8 best multi-currency accounts in Malaysia (2026 guide)
Cherie Foo
Growth Content Manager
Key takeaways:
There are two main types of multi-currency account available to Malaysian businesses: bank foreign currency accounts and fintech global accounts. They're built for different purposes, so the right choice depends on how your business actually moves money.
The right account depends on whether you need to collect from overseas customers, pay international suppliers, or simply hold a foreign currency balance.
With Airwallex, you can collect like a local in 70 countries, transfer to 200+ countries, and accept payments in 180+ countries via 160+ payment methods.
The best multi-currency account can make international business much easier for Malaysian companies. Whether you need to send payments abroad, receive funds in different currencies, or reduce foreign exchange costs, the right account can streamline how your business handles money globally.
In this guide, we compare the best multi-currency account options in Malaysia and walk through the features, fees, and trade-offs you should know before opening one.
If a general business bank account is what you actually need, start with our guide to the best business bank accounts in Malaysia instead.
What is a multi-currency account?
A multi-currency account lets your business hold, send, and receive money in more than one currency from a single account, without converting back to your home currency each time. For businesses trading internationally, that means fewer conversion fees and faster movement of money across borders.
Think of it as a wallet with separate compartments for ringgit, US dollars, euros, and Singapore dollars — you keep each currency separate and use it when you need it. In Malaysia, there are two distinct types:
Bank foreign currency accounts: These are held at a licensed Malaysian bank and are suited to storing or hedging a specific currency. Most rely on SWIFT for international transfers, which can take several business days and may involve intermediary deductions. Most don't support local collection from overseas customers.
Fintech global accounts: These are offered by regulated fintech platforms and are built for active cross-border operations. They let you collect payments via local payment rails in multiple countries, meaning your overseas customer makes a domestic transfer in their own currency. You can then convert at competitive rates and pay out internationally — often faster and at lower cost than SWIFT.
The right type depends on your primary need.
If you want to park a currency balance or hedge against exchange rate movements, a bank foreign currency account may suit you. If you're actively collecting from overseas customers or paying international suppliers regularly, a fintech global account is likely the better fit.
Foreign currency account vs multi-currency account: what's the difference?
These two terms get used interchangeably, but they describe different products:
A foreign currency account typically holds a single foreign currency per account — if you want to hold both USD and EUR, you'd open two separate accounts.
A multi-currency account holds several currencies within a single account, with each balance kept separate.
Most Malaysian banks use the term "foreign currency account" even when the product technically supports multiple currencies in one record. Fintech platforms tend to use "multi-currency account" or "global account".
Which are the best multi-currency accounts in Malaysia?
Here’s a quick overview of the best multi-currency business accounts available in Malaysia, covering both fintech platforms and bank foreign currency accounts:
Provider | Account type | Currencies supported | Minimum deposit | Local collection | Monthly fee | Debit card |
|---|---|---|---|---|---|---|
Airwallex | Fintech global account | 20+ | None |
| None |
|
WorldFirst1 | Fintech global account | 20+ | None |
| None |
|
RHB2 | Bank FX account | 33 | Required for companies |
| None |
|
CIMB3 | Bank FX account | 13 | Required |
| None |
|
Hong Leong4 | Bank FX account | 10 | Confirm with provider |
| Confirm with provider |
|
Public Bank5 | Bank FX account | 12 | Required |
| Annual fee applies |
|
Maybank6 | Bank FX account | 16 | Required |
| None |
|
OCBC7 | Bank FX account | 10 | None |
| None |
|
The information in this table has been reviewed to be accurate as of 30 April 2026.
1. Airwallex
Airwallex is a fintech platform regulated by Bank Negara Malaysia (BNM) as a licensed money services business, E-Money Issuer, and registered merchant acquirer. Here's what you get with Airwallex:
Global Accounts: Collect funds like a local in 70 countries
Transfers: Send funds to 200+ countries. 94% of our transactions go through local rails with $0 transfer fees.
FX: Access competitive FX rates that save you up to 80% on FX fees compared to traditional banks.
Corporate Cards: Issue multi-currency virtual and physical cards for your team with no international transaction fees.
Integrations: Connect with Xero, QuickBooks, NetSuite, Shopify, and more for automated reconciliation.
Pros | Cons |
|---|---|
Local collection in 70+ countries | Not a licensed bank, so funds aren't covered by PIDM |
Competitive FX rates | No Islamic account structure currently available |
No minimum deposit or monthly fee | |
Corporate Cards with no foreign transaction fees | |
Fully digital onboarding | |
BNM-regulated |
The information in this table has been reviewed to be accurate as of 30 April 2026.
2. WorldFirst
WorldFirst's World Account has no monthly fee and no minimum deposit. It's particularly strong for businesses that pay Chinese suppliers, with direct payment support for platforms like 1688 and Taobao — a genuine advantage if your supply chain runs through China.
For more details, read our WorldFirst review.
Pros | Cons |
|---|---|
No monthly fee or minimum deposit | No corporate cards for team spend |
Strong for China supplier payments | Narrower payout destination range than Airwallex |
BNM-regulated | No PIDM coverage |
The information in this table has been reviewed to be accurate as of 30 April 2026.
3. RHB Multi-Currency Account
RHB's Multi Currency Account for Business & SME stands out for its breadth — it holds up to 33 foreign currencies, plus Paper Gold and Paper Silver, in a single account managed via RHB Reflex.
It comes in two forms: a Call Deposit for shorter-term holdings and a Term Deposit for fixed returns over a chosen tenure.
Pros | Cons |
|---|---|
Up to 33 foreign currencies plus Paper Gold and Paper Silver | Minimum initial deposit of US$5,000 (Call) or US$10,000 (Term) for companies |
Two account forms and two account types | No debit card |
Interest-bearing on short and long-term deposits | No local collection capability |
Managed via RHB Reflex business e-banking platform | Must open a Ringgit account at the domicile branch alongside |
PIDM-protected up to RM250,000 per depositor | Gold and Silver investments not PIDM-protected |
The information in this table has been reviewed to be accurate as of 30 April 2026.
4. CIMB Foreign Currency Current Account-i
CIMB's Foreign Currency Current Account-i is a good option for businesses that operate under Islamic finance principles. It's a Shariah-compliant foreign currency account built for business enterprises operating in Malaysia, available in two forms: a Trade FCCA-i for making and receiving payments in foreign currencies, and an Investment FCCA-i for parking foreign currency balances.
Pros | Cons |
|---|---|
Shariah-compliant | US$2 per debit/credit entry handling fee |
13 currencies including CNY, THB and AED | Half-yearly service charge of US$10 or equivalent |
Two account types (Trade and Investment FCCA-i) to match how you use foreign currency | No local collection capability |
Multiple deposit and withdrawal channels (TT, cheques, demand drafts, MYR transfers) | Account opening requires Companies Resolution and supporting documents |
The information in this table has been reviewed to be accurate as of 30 April 2026.
5. Hong Leong foreign currency account
Hong Leong's foreign currency account supports a selection of major currencies including CNH, making it a reasonable option for businesses with China trade exposure that want to hold a currency balance at a licensed bank.
Pros | Cons |
|---|---|
CNH support | Fee charged every six months regardless of account activity |
PIDM protection | Per-transaction fees on transfers |
| No debit card |
| No local collection capability |
The information in this table has been reviewed to be accurate as of 30 April 2026.
6. Public Bank foreign currency account
Public Bank offers a multi-currency account that holds a range of currencies in one place. It's open to all Suruhanjaya Syarikat Malaysia (SSM)-registered business types, including sole proprietorships, with no ongoing minimum balance requirement.
Pros | Cons |
|---|---|
Open to all SSM-registered entities including sole proprietorships | Minimum initial deposit required |
Multi-currency option | Annual maintenance fee |
PIDM protection | Per-transfer fee on outgoing payments |
No ongoing minimum balance | No debit card or local collection capability |
The information in this table has been reviewed to be accurate as of 30 April 2026.
7. Maybank business foreign currency account
Maybank's foreign currency account lets businesses hold funds in a range of currencies including Chinese yuan (CNY), with online transfers available via Maybank2u. It suits businesses that want to park a foreign currency balance rather than actively collect from overseas customers.
For more details, read our guide to the Maybank Master Foreign Currency Account.
Pros | Cons |
|---|---|
CNY support | Minimum deposit required |
Online transfers via Maybank2u | Transfers capped and limited to business hours |
PIDM protection | Per-transaction fee |
Malaysia's largest bank branch network | No debit card or local collection capability |
The information in this table has been reviewed to be accurate as of 30 April 2026.
8. OCBC multi-currency account
OCBC's multi-currency account is open to all SSM-registered businesses with no setup fee, and it activates five currencies automatically at sign-up. It's managed entirely through OCBC Velocity, OCBC's digital business banking platform.
For more details, read our OCBC multi-currency account review.
Pros | Cons |
|---|---|
No setup fee | Limited currency range |
CNY support | Per-transfer fees apply |
Five currencies auto-activated at sign-up | No local collection capability |
Full digital access via OCBC Velocity |
The information in this table has been reviewed to be accurate as of 30 April 2026.
Multi-currency providers not available (or not suited) to Malaysian businesses
Several well-known international providers come up in searches but either aren't available to Malaysian businesses or are restricted to a narrow segment. If you're researching them, here's what's actually accessible.
Wise Business
Wise Business isn't currently available in Malaysia. Malaysian-incorporated companies can't open a Wise Business account, even though Wise's personal money transfer service operates in the country. For a fintech multi-currency account in Malaysia, the closest equivalents are Airwallex and WorldFirst, both BNM-regulated.
Revolut Business
Revolut Business doesn't operate in Malaysia. The product is available in the UK, EEA, Switzerland, US, Australia, New Zealand and Singapore, but not to Malaysian-incorporated businesses. If you're attracted to the all-in-one cards-plus-account model, Airwallex offers a comparable proposition that is available locally.
Payoneer
Payoneer is available to Malaysian sellers and freelancers but isn't a true multi-currency business account in the same sense as the providers above. It's primarily a marketplace receivables and payouts service rather than a general-purpose business account, so it suits a narrower use case — typically receiving payouts from platforms like Amazon, Upwork or Fiverr.
HSBC
HSBC's business banking in Malaysia is only available to companies above a high annual group turnover threshold, making it suited to large corporates rather than SMEs. If your business meets that threshold, HSBC's global network is a credible option; if not, focus on the providers in the main shortlist.
For more details, read our guide to HSBC’s Business Account.
UOB
UOB offers a foreign currency call account for SMEs and sole proprietors, and an Islamic option is available with CNY support — but earning interest requires a high average monthly balance that most SMEs are unlikely to maintain consistently. If you can't commit to that balance, the cost-benefit doesn't work out, and the providers in the main shortlist will serve you better.
For more details, read our guide to UOB’s Business Account.
What to look for in a multi-currency account
If you're comparing accounts for the first time, the number of options can feel overwhelming. These are the factors that actually matter for businesses trading across borders.
How you receive international payments
There's a meaningful difference between SWIFT transfers and local collection. With SWIFT, your overseas customer sends an international wire that passes through one or more intermediary banks — each of which may deduct a fee — before reaching you, often taking several business days.
With local collection, your fintech platform gives you local bank details in the customer's country, so they make a domestic transfer in their own currency and it arrives faster with no intermediary deductions.
Which currencies your business needs
Malaysia's major trading partners include China, Singapore, the United States, Japan, and the European Union — each requiring a different currency.
CNH or CNY is needed for Chinese suppliers, Singapore dollars (SGD) for Singapore, US dollars (USD) and euros (EUR) for Western markets, and Japanese yen (JPY) for Japan. Map your own supplier and customer currencies before comparing accounts.
How FX fees are charged
Banks typically embed FX markups in the exchange rate rather than quoting them separately, which makes the true cost harder to see.
Fintech platforms tend to charge a transparent percentage fee on top of the mid-market rate — the midpoint between the buy and sell price of a currency. Ask each provider for their all-in cost on a sample transaction before committing.
Minimum deposits and upkeep costs
Traditional bank foreign currency accounts often require minimum deposits and may charge ongoing fees for dormancy or transactions. Fintech platforms generally require no minimum deposit — useful if you're just starting to trade internationally and don't want capital tied up in an account you're still testing.
Account opening process
Bank foreign currency accounts typically require branch visits and certified SSM documents, which adds friction if your company has foreign directors or shareholders. Fintech platforms including Airwallex offer fully digital onboarding, so you can open a business account online without visiting a branch.
Shariah compliance
If your business operates under Islamic finance principles, only a subset of providers offer an Islamic account structure. Among the accounts reviewed, CIMB's Foreign Currency Current Account-i is Shariah-compliant. Fintech platforms don't currently offer an Islamic account structure.
PIDM deposit protection
Deposits at BNM-licensed banks are protected by PIDM up to a set amount per depositor per bank. Fintech platforms aren't covered. If you're holding large currency balances, this may point you towards keeping large reserves at a licensed bank while using a fintech platform for active payments.
Why do Malaysian businesses choose Airwallex?
Airwallex is built for businesses that actively move money across borders — not just those that want to hold a currency balance. If you're collecting from overseas customers, paying international suppliers, or issuing cards for a team that spends in multiple currencies, our platform handles all of that in one place.
Here are the three biggest advantages that you get with Airwallex:
Transparent FX pricing. Our FX is priced at 0.4% to 0.6% above interbank, letting you save up to 80% on FX fees. Prices shown upfront before you confirm a transaction; there are no hidden markups buried in the exchange rate.
No more SWIFT delays. Collect funds like a local in 70 countries — overseas customers pay you the same way they'd pay any local supplier, with no SWIFT delays or intermediary deductions.
One platform, multiple jobs. Global Accounts, FX & Transfers, and Corporate Cards all run from the same dashboard, with no minimum deposit and no monthly fee. Onboarding is fully digital.
Airwallex is regulated by Bank Negara Malaysia as a licensed money services business, E-Money Issuer, and registered merchant acquirer.
Frequently asked questions (FAQs)
Can a Malaysian business open a multi-currency account that holds USD?
Yes, both licensed Malaysian banks and fintech platforms like Airwallex let businesses hold US dollars in a multi-currency account. Bank foreign currency accounts typically require a minimum deposit in USD to open, while fintech platforms generally have no minimum.
What's the difference between a single-currency foreign account and a multi-currency account?
A foreign currency account typically holds one foreign currency per account, while a multi-currency account holds several currencies within a single account. Some Malaysian banks offer both options, and fintech platforms like Airwallex offer multi-currency wallets as standard.
Are multi-currency account deposits in Malaysia protected by PIDM?
Deposits held at BNM-licensed banks are protected by PIDM up to a set amount per depositor per bank — this covers the bank foreign currency accounts reviewed in this guide. Fintech platforms aren't covered by PIDM, so businesses holding large balances with a fintech provider should factor this into their decision.
Is Wise Business available as a multi-currency account option in Malaysia?
No, Wise Business isn't currently available in Malaysia. Malaysian businesses looking for a fintech multi-currency account can consider Airwallex or WorldFirst, both of which are regulated by BNM and designed for cross-border business use.
What are the main disadvantages of a bank foreign currency account in Malaysia?
Bank foreign currency accounts often come with minimum deposit requirements, per-transaction fees, and limited online access — and most don't support local collection from overseas customers, meaning you'll rely on SWIFT for incoming international payments.
Can I receive payments from overseas customers without opening a bank account in their country?
Yes — fintech platforms like Airwallex offer Global Accounts with local bank details in multiple countries, so your overseas customers pay you as they'd pay any local supplier. This removes the need to open a foreign bank account in each country where you collect payments.
Sources:
https://www.worldfirst.com/my/
https://www.rhbgroup.com/business/sme-banking/deposits/multi-currency-account/index.html
https://www.cimb.com.my/en/business/business-day-to-day/deposit-investments/current-account/foreign-currency-current-account-i.html
https://www.hlb.com.my/en/business-banking/business-and-corporate-banking/deposits/foreign-currency/foreign-currency-account.html
https://www.pbebank.com/en/banking/foreign-currency-accounts/
https://www.maybank2u.com.my/maybank2u/malaysia/en/business/deposits/deposit_account/master_foreign_currency_account.page
This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn. Bhd., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.
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Cherie Foo
Growth Content Manager
Cherie is a Growth Content Manager at Airwallex, where she develops content for businesses in Singapore and across Southeast Asia. She focuses on turning complex topics like cross-border payments, business accounts, and spend management into clear, practical guides that help founders and finance teams make confident decisions.
Posted in:
Business bankingShare
- What is a multi-currency account?
- Foreign currency account vs multi-currency account: what's the difference?
- Which are the best multi-currency accounts in Malaysia?
- Multi-currency providers not available (or not suited) to Malaysian businesses
- What to look for in a multi-currency account
- Why do Malaysian businesses choose Airwallex?
