Best international money transfer services in Malaysia [2027]

International money transfers can be used for overseas payments, client receipts or personal transfers.Compare side-by-side seven options in Malaysia

Key takeaways

• International money transfers can use bank wires, digital remittance services, multi-currency accounts or cards
• Multi-currency accounts can help businesses make international payments, receive overseas funds, hold these funds and convert them when required
• The World Account is a multi-currency account by WorldFirst that provides local receiving account details in USD and MYR

International money transfers are part of everyday business for Malaysian users paying overseas suppliers or receiving client payments. The way a transfer is made can affect how much arrives, how quickly it reaches the recipient and whether businesses can hold or receive foreign currencies.

This guide compares the seven international money transfer services in Malaysia by features and fees. It also looks into the multi-currency account offered by WorldFirst.

What is an international money transfer and how does it work?

An international money transfer moves funds from a sender in one country to a recipient in another, often with currency conversion between the two currencies. In Malaysia, cross-border payments fall under Bank Negara Malaysia’s Foreign Exchange Policy framework, including its rules on payment and receipt. Certain transactions also carry specific application or reporting requirements.

Different ways to transfer money overseas

Bank Telegraphic Transfers (TT) and wire transfers

Banks send money overseas directly to another bank account using networks such as SWIFT, with the sender providing the recipient’s bank and account details.

Digital remittance platforms

These services let users send money digitally, usually with the recipient receiving funds into a bank account, wallet or cash pickup location.

Multi-currency accounts

A multi-currency account lets businesses receive, hold, convert and send supported currencies from one account to anywhere globally (where supported) when making international payments.

Card payments

Business cards can pay international merchants directly, although they are generally designed for spending rather than sending bank transfers.

→ Compare the best international money transfer options for different payment needs

Top international money transfer services in Malaysia

1. WorldFirst

WorldFirst offers Malaysian businesses the World Account, a multi-currency account which provides local account details for receiving international payments. Businesses can receive USD and MYR, keep balances in those currencies, convert between supported currencies and send USD, MYR and CNH payments. The account can also receive payouts from 130+ marketplaces and payment gateways, including Amazon, Lazada, Stripe and more.

Key features of the World Account 

• Collect payments through USD and MYR local receiving accounts, so international payments arrive as domestic deposits
• Hold USD and MYR balances in the account and time conversions as per your business requirements
• Send payments in USD, MYR and CNH to overseas suppliers, contractors and beneficiaries
• Receive payouts from 130+ marketplaces and payment gateways, including Amazon, Lazada and Stripe
• Place Firm Orders for supported USD, MYR and CNH transactions, which trigger currency conversion when a set target rate is reached
• Send payments to Chinese suppliers on 1688.com through World Pay, the authorised international payment provider for 1688.com

2. Airwallex

Airwallex provides Malaysian businesses with Business Accounts and local currency accounts covering 20+ currencies, including USD, EUR, GBP, CNY and more.¹ Its transfer service supports 60+ currencies across 200+ countries, while businesses can hold and convert multiple currencies through the account.²  It also offers multi-currency corporate cards for employees, along with spending controls and real-time updates on transactions.³

*Fees checked September 2026

→ Read the full Airwallex Malaysia review here

3. Instarem

Instarem offers business accounts for receiving and sending international payments.⁵  Malaysian businesses can send money to 160+ countries and process up to 1,000 salary payments in a single transaction.^5,6,7

Its Global Collection Account supports receiving payments in USD, AUD, SGD, HKD, JPY, NZD, EUR and GBP, subject to application and approval.⁷ Businesses can also use bank-issued Visa or Mastercard cards to fund transfers.⁸

*Fees checked September 2026

4. Payoneer

Payoneer provides businesses with services for receiving and sending international payments across 190+ countries and 70+ currencies.¹⁰ Businesses can receive payments through local receiving account details and hold funds in currencies such as USD, GBP and EUR.^10,11

The platform also allows businesses to send bulk payments to up to 1,000 contacts at once and transfer funds to local bank accounts.¹² Other features include supplier and contractor payments, marketplace integrations and Mastercard-powered commercial cards.^10,11,13

→ Take a look at the complete Payoneer Malaysia review

*Fees checked September 2026

5. MoneyMatch

MoneyMatch uses its Pulse business service for sending payments abroad.¹⁵  Malaysian SMEs can send funds across 110+ countries and 88+ currencies, including USD, AUD and SGD.^15,16,17,18 Users can also upload bulk payments for up to 500 recipients and track transactions.^15,19 Transfers can be funded through FPX, DuitNow, business bank accounts or manual bank transfers.^15,19

→ Take a look at the complete MoneyMatch review

*Fees checked September 2026

6. XTransfer

XTransfer supports international B2B payments across 200+ countries and in more than 20 currencies.²⁰ Businesses can receive payments through local account details across 60 markets and collect funds in multiple currencies.²⁰

The platform also offers 24/7 currency exchange, online account management, local payment networks and supplier payments.^20,21,22

*Fees checked September 2026

7. Sunway Money

Sunway Money offers cross-border transfers for individuals and businesses.²⁴  Its business service supports payments to company beneficiaries for goods and services, with a daily limit of up to RM5 million.²⁴ Businesses can onboard online and track transactions on the platform.²⁴ Transfers via Sunway Money cover Asia, Europe, North America, Oceania, the Middle East and Africa, with selected non-native currency transfers also available, such as USD payments to China.²⁴

*Fees checked September 2026

Top international money transfer services: fee comparison

*Fees checked September 2026

FAQs

1. Is there a free international money transfer option in Malaysia?

Some providers have zero account or transfer fees for particular routes, but that does not automatically mean the overall transfer is at no cost. FX pricing, corridor-specific charges, intermediary fees and other fees can affect the final cost.

2. How do I transfer money overseas from Malaysia?

For a bank wire, use a Malaysian bank and the required SWIFT details. Digital transfer services provide an online route, while multi-currency accounts can be used for international payments. See how long an international wire transfer takes and what affects the timing.

3. How long does an international wire transfer take?

Timing depends on the payment rail, currency, destination and bank. Local payment networks can be faster, while SWIFT transfers can take longer because intermediary banks may be involved.

Sources

1. https://www.airwallex.com/my/business-account
2. https://www.airwallex.com/en-my/business-account/transfers
3. https://www.airwallex.com/my/spend-management/cards
4. https://www.airwallex.com/en-my/pricing
5. https://www.instarem.com/en-my/business/
6. https://www.instarem.com/en-my/business/send/
7. https://www.instarem.com/en-my/business/receive/
8. https://www.instarem.com/help-business/faqs-sme/issue-corporate-card/
9. https://www.instarem.com/fees/
10. https://www.payoneer.com/
11. https://www.payoneer.com/multi-currency-account/
12. https://www.payoneer.com/send-payments/
13. https://www.payoneer.com/commercial-card/
14. https://www.payoneer.com/pricing/
15. https://moneymatch.co/business
16. https://support.moneymatch.co/hc/en-us/articles/360025636991-USD-to-the-United-States-of-America
17. https://support.moneymatch.co/hc/en-us/articles/360021830132-AUD-Transfers
18. https://support.moneymatch.co/hc/en-us/articles/360024241872-SGD-Transfers
19. https://moneymatch.co
20. https://www.xtransfer.com
21. https://www.xtransfer.com/services/account
22. https://www.xtransfer.com/services/payment
23. https://www.xtransfer.com/services/pricing
24. https://sunwaymoney.com/business
25. https://sunwaymoney.com/faq

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.