Key Takeaways:
BigPay is a licensed Malaysian e-wallet with a linked Visa or Mastercard. It works well for everyday local spending and transfers to select countries in Asia, but it holds RM only and doesn't let you receive payments from abroad.
The right BigPay alternative depends on what you actually need: Wise is stronger for multi-currency holding and wider international reach; Touch 'n Go eWallet suits everyday local spending; Merchantrade works well for cash-based remittances.
If you need to make business transfers, the 8 alternatives in this article aren’t a good fit. Skip ahead to the last section to see what we recommend for businesses instead.
There's no shortage of BigPay alternatives in Malaysia, but the right one depends on why BigPay isn't working for you anymore.
Maybe you want better exchange rates. Maybe you need to send money to a country BigPay doesn't support. Or maybe you just want an account that can hold more than one currency.
In this guide, we’ll walk through eight alternatives for personal transfers.
If you're a business owner who needs to pay suppliers overseas, collect payments from international customers, or manage team expenses, skip to the last section.
What BigPay does (and doesn't do)
BigPay is a digital e-wallet launched by AirAsia. You open an account through the app, load it with RM, and get a Visa or Mastercard accepted at over 40 million merchants worldwide.¹
Here's what you can do with BigPay:
Spend locally and abroad — the card works online and in-store wherever Visa or Mastercard is accepted
Send money internationally — transfer to bank accounts in select countries across Asia and beyond
Pay local bills — settle utilities and other bills directly from the app
Split bills — the app calculates what everyone owes and sends payment requests automatically
Track spending — every transaction is categorised so you can see where your money goes
Apply for a personal loan — BigPay Later is a fully digital loan with funds disbursed within minutes
Earn AirAsia points — you earn points on card spend, redeemable through the AirAsia ecosystem
Here's what BigPay doesn't do:
Hold foreign currencies — your balance is always in RM. Every time you spend abroad or send money overseas, a conversion happens
Receive international payments — there's no way for someone abroad to send money into your BigPay account
Support business accounts — BigPay is a personal product, with no company onboarding or multi-user access
If those gaps don't affect how you use it, BigPay is a perfectly capable wallet. If they do, keep reading.
Why people look for BigPay alternatives
BigPay works well for a specific type of user: someone who spends mostly in RM, sends money occasionally to a handful of Asian countries, and wants a simple app with a card attached.
But if that’s not you, you might find some limitations in BigPay:
Your balance is always in RM
BigPay holds one currency: Malaysian ringgit. Every time you spend in a foreign currency — whether you're travelling or shopping online from an overseas retailer — a conversion happens. You don't get to pre-load USD before a trip or hold SGD for regular transfers to Singapore.
Fees and exchange rates aren't shown upfront
BigPay's dedicated fees page isn't publicly accessible. To see the rate and fee that apply to your specific transfer, you need to log in first. If you want to compare costs before committing, that's an extra step most alternatives don't require.
International transfer reach is limited
BigPay supports transfers to a select list of countries, most of them in Asia. If you need to send money somewhere outside that list — say, to the UK, Canada, or parts of Africa — BigPay can't do it.
You can't receive money from abroad
There's no way for someone overseas to send money into your BigPay account. If you freelance for international clients, receive salary from a foreign employer, or get paid in foreign currencies for any reason, you'll need a different tool for that.
Customer support and service reliability
This one comes up often in Malaysian personal finance communities. Some users report difficulty reaching support when something goes wrong, and there have been instances of service disruptions affecting card use. It's worth knowing before you rely on it as your primary wallet.
8 BigPay alternatives in Malaysia
All eight alternatives below are regulated by Bank Negara Malaysia and available to Malaysian residents. These are personal accounts that are for individual use only:
Provider | Send money internationally | BNM-licensed? | Physical card? | Best for |
|---|---|---|---|---|
Wise |
|
|
| Multi-currency spending and wide transfer reach |
Touch 'n Go eWallet |
|
|
| Everyday local spending and remittances |
Merchantrade Money | Not publicly disclosed |
|
| Multi-currency wallet and cash remittances |
Instarem |
|
|
| ASEAN transfers with rewards |
MAE by Maybank |
|
|
| Maybank customers wanting digital-first banking |
GrabPay |
|
|
| Grab ecosystem spending and local rewards |
MoneyMatch |
|
|
| Transparent international transfers |
GoPayz | Not publicly disclosed |
|
| Insurance, Takaful, and multi-network cards |
The information in this table has been reviewed to be accurate as of 22 April 2026.
1. Wise: Best for multi-currency spending and wide transfer reach
Wise is regulated by Bank Negara Malaysia as a remittance, money-changing, and e-money issuance business. It lets you hold and exchange 40+ currencies in one place, with every conversion using the mid-market rate — no markup added.
You can send money to 140+ countries, receive payments in 25 currencies, and spend in 231 countries and territories with the Wise card. When you spend a currency you already hold, there's no conversion fee.²
Pros | Cons |
|---|---|
Mid-market rate with no markup | Personal accounts only — no business use |
Send to 140+ countries | No cash deposits or branch support |
Hold and spend 40+ currencies | No local bill payments |
Receive payments in 25 currencies | No DuitNow QR for in-person payments |
Free monthly ATM withdrawal allowance | Card must be ordered — not instant |
The information in this table has been reviewed to be accurate as of 22 April 2026.
2. Touch 'n Go eWallet — best for everyday local spending and remittances
Touch 'n Go eWallet is Malaysia's most widely used e-wallet. Beyond local QR payments, tolls, parking, and transit, it has a built-in remittance feature that lets you send money to 50+ countries.³ Everything runs through the same app.
You pay one flat fee regardless of how much you send, and your recipient can collect via bank deposit, cash pickup, or local e-wallet. A linked Visa card is available for global spending.³
Pros | Cons |
|---|---|
Malaysia's most widely accepted e-wallet | Exchange rate not published upfront |
Send to 50+ countries in one app | Flat fee may not suit small transfers |
Multiple receiving options: bank, cash, e-wallet | Balance held in RM only |
Visa card for overseas spending | Less suited to frequent international transfers |
No Malaysian bank account needed to remit |
The information in this table has been reviewed to be accurate as of 22 April 2026.
3. Merchantrade Money — best for multi-currency wallet and cash remittances
Merchantrade Money is one of Malaysia's largest licensed money services providers. It lets you hold multiple currencies in one wallet and comes with a Visa prepaid card for local and overseas spending.
If you spend in a currency you already hold in your wallet, the overseas transaction fee is 0%. For other transactions, the Visa rate plus 1.75% applies. The annual card fee is RM10. International ATM withdrawals start from RM10.⁸ Merchantrade also has physical branches across Malaysia — useful if you prefer in-person service.
Pros | Cons |
|---|---|
0% overseas spend fee if you hold the currency | Annual card fee of RM10 |
Physical branches for in-person service | Transfer rates not shown upfront online |
Visa prepaid card for local and overseas use | FPX top-up minimum of RM50 |
DuitNow QR payments available | 1.75% fee for non-held currency transactions |
Cash withdrawal at local and overseas ATMs |
The information in this table has been reviewed to be accurate as of 22 April 2026.
4. Instarem — best for ASEAN transfers with rewards
Instarem is operated by Nium Sdn. Bhd., licensed by Bank Negara Malaysia. It sends to 60+ countries, with all rates and fees shown upfront before you confirm.
Most transfers are instant or same-day, and may take up to 1–2 business days depending on the destination. Every transfer earns InstaPoints, which you can redeem against future fees.⁴ There's no physical card — Instarem is a transfer platform, not a spending wallet.
Pros | Cons |
|---|---|
Rates and fees shown upfront | No physical card or spending wallet |
Earn InstaPoints on every transfer | Cash pickup available in the Philippines only |
Send to 60+ countries | No way to receive international payments |
Most transfers instant or same-day | No bill payments or local spending features |
Zero fees on first transfer up to RM4,000 |
The information in this table has been reviewed to be accurate as of 22 April 2026.
5. MAE by Maybank — best for Maybank customers wanting digital-first banking
MAE is Maybank's digital banking app. You can open an MAE wallet even without an existing Maybank account, though full banking features require one.
For international transfers, MAE supports Foreign Telegraphic Transfers to 100+ countries in 24 currencies at a service fee of RM10 online.⁵ A physical and virtual debit card are both available for local and overseas spending. Because your balance is in RM, overseas card spending triggers a conversion at Maybank's exchange rate.
Pros | Cons |
|---|---|
Full Maybank banking access in one app | Exchange rate includes a markup |
Send to 100+ countries via international transfer | Full features require a Maybank account |
Physical and virtual debit card available | No multi-currency holding |
Budgeting, savings goals, and bill payments | RM10 service fee per international transfer |
Available to non-Maybank customers as a basic wallet |
The information in this table has been reviewed to be accurate as of 22 April 2026.
6. GrabPay — best for Grab ecosystem spending and local rewards
GrabPay is the e-wallet built into the Grab app. It lets you pay for rides, food delivery, groceries, bills, and prepaid top-ups — and earn GrabRewards points on most transactions. You can also pay in-store using DuitNow QR and transfer credits to others.⁹ GrabPay is regulated by Bank Negara Malaysia.⁹
There's no physical card and no international transfer capability. It's built for local, everyday use, and works best if you're already in the Grab ecosystem.
Pros | Cons |
|---|---|
Earn GrabRewards points on every transaction | No international transfers |
Widely accepted via DuitNow QR | No physical card |
Pay bills, top up phones, and transfer credits | Only useful if you use Grab regularly |
Integrated with Grab rides, food, and groceries | No multi-currency features |
Regulated by Bank Negara Malaysia |
The information in this table has been reviewed to be accurate as of 22 April 2026.
7. MoneyMatch — best for transparent international transfers
MoneyMatch is a Malaysia-founded remittance platform licensed by Bank Negara Malaysia. It sends to 110+ countries with no subscription fees or hidden charges. The full cost is shown before you confirm.
You can transfer via bank deposit, mobile wallet, or cash pickup, depending on the destination.⁶ MoneyMatch also offers a business transfer product, but that's separate from the personal account covered here.
Pros | Cons |
|---|---|
Full cost shown upfront | No physical card or spending wallet |
Send to 110+ countries | Cash pickup available in select countries only |
No subscription or hidden fees | No multi-currency holding |
Multiple delivery options: bank, wallet, cash | No everyday spending features |
Clear BNM regulatory standing |
The information in this table has been reviewed to be accurate as of 22 April 2026.
8. GoPayz — best for insurance and multi-network cards
GoPayz is a digital wallet by U Mobile that gives you three virtual cards on registration: Visa, Mastercard, and UnionPay. Most wallets give you one. Having all three means you're covered at more merchants, including those that only accept UnionPay, which is common in China.
A physical card costs RM16 and allows ATM withdrawals. Overseas transactions carry a 1% service fee on top of the card scheme rate. GoPayz also lets you buy insurance, pay Zakat, make remittances, and pay bills, all in one app.⁷
Pros | Cons |
|---|---|
Three virtual cards (Visa, Mastercard, UnionPay) on registration | Physical card costs RM16 |
Insurance and remittance features built in | 1% overseas transaction fee |
Accepted globally on all three card networks | Smaller user base than TNG or GrabPay |
No income documents required to apply | Less widely reviewed for latest features |
Zakat and Wakaf payments supported |
The information in this table has been reviewed to be accurate as of 22 April 2026.
What Malaysian businesses should use instead
If you've reached this section, you're probably using BigPay — or one of the alternatives above — for business payments. The problem is that none of them are built for it.
BigPay is a personal product with no company onboarding. Wise explicitly states that using a personal account for commercial transactions from Malaysia violates BNM regulations and can result in account deactivation.
The other alternatives on this list aren’t a good fit for business transfers as well:
No account in your company's name — transfers go out under your personal name
No multi-user access — one person controls everything, with no approval workflows
No batch payments — you can't pay multiple suppliers or contractors in one action
Low transfer limits — personal accounts cap out far below what most businesses need
No accounting integrations — no connection to Xero, QuickBooks, or NetSuite
That’s where Airwallex comes in. It's regulated by Bank Negara Malaysia as a licensed remittance business, and it's designed for Malaysian businesses that move money across borders.
Here's what you get with Airwallex:
Global Accounts — open local currency accounts in 20+ currencies and collect payments from international customers in their local currency, in your company's name
Competitive FX rates — rates starting from 0.4% above interbank, saving up to 80% on FX fees compared to traditional banks
Transfers to 200+ countries — 93% arrive on the same working day. International transfers made via local rails have no transfer fees.
Batch payments — pay up to 1,000 recipients in one go, across different currencies and countries
Team access and approvals — set user permissions and require sign-off on transfers above a set amount
Accounting integrations — connect directly to Xero or QuickBooks for automatic reconciliation
No account fees — no opening fees, no monthly charges, no minimum transactions
How to choose the right BigPay alternative
If you need a business account, the answer is straightforward: Airwallex. It's the only option on this page built for company payments, multi-currency collection, and team access.
For personal transfers, the right choice depends on what you actually use BigPay for — or what you wish it could do. Here's a quick guide:
If you need… | Use… |
|---|---|
Multi-currency holding and wide international reach | Wise |
Everyday local spending — tolls, QR, transit | Touch 'n Go eWallet |
Cash remittances and a multi-currency wallet | Merchantrade Money |
Transfers to ASEAN and beyond, with rewards | Instarem |
Full bank features in a digital app | MAE by Maybank |
Rewards on Grab rides, food, and groceries | GrabPay |
Transparent, flat-fee international transfers | MoneyMatch |
Multi-network cards and insurance | GoPayz |
Keep in mind that most Malaysians use more than one wallet. There's no rule that says you have to pick just one. A common setup is Touch 'n Go for everyday local spending, and Wise or Instarem when you need to send money overseas.
That way, you get the best of both without paying for features you don't use.
Frequently asked questions (FAQs)
What is the best BigPay alternative in Malaysia?
There's no single best alternative: it depends on what you need. For business transfers, go with Airwallex. For personal transfers, Wise is the strongest pick for multi-currency spending and wide international reach, and Touch 'n Go eWallet works best for everyday local use. Use the comparison table above to match your needs to the right provider.
Is BigPay safe to use in Malaysia?
Yes. BigPay is a licensed e-money issuer regulated by Bank Negara Malaysia. Your funds are subject to BNM oversight and safeguarding requirements. However, BigPay is not a bank, so your balance is not covered by PIDM deposit insurance — the same applies to all e-wallets and digital money apps in Malaysia.
Which e-wallet has the best exchange rate in Malaysia?
Wise consistently offers the most transparent exchange rate: it uses the mid-market rate with no markup, and shows you the full cost before you confirm.² Other providers, including BigPay and MAE by Maybank, use rates that may include a margin. The cheapest option on any given day depends on the destination, so it's worth comparing total received amounts across two or three providers before sending.
Can I use a BigPay alternative abroad?
Most alternatives on this list work overseas. Wise, Touch 'n Go, Merchantrade, MAE, and GoPayz all offer physical cards accepted at international merchants. Wise is the strongest option for frequent travellers because you can pre-load the currency you need and spend it without conversion fees. GrabPay, Instarem, and MoneyMatch are transfer-focused and are not designed for overseas card spending.
Which BigPay alternative is best for sending money internationally?
For businesses, Airwallex sends to 200+ countries — but it's a business account, not a personal one. For personal transfers, Wise covers 140+ countries² with the mid-market rate. MoneyMatch covers 110+ countries⁶ with full costs shown upfront. Instarem is strong for ASEAN corridors and offers rewards on every transfer.⁴ Touch 'n Go eWallet covers 50+ countries³ with a flat fee, which suits larger transfers.
Can I use any of these for business payments?
None of the eight alternatives in this article are suitable for business use — they are all personal accounts. Using a personal account for commercial transactions can violate BNM regulations and result in account deactivation. If you need to pay overseas suppliers, collect international payments, or manage team expenses, Airwallex is purpose-built for that.
Sources:
bigpayme.com
wise.com/my/
touchngo.com.my/tngdr/remittance/
instarem.com/en-my/personal/
maybank2u.com.my/maybank2u/malaysia/en/personal/services/funds_transfer/overseas/foreign_telegrapic_transfer.page
moneymatch.co/
gopayz.com.my/product-disclosure-sheet/
merchantrademoney.com/fees/
grab.com/my/pay/
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.
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.
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