Best multi-currency accounts in Malaysia for importers in 2026

Your Shenzhen supplier has confirmed a production slot, but the CNY 700,000 deposit is due today. You fund the payment in MYR, accept the available FX quote, submit a telegraphic transfer (TT) and wait for confirmation before production starts. Repeat the same process for every deposit and balance payment, and even a small difference in the all-in FX cost starts affecting margin.

Malaysia’s imports were valued at RM1.455 trillion in 2025. For businesses buying inventory, components and equipment overseas, foreign-currency payments are closely tied to production schedules and working capital.

The best multi-currency account is therefore not necessarily the one advertising the most currencies.

For an established Malaysian importer, the stronger option is the one that matches your supplier currencies, shows the cost of conversion clearly and gives you a reliable route for getting the correct amount to the supplier.

Key takeaways

• A multi-currency account helps importers avoid unnecessary conversions: Businesses can receive, hold, convert, and pay in foreign currencies without routing every transaction through MYR, which can reduce repeated FX costs.
• The exchange rate matters more than the headline transfer fee: When comparing providers, look at the FX margin, transfer charges, intermediary deductions, and the final amount your supplier receives rather than focusing only on a low TT fee.
• Currency fit should match your actual supplier and revenue flows: For China payments, confirm whether the supplier expects CNY or CNH and make sure the account supports the required settlement route before comparing pricing.
• Banks and international payment providers serve different needs: Malaysian banks offer broader domestic banking and PIDM protection on eligible deposits, while specialist payment providers can offer more flexible cross-border collections, FX tools, and supplier-payment workflows.
• WorldFirst is particularly relevant for China-focused importers: the World Account combines multi-currency balances with CNH supplier payments and direct 1688 payments through World Pay

Open a World Account to compare the cost of your next overseas supplier payment before moving recurring volume.

What is a multi-currency account and how does it work for Malaysian importers?

A multi-currency account lets a business receive, hold, convert and pay in multiple currencies without routing every transaction back through MYR.

For an importer, the benefit becomes clearer once money starts moving in both directions. A business collecting USD from an overseas customer or marketplace can retain that balance for another USD expense rather than converting it to MYR automatically and buying USD again later.

The same principle applies to supplier payments. If you buy from China every month, a foreign-currency balance gives you more choice over when the conversion happens and how much needs to be converted.

Imagine a CNY 700,000 supplier invoice. A 0.5% difference in the all-in conversion cost equals CNY 3,500. Comparing a RM10 or RM30 transfer fee while ignoring the exchange rate would miss the higher cost.

For each quote, check:

• the exchange rate applied
• the FX charge or margin, where disclosed
• the transfer fee
• the payment charge option
• potential intermediary deductions
• the amount the beneficiary is expected to receive

CNY vs CNH for China supplier payments

Renminbi payments need one extra check before comparing accounts:

• CNY refers to renminbi traded within mainland China.
• CNH refers to offshore renminbi used outside mainland China’s domestic currency market and commonly used for international settlement.

A mainland supplier may invoice in CNY but provide a payment route that settles in CNH. Other routes may accept CNY directly, including eligible payments to Alipay accounts.

Ask the supplier to confirm the currency, beneficiary type and receiving details before comparing payment providers. Quoting the wrong route makes any cost comparison unreliable.

Read more: How to pay international suppliers in USD, CNH and EUR

Bank multi-currency account vs international payments account

The two account types overlap, but they do not operate in exactly the same way:

PIDM protects eligible deposits at member banks up to RM250,000 per depositor per member bank. Foreign-currency deposits are converted to ringgit and aggregated with other eligible deposits at the same bank for the protection calculation.

How we assessed multi-currency accounts in Malaysia

Each provider below is assessed against the needs of a registered Malaysian importer making recurring overseas supplier payments, rather than on headline currency counts alone.

The comparison focuses on:

• Currency fit: The currencies businesses can receive, hold and use for payments
• Total payment cost: FX pricing, transfer charges and possible intermediary deductions
• China payment capability: Support for CNH, CNY, supplier bank accounts and platforms such as 1688
• Payment workflow: Settlement routes, approvals and online payment controls
• Reconciliation: Transaction records and accounting integrations where available
• Account requirements: Eligibility, opening deposits and other operating conditions
• Funds protection: PIDM coverage for eligible bank deposits or the provider’s safeguarding model

Pricing and product availability can change, so a live quote should always be taken into account.

7 Best multi-currency accounts for Malaysian importers

The table below compares seven multi-currency account options by their strongest use case, currency coverage and main consideration for Malaysian importers.

Why Wise Business isn’t included:

Wise appears frequently in multi-currency account searches, but Wise Business is not currently available in Malaysia. Malaysian-incorporated importers should not build an operating payment process around the product unless availability changes.

1. WorldFirst World Account

Best for: China-focused importers combining overseas collections with recurring supplier payments.

WorldFirst focuses on the cross-border part of the business rather than trying to replace a Malaysian bank. Its World Account supports 20+ currencies and can be used to receive supported overseas payments, hold balances and fund international supplier payments.

Key capabilities for importers include:

• China supplier payments: eligible businesses can pay Chinese supplier bank accounts in CNH.
• 1688 World Pay: Malaysian buyers can pay eligible 1688 orders through World Pay without opening a Chinese bank account. WorldFirst’s current Malaysia guidance lists a 0.8% fee for 1688 and TaoWorld payments.
• FX tools: spot conversion and order-based FX tools give businesses options around when a conversion takes place.
• International collections: supported overseas revenue can enter the same account used for subsequent business payments.

Pricing and requirements: WorldFirst currently states that there are no setup, subscription or monthly account fees in Malaysia. Payment and FX charges depend on the route and transaction, so check the current quote before confirming a payment.

Trade-offs: WorldFirst isn’t a bank and does not replace a Malaysian banking relationship for lending or full domestic banking. Client funds are safeguarded with partner banks according to regulatory requirements rather than treated as PIDM-insured bank deposits.

2. Airwallex Business Account

Best for: Importers that want international payments alongside cards, expenses and wider finance operations.

Airwallex combines multi-currency accounts and international transfers with corporate cards, expense tools, payment acceptance and integrations. That broader product set can work well when supplier payments sit inside a larger finance workflow.

Key capabilities include:

• 20+ currency accounts for collecting and using international funds
• Local payment routes for many transfers, reducing reliance on SWIFT
• Published FX pricing that gives finance teams a clear starting point for quote comparisons
• Cards and expense tools for businesses that want payment and spend activity connected

Airwallex currently states that FX conversion is priced at 0.4% to 0.6% above interbank rates, while SWIFT transfers cost RM30 to RM90 where SWIFT is required.

Trade-offs: A business focused mainly on a few large supplier payments may not need the wider card, expense and acceptance stack. Compare the international payment route first rather than assigning value to features your team will not use.

3. CIMB Multi Currency Account

Best for: Businesses that already use CIMB for trade banking and want foreign-currency balances inside the same relationship.

CIMB offers Trade MCA and Investment MCA options for business customers. Its multi-currency setup supports foreign telegraphic transfers and transfers between foreign-currency and ringgit accounts.

For an importer, the main advantage is continuity. Foreign-currency balances, trade activity and the wider bank relationship can remain with one institution.

Pricing and requirements: Ask CIMB for a live quote using a real MYR-to-USD or China supplier payment and request the TT fee, FX rate, expected recipient amount and relevant cut-off time together. CIMB confirms that transactions submitted after the currency cut-off can move to the next business day.

Trade-offs: Bank ownership of the payment flow does not automatically make the final conversion cheaper. Compare the quoted amount your supplier receives rather than assuming the bank route should act as your default benchmark.

4. RHB Multi Currency Account

Best for: Established importers with exposure to a broader range of foreign currencies.

RHB’s business Multi Currency Account supports up to 33 foreign currencies and provides access through RHB Reflex Business Internet Banking.

Main points for importers include:

• Broad foreign-currency coverage
• Balances visible through the existing RHB business banking environment
• Overseas transfers that can debit the Multi Currency Account
• Access to RHB’s published currency conversion rates

RHB confirms that overseas transfers can be sent via its foreign telegraphic transfer service through SWIFT.

Trade-offs: Broad currency coverage only creates value when those currencies match actual invoices and collections. Ask for the opening requirements and live payment quote that apply to your specific business account and supplier corridor.

5. OCBC Multi Currency Account

Best for: Importers working mainly with a focused set of major trade currencies.

OCBC’s business Multi Currency Account supports ten currencies: AUD, CAD, CNY, EUR, GBP, HKD, JPY, NZD, SGD and USD. Five major currencies are automatically enabled at sign-up, with additional currencies activated as required.

OCBC Velocity adds online payment controls and access to live FX rates, giving an existing OCBC customer a relatively joined-up bank workflow.

Pricing and requirements: Initial deposits vary by currency. OCBC currently lists, for example, 2,000 units for several supported currencies, GBP1,000 and JPY200,000. The account is an eligible deposit insured by PIDM subject to the applicable limits and conditions.

Trade-offs: Ten currencies may be enough for a business concentrated on major trade markets but less compelling for a company with a wider currency mix.

6. Public Bank PB Multi Foreign Currency Account

Best for: Existing Public Bank customers that want foreign-currency balances within their bank relationship.

Public Bank lists the PB Multi Foreign Currency Current Account among its insured foreign-currency demand deposits. The account can sit alongside Public Bank’s wider foreign remittance services for overseas business payments.

For an importer, the main decision is not simply how many balances can be opened. Confirm:

• The currency accepted for the supplier payment
• The remittance route
• Required trade documentation
• The live FX quote
• Cable, commission and agent charges

Public Bank’s published terms show that foreign-currency transfers can carry cable and commission charges depending on payment size and currency.

Trade-offs: Bring the purchase order and supplier invoice into the discussion early when the payment relates to China trade. Documentation and remittance rules are better resolved before the deposit date.

7. Maybank Master Foreign Currency Account-i

Best for: Businesses that want Shariah-compliant foreign-currency banking within an established Maybank relationship.

Maybank lists its Master Foreign Currency Account-i as a Shariah-compliant foreign-currency account for business customers. The account allows multiple foreign currencies to be maintained under one relationship, and Maybank also offers a conventional Master Foreign Currency Account.

Maybank’s foreign-currency account material highlights the ability to receive and make payments in major currencies and reduce repeated conversion between currencies.

Pricing and requirements: Maybank’s foreign telegraphic transfer service currently charges RM10 for online FTTs, before applicable agent or beneficiary-bank charges. Guaranteed OUR is available for selected currencies when the sender needs the recipient to receive the full transferred amount.

Trade-offs: A low transfer fee does not establish the final cost. Request the FX quote and expected beneficiary amount alongside the FTT charge.

How to choose a multi-currency account for supplier payments

The strongest comparison starts with the last three months of your own transactions.

Ask each shortlisted provider the same questions:

Read more: How to make fast and instant international money transfers

Worked example: comparing a CNY 700,000 supplier payment

Consider a Shah Alam importer with a CNY 700,000 balance payment due before a container can leave Shenzhen.

The business already holds the equivalent of CNY 250,000 in an offshore renminbi balance and needs to fund the remainder.

Bank route

Ask the bank for:

• the MYR amount required to cover the remaining payment
• its live FX rate
• TT and cable charges
• correspondent or beneficiary deductions
• the expected amount received
• the expected settlement date

Multi-currency route

Ask the alternative provider for:

• the amount of the existing foreign-currency balance that can be used
• the conversion required for the shortfall
• its live FX rate and applicable charges
• the expected amount received
• the expected settlement date

The existing foreign-currency balance matters because the importer does not necessarily need to convert the full CNY 700,000 equivalent again.

A 0.5% difference in the all-in price equals CNY 3,500 on a CNY 700,000 invoice. That does not mean a multi-currency provider will automatically save 0.5%. The result has to come from two comparable live quotes.

If the cost is nearly identical, other factors can break the tie: settlement timing, payment visibility, approval controls and reconciliation.

Connect overseas revenue to China supplier payments with WorldFirst

A multi-currency account becomes more valuable when incoming foreign revenue can fund upcoming overseas costs rather than being converted to MYR for every transaction.

Consider a Penang importer that also sells online and receives US$25,000 in overseas marketplace revenue. A China supplier deposit falls due later in the month, followed by the remaining balance once production is complete.

Routing the entire flow through a standard MYR account can create two separate FX events: USD revenue converts to MYR when it arrives, and MYR is converted again when the China invoice needs funding.

With a World Account, supported foreign-currency revenue can remain in the account until the business has a reason to use or convert it. The importer can then decide what portion of the next supplier payment needs a new conversion instead of treating every incoming and outgoing transaction separately. WorldFirst also supports eligible China supplier payments in CNH and direct 1688 payments through World Pay.

Your Malaysian bank can still handle MYR banking, financing and other domestic services. WorldFirst can sit alongside that relationship for the cross-border payment side of the business.

WorldFirst isn’t a bank. AIMY Merchant Services Sdn. Bhd., part of the same corporate group as Ant International, is licensed and regulated by Bank Negara Malaysia under a Class A licence for money changing and remittance business.

Open a World Account to compare the live cost of your next China supplier payment and decide using your own invoice.

FAQs

1. What is the best multi-currency account in Malaysia for importers?

The best account depends on your payment pattern.

China-focused importers should prioritise CNY or CNH payment routes, FX cost and settlement timing, while businesses using several Asian or global currencies may place more weight on currency coverage.

Businesses that want lending and wider banking services may prefer a bank account, while specialist payment providers can be stronger for cross-border collections and supplier payments.

2. Is a multi-currency account the same as a foreign-currency account?

Not always. A traditional foreign-currency account may focus on holding and transacting in one foreign currency, while a multi-currency account can place several currency balances under one account relationship.

3. Are multi-currency account balances protected by PIDM?

Protection depends on the provider and product. Eligible deposits held with PIDM member banks can be protected up to RM250,000 per depositor per member bank, subject to PIDM rules. Foreign-currency deposits are converted to ringgit and aggregated with other eligible deposits at the same bank.

Non-bank payment providers use different safeguarding arrangements, so check the provider’s regulatory and safeguarding disclosures before deciding where to hold business funds.

4. Should I pay a Chinese supplier in CNY or CNH?

Confirm the settlement instructions with the supplier before paying. CNY refers to onshore renminbi, while CNH refers to offshore renminbi commonly used for international settlement.

Depending on the supplier and payment route, you may be asked to transfer CNH to a bank account, pay in USD or use a supported CNY route such as an eligible Alipay payment.

5. Which multi-currency account works for 1688 payments?

WorldFirst has a direct 1688 payment route through World Pay, allowing eligible Malaysian buyers to fund purchases without opening a Chinese bank account.

A standard bank multi-currency account may still work well for businesses that mainly hold foreign currency and pay suppliers through traditional bank transfers rather than 1688.

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.

Sources:

1. https://www.matrade.gov.my/en/about-matrade/press-release/malaysia-surpasses-rm3-trillion-trade-milestone-in-2025
2. https://www.pidm.gov.my/general/how-we-protect-you/dis
3. https://www.airwallex.com/my/pricing
4. https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/multi-currency-account.html
5. https://www.rhbgroup.com/business/sme-banking/deposits/multi-currency-account/index.html
6. https://www.ocbc.com.my/business-banking/smes/accounts/multi-currency-account
7. https://www.pbebank.com/en/banking/foreign-currency-accounts/foreign-currency-current-account/
8. https://www.maybank2u.com.my/maybank2u/malaysia/en/business/deposits/deposit_account/master_foreign_currency_account_i.page
9. https://wise.com/my/business/