Merchantrade is a Malaysian financial services provider offering international money transfers, currency exchange and digital payment services. But what fees can you expect, how long do transfers take, and which alternatives are worth considering?
In this review, we’ll break down Merchantrade’s features, fees, exchange rates, and transfer limits; compare it with Wise, BigPay, and Instarem; and explore WorldFirst as an alternative for Malaysian businesses making international payments.
Key Takeaways
- Merchantrade services: Offers international money transfers, foreign currency exchange, digital payments and multi-currency prepaid cards in Malaysia.
- Fees and exchange rates: Merchantrade Money charges a RM10 card issuance fee, with annual fees and additional charges for certain ATM withdrawals and currency conversions.
- International transfers: eRemit supports transfers to more than 200 countries and territories, with fees, limits and delivery times varying by destination and payout method.
- Safety and licensing: Bank Negara Malaysia lists Merchantrade Asia Sdn Bhd as a licensed money services business for authorised activities.
- Alternatives to consider: Wise, BigPay and Instarem offer different options for international transfers and overseas spending.
- For businesses: WorldFirst may suit Malaysian businesses that need multi-currency account management and international supplier payments.
What Is Merchantrade?
Merchantrade (officially Merchantrade Asia Sdn Bhd) is a Malaysian financial services and money services business (MSB) company established in 1996. Bank Negara Malaysia has licensed it to provide regulated money services, including remittance and currency exchange. It serves individuals and businesses in Malaysia, offering international money transfers, foreign exchange, and digital payment solutions.
How Merchantrade Works in Malaysia
Merchantrade operates in Malaysia as a regulated money services and digital financial services provider. Through its physical branches and digital platforms, it offers multi-currency e-wallets, physical and digital Visa prepaid cards, international remittances and digital payroll solutions. The services available depend on the product and customer eligibility.
Merchantrade Features
Merchantrade Asia Sdn Bhd provides digital financial services in Malaysia, including multi-currency payment solutions, international remittances, foreign exchange and digital wage payments. It also offers micro-insurance and mobile services. Its main offerings include:
- Multi-currency wallet and prepaid card: Merchantrade Money lets users hold and exchange supported foreign currencies and spend using a Visa prepaid card. It also supports Google Wallet and Samsung Wallet integration.
- International remittances: eRemit and branch-based services let customers send money overseas to supported destinations and payout methods.
- Currency exchange: Retail foreign exchange services and wholesale banknote solutions serve individual and business needs.
- Digital wage payments and business services: Merchantrade provides digital wage payment solutions and business-focused services, alongside micro-insurance and mobile offerings.
Merchantrade Card Review
Merchantrade Money is a prepaid Visa card linked to a multi-currency e-wallet offered by Merchantrade Asia Sdn Bhd. Users can preload funds, manage their balances through the app and make payments at participating Visa merchants in Malaysia and overseas.
Merchantrade Prepaid Visa Card Features
The card supports up to 20 foreign currencies, allowing users to exchange and hold currencies in advance. The app lets cardholders check balances, review transactions, manage card security and top up through supported channels. The card also supports contactless payments and online purchases.
Overseas Spending and ATM Withdrawals
Cardholders can pay at Visa merchants worldwide and withdraw cash at Visa Plus ATMs or participating Merchantrade branches and agents. Spending in a currency already held in the multi-currency wallet incurs no overseas transaction fee. Other transactions are subject to Visa’s currency conversion rate plus a 1.75% charge. International ATM withdrawals cost from RM10, and the ATM operator may charge an additional fee.
Card Limitations
- The card must be preloaded before use, so spending depends on the available balance.
- The multi-currency wallet supports 20 listed foreign currencies, not every currency worldwide.
- Card issuance costs RM10, with an annual fee of RM10 in the first year and RM12 from the second year onwards.
- Overseas ATM withdrawals incur fees, and transactions in currencies not held in the wallet may incur the 1.75% conversion charge.
Merchantrade Fees and Exchange Rates
Merchantrade Money’s fees depend on how you use its multi-currency wallet, prepaid Visa card and transfer services. Card issuance, annual charges, ATM withdrawals and currency conversion can all affect the total cost. Overseas transfer fees may also vary depending on the recipient country.
Merchantrade Money Fees
Merchantrade Money charges a RM10 card issuance fee and an annual fee of RM10 in the first year, increasing to RM12 from the second year onwards. The account service fee is free, while other charges depend on how you use the card and wallet.
| Fee type | Charge |
| Account service fee | Free |
| Annual fee | RM10 in the first year, RM12 from the second year onwards |
| Card issuance fee | RM10 |
| Spending in currencies held in the wallet | 0% overseas transaction fee |
| Spending in currencies not held in the wallet | Visa exchange rate + 1.75% |
| Local ATM withdrawals | RM1.50 for fewer than 3 withdrawals per month; RM2 for more than 3 withdrawals |
| International ATM withdrawals | From RM10 |
| Overseas bank transfers | Varies by recipient country |
| DuitNow transfers | Currently waived until further notice |
How to Send Money Overseas With Merchantrade
You can send money overseas through Merchantrade’s eRemit website or app, or visit a Merchantrade branch for assistance. The online process involves registering, verifying your identity and providing the recipient’s details.
- Register for an eRemit account. Visit the official eRemit website or download the app, then sign up with your phone number.
- Verify your identity. Complete electronic verification by submitting an accepted identity document, a selfie and the required details. Alternatively, you can complete face-to-face verification at a Merchantrade branch.
- Select the destination and payout method. Choose the country you want to send money to and select an available option, such as a bank account transfer, cash pickup or e-wallet payout. Options vary by destination.
- Enter the transfer details. Add the recipient’s information, the amount you want to send, the transfer purpose, and any required source-of-funds details.
- Review the exchange rate and fees. Before proceeding, check the displayed exchange rate, service fee, expected recipient amount, and estimated delivery time.
- Make the payment and confirm. Choose an available payment method, follow the instructions to complete the transaction and keep your receipt or transaction reference for tracking.
Available Transfer Methods and Destinations
Merchantrade offers international remittance through its eRemit digital service and physical branches. Through eRemit, customers can send money to more than 200 countries and territories, with payout options that may include bank account deposits, cash pickup and e-wallet transfers.
Available payout methods depend on the destination country. For example, cash pickup is available only in selected countries, including the Philippines, Indonesia, Sri Lanka, Bangladesh, Nepal, Myanmar and Vietnam. Check the eRemit website for the options available for your destination.
Transfer Limits and Delivery Times
Transfer limits depend on your identity verification method, payment channel and customer category. According to eRemit’s published FAQ, Malaysian citizens and expatriates who complete online verification can transfer up to RM30,000 per day. Customers who complete face-to-face verification may transfer up to RM50,000 per day, subject to applicable conditions. Certain higher-value transactions may require supporting documents, and individual payment methods may have lower limits.
Delivery times vary by destination and payout method. Before confirming your transaction, check the estimated delivery time displayed for your selected destination and transfer option on the eRemit website.
How Much Does the Recipient Receive?
The amount the recipient receives depends on how much you send, the applicable exchange rate and the transfer fee. Before confirming the transaction, review the amount in Malaysian ringgit, the exchange rate, the service charge and the expected payout amount shown by eRemit.
The final amount may also be affected by charges imposed by the receiving bank or payout provider, where applicable. Reviewing these details before payment helps you understand the expected cost of the transfer.
Is Merchantrade Safe and Legitimate?
Yes, Bank Negara Malaysia (BNM) lists Merchantrade Asia Sdn Bhd as a principal Money Services Business licensee authorised for money changing and remittance services. BNM also identifies the company as a non-bank e-money issuer and registered merchant acquirer. These listings confirm its regulatory status for the specified activities, but do not mean Merchantrade is a bank.
Customers should review the fees, exchange rates and transfer terms for their chosen service before making a transaction.
Merchantrade Pros and Cons
Pros
- Offers international money transfers through eRemit and physical branches.
- Supports multiple payout methods, including bank deposits, cash pickup and e-wallet transfers, depending on the destination.
- Provides multi-currency wallet and prepaid Visa card services through Merchantrade Money.
- Offers in-person support for customers who prefer branch assistance.
Cons
- Transfer fees and exchange rates vary by destination and transaction.
- Available payout methods differ between countries.
- Identity verification is required before using remittance services.
- Merchantrade Money card fees may apply, including annual fees, ATM withdrawal charges and a 1.75% conversion markup for spending in currencies not held in the wallet.
3 Merchantrade Alternatives in Malaysia
If you’re looking for alternatives to Merchantrade, Wise, BigPay and Instarem offer different options for international transfers, currency exchange and overseas spending. Here’s how they compare in terms of fees, currency support, card features and suitability for different needs.
| Provider | Service channels | Currencies supported | Exchange rate type | Linked debit card | Regulated by | Best for |
| Wise | Website and mobile app | 40+ currencies for holding and conversion | Mid-market rate with a separate conversion fee | Yes, subject to Malaysian availability and eligibility | Bank Negara Malaysia, through Wise Payments Malaysia Sdn. Bhd., for remittance, money-changing and e-money issuance | Multi-currency accounts, international transfers and overseas spending |
| BigPay | Mobile app | Primarily Malaysian ringgit for account balance; international transfers support selected destinations | Visa exchange rate for card spending, with applicable fees | Yes, BigPay Visa card | Bank Negara Malaysia, as a non-bank e-money issuer | Everyday payments, travel spending and selected international transfers |
| Instarem | Website and mobile app | Supports transfers in 30+ currencies to selected destinations | Rates based on the currency pair, with fees shown before confirmation | No multi-currency debit card currently offered in Malaysia | Bank Negara Malaysia, through Nium Sdn Bhd, a licensed remittance provider | Digital international money transfers, particularly to supported Asian destinations |
WorldFirst as a Merchantrade Alternative for Malaysian Businesses
Merchantrade and WorldFirst serve different business needs, from foreign currency exchange to digital cross-border payments. Here’s how their business services compare and which may suit your international payment requirements.
| Feature | Merchantrade eForex Business | WorldFirst |
| Main service | Business foreign currency exchange | Multi-currency business accounts and international payments |
| Currency management | Purchase more than 20 major foreign currencies | Hold and manage 20+ currencies in a World Account |
| International payments | Business remittance services are available through relevant Merchantrade products | Pay overseas suppliers through supported local payment networks and SWIFT |
| Foreign cash | Foreign banknotes can be ordered through available collection or delivery options | Focuses on digital currency management and payments |
| Online account management | Online foreign exchange services through eForex Business | Online platform for managing balances, conversions and international payments |
| Business use cases | Foreign currency purchases and eligible remittance needs | Paying overseas suppliers, receiving international business funds and managing multiple currencies |
| Fees and exchange rates | Depend on the currency and service used | Depend on the currency, payment route and applicable fees |
WorldFirst may suit Malaysian businesses that regularly pay overseas suppliers or receive payments from international marketplaces. Its World Account lets eligible businesses hold and manage multiple currencies, convert funds and make international payments through supported local payment networks or SWIFT.
Open a World Account to manage multiple currencies and make international business payments through supported payment routes.
Final Verdict: Is Merchantrade Worth It?
Merchantrade is worth considering if you need international money transfers, currency exchange or a multi-currency prepaid card. Its digital services and physical branches offer different ways to manage transactions, and Bank Negara Malaysia lists its money services business.
However, fees, exchange rates and transfer options vary by service and destination. Compare the total transfer cost and check the features available for your needs before signing up. Businesses that regularly pay overseas suppliers may also want to compare WorldFirst’s multi-currency account and international payment services.
FAQs
1. What is Merchantrade in Malaysia?
Merchantrade Asia Sdn Bhd is a Malaysian financial services provider offering international money transfers, currency exchange, digital payments and other financial services through its digital platforms and branch network.
2. Is Merchantrade licensed by Bank Negara Malaysia?
Yes. Bank Negara Malaysia lists Merchantrade Asia Sdn Bhd as a principal Money Services Business licensee authorised for Class A money changing and remittance services.
3. How much does Merchantrade charge for international money transfers?
Fees depend on the destination country, transfer method and service used. For eRemit, customers can check the applicable service fee and exchange rate on the transfer calculator before confirming a transaction.
4. How long does a Merchantrade international money transfer take?
Transfer times vary by destination and payout method. eRemit displays estimated delivery information for supported transfer options, so check the expected timeframe before confirming your payment.
5. What is an alternative to Merchantrade for international business payments?
WorldFirst is an alternative for Malaysian businesses that need multi-currency account management and international supplier payments. Eligible businesses can hold supported currencies and make cross-border payments through available payment routes.
Sources:
- https://mtradeasia.com/
- https://mtradeasia.com/news/merchantrade-asia-now-approved-for-digital-wage-payments-in-malaysia
- https://www.merchantrademoney.com/fees/
- https://merchantrademoney.com/help/faq/
- https://www.bnm.gov.my/-/merchantrade-asia-sdn-bhd
- https://www.bnm.gov.my/regulations/fsp-directory/msb-licensees
- https://www.eremit.com.my/faq
- https://www.bnm.gov.my/-/wise-payments-malaysia-sdn-bhd
- https://wise.com/my/account/
- https://bigpaysupport.zendesk.com/hc/en-us/articles/6490352574733–Fees-and-Charges-Are-there-any-fees-and-charges
- https://www.bnm.gov.my/en/-/bigpay-malaysia-sdn-bhd
- https://www.instarem.com/licenses/
- https://www.worldfirst.com/my/product/pay/
- https://www.worldfirst.com/my/pricing/
