Trade between Malaysia and China reachedRM59.70 billion in May 2026, accounting for 18.2% of Malaysia’s total trade. China coverage matters when comparing XTransfer alternatives, but it doesn’t show how well a provider will handle revenue and costs in other currencies.
Once your business also receives USD marketplace revenue, pays regional costs in SGD or sources from suppliers outside China, you may need to move funds between providers, convert currencies more often and reconcile more accounts.
This article compares XTransfer alternatives in Malaysia to help you choose a provider that fits your currencies, collection channels and supplier markets.
Key takeaways:
XTransfer focuses strongly on China-linked trade: China settlement and supplier payments are central to its offer, but Malaysian businesses should confirm local availability before applying
Different alternatives solve different payment needs: Some providers focus on remittance or bulk payouts, while others add marketplace collections, cards, checkout, FX tools or multi-currency balances
Provider selection should go beyond headline fees: Check Malaysian access, supported routes, FX pricing, transfer charges, bank deductions, integrations and payment controls
WorldFirst suits broader international workflows: The World Account can support businesses that collect marketplace revenue and pay eligible suppliers across China and other markets
Open a World Account to start with the receiving currencies and supplier routes your business uses most.
Founded in 2017 and headquartered in Shanghai, XTransfer is a B2B cross-border payment platform for companies involved in international trade.
Its accounts support collections in 20+ currencies, while its payment services cover 200+ countries and regions. Businesses can also convert funds and pay international suppliers.
China-linked trade is central to its offer. XTransfer supports CNY settlement to eligible business accounts and certain personal accounts in mainland China, subject to account and document checks.
Malaysian businesses should confirm local availability before applying. XTransfer announced on 26 February 2026 that it had received conditional approval from Bank Negara Malaysia for e-money issuance and a Class A Money Services Business licence covering remittance and currency exchange.
On 18 June 2026, the company said it would introduce services after completing its pre-issuance conditions and receiving permission to launch. As of 6 August 2026, XTransfer’s latest updates still described its Malaysian services as planned rather than fully launched.
The table below compares seven XTransfer alternatives for Malaysian SMEs:
Provider
Best for
Core scope
Main limitation
WorldFirst
International collections, marketplace revenue and supplier payments
Multi-currency collections, supported balances, China sourcing and global business payments
Specific China beneficiary types and payment purposes require confirmation
Airwallex
Business cards, expense management and customer payment acceptance
Multi-currency accounts, international transfers, Corporate Cards, expense management and checkout
Its Malaysian pages don’t list dedicated 1688.com or TaoWorld payment routes
PingPong
Marketplace collections, platform payouts and embedded payment APIs
Global accounts, international payouts, checkout, cards and platform integrations
Malaysia-specific pricing and product access require confirmation
MoneyMatch
MYR-funded transfers and high-volume batch payments
Outbound remittance, live quotes, payment tracking and bulk uploads
Its public business offer focuses on outbound remittance rather than foreign-currency collections and balances
Instarem
International payments and collections in selected major currencies
Global payouts, collections in eight currencies, transfer quotes and payment tracking
Receiving access requires approval and covers eight currencies
Sunway Money
Straightforward overseas transfers funded in MYR
Digital remittance, CNY payments and upfront transaction pricing
Its public offer focuses on remittance rather than multi-currency accounts or marketplace collections
Xe
Large international payments, FX planning and ERP-connected workflows
International transfers, eligible FX tools, mass payments and ERP integrations
Its Malaysian business pages focus on transfers and FX tools rather than marketplace collections or China sourcing
Information checked on 6 August 2026. Features, pricing, eligibility and regulatory status can change, so confirm current Malaysian access before applying.
1. WorldFirst
Best for: Receiving overseas revenue and using supported balances to pay suppliers across China and other international markets
You can fund supplier payments from a Malaysian bank account or use supported balances received from customers, marketplaces and payment gateways.
Its main features connect international revenue with upcoming business costs:
International collections: Receive funds through local account details in 20+ currencies and collect from 130+ marketplaces and payment gateways
Global payments: Pay in 100+ currencies to 200+ countries and regions
China sourcing: Pay eligible Chinese suppliers directly or through dedicated1688.com and TaoWorld routes
Payment controls: Upload up to 200 payments and set user roles, permissions and approval rules
Accounting integrations: Connect the World Account with Xero or NetSuite
WorldFirst operates in Malaysia under Ant International’s Class A Money Services Business licence approved by Bank Negara Malaysia
Pricing:
Opening and maintaining a World Account carries no setup, subscription or monthly fee. Current Malaysian pricing includes:
SWIFT cable charge: RM0
SWIFT payment fee: Up to 0.5% for a limited time
1688.com and TaoWorld payments: 0.8% per payment
Full-value transfer: An additional US$20
Payments to another World Account: Free for same-currency transfers in 12 supported currencies
FX costs depend on the currency pair, amount and payment route.
Why it’s a good XTransfer alternative:
WorldFirst is a better fit when China sourcing sits alongside marketplace collections and supplier costs in other markets.
Drawbacks:
Businesses paying a particular type of Chinese supplier account through XTransfer should confirm that WorldFirst supports the beneficiary and payment purpose before switching.
2. Airwallex
Best for: Businesses combining international transfers with cards, expenses and customer payment acceptance
Airwallex combines multi-currency accounts and international transfers with tools for employee spending and online payment acceptance.
Its main capabilities include:
Global Accounts: Open receiving details in 20+ currencies
Currency management: Hold and convert 20+ currencies
Cards and expenses: Issue Corporate Cards and manage employee spending
Payment acceptance: Accept cards, wallets and 160+ payment methods
Software integrations: Connect with Xero, QuickBooks, NetSuite and e-commerce platforms
Airwallex holds e-money issuer approval, a Class A Money Services Business licence and registered merchant acquirer status in Malaysia.
Pricing:
Current Malaysian charges include:
Account fees: No setup or monthly maintenance fee
Local transfers: Free
SWIFT transfers: RM30 to RM90, depending on the charging route
FX conversion: 0.4% above interbank rates for listed currencies and 1% for other currencies
Payment acceptance: From 1.4% plus RM0.50 for local methods and 1.9% plus RM0.50 for domestic cards
For an XTransfer comparison, focus first on the FX markup and supplier-payment route. Card and checkout charges matter only when your business will use those products.
Why it’s a good XTransfer alternative:
Airwallex covers more of the spending and customer-payment workflow around international transfers.
Drawbacks:
Its Malaysian pages don’t list dedicated 1688.com or TaoWorld payment routes.
Best for: Marketplaces, enterprises and digital platforms connecting collections and payouts through APIs
PingPong provides cross-border accounts and payment infrastructure for platforms and businesses that need collections and payouts connected with existing systems.
Its current global capabilities include:
Global accounts: Open local accounts in 20+ currencies
Global payouts: Send funds in 25+ currencies through local payment rails
Payment acceptance: Access six global card networks and 160+ alternative payment methods
Platform APIs: Connect accounts, payments and FX with existing software
Multi-currency cards: Manage supplier, advertising, subscription and team spending
PingPong Payment Malaysia holds an active Class B remittance licence, number 00674, from Bank Negara Malaysia.
Pricing:
No standard Malaysian fee schedule was available on the public pages reviewed on 6 August 2026.
A written quote should confirm:
Accounts: Receiving and account-management charges
FX: Currency conversion pricing
Payouts: Local and international payment fees
Implementation: Checkout or API costs
Why it’s a good XTransfer alternative:
PingPong is relevant when collections and payouts need to operate inside a marketplace, software product or mass-payment system rather than through a standalone trade account.
Drawbacks:
A Malaysian SME may need to contact PingPong before confirming eligibility, implementation requirements and total costs.
4. MoneyMatch
Best for: Malaysian SMEs funding overseas payments from MYR or paying many recipients in one batch
MoneyMatch focuses on outbound international remittance through its Pulse business platform.
Its main features include:
International coverage: Pay in 88+ currencies to 110+ countries
Bulk payments: Upload payments for up to 500 recipients
Upfront quotes: Review the exchange rate and transfer fee before confirmation
Payment tracking: Follow each order through Pulse
Bank Negara Malaysia lists MoneyMatch as a principal Class B remittance licensee.
Pricing:
MoneyMatch charges no registration or subscription fee. Pulse displays the exchange rate and transfer fee before you confirm the payment.
Why it’s a good XTransfer alternative:
MoneyMatch adds bulk-payment tools to a focused MYR-funded transfer service.
Drawbacks:
Its public business offer doesn’t present a comparable workflow for receivingforeign-currency revenue, holding balances and reusing those funds for later payments.
5. Instarem
Best for: Businesses sending international payments and collecting in a defined group of major currencies
Instarem allows Malaysian companies to pay suppliers and employees across 160+ countries. Its receiving service supports USD, AUD, SGD, HKD, JPY, NZD, EUR and GBP.
Its main business capabilities include:
International payments: Pay suppliers and employees across 160+ countries
Foreign-currency collections: Receive in eight supported currencies
Transfer quotes: Review the exchange rate and fees before confirmation
Payment dashboard: Create, manage and track business transfers
Instarem operates in Malaysia through NIUM Sdn. Bhd., which Bank Negara Malaysia lists as an active Class B remittance licensee.
Pricing:
Instarem doesn’t charge setup or subscription fees. Transfer pricing appears in the quote, while same-currency charges and partner-bank fees may apply depending on the route.
Why it’s a good XTransfer alternative:
Instarem offers broad payout coverage for businesses that don’t need XTransfer’s specialist China settlement process.
Drawbacks:
Collection access isn’t automatic, and receiving is limited to eight currencies.
6. Sunway Money
Best for: Malaysian businesses making straightforward international transfers funded in MYR
Sunway Money is a Malaysia-based digital remittance provider supporting transfers to 90+ countries.
Its main features include:
International transfers: Send funds to overseas bank accounts
MYR funding: Fund business payments from a Malaysian bank account
China payments: Transfer to eligible CNY accounts
Upfront pricing: Review the amount payable before confirming the transfer
Sunway Money is licensed by Bank Negara Malaysia to provide remittance services under licence number 00627.
Pricing:
The RM8 charge shouldn’t be treated as the complete cost without checking the exchange rate and recipient amount:
Transfer fee: RM8 on supported routes
Route restrictions: Currency availability and transaction quotas may apply
Bank deductions: Intermediary or recipient-bank fees may reduce the amount received
Why it’s a good XTransfer alternative:
Sunway Money provides a direct remittance service without requiring a wider collection account.
Drawbacks:
Its public offer centres on remittance rather than foreign-currency receiving details, held balances or marketplace collections.
7. Xe
Best for: Larger payments and confirmed future foreign-currency costs
Xe combines international business transfers with FX tools and payment integrations.
Its main business capabilities include:
International payments: Transfer in 130+ currencies across 190+ countries
FX tools: Use spot transfers, limit orders and selected forward contracts
ERP integrations: Connect payments with Microsoft Dynamics 365 or Sage Intacct
Mass payments: Process larger groups of international transfers
Bank Negara Malaysia lists IME (M) Sdn. Bhd. as an e-money issuer and a Class A currency exchange and remittance licensee.
Pricing:
Xe doesn’t publish one standard Malaysian fee table covering every business route. A transaction quote should confirm:
Exchange rate: The customer rate for the selected currency pair
Transfer fee: Any route-specific charge
Bank deductions: Possible intermediary or recipient-bank costs
FX products: Charges and funding requirements for eligible tools
Why it’s a good XTransfer alternative:
Xe adds eligible FX planning tools and ERP connections that aren’t central to XTransfer’s China trade proposition.
Drawbacks:
Its Malaysian business pages focus on transfers and FX management rather than marketplace collections, China sourcing platforms or document-led trade checks.
Selection criteria for XTransfer alternatives in Malaysia
The ranking prioritises the factors most likely to affect a Malaysian SME’s payment costs and workflow:
Malaysian access and regulation: Each provider must accept Malaysian businesses and disclose the entity and regulatory approval behind the service
International collections and payments: The comparison covers the currencies, countries and payment routes available for receiving and sending funds
China trade capabilities: The assessment covers Chinese supplier accounts, RMB payment routes, sourcing platforms and trade-document checks
Total payment cost: FX pricing, transfer charges, account fees and potential intermediary-bank deductions all affect the final cost
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 supplier payments
When WorldFirst is the right XTransfer alternative
XTransfer may remain a good fit when most cross-border payments relate to China trade. WorldFirst becomes a better fit when the same business also collects revenue and pays suppliers outside that corridor.
Consider a Malaysian homeware seller that receives EUR 35,000 from a European marketplace and needs to pay a CNY 180,000 order on 1688.com two weeks later. If those flows sit with separate providers, the business may need to move funds between accounts, decide where to convert them and reconcile two sets of records.
With the World Account, eligible revenue can be collected from 130+ marketplaces and payment gateways, while WorldFirst provides a dedicated payment route for 1688.com and TaoWorld sourcing. The seller can keep the marketplace revenue in a supported balance, convert the required amount to CNH and use the 1688.com payment route for the China order, where supported.
WorldFirst isn’t a bank. Ant International has received approval from Bank Negara Malaysia to operate WorldFirst in Malaysia under a Class A Money Services Business licence.
Open a World Account to connect international sales revenue with upcoming supplier payments.
1. Can a Malaysian business use two international payment providers at the same time?
Yes, a Malaysian business can use more than one international payment provider. One account may cover a specialist China route, while another handles marketplace collections or payments in other currencies.
2. How do I switch from XTransfer without delaying supplier payments?
Open and test the replacement account before moving live payment flows. Update one supplier or collection channel at a time and keep the old account active until pending payments, refunds and incoming payments have cleared.
3. Are funds in a multi-currency business account protected by PIDM?
No, not automatically. PIDM protects eligible deposits up to RM250,000 per depositor per member bank, while protection for payment-provider balances depends on the provider, licence and safeguarding structure.
4. What happens to marketplace payouts when I change my receiving account details?
A marketplace may delay a payout while it verifies the new account details. Keep the previous account active until the change is confirmed and the first payout reaches the new account.
5. What should I test before moving all payments to a new provider?
Send one low-value payment through the exact route you plan to use. Check the total MYR debit, FX rate, transfer charge, delivery time, proof of payment and final amount received by the supplier.
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.
