How does Airwallex work? A guide for Malaysian businesses (2026)

Key takeaways:

• Multi-currency accounts, global transfers, corporate cards, and payment acceptance are all available to Malaysian businesses from one platform.

• There are no monthly fees, no setup costs, and no minimum balance requirements to open an Airwallex Business Account in Malaysia.

• Airwallex is a licensed financial platform regulated in Malaysia (not a bank) and your funds are held in segregated accounts separate from its own operating capital.

How does Airwallex work in Malaysia? If you're considering the platform for your business, this guide covers what it does, what Malaysian businesses use it for, and what to expect when you sign up.

Airwallex is a financial technology platform that combines multi-currency accounts, international transfers, payment acceptance, corporate cards, and expense management in one place. It is not a bank.

Its full product suite became available to Malaysian businesses in 2026, following the completion of its regulatory approvals in Malaysia. This guide explains what the platform does, how much it costs, and how to get started.

What is Airwallex?

Airwallex is a global financial platform that helps businesses manage payments, foreign exchange (FX), and spending across borders. It is not a bank.

In Malaysia, Airwallex (Malaysia) Sdn. Bhd. is regulated as a licensed currency exchange and remittance business under the Money Services Business Act 2011 (Licence number 00743), an e-money issuer, and a registered merchant acquirer under the Financial Services Act 2013.

Airwallex was founded in Melbourne in 2015. It is now dual-headquartered in Singapore and San Francisco, and serves 200,000+ businesses worldwide across more than 26 offices globally.

Airwallex in Malaysia

Malaysia is one of Airwallex's key growth markets in Southeast Asia. The company processed over RM2 billion in remittance transaction volume in Malaysia in 2025,¹ and grew its local team by 66% that same year.¹

For most of its time in Malaysia, Airwallex was primarily a tool for sending money overseas. There was no local wallet, no way to hold foreign currency balances, and no way to receive payments in foreign currencies as if you had a local account in those markets.

That changed in 2026, when Airwallex secured both an e-money issuance licence and a Class A Money Services Business licence from Malaysia's central bank, unlocking its full product suite for Malaysian businesses.

Some businesses use Airwallex as their primary business account. Others run it alongside an existing Maybank, CIMB, or Public Bank account, keeping their local bank for MYR operations while Airwallex handles international transfers, multi-currency accounts, and cross-border card spend.

What is Airwallex used for?

Airwallex is used by Malaysian businesses that deal with money across borders.

The platform covers four broad jobs: collecting money from overseas, paying suppliers or staff internationally, managing team spending in multiple currencies, and accepting payments from customers globally.

Collecting overseas revenue without a foreign bank account

If you sell on Shopify, invoice US or Australian clients, or receive payouts from Lazada or Shopee, you normally receive funds into an MYR account, which triggers an automatic conversion at your bank's rate.

With Airwallex Global Accounts, you can open accounts in 20+ currencies with local banking details, hold balances in the currency you receive, and convert only when you choose to. This helps you save on FX fees.

Paying overseas suppliers and contractors

Malaysian businesses paying suppliers overseas typically face wire transfer fees plus an FX margin on every payment.

With Airwallex, 94% of transfers are routed via local rails with $0 SWIFT fees. FX conversion is priced competitively at 0.4% to 0.6% above interbank rates, saving you up to 80% on FX fees compared to traditional banks.

Managing team spend across currencies

If your team regularly pays for software subscriptions, travel, or online advertising in foreign currencies, a standard MYR card adds foreign transaction fees to every purchase.

With Airwallex Corporate Cards, your team can spend directly from your held currency balances with no foreign transaction fees.

Accepting payments from customers globally

Airwallex lets you accept payments via cards, Financial Process Exchange (FPX), DuitNow, GrabPay, Touch 'n Go, Boost, ShopeePay, and 160+ other local payment methods across 180+ countries.

What products does Airwallex offer Malaysian businesses?

Airwallex is organised into five product areas. Here is what each one does and who it is most relevant for.

Business Accounts

Business Accounts is the core of the platform. It includes two products:

• Global Accounts lets you open multi-currency accounts with local banking details in 20+ currencies. Overseas clients and platforms pay you as if you were a local business in their own market. You hold the balance in the original currency and convert on your own terms.

• FX & Transfers lets you send money to 200+ countries. 94% of our transactions are routed via local rails with no SWIFT fees; those that go through SWIFT cost RM30–RM90 per transfer. FX conversion is priced at 0.4% to 0.6% above interbank, saving you up to 80% on FX fees compared to traditional banks.

Payments

The Payments suite is for businesses that collect money from customers. It includes Checkout (a hosted payment form), Payment Links (no-code payment requests you can share via email or messaging), and Payment Plugins for Shopify, WooCommerce, Lazada, Shopee, and more.

Supported payment methods include cards, FPX, DuitNow, GrabPay, Touch 'n Go, Boost, ShopeePay, WeChat Pay, and 160+ others. You can settle like-for-like in up to 12 currencies to avoid forced MYR conversion on every transaction.

Spend

The Spend suite covers how money leaves your business:

• Corporate Cards are Visa-powered virtual and physical cards for company and employee use. You can issue virtual cards instantly, set spending limits, and freeze or cancel cards from the dashboard. There are no foreign transaction fees when you spend from held balances.

• Expense Management connects to your Corporate Cards and lets employees submit receipts via the Airwallex mobile app. Finance teams can run multi-level approval workflows and sync transactions to your accounting software.

• Bill Pay handles accounts payable. Upload invoices, automate approval workflows, and pay vendors globally at the same FX rates available across the platform.

• Purchase Orders lets you manage the full procurement cycle, from purchase request through to payment.

Billing

Billing covers invoicing, subscription management, and usage-based billing for software and services businesses billing Malaysian and overseas customers.

Platform APIs and embedded finance

For businesses that want to build financial products or automate payment operations, Airwallex offers a full API suite covering accounts, payouts, FX, card issuing, and more.

How to open an Airwallex account in Malaysia

Getting started with Airwallex is an online process. There are no branch visits, no paper forms, and no opening fees. Here is how it works:

Step 1: Apply online

Go to the Airwallex sign-up page and create an account. You will need:

• Your company's Suruhanjaya Syarikat Malaysia (SSM) registration number

• An NRIC or passport for each director

• Your SSM business extract

Step 2: Wait for approval

Airwallex reviews your application, typically within a few business days. This is faster than opening a traditional bank account in Malaysia, which often requires an in-branch appointment and can take longer.

Step 3: Activate your accounts

Once approved, you get a default MYR account. To receive payments in other currencies under your company name, turn on Global Accounts for each currency you need.

This gives you local banking details, such as a US account number and routing code for USD, a European IBAN for EUR, a UK sort code for GBP, and equivalents in 20+ other currencies.

Step 4: Fund your account and start transacting

Transfer funds from your existing bank account to get started. From there, you can send free transfers via local rails, convert currencies at competitive FX rates, and issue virtual Corporate Cards to your team instantly.

Step 5: Connect your tools

Link Airwallex to Xero, QuickBooks, Shopify, or your other business tools via the integrations page. If you are already on Xero, transactions sync automatically, removing the manual reconciliation step each month.

How much does Airwallex cost in Malaysia?

Airwallex in Malaysia has no monthly fees, no setup fees, and no minimum balance requirements. There are no pricing tiers; every Malaysian business gets the same free account and full feature set. You pay only for what you use.

For the full fee schedule, see the Airwallex Malaysia pricing page.

Is Airwallex a bank?

No. Airwallex is not a bank.

In Malaysia, Airwallex (Malaysia) Sdn. Bhd. (company registration number 201801007747 / 1269761-X) is regulated as a licensed currency exchange and remittance business under the Money Services Business Act 2011 (Licence number 00743), an e-money issuer, and a registered merchant acquirer under the Financial Services Act 2013.

As a licensed non-bank financial platform, Airwallex can hold customer funds, provide payment services, and offer FX and transfer services. What it cannot do is take deposits in the traditional banking sense, offer credit facilities, or provide business loans.

What this means for your funds

Because Airwallex is not a bank, your balance is not covered by Perbadanan Insurans Deposit Malaysia (PIDM), which protects deposits at licensed banks.

Instead, Malaysian regulations require Airwallex to hold all customer funds in segregated accounts with leading financial institutions, kept separate from its own operating funds. Your money cannot be used by Airwallex's creditors.

Is Airwallex safe for Malaysian businesses?

Yes. Airwallex is licensed in Malaysia, and your funds are held in segregated accounts separate from its own operating capital, in line with Malaysian regulatory requirements.

The platform meets PCI DSS, SOC1, and SOC2 compliance standards, and two-factor authentication is mandatory on all accounts.

For a full breakdown of how Airwallex protects your money, data, and account, see our dedicated guide: Is Airwallex safe? A guide for Malaysian businesses.

Businesses that use Airwallex in Malaysia

Nuh Travel & Tours is a Malaysian online travel agency specialising in European and Central Asian leisure tours.

Before Airwallex, the team relied on traditional banking for overseas supplier payments: a process that involved branch visits, paper forms, and transfers that could take up to seven days to land. Inflated FX spreads and SWIFT charges eroded their margins on every payment.

With Airwallex, supplier transfers now settle within 24 hours, and the team saves up to RM250 per international transfer by moving payments over local rails at interbank FX rates.

Get started with Airwallex

How you use Airwallex is up to you.

Some Malaysian businesses run it as their primary business account. Others use it alongside an existing Maybank, CIMB, or Public Bank account, keeping their local bank for MYR operations while using Airwallex to handle international transfers, multi-currency accounts, and cross-border card spend.

The account is free to open, with no monthly fee, no minimum balance, and no setup costs. You can sign up online, activate Global Accounts in the currencies you need, and start transacting.

Frequently asked questions (FAQs)

How does Airwallex work in Malaysia?

Airwallex is a licensed financial platform that gives Malaysian businesses multi-currency accounts, international transfers, corporate cards, and payment acceptance in one place. You sign up online, open Global Accounts in the currencies you need, and transact via local payment rails or SWIFT. Most accounts are approved within a few business days.

Is Airwallex a bank in Malaysia?

No. Airwallex is licensed as a currency exchange and remittance business under the Money Services Business Act 2011, an e-money issuer, and a registered merchant acquirer under the Financial Services Act 2013. It can hold customer funds and provide payment services, but it does not offer deposits, credit facilities, or business loans.

Is Airwallex regulated in Malaysia?

Yes. Airwallex (Malaysia) Sdn. Bhd. holds a Money Services Business licence (Licence number 00743) from Malaysia's central bank, along with e-money issuer approval and registered merchant acquirer status under the Financial Services Act 2013.

How long does Airwallex take to approve an account in Malaysia?

Most applications are reviewed within a few business days. The online application itself takes around 20 minutes. Complex ownership structures or additional documentation requests may extend the timeline.

What payment methods does Airwallex support in Malaysia?

Airwallex supports cards (Visa, Mastercard, Amex), FPX, DuitNow, GrabPay, Touch 'n Go, Boost, ShopeePay, WeChat Pay, and 160+ other local payment methods. For outgoing transfers, local rails are free to 120+ countries; SWIFT transfers are available to 200+ countries at RM30–RM90 per transfer.

What is Airwallex used for by Malaysian businesses?

Malaysian businesses use Airwallex to collect overseas revenue without a foreign bank account, pay international suppliers at competitive FX rates, manage team spend across currencies with corporate cards, and accept payments from customers globally via cards and local payment methods like FPX and DuitNow.

Sources:

1. airwallex.com/global/newsroom/airwallex-secures-key-regulatory-approvals-for-full-commercial-launch-in