Wallex vs Airwallex: Compare fees & features for Malaysia (2026)

Key Takeaways:

• Wallex and Airwallex are both cross-border payment platforms licensed in Malaysia, but they serve different types of businesses.

• Wallex is a focused FX and payments platform. It supports international payments in 47 currencies¹ and holds 13 currencies¹ in a digital wallet.

• Airwallex gives you multi-currency accounts in 20+ currencies, free transfers via local rails, corporate cards, expense management, and a payment gateway that supports 160+ local payment methods including DuitNow and GrabPay, all with no monthly fee.

If you're comparing Wallex vs Airwallex for your Malaysian business, both platforms offer cross-border payments at better rates than most banks. But beyond that, they work quite differently.

This guide compares both platforms on the features that matter most to Malaysian businesses: fees, FX rates, currency coverage, payment tools, and regulatory standing with Bank Negara Malaysia.

What is Wallex?

Wallex is a cross-border FX and payments platform operated by M-DAQ Global. It is designed for businesses that need to make and receive international payments, particularly across Asia.

With Wallex, businesses can hold 13 currencies¹ in a multi-currency wallet and make payments in 47 currencies² across 160+ countries³. The platform offers near mid-market FX rates and supports international payments, local collections and multi-currency balance management.

Wallex is primarily focused on FX, multi-currency management and cross-border payments, rather than the broader business-management features offered by some multi-currency platforms.

Information in this section is based on Wallex’s official website as of 28 Sep 2026.

What is Airwallex?

Airwallex is a global financial platform that covers cross-border payments, multi-currency accounts, expense management, and online payment acceptance in one place.

In Malaysia, Airwallex holds a Class A Money Services Business Licence, is a registered Merchant Acquirer, and is authorised for Electronic Money Issuance under the Financial Services Act 2013.

For Malaysian businesses, you can:

• Open Global Accounts in 20+ currencies

• Access competitive FX rates that let you save up to 80% on FX fees as compared to traditional banks

• Accept payments online through 160+ local payment methods including DuitNow, GrabPay, and FPX

You also get corporate and employee cards, expense management, and accounting software integrations included in your Business Account. There is no setup fee or monthly fee.

Wallex vs Airwallex: Feature comparison

Here's how the two platforms compare across the features most relevant to Malaysian businesses. Here’s a quick overview:

This information is based on publicly available information accessed on 28 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

Note: Wallex says its payment network helps businesses "bypass middlemen and avoid unnecessary fees"², but does not specify whether this involves local payment rails or whether transfers are free on eligible routes.

Multi-currency accounts

Wallex lets you hold 13 currencies¹ in a single multi-currency wallet. Incoming funds aren't automatically converted to your local currency, so you can hold them in their original currency and convert them when you choose.

Airwallex Global Accounts work similarly, but support 20+ currencies with local account details.

When a customer pays you in one of these 20+ currencies , the money lands in the matching account of that currency without any forced conversion. You hold it, spend it, or convert it on your own terms.

FX rates and transfer fees

Wallex says it offers “near mid-market rates,” but it does not disclose its specific FX markup.

In contrast, Airwallex charges a fixed markup of 0.4% to 0.6% above the interbank rate, letting you save up to 80% on FX fees as compared to traditional banks.

For transfer speed, Wallex offers instant processing for SGD, IDR and HKD, and same-day delivery for 20+ currencies when funds arrive before the daily cutoff. With Airwallex, 93% of transfers arrive on the same day and 45% arrive immediately.

Fees and pricing

Airwallex publishes its fee structure on its website. With Wallex, businesses need to request a quote to find out what they will pay.⁴

Airwallex's Explore plan has no monthly fee. Transaction fees apply, and are published transparently on its website:

• FX conversions are charged at 0.4% to 0.6% above interbank rates

• 94% of transfers go through local rails with $0 transfer fees

• SWIFT transfers to 200+ countries cost RM30 to 90 per transfer

If you use Airwallex, it’s easy to estimate your costs before you commit to a transfer. For example, converting RM10,000 to USD and sending it to a US vendor via local rails would cost RM40 in FX fees, with no additional transfer fee.

Corporate cards and expense management

Wallex's current multi-currency wallet page says its business account is “powered with global payments, FX conversions, virtual accounts and cards.”¹ However, this is the only mention of cards we could find on the Wallex website.

There is no dedicated cards product page or further information explaining what type of cards are available, whether they are corporate or employee cards, or what spending and expense-management features they include.

Airwallex corporate cards are free to issue, and they carry 0% international transaction fees when you’re spending from held balances.

You can set individual spending limits per card, track expenses in real time, and sync transactions directly with Xero or QuickBooks.

Airwallex Expense Management also supports employee reimbursements: staff submit receipts via mobile, and finance can approve and reimburse in their local currency in minutes, cutting out the lengthy back-and-forth.

Payment gateway and online payments

Wallex does not currently publish information about a payment gateway, payment links, or eCommerce platform integrations on its website.

Airwallex Payments lets you accept online payments through Shopify, WooCommerce, and other major platforms. Payment links give you a no-code option: you can share a link via email, invoice, or messaging app and get paid via credit card or 160+ local payment methods including GrabPay.

Why Malaysian businesses choose Airwallex over Wallex

Wallex is designed around core cross-border payments, collections and FX. It can suit businesses that mainly need to send and receive international payments and manage a smaller number of currencies.

Airwallex also covers these core functions, and gives you corporate cards, online payments and expense management on top of it. Here’s what you get with Airwallex:

Wider coverage with multi-currency accounts and transfers

Wallex's Multi-Currency Wallet lets you hold up to 13 currencies, while Airwallex Global Accounts support 20+ currencies. Airwallex also supports transfers to 200+ countries and regions, compared with 160+ countries for Wallex.

Together, this gives you more options for collecting international payments, holding foreign currencies and paying suppliers or other recipients overseas.

Corporate cards with no foreign transaction fees

Wallex's current website mentions cards as part of its multi-currency wallet, but it does not have a relevant product page and does not provide any further details on the cards available.

Airwallex lets you issue multi-currency Visa corporate cards to your team and spend directly from held currency balances. There are no foreign transaction fees when spending from a balance in the same currency, and businesses can set spending controls and monitor transactions.

Accept online payments from customers in 180+ countries

If you sell to customers outside Malaysia, Airwallex's payment gateway lets you accept payments via 160+ local payment methods across 180+ countries, including Alipay, GrabPay, and all major cards.

Wallex does not currently publish information about a comparable payment gateway on its website.

Frequently asked questions (FAQs)

Are Wallex and Airwallex the same company?

No. Despite the similar names, Wallex and Airwallex are entirely separate companies with different ownership, founding teams, and product focus. Wallex is an M-DAQ company founded in Singapore in 2016, built around cross-border FX and payments. Airwallex was founded in Australia in 2015 and operates as a broader financial platform covering payments, multi-currency accounts, corporate cards, and more.

Is Wallex available in Malaysia?

Yes. Wallex operates in Malaysia and is regulated in the country. It supports MYR as one of its 13 wallet currencies¹ and lists Malaysia as one of its key markets. You can sign up for a Wallex account as a Malaysian business, and the platform supports same-day payments in MYR.¹

Is Airwallex safe to use for Malaysian businesses?

Yes. Airwallex is a licensed and regulated financial platform in Malaysia. It holds a Money Services Business licence under the Money Services Business Act 2011, and is also a registered merchant acquirer under the Financial Services Act 2013. It meets international security standards including PCI DSS, SOC1, and SOC2 compliance.

How much does Airwallex charge for international transfers in Malaysia?

94% of Airwallex transfers go through local rails, with $0 transfer fees. SWIFT transfers cost RM30–90 per transfer. Foreign exchange conversions are charged at a highly competitive rate of 0.4% to 0.6% above interbank rates, letting you save up to 80% on FX fees as compared to traditional banks.

Can I use Wallex or Airwallex instead of a traditional bank account in Malaysia?

Both platforms can handle cross-border payments, FX conversions, and multi-currency accounts, which covers many of the functions Malaysian businesses use a bank for when dealing internationally. Neither is a licensed bank, so they don't offer services like term deposits or business loans. For businesses whose main need is sending and receiving international payments at competitive rates, either platform can handle the core of that work without a traditional bank.

Does Wallex have a payment gateway for Malaysian businesses?

No. Wallex does not offer a payment gateway, payment links, or integrations with eCommerce platforms like Shopify or WooCommerce. It is focused on outbound payments, FX conversion, and virtual collection accounts. If you need to accept payments from customers online, you will need a separate solution for that.

Sources:

1.  https://www.wallex.asia/en-my/

2.  https://www.wallex.asia/en-my/pricing