services Business licence covering remittance and currency exchange.
Its latest Malaysia update said services would launch after the company completed the required pre-issuance conditions and received permission to operate.
Where the service is active, its main trade-payment features include:
Currency access: Manage accounts in 20+ currencies
International collections: Receive funds from bank accounts across 200+ countries and regions
Local collections: Receive supported local currencies from 30+ countries and regions
Business payments: Send funds to your own company accounts or third-party business accounts
China supplier payments: Pay eligible China-based suppliers through supported business or personal bank-account routes
Invoices, contracts and other trade records may form part of onboarding or transaction reviews.
Pricing:
XTransfer’s published global pricing includes:
No account-opening fee
No account-maintenance fee
Free transfers between XTransfer accounts
Payments to company or third-party business bank accounts from US$2
A maximum fee of 0.4% for eligible CNY payments to a China-based supplier’s personal bank account
The figures come from XTransfer’s global pricing schedule, not a confirmed Malaysian fee list. Local funding methods, currencies and charges require direct confirmation.
Why it’s a good Airwallex alternative:
XTransfer is particularly relevant when trade verification forms part of the payment process. Its document-led checks may suit businesses that process regular import or export transactions.
Drawbacks:
XTransfer hasn’t confirmed its Malaysian service launch. Until onboarding opens and local fees are published, it isn’t an immediate alternative for Malaysian SMEs.
Best for: Marketplaces and digital platforms that need collections and payouts connected through APIs
PingPong provides cross-border payment accounts and infrastructure for marketplaces, e-commerce businesses and digital platforms. Its global offer covers receiving accounts, held currencies, payouts, checkout and embedded payment tools.
Its most relevant global capabilities include:
Local accounts: Open local accounts in 18+ countries and regions
Global Accounts: Receive funds through accounts in 20+ currencies
Global payouts: Send funds in 25+ currencies
International coverage: Transfer to 195 countries
Payment acceptance: Access 170+ payment methods
PingPong holds a Class B Money Services Business licence, number 00674, from Bank Negara Malaysia. Global product coverage doesn’t guarantee that every account, checkout method or API is available to every Malaysian applicant.
Pricing:
At the time of checking, no standard Malaysian fee schedule was available on the public pages reviewed.
A written quote should confirm:
Receiving-account charges
FX pricing
Local and international payout fees
Checkout processing charges
API setup or implementation costs
Why it’s a good Airwallex alternative:
PingPong is relevant when collections and payouts need to operate inside a marketplace or digital platform. Its APIs can connect those functions with the business’s existing system.
Drawbacks:
Malaysia-specific pricing and product access aren’t fully public. Businesses may need to contact PingPong before confirming eligibility or comparing total costs.
4. MoneyMatch
Best for: Malaysian SMEs funding overseas payments from MYR or paying many recipients in one batch
MoneyMatch is a Malaysian remittance provider focused on outbound international transfers. Its Pulse business platform provides live quotes, transfer tracking and bulk payment uploads.
The service concentrates on the core steps involved in preparing and sending overseas payments:
Currency coverage: Its business page lists payments in 88+ currencies to 110+ countries
Bulk payments: Upload transfers for up to 500 recipients
File requirements: Group bulk payments by the same currency or destination country
Upfront pricing: Review the exchange rate and transfer fee before confirmation
Payment tracking: Follow the order after submission through the Pulse platform
MoneyMatch operates as a Class B Money Services Business, licence number 00544.
Pricing:
MoneyMatch charges no registration or subscription fee for its business transfer service. The final price depends on:
The currency sent
The destination country
The recipient type
The amount transferred
The available route
The exchange rate and transfer fee appear before you confirm the payment.
Why it’s a good Airwallex alternative:
MoneyMatch provides a focused option for MYR-funded overseas transfers. Its bulk-upload feature is also useful when a single payment run includes many recipients.
Three other providers may appear in a broader comparison:
1. Instarem
Best for: Businesses receiving a limited group of major currencies and sending payments overseas
Instarem Business combines international collections with outbound business payments.
Subject to application and approval, Malaysian companies can receive USD, AUD, SGD, HKD, JPY, NZD, EUR and GBP and make payments across 160+ countries. Instarem confirms that the Receive service requires application/approval and that business payments cover 160+ countries.
Pricing:
Instarem charges no setup or subscription fee. It doesn’t add a transfer fee to cross-currency payments, although its quoted exchange rate and partner-bank processing fees still affect the final cost. Same-currency charges vary and appear before confirmation.
Instarem operates in Malaysia through Nium Sdn. Bhd., a Class B Money Services Business under licence number 00625.
Why it may fit:
Instarem may work when you collect a limited set of major currencies but send payments across a wider group of countries.
Drawbacks:
The Receive service requires separate approval, and Instarem currently doesn’t offer the option to set up automatic payments for businesses.
2. Sunway Money
Best for: Malaysian companies funding overseas bank transfers directly from MYR
Sunway Money is a Malaysian remittance provider that sends funds from a company bank account in Malaysia to overseas business or personal bank accounts.
Company customers can send up to RM5 million per day to business recipients for goods or services, although lower destination limits may apply.
Pricing:
Most native-currency transfers cost RM8. JPY transfers to Japan cost RM1 for amounts of RM30,000 or more, while THB transfers to Thailand cost RM1 from RM5,000. SWIFT charges, surcharges or intermediary-bank deductions may still apply.
Sunway Money holds Malaysian remittance licence number 00627 as a licensed Money Services Business.
Why it may fit:
The RM8 standard fee and RM5 million company-to-company limit make Sunway Money straightforward to assess for larger MYR-funded supplier payments.
Drawbacks:
Its public business offer focuses on outbound remittance rather than foreign-currency collections, held balances, checkout or expense management.
Selection criteria for Airwallex alternatives in Malaysia
The ranking prioritises the factors most likely to affect a Malaysian SME’s payment costs and day-to-day workflow:
Malaysian access and Bank Negara Malaysia status: Each provider should accept Malaysian businesses and clearly state the local entity, licence or approval recorded with Bank Negara Malaysia
International collections and payments: The comparison covers the currencies, countries and payment routes available for receiving revenue and paying overseas suppliers
Total payment cost: Quoted FX rates, transfer charges, SWIFT fees and potential intermediary or recipient-bank deductions all affect the final cost
Multi-currency balance use: The assessment considers which currencies businesses can receive, hold and reuse for later supplier payments without automatic conversion into MYR
Marketplace and software connections: Marketplace collections, payment gateways, accounting integrations and APIs matter when they reduce transfers or manual reconciliation
Payment controls and usability: Batch payments, user roles, approval rules, tracking and quote visibility matter for teams handling repeat international payments
Why WorldFirst may be a better fit than Airwallex for 1688.com payments
Airwallex supports multi-currency collections and business payments. WorldFirst’s published Malaysian offering also includes a dedicated route for eligible 1688.com payments, giving it a clearer fit for marketplace sellers that source regularly through the platform.
For example, a Malaysian Amazon seller may receive a US$40,000 payout shortly before a 1688.com stock invoice falls due. The seller can collect the supported payout into a World Account, convert the amount required and complete the eligible supplier payment through WorldFirst’s dedicated route.
WorldFirst isn’t a bank. Ant International has received approval from Bank Negara Malaysia to operate WorldFirst under a Class A Money Services Business licence.
Open a World Account to collect supported marketplace proceeds and pay eligible 1688.com suppliers through WorldFirst.
1. How do I switch from Airwallex without disrupting supplier payments?
Switch in stages and keep your Airwallex account open until the replacement account is verified and tested. Complete pending payments, recreate regular beneficiaries and payment templates in the new account, then move the remaining balance before requesting closure.
2. Can I transfer my foreign-currency balance from Airwallex to another provider?
Yes, provided the new account accepts that currency and transfers from another payment provider. Confirm the account name, supported funding route and any receiving restrictions before moving the full balance.
3. Can I use two international payment providers for the same business?
Yes, a business can use different providers for separate payment needs. Give each account a defined role and keep complete transaction records across both platforms.
4. What records should I download before closing an Airwallex account?
Download account statements, transaction reports, transfer confirmations, fee invoices and relevant card or expense records. Save them with your accounting files before access to the account ends.
5. What happens to pending payments when I close my Airwallex account?
Pending payments may delay account closure or continue affecting your available balance. Check the status of transfers, incoming funds, refunds and card transactions before withdrawing the remaining funds and requesting closure.
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.
